0001804591-24-000025 | 10-Q | XBRL Viewer

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Balance Sheet Components - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 67,300	$ 81,500
Accumulated Amortization	(32,066)	(24,890)
Cumulative Impairment Charge		(9,968)
Cumulative Currency Translation		(1,122)
Total estimated future amortization expense	$ 35,234	$ 45,520
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	0 years	7 months 6 days
Gross Carrying Amount	$ 14,900	$ 14,900
Accumulated Amortization	(14,900)	(10,554)
Cumulative Impairment Charge		0
Cumulative Currency Translation		0
Total estimated future amortization expense	$ 0	$ 4,346
Partnerships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	7 years 9 months 18 days	8 years 7 months 6 days
Gross Carrying Amount	$ 9,000	$ 23,200
Accumulated Amortization	(1,950)	(4,385)
Cumulative Impairment Charge		(9,968)
Cumulative Currency Translation		(1,122)
Total estimated future amortization expense	$ 7,050	$ 7,725
Trademark
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	2 years 9 months 18 days	3 years 7 months 6 days
Gross Carrying Amount	$ 11,000	$ 11,000
Accumulated Amortization	(4,767)	(3,117)
Cumulative Impairment Charge		0
Cumulative Currency Translation		0
Total estimated future amortization expense	$ 6,233	$ 7,883
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	4 years 9 months 18 days	5 years 7 months 6 days
Gross Carrying Amount	$ 24,100	$ 24,100
Accumulated Amortization	(7,460)	(4,877)
Cumulative Impairment Charge		0
Cumulative Currency Translation		0
Total estimated future amortization expense	$ 16,640	$ 19,223
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	2 years 9 months 18 days	3 years 7 months 6 days
Gross Carrying Amount	$ 2,800	$ 2,800
Accumulated Amortization	(1,213)	(793)
Cumulative Impairment Charge		0
Cumulative Currency Translation		0
Total estimated future amortization expense	$ 1,587	$ 2,007
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	4 years 9 months 18 days	5 years 6 months
Gross Carrying Amount	$ 5,500	$ 5,500
Accumulated Amortization	(1,776)	(1,164)
Cumulative Impairment Charge		0
Cumulative Currency Translation		0
Total estimated future amortization expense	$ 3,724	$ 4,336

Equity Incentive Plans and Stock-Based Compensation - Summary of the Restricted Stock Units (Details) - Unvested restricted stock units	9 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested RSUs, Beginning balance (in shares) \| shares	26,562,566
Granted (in shares) \| shares	42,910,981
Vested (in shares) \| shares	(18,421,168)
Cancelled/forfeited (in shares) \| shares	(9,708,287)
Unvested RSUs Ending balance (in shares) \| shares	41,344,092
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in usd per share) \| $ / shares	$ 4.73
Granted (in usd per share) \| $ / shares	1.82
Vested (in usd per share) \| $ / shares	3.09
Cancelled/forfeited (in usd per share) \| $ / shares	3.65
Ending balance (in usd per share) \| $ / shares	$ 2.69

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions		9 Months Ended	12 Months Ended
	Feb. 06, 2023 USD ($)	Dec. 31, 2023 Vote $ / shares shares	Mar. 31, 2023 shares
Class of Stock [Line Items]
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
Proceeds from sales agent commission percentage	3.00%
VG Acquisition Sponsor LLC
Class of Stock [Line Items]
Lockup period for shares		7 years	7 years
Earn-out shares, percentage		50.00%
Class A Common Stock
Class of Stock [Line Items]
Number of votes \| Vote		1
Class A Common Stock \| VG Acquisition Sponsor LLC
Class of Stock [Line Items]
Earnout shares (in shares) \| shares		3,814,125	3,814,125
Trading days		20 days
Earn-out shares, percentage		50.00%
Number of trading days after commencing		30 days
Class B Common Stock
Class of Stock [Line Items]
Number of votes \| Vote		10
Maximum \| VG Acquisition Sponsor LLC
Class of Stock [Line Items]
Share price thresholds release from lock up (in usd per share) \| $ / shares		$ 15.00
Maximum \| Cowen and Company LLC \| Sales Agreement
Class of Stock [Line Items]
Aggregate principal amount \| $	$ 150.0
Minimum \| Class A Common Stock \| VG Acquisition Sponsor LLC
Class of Stock [Line Items]
Share price thresholds release from lock up (in usd per share) \| $ / shares		$ 12.50

Leases (Tables)

9 Months Ended

Dec. 31, 2023

Leases [Abstract]

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

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


	December 31, 2023
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining three months)	$	2,560
2025	15,474
2026	15,946
2027	15,472
2028	11,666
Thereafter	41,430
Total future operating lease payments	102,548
Less: imputed interest	(23,726)
Total operating lease liabilities	$	78,822

Restructuring

9 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In June 2023, the Company approved a reduction in force intended to restructure and strategically align its workforce with the Company’s strategy and to reduce the Company’s operating costs, primarily in the Consumer and Research Services segment. In August 2023, the Company approved a reduction in force primarily intended to restructure and strategically align the Therapeutics workforce. As a result, during the three and nine months ended December 31, 2023, the Company recorded restructuring charges of $1.5 million and $8.4 million, respectively, within restructuring and other charges in the condensed consolidated statements of operations, of which $0.5 million and $6.7 million, respectively, was related to cash severance payments and benefits continuation.

The following table shows the total amount incurred and accrued related to one-time employee termination benefits:


	One-Time Employee Termination Benefits
	(in thousands)
Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2023	$	—
Restructuring charges incurred during the period	8,368
Amounts paid during the period	(8,237)
Accrued restructuring costs included in accrued expenses and other current liabilities as of December 31, 2023	$	131

The Company does not expect to incur any further material expenses in connection with the reduction in force events that occurred in June and August 2023.

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 2,900,000		$ 3,700,000	$ 8,900,000	$ 11,500,000
Impairment to property and equipment	0			0
Capitalized computer software	2,700,000		3,500,000	9,600,000	7,800,000
Capitalized computer software, impairment				500,000
Amortization and impairment of internal-use software	1,900,000			4,374,000	3,214,000
Amortization and impairment of internal use software and stock based compensation			1,100,000		3,600,000
Amortization expense for intangible assets	2,600,000		4,500,000	10,300,000	13,400,000
Impairment of intangible assets	0		9,968,000	0	9,968,000
Goodwill impairment	198,800,000		$ 0	$ 198,800,000	$ 0
Partnerships
Property Plant And Equipment [Line Items]
Impairment charge for U.K partnership asset	$ 10,000,000
Lemonaid Health Limited
Property Plant And Equipment [Line Items]
Internal-use software write-off		$ 1,100,000

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations	$ 22,200		$ 22,200
Loss Contingencies [Line Items]
Expense related to cyber security incident	1,000	$ 0	$ 1,000	$ 0
Cyber Security Breach
Loss Contingencies [Line Items]
Expense related to cyber security incident	2,700
Probable insurance recoveries	$ 1,700

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Dec. 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:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(181,143)	$	(96,833)	$	(57,490)	$	(34,471)	$	(295,367)	$	(162,503)	$	(144,000)	$	(103,558)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	313,320,274		167,489,272		283,449,950		169,957,252		304,922,409		167,760,811		261,728,144		188,221,685
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.58)	$	(0.58)	$	(0.20)	$	(0.20)	$	(0.97)	$	(0.97)	$	(0.55)	$	(0.55)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potential shares of Class A common stock outstanding 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:


	Three and Nine Months Ended December 31,
	2023	2022
Outstanding stock options	73,646,882	69,089,621
Unvested restricted stock units	41,347,332	27,745,454
Shares subject to vesting	—	2,810,271
ESPP	5,670,804	3,713,166
Liability RSU awards	—	724,506
Total	120,665,018	104,083,018

Leases

9 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company has entered into operating leases for its corporate offices, lab facilities, and storage spaces, with remaining contractual periods ranging from 2.0 years to 7.6 years. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of 7 years. The Company is not reasonably certain that it will exercise this option and therefore it is not included in its right-of-use (“ROU”) assets and lease liabilities as of December 31, 2023. The Company did not have any finance leases for all the periods presented.

For the three months ended December 31, 2023 and 2022, the Company recorded operating lease costs of $3.4 million and $3.3 million, respectively, and variable operating lease costs of $1.5 million and $1.4 million, respectively. For each of the nine months ended December 31, 2023 and 2022, the Company recorded operating lease costs of $10.1 million, and variable operating lease costs of $4.0 million.

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


	December 31, 2023
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining three months)	$	2,560
2025	15,474
2026	15,946
2027	15,472
2028	11,666
Thereafter	41,430
Total future operating lease payments	102,548
Less: imputed interest	(23,726)
Total operating lease liabilities	$	78,822

Disposition of Subsidiary	9 Months Ended
Disposition of Subsidiary	Dec. 31, 2023
Disposition of Subsidiary Abstract
Disposition of Subsidiary	Disposition of Subsidiary Disposition of Lemonaid Health Limited On August 1, 2023, the Company completed the sale of Lemonaid Health Limited, its wholly-owned, indirect U.K. subsidiary. Lemonaid Health Limited was not a significant subsidiary, and the disposition of Lemonaid Health Limited did not constitute a strategic shift that would have a major effect on the Company’s operations or financial results. As a result, the results of operations for Lemonaid Health Limited were not reported as discontinued operations under the guidance of ASC 205 “Presentation of Financial Statements.” During the nine months ended December 31, 2023, the Company recorded $2.4 million of loss on the disposition of Lemonaid Health Limited and transaction-related costs within general and administrative expenses. The Company does not expect to incur any further material expenses in connection with the disposition.

Collaborations (Detail)		1 Months Ended		3 Months Ended			9 Months Ended
Collaborations (Detail)	Jul. 18, 2018	Oct. 31, 2023 program	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue				$ 44,747,000		$ 66,940,000	$ 155,610,000	$ 207,112,000
Deferred revenue, current				80,468,000			80,468,000		$ 62,521,000
G S K
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement, period	4 years
Aggregate cash consideration for collaboration arrangement			$ 50,000,000
Revenue						13,100,000	11,800,000	36,300,000
Deferred revenue, current									11,800,000
Research and development expense				2,800,000		$ 3,300,000	11,000,000	$ 9,500,000
Accounts payable, accrued expenses and other current liabilities				15,800,000			$ 15,800,000		$ 11,900,000
Voting interest percentage					20.10%		19.90%
G S K 2023 Amendment
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue				20,000,000			$ 20,000,000
License for data access, expiration period		1 year
Programs, opted-out of cost sharing and other research and development \| program		3
Revenue				$ 0			$ 0

Equity Incentive Plans and Stock-Based Compensation - Summary of the Value Stock Options (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Minimum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)			6 months	6 months
Expected volatility			67.00%	98.00%
Risk-free interest rate			5.40%	3.30%
Expected dividend yield			0.00%	0.00%
Minimum \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		6 years	5 years 9 months 18 days	6 years
Expected volatility	0.00%	79.00%	78.00%	76.00%
Risk-free interest rate	0.00%	4.20%	3.60%	2.80%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Maximum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)			1 year	1 year
Expected volatility			73.00%	109.00%
Risk-free interest rate			5.50%	3.50%
Expected dividend yield			0.00%	0.00%
Maximum \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		6 years	6 years	6 years 9 months 18 days
Expected volatility	0.00%	79.00%	79.00%	81.00%
Risk-free interest rate	0.00%	4.20%	4.40%	4.20%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Summary of Significant Customer Information (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			86.00%		69.00%
Customer C \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	22.00%	20.00%	20.00%
Customer F \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage					27.00%
Customer B \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	0.00%	20.00%	8.00%	18.00%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ 19	$ (613)	$ 55	$ (2,139)

- Definition

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

+ References + Details

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Detail) - shares	Dec. 31, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Outstanding stock options (in shares)	73,646,882	68,050,752
Total shares of common stock reserved (in shares)	217,531,118	163,884,802
2021 Incentive Equity Plan
Class of Stock [Line Items]
Remaining shares available for future issuance under Amended and Restated 2021 Incentive Equity Plan (in shares)	90,697,138	55,922,182
Employee Stock Purchase Plan
Class of Stock [Line Items]
Remaining shares available for future issuance under Employee Stock Purchase Plan (in shares)	11,839,766	13,349,302
Unvested restricted stock units
Class of Stock [Line Items]
Outstanding restricted stock units (in shares)	41,347,332	26,562,566

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (h)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-03(i)(2)(i))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Segment Information - Schedule of Company Revenue and Adjusted EBITDA by Segment (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Revenue
Revenues	$ 44,747,000			$ 66,940,000			$ 155,610,000	$ 207,112,000
Segment Adjusted EBITDA
Total Adjusted EBITDA	(47,735,000)			(43,272,000)			(142,588,000)	(122,642,000)
Net loss	(277,976,000)	$ (75,270,000)	$ (104,624,000)	(91,961,000)	$ (66,065,000)	$ (89,532,000)	(457,870,000)	(247,558,000)
Adjustments
Interest income, net	(3,230,000)			(3,671,000)			(11,289,000)	(5,307,000)
Other (income) expense, net	(23,000)			(855,000)			(501,000)	267,000
Provision for (benefit from) income taxes	19,000			(613,000)			55,000	(2,139,000)
Depreciation and amortization	4,921,000			5,257,000			13,873,000	15,512,000
Amortization of acquired intangible assets	2,397,000			4,265,000			9,673,000	12,847,000
Impairment of acquired intangible assets	0			9,968,000			0	9,968,000
Stock-based compensation expense	26,357,000			34,338,000			101,198,000	93,768,000
Loss on disposition of Lemonaid Health Limited and transaction-related costs	0			0			2,375,000	0
Litigation settlement cost	0			0			98,000	0
Goodwill impairment	198,800,000			0			198,800,000	0
Cyber security incident expenses, net of probable insurance recoveries	1,000,000			0			1,000,000	0
Total Adjusted EBITDA	(47,735,000)			(43,272,000)			(142,588,000)	(122,642,000)
Corporate, Non-Segment
Segment Adjusted EBITDA
Total Adjusted EBITDA	(10,587,000)			(13,488,000)			(35,803,000)	(41,057,000)
Consumer and Research Services
Segment Revenue
Revenues	44,747,000			66,940,000			155,610,000	207,112,000
Consumer and Research Services \| Operating Segments
Segment Adjusted EBITDA
Total Adjusted EBITDA	(20,620,000)			(8,313,000)			(32,895,000)	(22,986,000)
Therapeutics
Segment Revenue
Revenues	0			0			0	0
Therapeutics \| Operating Segments
Segment Adjusted EBITDA
Total Adjusted EBITDA	$ (16,528,000)			$ (21,471,000)			$ (73,890,000)	$ (58,599,000)

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (457,870,000)	$ (247,558,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19,171,000	24,918,000
Amortization and impairment of internal-use software	4,374,000	3,214,000
Stock-based compensation expense	101,198,000	93,768,000
(Gain) loss on disposal of property and equipment	(5,000)	0
Loss on disposition of Lemonaid Health Limited	2,026,000	0
Impairment of long-lived assets	0	10,126,000
Goodwill impairment	198,800,000	0
Other operating activities	(504,000)	(1,000)
Changes in operating assets and liabilities:
Accounts receivable, net (includes related party amounts of $19 and $(3,636) for the nine months ended December 31, 2023 and 2022, respectively)	(16,257,000)	(23,428,000)
Inventories	(5,420,000)	(1,172,000)
Deferred cost of revenue	(6,846,000)	(6,636,000)
Prepaid expenses and other current assets	(4,490,000)	3,772,000
Operating lease right-of-use assets	5,341,000	5,570,000
Other assets	755,000	(711,000)
Accounts payable (includes related party amounts of $3,879 and $(12,567) for the nine months ended December 31, 2023 and 2022, respectively)	669,000	(23,305,000)
Accrued expenses and other current liabilities (includes related party amounts of $42 and $4,090 for the nine months ended December 31, 2023 and 2022, respectively)	(5,906,000)	4,265,000
Deferred revenue (includes related party amounts of $8,247 and $13,762 for the nine months ended December 31, 2023 and 2022, respectively)	32,948,000	45,996,000
Operating lease liabilities	(6,483,000)	(6,708,000)
Other liabilities	(36,000)	(2,539,000)
Net cash used in operating activities	(138,535,000)	(120,429,000)
Cash flows from investing activities:
Purchases of property and equipment	(850,000)	(2,854,000)
Proceeds from sale of property and equipment	6,000	0
Capitalized internal-use software costs	(6,636,000)	(5,163,000)
Net cash used in investing activities	(7,480,000)	(8,017,000)
Cash flows from financing activities:
Proceeds from exercise of stock options	687,000	3,933,000
Proceeds from issuance of common stock under employee stock purchase plan	1,411,000	3,238,000
Payments of deferred offering costs	(356,000)	0
Payments for taxes related to net share settlement of equity awards	(158,000)	0
Net cash provided by financing activities	1,584,000	7,171,000
Effect of exchange rates on cash and cash equivalents	0	694,000
Net decrease in cash, cash equivalents and restricted cash	(144,431,000)	(120,581,000)
Cash, cash equivalents and restricted cash—beginning of period	395,222,000	561,755,000
Cash, cash equivalents and restricted cash—end of period	250,791,000	441,174,000
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	213,000	472,000
Stock-based compensation capitalized for internal-use software costs	2,927,000	2,239,000
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:
Cash and cash equivalents	242,418,000	432,801,000
Restricted cash, current	1,399,000	1,399,000
Restricted cash, noncurrent	6,974,000	6,974,000
Total cash and restricted cash	$ 250,791,000	$ 441,174,000

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized from unreturned kits	$ 4.4	$ 6.8	$ 13.4	$ 17.8
Remaining performance obligations	$ 21.6		$ 21.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Revenue to be recognized, percentage	28.00%		28.00%
Remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Consumer services
Disaggregation of Revenue [Line Items]
Deferred revenue for customer services	$ 74.7		$ 74.7		$ 48.6
Revenue recognized	5.3		36.8
Research services
Disaggregation of Revenue [Line Items]
Deferred revenue for customer services	20.7		20.7		14.0
Revenue recognized	0.1		13.7
Research services \| Related Party
Disaggregation of Revenue [Line Items]
Deferred revenue for customer services	$ 20.0		20.0		$ 11.8
Revenue recognized			$ 11.8

Fair Value Measurements

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 December 31, 2023 and March 31, 2023.

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2023 and March 31, 2023:


	December 31, 2023								March 31, 2023
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	237,000	$	237,000	$	—	$	—	$	372,000	$	372,000	$	—	$	—
Total financial assets	$	237,000	$	237,000	$	—	$	—	$	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.

The Company had no transfers between levels of the fair value hierarchy of its assets and liabilities measured at fair value during the nine months ended December 31, 2023 and the fiscal year ended March 31, 2023.

Nonrecurring Fair Value Measurements

Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. Certain of the Company’s assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. During fiscal 2023, the Company recorded a $10.0 million impairment charge to write down the value of the U.K. partnership acquired intangible asset to its estimated fair value. During the three and nine months ended December 31, 2023, the Company recorded a $198.8 million impairment charge to write down the value of its goodwill to its estimated fair value. See Note 8, “Balance Sheet Components — Goodwill.”

- 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

Subsequent Event (Details) - Subsequent Event [Member] - Troper Wojcicki Foundation - Related Party $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)
Subsequent Event [Line Items]
Research services agreement, period	5 years
Research services agreement, data access fee	$ 5.4

Revenue - Summary of Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 44,747	$ 66,940	$ 155,610	$ 207,112
PGS
Disaggregation of Revenue [Line Items]
Revenue	35,076	42,599	111,707	131,616
PGS \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	29,241	37,499	95,202	117,300
PGS \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	5,835	5,100	16,505	14,316
Telehealth
Disaggregation of Revenue [Line Items]
Revenue	7,822	11,043	27,401	34,595
Telehealth \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	5,894	8,592	21,051	27,124
Telehealth \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	1,928	2,451	6,350	7,471
Consumer services
Disaggregation of Revenue [Line Items]
Revenue	42,898	53,642	139,108	166,211
Consumer services \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	35,135	46,091	116,253	144,424
Consumer services \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	7,763	7,551	22,855	21,787
Research services
Disaggregation of Revenue [Line Items]
Revenue	1,849	13,298	16,502	40,901
Research services \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	1,506	0	3,859	0
Research services \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	343	13,298	12,643	40,901
Service
Disaggregation of Revenue [Line Items]
Revenue	44,747	66,940	155,610	207,112
Service \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	36,641	46,091	120,112	144,424
Service \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	8,106	20,849	35,498	62,688
Therapeutics
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
Product Concentration Risk \| Revenue \| PGS
Disaggregation of Revenue [Line Items]
Concentration risk percentage	78.00%	64.00%	72.00%	63.00%
Product Concentration Risk \| Revenue \| PGS \| Point in Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	65.00%	56.00%	61.00%	57.00%
Product Concentration Risk \| Revenue \| PGS \| Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	13.00%	7.00%	11.00%	7.00%
Product Concentration Risk \| Revenue \| Telehealth
Disaggregation of Revenue [Line Items]
Concentration risk percentage	18.00%	16.00%	17.00%	17.00%
Product Concentration Risk \| Revenue \| Telehealth \| Point in Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	13.00%	13.00%	14.00%	13.00%
Product Concentration Risk \| Revenue \| Telehealth \| Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	4.00%	4.00%	4.00%	3.00%
Product Concentration Risk \| Revenue \| Consumer services
Disaggregation of Revenue [Line Items]
Concentration risk percentage	96.00%	80.00%	89.00%	80.00%
Product Concentration Risk \| Revenue \| Consumer services \| Point in Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	78.00%	69.00%	75.00%	70.00%
Product Concentration Risk \| Revenue \| Consumer services \| Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	17.00%	11.00%	15.00%	10.00%
Product Concentration Risk \| Revenue \| Research services
Disaggregation of Revenue [Line Items]
Concentration risk percentage	4.00%	20.00%	11.00%	20.00%
Product Concentration Risk \| Revenue \| Research services \| Point in Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	3.00%	0.00%	2.00%	0.00%
Product Concentration Risk \| Revenue \| Research services \| Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	1.00%	20.00%	8.00%	20.00%
Product Concentration Risk \| Revenue \| Service
Disaggregation of Revenue [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Product Concentration Risk \| Revenue \| Service \| Point in Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	81.00%	69.00%	77.00%	70.00%
Product Concentration Risk \| Revenue \| Service \| Over Time
Disaggregation of Revenue [Line Items]
Concentration risk percentage	18.00%	31.00%	23.00%	30.00%

Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Liability RSU awards
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	0	724,506	0	724,506
Class A Common Stock
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	120,665,018	104,083,018	120,665,018	104,083,018
Class A Common Stock \| ESPP
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	5,670,804	3,713,166	5,670,804	3,713,166
Class A Common Stock \| Outstanding stock options
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	73,646,882	69,089,621	73,646,882	69,089,621
Class A Common Stock \| Unvested restricted stock units
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	41,347,332	27,745,454	41,347,332	27,745,454
Class A Common Stock \| Shares subject to vesting
Earnings Per Share Basic [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	0	2,810,271	0	2,810,271

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes The Company computes the provision for income taxes by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusts the provision for discrete tax items recorded in the period. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of a valuation allowance against its deferred tax assets. An immaterial tax provision and a tax benefit of $0.6 million was recognized for the three months ended December 31, 2023 and 2022, respectively, and an immaterial tax provision and a tax benefit of $2.1 million was recognized for the nine months ended December 31, 2023 and 2022, respectively. The provision tax expense and benefit from income taxes is reflected on the condensed consolidated statements of operations and comprehensive loss for the periods. The Company continues to maintain a full valuation allowance on the remaining net deferred tax assets of the U.S. entities as it is more likely than not that the Company will not realize the deferred tax assets. Utilization of net operating loss carryforwards may be subject to future annual limitations provided by Section 382 of the Code and similar state provisions. The Company files income tax returns in the U.S. federal jurisdiction, various states, and the 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2023 reportableSegment
Segment Reporting [Abstract]
Number of reporting segments	2

Segment Information

9 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

The Company currently operates in two reporting segments: (1) Consumer and Research Services, and (2) 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 Note 3, “Revenue — Revenue Recognition,” for additional information regarding revenue. There are no inter-segment sales.

Certain department expenses such as Finance, Legal, Regulatory and Supplier Quality, Corporate Communications, Corporate Development, 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, 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 and litigation settlements, gains or losses on dispositions of subsidiaries, transaction-related costs, and cyber security incident expenses, net of probable insurance recoveries, 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.

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	(in thousands)
Segment Revenue: (1)
Consumer and Research Services	$	44,747	$	66,940	$	155,610	$	207,112
Total revenue	$	44,747	$	66,940	$	155,610	$	207,112
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(20,620)	$	(8,313)	$	(32,895)	$	(22,986)
Therapeutics Adjusted EBITDA	(16,528)		(21,471)		(73,890)		(58,599)
Unallocated Corporate (2)	(10,587)		(13,488)		(35,803)		(41,057)
Total Adjusted EBITDA	$	(47,735)	$	(43,272)	$	(142,588)	$	(122,642)
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(277,976)	$	(91,961)	$	(457,870)	$	(247,558)
Adjustments:
Interest income, net	(3,230)		(3,671)		(11,289)		(5,307)
Other (income) expense, net	(23)		(855)		(501)		267
Provision for (benefit from) income taxes	19		(613)		55		(2,139)
Depreciation and amortization	4,921		5,257		13,873		15,512
Amortization of acquired intangible assets	2,397		4,265		9,673		12,847
Impairment of acquired intangible assets	—		9,968		—		9,968
Stock-based compensation expense	26,357		34,338		101,198		93,768
Loss on disposition of Lemonaid Health Limited and transaction-related costs (3)	—		—		2,375		—
Litigation settlement cost	—		—		98		—
Goodwill impairment (4)	198,800		—		198,800		—
Cyber security incident expenses, net of probable insurance recoveries (5)	1,000		—		1,000		—
Total Adjusted EBITDA	$	(47,735)	$	(43,272)	$	(142,588)	$	(122,642)

(1)There was no Therapeutics revenue for the three and nine months ended December 31, 2023 and 2022.

(2)Certain department expenses such as Finance, Legal, Regulatory and Supplier Quality, Corporate Communications, Corporate Development, and CEO Office are not reported as part of the reporting segments as reviewed by the CODM. These amounts are included in Unallocated Corporate.

(3)Refer to Note 17, “Disposition of Subsidiary” for additional information.

(4)Refer to Note 8, “Goodwill” for additional information.

(5)Refer to Note 11, “Cyber Security Incident” for additional information.

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


	Three Months Ended December 31,								Nine Months Ended December 31,

	2023				2022				2023				2022

	(in thousands)
Consumer and Research Services Segment Revenue:
Customer C (1) (2)	$	8,681	19	%	$	14,680	22	%	$	31,432	20	%	$	41,365	20	%
Customer B (3)	—		—		$	13,068	20	%	$	11,753	8	%	$	36,258	18	%

(1)Customer C is a reseller.

(2)Customer C revenues are primarily in the United States.

(3)Customer B revenues are in the U.K.

Revenue by geographical region can be found in the revenue recognition disclosures in Note 3, “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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Balance Sheet Components

9 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Prepaid Expense and Other Current Assets

Prepaid expense and other current assets consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Prepaid expenses	$	11,454	$	13,244
Other receivables	5,867		3,003
Other current assets	2,779		2,977
Prepaid expenses and other current assets	$	20,100	$	19,224

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Computer and software	$	9,580	$	10,376
Laboratory equipment and software	52,803		52,785
Furniture and office equipment	8,963		8,946
Leasehold improvements	41,061		40,964
Capitalized asset retirement obligations	853		853
Property and equipment, gross	113,260		113,924
Less: accumulated depreciation and amortization	(82,990)		(75,316)
Property and equipment, net	$	30,270	$	38,608

Depreciation and amortization expense was $2.9 million and $3.7 million for the three months ended December 31, 2023 and 2022, respectively, and $8.9 million and $11.5 million for the nine months ended December 31, 2023 and 2022, respectively. There were no impairments to property and equipment for the three and nine months ended December 31, 2023, and an immaterial impairment to property and equipment for the three and nine months ended December 31, 2022.

Internal-Use Software, Net

Internal-use software, net consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Capitalized internal-use software	$	33,349	$	25,180
Less: accumulated amortization	(13,522)		(9,519)
Internal-use software, net	$	19,827	$	15,661

The Company capitalized $2.7 million and $3.5 million in internal-use software during the three months ended December 31, 2023 and 2022, respectively, and $9.6 million and $7.8 million in internal-use software during the nine months ended December 31, 2023 and 2022, respectively. In addition, the Company wrote off $1.1 million of internal-use software in the three months ended September 30, 2023 related to the disposition of Lemonaid Health Limited; refer to Note 17, “Disposition of Subsidiary” for additional information. During the three and nine months ended December 31, 2023, the Company wrote off an immaterial impairment charge related to internal-use software that will not be utilized in the future. Impairment to internal-use software was nil and $0.5 million during the three and nine months ended December 31, 2022, respectively.

Amortization and impairment of internal-use software was $1.9 million and $1.1 million for the three months ended December 31, 2023 and 2022, respectively, and $4.4 million and $3.6 million for the nine months ended December 31, 2023 and 2022, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31, 2023
	Weighted Average Remaining Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands, except years)
Customer relationships	0.0	$	14,900	$	(14,900)	$	—
Partnerships	7.8	9,000		(1,950)		7,050
Trademark	2.8	11,000		(4,767)		6,233
Developed technology	4.8	24,100		(7,460)		16,640
Non-compete agreements	2.8	2,800		(1,213)		1,587
Patents	4.8	5,500		(1,776)		3,724
Total intangible assets		$	67,300	$	(32,066)	$	35,234


	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

Amortization expense for intangible assets was $2.6 million and $4.5 million for the three months ended December 31, 2023 and 2022, respectively, and $10.3 million and $13.4 million for the nine months ended December 31, 2023 and 2022, respectively.

During the third quarter of fiscal 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 Services segment in the condensed consolidated statements of operations and comprehensive loss during the third quarter of fiscal 2023. There was no impairment to intangible assets during the three and nine months ended December 31, 2023.

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


	Estimated Amortization
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining three months)	$	1,980
2025	7,919
2026	7,919
2027	6,769
2028	5,006
Thereafter	5,641
Total estimated future amortization expense	$	35,234

Goodwill

The following table presents the changes in the carrying amount of goodwill for the Consumer and Research Services reporting unit.


	Amount

	(in thousands)
As of March 31, 2023	$	351,744
Less: Impairment	(198,800)
As of December 31, 2023	$	152,944

As a result of a sustained decline in market capitalization, based on the Company’s publicly quoted share price, lower than expected financial performance and macroeconomic conditions that existed during the three months ended December 31, 2023, the Company performed an impairment assessment of goodwill acquired as part of the Lemonaid Health acquisition. The Company utilized the income approach (discounted cash flow method) corroborated by the market approach (guideline public company method), which are Level 3 non-recurring fair value measurements. The Company recognized a non-cash, pre-tax goodwill impairment charge of $198.8 million during the three and nine months ended December 31, 2023, which was included in goodwill impairment in the unaudited condensed consolidated statements of operations and comprehensive loss in the Consumer and Research Services segment. There was no impairment to goodwill for the three and nine months ended December 31, 2022.

Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Accrued payables	$	13,090	$	17,030
Accrued compensation and benefits	4,601		5,898
Accrued vacation	7,310		8,839
Accrued bonus	5,740		21,600
Accrued clinical expenses	10,172		11,707
Accrued taxes and other	1,211		1,356
Total accrued expenses and other current liabilities	$	42,124	$	66,430

Organization and Description of Business (Details)	9 Months Ended
Organization and Description of Business (Details)	Dec. 31, 2023 reportableSegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting segments	2

Balance Sheet Components (Tables)

9 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Prepaid Expense and Other Current Assets

Prepaid expense and other current assets consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Prepaid expenses	$	11,454	$	13,244
Other receivables	5,867		3,003
Other current assets	2,779		2,977
Prepaid expenses and other current assets	$	20,100	$	19,224

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Computer and software	$	9,580	$	10,376
Laboratory equipment and software	52,803		52,785
Furniture and office equipment	8,963		8,946
Leasehold improvements	41,061		40,964
Capitalized asset retirement obligations	853		853
Property and equipment, gross	113,260		113,924
Less: accumulated depreciation and amortization	(82,990)		(75,316)
Property and equipment, net	$	30,270	$	38,608

Internal Use Software

Internal-use software, net consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Capitalized internal-use software	$	33,349	$	25,180
Less: accumulated amortization	(13,522)		(9,519)
Internal-use software, net	$	19,827	$	15,661

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31, 2023
	Weighted Average Remaining Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands, except years)
Customer relationships	0.0	$	14,900	$	(14,900)	$	—
Partnerships	7.8	9,000		(1,950)		7,050
Trademark	2.8	11,000		(4,767)		6,233
Developed technology	4.8	24,100		(7,460)		16,640
Non-compete agreements	2.8	2,800		(1,213)		1,587
Patents	4.8	5,500		(1,776)		3,724
Total intangible assets		$	67,300	$	(32,066)	$	35,234


	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

Future Amortization of Intangible Assets

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


	Estimated Amortization
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining three months)	$	1,980
2025	7,919
2026	7,919
2027	6,769
2028	5,006
Thereafter	5,641
Total estimated future amortization expense	$	35,234

Changes in Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill for the Consumer and Research Services reporting unit.


	Amount

	(in thousands)
As of March 31, 2023	$	351,744
Less: Impairment	(198,800)
As of December 31, 2023	$	152,944

Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	December 31, 2023		March 31, 2023
	(in thousands)
Accrued payables	$	13,090	$	17,030
Accrued compensation and benefits	4,601		5,898
Accrued vacation	7,310		8,839
Accrued bonus	5,740		21,600
Accrued clinical expenses	10,172		11,707
Accrued taxes and other	1,211		1,356
Total accrued expenses and other current liabilities	$	42,124	$	66,430

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations In the normal course of business, the Company enters into agreements containing non-cancelable purchase commitments for goods or services with various parties. As of December 31, 2023, the Company had a total of $22.2 million in outstanding non-cancelable purchase obligations with a term of 12 months or longer. 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 that 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. Cyber Security Incident On October 10, 2023, the Company reported that certain profile information, was accessed from individual 23andMe.com accounts without the account users’ authorization (the “incident”). The Company incurred $2.7 million in one-time expenses related to the incident, offset by $1.7 million of probable insurance recoveries, during the three months ended December 31, 2023, primarily consisting of technology consulting services, legal fees, and expenses of other third-party advisors. As of the filing date of this Form 10-Q, as a result of the incident, multiple class action claims have been filed against the Company in federal and state court in California, as well as in other U.S. and international jurisdictions, which the Company is defending. These cases are at an early stage, and the Company cannot predict the outcome. The Company is also assessing its response to notices filed by consumers under the California Consumer Privacy Act and to inquiries from various governmental officials and agencies. The full scope of the costs and related impacts of this incident and related litigation, including, without limitation, the availability of its cyber and other insurance policies to offset some of these costs, cannot be estimated at this time. While the Company believes the investigation into these matters is complete, the Company may become aware of new or different information or information that differs from that contained in this Form 10-Q. 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 December 31, 2023, the Company was not aware of any known events or circumstances that have resulted in a material claim related to these indemnification obligations.

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	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 its genetics-driven therapeutics and research business. The Company is dedicated to empowering customers to live healthier lives by providing consumers direct access to their genetic information and digital access to affordable, personalized healthcare through the Lemonaid Health, Inc. (“Lemonaid Health”) platform. The Company pioneered direct-to-consumer genetic testing, giving consumers unique, personalized information about their genetic health risks, ancestry, and traits. It was the first company to obtain Food and Drug Administration (“FDA”) authorization for a direct-to-consumer genetic test, and it is the only company to have FDA authorization, clearance, or an exemption from premarket notification for all of the carrier status, genetic health risk, cancer predisposition, and pharmacogenetics reports that the Company offers to customers. Through the Lemonaid Health telehealth platform, the Company connects patients to licensed healthcare professionals to provide 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 Health. 23andMe, Inc., the Company’s accounting predecessor, was incorporated in Delaware in 2006. The Company is headquartered in South San Francisco, California. The Company’s predecessor, VG Acquisition Corp. (“VGAC”), was a blank check company originally incorporated in 2020 as a Cayman Islands exempted company. On June 16, 2021 (the “Closing Date”), VGAC and Chrome Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary of VGAC (“Merger Sub”), consummated a merger with 23andMe, Inc. (the “Merger”), whereby Merger Sub merged with and into 23andMe, Inc., with 23andMe, Inc. being the surviving corporation and a wholly owned subsidiary of the Company. In connection with the Merger, VGAC changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware and changed its name to 23andMe Holding Co. (the “Domestication” and, together with the Merger, the “Business Combination”). The Company has evaluated how it is organized and managed and has identified two reporting segments: (1) Consumer and Research Services, and (2) Therapeutics.

Equity Incentive Plans and Stock-Based Compensation - Summary of the Activity Under the Stock Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Balance, Beginning of period (in shares)		68,050,752
Granted (in shares)	0	13,097,016
Exercised (in shares)		(1,517,517)
Cancelled/forfeited/expired (in shares)		(5,983,369)
Balance, End of period (in shares)	73,646,882	73,646,882	68,050,752
Vested and exercisable as of End of period (in shares)	51,938,674	51,938,674
Weighted-Average Exercise Price
Balance, Beginning of period (in usd per share)		$ 4.20
Granted (in usd per share)		1.25
Exercised (in usd per share)		0.45
Cancelled/Forfeited/Expired (in usd per share)		5.02
Balance, End of period (in usd per share)	$ 3.69	3.69	$ 4.20
Vested and exercisable as of End of period (in usd per share)	$ 4.14	$ 4.14
Weighted-Average Remaining Contractual Life (Years)
Balance, Beginning of period		5 years 7 months 6 days	6 years
Balance, End of period		5 years 7 months 6 days	6 years
Vested and Exercisable as of End of period		4 years 4 months 24 days
Aggregate Intrinsic Value
Balance, Beginning of period	$ 1,555	$ 1,555	$ 10,621
Balance, End of period	1,555	1,555	$ 10,621
Vested and exercisable as of End of period	$ 1,555	$ 1,555

Leases - Schedule of Future Minimum Lease Payments Related to Company's Operating Lease Liability (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2024 (Remaining three months)	$ 2,560
2025	15,474
2026	15,946
2027	15,472
2028	11,666
Thereafter	41,430
Total future operating lease payments	102,548
Less: imputed interest	(23,726)
Total operating lease liabilities	$ 78,822

Retirement Benefit Plans	9 Months Ended
Retirement Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Benefit Plans	15. 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 Code. 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 $0.7 million and $0.8 million for the three months ended December 31, 2023 and 2022, respectively, and $2.1 million and $1.9 million for the nine months ended December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principle of Consolidation

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

For the three and nine months ended December 31, 2023 and 2022, the Company’s operations were primarily in the United States. The Company had immaterial operations in the United Kingdom (“U.K.”) prior to the disposition of its U.K. subsidiary on August 1, 2023.

There have been no material changes to the Company’s significant accounting policies during the nine months ended December 31, 2023, as compared to the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

Unaudited Interim Condensed Consolidated Financial Information

The accompanying interim condensed consolidated financial statements as of December 31, 2023 and for the three and nine months ended December 31, 2023 and 2022 and accompanying notes, are unaudited. These unaudited interim condensed consolidated financial statements (the “condensed consolidated financial statements”) have been prepared in

accordance with GAAP applicable to interim financial statements. These financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the fiscal year ended March 31, 2023 (the “audited consolidated financial statements”) that were included in the Company’s Annual Report on Form 10-K filed with the SEC on May 25, 2023. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of December 31, 2023 and its condensed consolidated results of operations and cash flows for the nine months ended December 31, 2023 and 2022. The results of operations for the three and nine months ended December 31, 2023 are not necessarily indicative of the results expected for the year ending March 31, 2024 or any other future interim or annual periods.

Fiscal Year

The Company’s fiscal year ends on March 31. References to fiscal 2024 refer to the fiscal year ending March 31, 2024 and references to fiscal 2023 and fiscal 2022 refer to the fiscal years ended March 31, 2023 and March 31, 2022, respectively.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period and the accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to the determination of standalone selling price for various performance obligations; the estimated expected benefit period for the rate and recognition pattern of breakage revenue for purchases where a saliva collection kit (“Kit”) is never returned for processing; the capitalization and estimated useful life of internal use software; the useful life of long-lived assets; fair value of intangible assets acquired in business combinations; the fair value of reporting units relative to the carrying amount 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 condensed consolidated financial statements.

The Company is not aware of any specific event or circumstance that would require revisions to estimates, updates to judgments, or adjustments to the carrying value of assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the condensed consolidated financial statements as soon as they become known.

Concentration of Supplier Risk

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

A single supplier accounted for 100% of the Company’s total purchases of microarrays and a separate single supplier accounted for 100% of the Company’s total purchases of Kits for the three and nine months ended December 31, 2023 and 2022. One laboratory service provider accounted for 100% of the Company’s processing of customer samples for the three and nine months ended December 31, 2023 and 2022.

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 3, “Revenue,” for additional information regarding geographical disaggregation of revenue. The Company grants credit to its customers in the normal course of business, performs credit evaluations of its significant customers on an as-needed basis, and does not require collateral. Concentrations of credit risk are limited as the Company’s trade receivables are primarily related to third parties, which collect its credit card receivables, and large multinational corporations. The Company regularly monitors the aging of accounts receivable balances.

Significant customer information is as follows:


	December 31, 2023		March 31, 2023
Percentage of accounts receivable:
Customer C(1)	86	%	69	%
Customer F	*		27	%

*less than 10%

(1)Customer C is a reseller.


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Percentage of revenue:
Customer C(1)	19	%	22	%	20	%	20	%
Customer B	—		20	%	8	%	18	%

(1)Customer C is a reseller.

Restructuring

The Company defines restructuring expenses to include costs directly associated with exit or disposal activities, such as severance payments, benefits continuation, and non-cash stock-compensation charges associated with the modification of certain stock awards. In general, the Company records involuntary employee-related exit and disposal costs when it communicates to employees that they are entitled to receive such benefits and the amount can be reasonably estimated.

Goodwill

Goodwill represents the excess purchase price of acquired businesses over the fair values attributed to underlying net tangible assets and identifiable intangible assets. The Company tests goodwill each fiscal year on January 1st for impairment at the Consumer and Research Services reporting unit level. Goodwill is also tested for impairment whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Performance of the qualitative impairment assessment requires judgment in identifying and considering the significance of relevant events and circumstances, including external factors such as macroeconomic and industry conditions and the legal and regulatory environment, as well as entity-specific factors, such as actual and planned financial performance or sustained market declines, that could impact the fair value of the Consumer and Research Services reporting unit. If, after assessing the totality of these qualitative factors, the Company determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then no additional assessment is deemed necessary. Otherwise, the Company will perform a quantitative impairment test in which the fair value of the reporting unit is compared with its carrying amount, and an impairment charge will be recorded for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. For results of the Company's goodwill impairment analysis performed as of December 31, 2023, see Note 8, “Balance Sheet Components — Goodwill.”

Contingencies

Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recognized when realization becomes probable and estimable.

Liquidity

The Company’s operations have been financed primarily through the sales of equity securities and revenue from sales of PGS, telehealth, and research services. During fiscal 2022, the Company received gross proceeds of $309.7 million from the Merger and $250.0 million from the PIPE investment consummated in connection with the Merger. The Company expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future due to the investments it intends to continue to make in research and development to capitalize on market opportunities and drive long-term growth, as well as operating expenses incurred within general and administrative, and sales and marketing. The Company may require additional financing to fund operations to meet its business plan. The Company’s ability to obtain additional financing depends on a number of factors, including, but not limited to, the market price of the Company’s Class A common stock, the availability and cost of additional equity capital, the Company’s ability to retain the listing of its Class A common stock on The Nasdaq Stock Market, and the general economic and industry conditions affecting the availability and cost of capital.

On November 10, 2023, the Company received a deficiency letter (the “Nasdaq Letter”) from the Nasdaq Listing Qualifications Department, notifying the Company that it is not in compliance with Nasdaq Listing Rule 5450(a)(1), which requires the Company to maintain a minimum bid price of at least $1 per share for continued listing on The Nasdaq Global Select Market (the “Minimum Bid Requirement”). The Company’s failure to comply with the Minimum Bid Requirement was based on its Class A common stock per share price being below the $1 threshold for a period of 30 consecutive trading days. Pursuant to the Nasdaq Letter, the Company has 180 calendar days from the date of the Nasdaq Letter to regain compliance, and may be eligible for up to an additional 180 days in accordance with applicable Nasdaq rules. If the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the compliance period (or the second compliance period, if applicable), its common stock will become subject to delisting. The Company intends to monitor the closing bid price of its common stock during the compliance period(s) and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, including initiating a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules.

Neither the Nasdaq Letter nor the Company’s noncompliance with the Minimum Bid Requirement have an immediate effect on the listing or trading of the Company’s Class A common stock, which will continue to trade on The Nasdaq Stock Market under the symbol “ME.”

As of December 31, 2023, the Company had cash and cash equivalents of $242.4 million. Based on current cash resources and the implementation of the previously-disclosed reductions in force in June and August 2023, the Company believes its cash and cash equivalents will be sufficient to fund estimated operating expenses and capital expenditure requirements for at least 12 months from the date of the issuance of these condensed consolidated financial statements. Management considers that there are no conditions or events in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date the condensed consolidated financial statements are issued.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Updated (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impacts of the new standard.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024 and may be adopted on a

prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impacts and method of adoption.

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

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

No dividends were declared or paid for the three and nine months ended December 31, 2023 and 2022.

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

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

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


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(181,143)	$	(96,833)	$	(57,490)	$	(34,471)	$	(295,367)	$	(162,503)	$	(144,000)	$	(103,558)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	313,320,274		167,489,272		283,449,950		169,957,252		304,922,409		167,760,811		261,728,144		188,221,685
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.58)	$	(0.58)	$	(0.20)	$	(0.20)	$	(0.97)	$	(0.97)	$	(0.55)	$	(0.55)


	Three and Nine Months Ended December 31,
	2023	2022
Outstanding stock options	73,646,882	69,089,621
Unvested restricted stock units	41,347,332	27,745,454
Shares subject to vesting	—	2,810,271
ESPP	5,670,804	3,713,166
Liability RSU awards	—	724,506
Total	120,665,018	104,083,018

There were no potential shares of Class B common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented.

Revenue (Tables)

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue By Category

The following table presents revenue by category:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue

	(in thousands, except percentages)
Point in Time (1)
PGS	$	29,241	65	%	$	37,499	56	%	$	95,202	61	%	$	117,300	57	%
Telehealth	5,894		13	%	8,592		13	%	21,051		14	%	27,124		13	%
Consumer services	35,135		78	%	46,091		69	%	116,253		75	%	144,424		70	%
Research services	1,506		3	%	—		—		3,859		2	%	—		—
Total	$	36,641	81	%	$	46,091	69	%	$	120,112	77	%	$	144,424	70	%

Over Time (1)
PGS	$	5,835	13	%	$	5,100	7	%	$	16,505	11	%	$	14,316	7	%
Telehealth	1,928		4	%	2,451		4	%	6,350		4	%	7,471		3	%
Consumer services	7,763		17	%	7,551		11	%	22,855		15	%	21,787		10	%
Research services	343		1	%	13,298		20	%	12,643		8	%	40,901		20	%
Total	$	8,106	18	%	$	20,849	31	%	$	35,498	23	%	$	62,688	30	%

Revenue by Category (1)
PGS	$	35,076	78	%	$	42,599	64	%	$	111,707	72	%	$	131,616	63	%
Telehealth	7,822		18	%	11,043		16	%	27,401		17	%	34,595		17	%
Consumer services	42,898		96	%	53,642		80	%	139,108		89	%	166,211		80	%
Research services	1,849		4	%	13,298		20	%	16,502		11	%	40,901		20	%
Total	$	44,747	100	%	$	66,940	100	%	$	155,610	100	%	$	207,112	100	%

(1)There was no Therapeutics revenue for the three and nine months ended December 31, 2023 and 2022.

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:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue

	(in thousands, except percentages)
United States	$	39,217	88	%	$	46,770	70	%	$	124,728	80	%	$	147,425	71	%
United Kingdom	2,139		5	%	16,194		24	%	20,657		13	%	47,198		23	%
Canada	2,382		5	%	2,866		4	%	7,110		5	%	8,744		4	%
Other regions	1,009		2	%	1,110		2	%	3,115		2	%	3,745		2	%
Total	$	44,747	100	%	$	66,940	100	%	$	155,610	100	%	$	207,112	100	%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (277,976)	$ (75,270)	$ (104,624)	$ (91,961)	$ (66,065)	$ (89,532)	$ (457,870)	$ (247,558)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In January 2024, the Company entered into a research services agreement (the “TWF Agreement”) and related statement of work (the “initial SOW”) with the Troper Wojcicki Foundation (“TWF”) with the goal of expanding scientific knowledge in the field of lung cancer using the Company’s phenotype and genotype data to build large scale research cohorts. Susan Wojcicki is a director and officer of TWF, and a sibling of the Company's CEO, Anne Wojcicki, and therefore we have determined that TWF is a related party. The TWF Agreement has a term of five years through December 21, 2028. The fees under the initial SOW are $5.4 million, payable in installments over the term of the TWF Agreement, with certain payments being subject to specified milestones being achieved.

Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 11,454	$ 13,244
Other receivables	5,867	3,003
Other current assets	2,779	2,977
Prepaid expenses and other current assets	$ 20,100	$ 19,224

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Recognized revenue	$ 44,747			$ 66,940			$ 155,610	$ 207,112
Net loss	(277,976)	$ (75,270)	$ (104,624)	(91,961)	$ (66,065)	$ (89,532)	(457,870)	(247,558)
VIE
Recognized revenue	7,800			10,000			25,300	31,100
Net loss	$ 3,200			$ 3,800			$ 9,100	$ 5,900

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

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

+ References

+ Details

Revenue

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents revenue by category:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue

	(in thousands, except percentages)
Point in Time (1)
PGS	$	29,241	65	%	$	37,499	56	%	$	95,202	61	%	$	117,300	57	%
Telehealth	5,894		13	%	8,592		13	%	21,051		14	%	27,124		13	%
Consumer services	35,135		78	%	46,091		69	%	116,253		75	%	144,424		70	%
Research services	1,506		3	%	—		—		3,859		2	%	—		—
Total	$	36,641	81	%	$	46,091	69	%	$	120,112	77	%	$	144,424	70	%

Over Time (1)
PGS	$	5,835	13	%	$	5,100	7	%	$	16,505	11	%	$	14,316	7	%
Telehealth	1,928		4	%	2,451		4	%	6,350		4	%	7,471		3	%
Consumer services	7,763		17	%	7,551		11	%	22,855		15	%	21,787		10	%
Research services	343		1	%	13,298		20	%	12,643		8	%	40,901		20	%
Total	$	8,106	18	%	$	20,849	31	%	$	35,498	23	%	$	62,688	30	%

Revenue by Category (1)
PGS	$	35,076	78	%	$	42,599	64	%	$	111,707	72	%	$	131,616	63	%
Telehealth	7,822		18	%	11,043		16	%	27,401		17	%	34,595		17	%
Consumer services	42,898		96	%	53,642		80	%	139,108		89	%	166,211		80	%
Research services	1,849		4	%	13,298		20	%	16,502		11	%	40,901		20	%
Total	$	44,747	100	%	$	66,940	100	%	$	155,610	100	%	$	207,112	100	%

(1)There was no Therapeutics revenue for the three and nine months ended December 31, 2023 and 2022.

The following table summarizes revenue by region based on the shipping address of customers:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue

	(in thousands, except percentages)
United States	$	39,217	88	%	$	46,770	70	%	$	124,728	80	%	$	147,425	71	%
United Kingdom	2,139		5	%	16,194		24	%	20,657		13	%	47,198		23	%
Canada	2,382		5	%	2,866		4	%	7,110		5	%	8,744		4	%
Other regions	1,009		2	%	1,110		2	%	3,115		2	%	3,745		2	%
Total	$	44,747	100	%	$	66,940	100	%	$	155,610	100	%	$	207,112	100	%

Breakage Revenue

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. The Company recognized breakage revenue from unreturned Kits of $4.4 million and $6.8 million for the three months ended December 31, 2023 and 2022, respectively, and $13.4 million and $17.8 million for the nine months ended December 31, 2023 and 2022, respectively.

Contract Balances

Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts associated with contractual rights related to consideration for performance obligations and are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The amount of contract assets was immaterial as of December 31, 2023 and March 31, 2023.

Contract liabilities consist of deferred revenue. As of December 31, 2023 and March 31, 2023, deferred revenue for consumer services was $74.7 million and $48.6 million, respectively. Of the $48.6 million of deferred revenue for consumer services as of March 31, 2023, the Company recognized $5.3 million and $36.8 million as revenue during the three and nine months ended December 31, 2023, respectively.

As of December 31, 2023 and March 31, 2023, deferred revenue for research services was $20.7 million and $14.0 million, respectively. As of December 31, 2023 and March 31, 2023, deferred revenue for research services included $20.0 million and $11.8 million, respectively, of related party deferred revenue. Of the $14.0 million of deferred revenue for research services as of March 31, 2023, the Company recognized $0.1 million and $13.7 million as revenue during the three and nine months ended December 31, 2023, respectively, which included related party revenue amounts of nil and $11.8 million for the three and nine months ended December 31, 2023, 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 Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“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 December 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 of approximately 28% of this amount over the next 12 months and the remainder thereafter. During the three and nine months ended December 31, 2023 and 2022, the Company did not recognize any revenue for performance obligations satisfied in prior periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Cover - shares	9 Months Ended
Cover - shares	Dec. 31, 2023	Jan. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2024
Document Quarterly Report	true
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
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
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		315,436,358
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		167,480,278

Balance Sheet Components - Change in Carrying Amount of Goodwill (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, Beginning Balance			$ 351,744,000
Less: Impairment	$ (198,800,000)	$ 0	(198,800,000)	$ 0
Goodwill, Ending Balance	$ 152,944,000		$ 152,944,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	2022 Annual Incentive Plan	Common Stock	Common Stock A&R Plan	Common Stock 2022 Annual Incentive Plan	Additional Paid-In Capital	Additional Paid-In Capital A&R Plan	Additional Paid-In Capital 2022 Annual Incentive Plan	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Mar. 31, 2022	$ 915,656		$ 45			$ 2,110,160			$ 179	$ (1,194,728)
Beginning Balance, Shares (in shares) at Mar. 31, 2022			448,812,321
Issuance of common stock upon exercise of stock options	1,533					1,533
Issuance of common stock upon exercise of stock options (in shares)			1,065,784
Issuance of common stock upon release of restricted stock units (in shares)				1,461,448
Net share settlements for stock-based minimum tax withholdings (in shares)			(14,036)
Stock-based compensation expense	25,915					25,915
Other comprehensive income (loss)	624								624
Net loss	(89,532)									(89,532)
Ending Balance at Jun. 30, 2022	854,196		$ 45			2,137,608			803	(1,284,260)
Ending Balance, Shares (in shares) at Jun. 30, 2022			451,325,517
Beginning Balance at Mar. 31, 2022	$ 915,656		$ 45			2,110,160			179	(1,194,728)
Beginning Balance, Shares (in shares) at Mar. 31, 2022			448,812,321
Issuance of common stock under employee stock purchase plan (in shares)	1,130,337
Other comprehensive income (loss)	$ (490)
Net loss	(247,558)
Ending Balance at Dec. 31, 2022	750,992		$ 45			2,193,544			(311)	(1,442,286)
Ending Balance, Shares (in shares) at Dec. 31, 2022			457,161,483
Beginning Balance at Jun. 30, 2022	854,196		$ 45			2,137,608			803	(1,284,260)
Beginning Balance, Shares (in shares) at Jun. 30, 2022			451,325,517
Issuance of common stock upon exercise of stock options	2,498					2,498
Issuance of common stock upon exercise of stock options (in shares)			1,430,629
Issuance of common stock upon release of restricted stock units (in shares)				1,580,591
Net share settlements for stock-based minimum tax withholdings	(86)					(86)
Net share settlements for stock-based minimum tax withholdings (in shares)			(14,038)
Issuance of common stock under employee stock purchase plan (in shares)			1,130,337
Issuance of common stock under employee stock purchase plan	3,238					3,238
Stock-based compensation expense	24,710					24,710
Other comprehensive income (loss)	829								829
Net loss	(66,065)									(66,065)
Ending Balance at Sep. 30, 2022	819,320		$ 45			2,167,968			1,632	(1,350,325)
Ending Balance, Shares (in shares) at Sep. 30, 2022			455,453,036
Issuance of common stock upon exercise of stock options	49					49
Issuance of common stock upon exercise of stock options (in shares)			96,443
Issuance of common stock upon release of restricted stock units (in shares)				1,631,315
Net share settlements for stock-based minimum tax withholdings	$ (58)					(58)
Net share settlements for stock-based minimum tax withholdings (in shares)			(19,311)
Issuance of common stock under employee stock purchase plan (in shares)	0
Stock-based compensation expense	$ 25,585					25,585
Other comprehensive income (loss)	(1,943)								(1,943)
Net loss	(91,961)									(91,961)
Ending Balance at Dec. 31, 2022	750,992		$ 45			2,193,544			(311)	(1,442,286)
Ending Balance, Shares (in shares) at Dec. 31, 2022			457,161,483
Beginning Balance at Mar. 31, 2023	713,939		$ 46			2,220,897			(620)	(1,506,384)
Beginning Balance, Shares (in shares) at Mar. 31, 2023			461,199,962
Issuance of common stock upon exercise of stock options	85					85
Issuance of common stock upon exercise of stock options (in shares)			180,718
issuance of common stock upon release of restricted stock units		$ 18,630			$ 1			$ 18,629
Issuance of common stock upon release of restricted stock units (in shares)				1,812,802	8,961,053
Net share settlements for stock-based minimum tax withholdings	(121)					(121)
Net share settlements for stock-based minimum tax withholdings (in shares)			(58,985)
Stock-based compensation expense	47,915					47,915
Other comprehensive income (loss)	(334)								(334)
Net loss	(104,624)									(104,624)
Ending Balance at Jun. 30, 2023	675,490		$ 47			2,287,405			(954)	(1,611,008)
Ending Balance, Shares (in shares) at Jun. 30, 2023			472,095,550
Beginning Balance at Mar. 31, 2023	$ 713,939		$ 46			2,220,897			(620)	(1,506,384)
Beginning Balance, Shares (in shares) at Mar. 31, 2023			461,199,962
Issuance of common stock upon exercise of stock options (in shares)	1,517,517
Issuance of common stock under employee stock purchase plan (in shares)	1,509,536
Other comprehensive income (loss)	$ 620
Net loss	(457,870)
Ending Balance at Dec. 31, 2023	377,188		$ 48			2,341,394			0	(1,964,254)
Ending Balance, Shares (in shares) at Dec. 31, 2023			482,553,646
Beginning Balance at Jun. 30, 2023	675,490		$ 47			2,287,405			(954)	(1,611,008)
Beginning Balance, Shares (in shares) at Jun. 30, 2023			472,095,550
Issuance of common stock upon exercise of stock options	388					388
Issuance of common stock upon exercise of stock options (in shares)			828,561
issuance of common stock upon release of restricted stock units		$ 102		$ 1			$ (1)	$ 102
Issuance of common stock upon release of restricted stock units (in shares)				4,358,378	57,996
Net share settlements for stock-based minimum tax withholdings	(22)					(22)
Net share settlements for stock-based minimum tax withholdings (in shares)			(19,022)
Issuance of common stock under employee stock purchase plan (in shares)			1,509,536
Issuance of common stock under employee stock purchase plan	1,411					1,411
Stock-based compensation expense	22,198					22,198
Other comprehensive income (loss)	954								954
Net loss	(75,270)									(75,270)
Ending Balance at Sep. 30, 2023	625,251		$ 48			2,311,481			0	(1,686,278)
Ending Balance, Shares (in shares) at Sep. 30, 2023			478,830,999
Issuance of common stock upon exercise of stock options	217					217
Issuance of common stock upon exercise of stock options (in shares)			508,238
Issuance of common stock upon release of restricted stock units (in shares)				3,230,939
Net share settlements for stock-based minimum tax withholdings	$ (15)					(15)
Net share settlements for stock-based minimum tax withholdings (in shares)			(16,530)
Issuance of common stock under employee stock purchase plan (in shares)	0
Stock-based compensation expense	$ 29,711					29,711
Other comprehensive income (loss)	0
Net loss	(277,976)									(277,976)
Ending Balance at Dec. 31, 2023	$ 377,188		$ 48			$ 2,341,394			$ 0	$ (1,964,254)
Ending Balance, Shares (in shares) at Dec. 31, 2023			482,553,646

Retirement Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
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.
Employer matching contribution, percent of match			100.00%
Employer matching contribution, percent of employees' gross pay			2.00%
Employer matching contribution			$ 2,300
Contributions cost	$ 700	$ 800	$ 2,100	$ 1,900

Disposition of Subsidiary - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Loss on disposal	$ 0	$ 0	$ 2,375	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Lemonaid Health Limited
Loss on disposal			$ 2,400

Collaborations	9 Months Ended
Collaborations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	Collaborations GlaxoSmithKline Agreement and Subsequent Amendments In July 2018, the Company and an affiliate of GlaxoSmithKline (“GSK”) entered into a four-year exclusive drug discovery and development collaboration agreement, amended in 2019 and 2021, respectively (collectively the “original 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 original GSK Agreement. The exclusive drug discovery period under the original GSK Agreement expired on July 23, 2023. The Company has concluded that GSK is considered a customer. Therefore, the Company 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 original GSK Agreement, which included reporting, drug target discovery, and joint steering committee participation, represented one combined performance obligation to deliver research services. The Company recognized research services revenue related to the original GSK Agreement as the respective performance obligations were satisfied using an input method to measure progress. In addition, the original GSK Agreement, provided GSK the right to include certain identified pre-existing Company programs in the collaboration at GSK’s election, each of which was considered distinct from the research services. Prior to the expiration of the original GSK Agreement, drug targets were identified for inclusion in the collaboration during the performance of research services. Cost sharing related to the performance of research services was recorded when incurred within cost of revenue in the Consumer and Research Services segment. For the drug targets that had been identified for inclusion in the original collaboration, the Company and GSK continue to equally share in the costs of further research, development, and commercialization of identified targets under the GSK Agreement, subject to certain rights of either party to opt-out of funding at certain predetermined development milestones. These cost-sharing charges for the program costs incurred subsequent to the identification of drug targets have been included in research and development expense on the condensed consolidated statements of operations and comprehensive loss during the period incurred. The Company may also share in the net profits or losses of products that are commercialized pursuant to the collaboration or receive royalties on products which are successfully commercialized. In October 2023, the Company entered into an amendment to the original GSK Agreement (the “2023 GSK Amendment”) to provide GSK with a non-exclusive license to certain new, de-identified, aggregated data included in the Company’s database (the “New Data”), as well as access to certain Company research services with respect to such New Data in return for a $20.0 million data access fee, which the Company received during the three months ended December 31, 2023. The license to the New Data will expire one year from the date GSK provides the Company with a notice that GSK is ready to use the New Data (notice is anticipated no later than September 30, 2024 and had not yet been received as of December 31, 2023), unless the parties enter into a separate extension agreement. Pursuant to the 2023 GSK Amendment, the Company opted-out of cost-sharing and other research and development obligations with respect to three programs initiated by GSK and the Company under the original GSK Agreement. The Company will retain rights to receive low to mid-single digit royalties on net sales of products developed in these three programs. The Company recognized research services revenue related to the original GSK Agreement of nil and $13.1 million during the three months ended December 31, 2023 and 2022, respectively, and $11.8 million and $36.3 million during the nine months ended December 31, 2023 and 2022, respectively. The Company did not recognize research services revenue related to the 2023 GSK Amendment during the three or nine months ended December 31, 2023. As of December 31, 2023, the Company had deferred revenue of $20.0 million, related to the 2023 GSK Amendment. As of March 31, 2023, the Company had deferred revenue related to the original GSK Agreement of $11.8 million. Cost-sharing amounts incurred prior to the identification of targets included in cost of revenue were immaterial for the three months ended December 31, 2022 and each of the nine months ended December 31, 2023 and 2022. There were no cost-sharing amounts incurred prior to the identification of targets included in cost of revenue for the three months ended December 31, 2023. Cost-sharing amounts incurred subsequent to the identification of targets, included in research and development expenses, were $2.8 million and $3.3 million during the three months ended December 31, 2023 and 2022, respectively, and $11.0 million and $9.5 million during the nine months ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and March 31, 2023, the Company had $15.8 million and $11.9 million, respectively, related to balances of amounts payable to GSK for reimbursement of shared costs included within accounts payable and accrued expenses and other current liabilities on the condensed consolidated balance sheets. GSK’s affiliate, Glaxo Group Limited, held shares of the Company’s Class B common stock representing approximately 19.9% and 20.1% of the Company’s combined voting power as of December 31, 2023 and March 31, 2023, respectively; therefore, GSK is considered as a related party to the Company.

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Lease, option to extend, term	7 years		7 years
Operating lease cost	$ 3.4	$ 3.3	$ 10.1	$ 10.1
Variable lease cost	$ 1.5	$ 1.4	$ 4.0	$ 4.0
Minimum
Lessee Lease Description [Line Items]
Operating lease, remaining contractual periods	2 years		2 years
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining contractual periods	7 years 7 months 6 days		7 years 7 months 6 days

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1,497	$ 0	$ 8,368	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 500		$ 6,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2023			$ 0
Restructuring charges incurred during the period	$ 1,497	$ 0	8,368	$ 0
Amounts paid during the period			(8,237)
Accrued restructuring costs included in accrued expenses and other current liabilities as of December 31, 2023	$ 131		$ 131

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue (includes related party revenue of nil and $13,068 for the three months ended December 31, 2023 and 2022, respectively, and $11,753 and $36,258 for the nine months ended December 31, 2023 and 2022, respectively)	$ 44,747,000	$ 66,940,000	$ 155,610,000	$ 207,112,000
Cost of revenue (includes related party cost of nil and $231 for the three months ended December 31, 2023 and 2022, respectively, and $295 and $(279) for the nine months ended December 31, 2023 and 2022, respectively)	24,811,000	36,189,000	83,265,000	112,598,000
Gross profit	19,936,000	30,751,000	72,345,000	94,514,000
Operating expenses:
Research and development (includes related party expenses of $2,781 and $3,251 for the three months ended December 31, 2023 and 2022, respectively, and $10,989 and $9,517 for the nine months ended December 31, 2023 and 2022, respectively)	41,720,000	57,270,000	158,637,000	161,877,000
Sales and marketing	27,683,000	39,879,000	68,669,000	98,148,000
General and administrative	31,446,000	30,702,000	107,476,000	89,226,000
Restructuring and other charges	1,497,000	0	8,368,000	0
Goodwill impairment	198,800,000	0	198,800,000	0
Total operating expenses	301,146,000	127,851,000	541,950,000	349,251,000
Loss from operations	(281,210,000)	(97,100,000)	(469,605,000)	(254,737,000)
Other income (expense):
Interest income, net	3,230,000	3,671,000	11,289,000	5,307,000
Other income (expense), net	23,000	855,000	501,000	(267,000)
Loss before income taxes	(277,957,000)	(92,574,000)	(457,815,000)	(249,697,000)
Provision for (benefit from) income taxes	19,000	(613,000)	55,000	(2,139,000)
Net loss	(277,976,000)	(91,961,000)	(457,870,000)	(247,558,000)
Other comprehensive income (loss), net of tax	0	(1,943,000)	620,000	(490,000)
Total comprehensive loss	$ (277,976,000)	$ (93,904,000)	$ (457,250,000)	$ (248,048,000)
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 (usd per share)	$ (0.58)	$ (0.20)	$ (0.97)	$ (0.55)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.58)	$ (0.20)	$ (0.97)	$ (0.55)
Weighted-average shares used to compute net loss per share:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (shares)	480,809,546	453,407,202	472,683,220	449,949,829
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (shares)	480,809,546	453,407,202	472,683,220	449,949,829

Balance Sheet Components - Summary of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2024 (Remaining three months)	$ 1,980
2025	7,919
2026	7,919
2027	6,769
2028	5,006
Thereafter	5,641
Total estimated future amortization expense	$ 35,234	$ 45,520

Equity Incentive Plans and Stock-Based Compensation

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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.

On September 6, 2023 (the “Effective Date”), the Company’s stockholders approved the 23andMe Holding Co. Amended and Restated 2021 Incentive Equity Plan (the “A&R Plan”). The terms of the A&R Plan replace the existing terms of the 2021 Plan. The A&R Plan was adopted to, among other things, (i) increase the number of shares authorized for issuance by 75,000,000 shares of Class A common stock of the Company, (ii) increase the percentage of shares that may automatically be added on an annual basis to the number of authorized shares from 3% to 5%, (iii) increase the individual annual compensation limit for non-employee directors from $300,000 to $400,000 and to provide that the limit applies on a fiscal-year basis, (iv) revise what constitutes a change of control of the Company, (v) add additional performance measures, and (vi) implement certain other modifications and clarifications as set forth in the A&R Plan. The maximum aggregate number of shares of Class A common stock that may be issued under the A&R Plan with respect to awards granted on or after the Effective Date is the sum of (i) 75,000,000 shares of Class A common stock, (ii) any shares of Class A common stock that remain available for awards under the 2021 Plan as of the Effective Date, and (iii) any shares of Class A common stock subject to outstanding awards under the 2021 Plan as of the Effective Date that are payable in shares and that expire, are forfeited, or are otherwise terminated without having been exercised, vested, or settled in full, or are paid in cash, as applicable, on or after the Effective Date, subject to adjustment as described in the A&R Plan. As of December 31, 2023, 205,691,352 shares of the Company’s Class A common stock remained available for future issuance under the A&R Plan.

Options under the A&R 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 three to four years. Under the A&R Plan, stock option awards entitle the holder to receive one share of Class A common stock for every option exercised.

Under the A&R Plan, RSUs may be granted to employees, non-employee directors and consultants. The RSUs generally 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, except for the RSUs issued under the Annual Incentive Plan (the “2022 AIP”) as discussed below, which vest immediately upon issuance. 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 A&R Plan and the opportunity to defer settlement of all or a portion of their RSU awards. As of December 31, 2023, four non-employee directors have

elected to convert all of their cash compensation into RSU awards, and two non-employee directors have elected to defer settlement of their RSU awards under the program.

On June 9, 2022, the Compensation Committee of the Company’s Board of Directors adopted the 2022 AIP, pursuant to which, beginning in fiscal 2023, which began on April 1, 2022, employees and certain service providers of 23andMe, Inc. and its affiliates were eligible to receive annual incentive bonuses in the form of cash or RSUs issued by the Company under the A&R Plan, based upon the Company’s achievement of certain pre-established financial, operational, and strategic performance metrics. On June 5 and July 14, 2023, the fiscal 2023 annual incentive bonuses were paid in the form of RSUs based upon the Company’s achievement of certain pre-established financial, operational, and strategic performance metrics and as determined by the Compensation Committee of the Company’s Board of Directors. The number of RSUs granted was determined by dividing the dollar amount of the 2022 AIP annual incentive bonuses for fiscal 2023 by the trailing average closing price of the Company’s Class A common stock for the 20 days preceding the date of payment, resulting in the grant of 9,019,049 shares underlying fully-vested RSUs.

The Company accounts for the RSUs issued under the 2022 AIP (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 of $(2.5) million and $10.0 million related to the 2022 AIP RSUs for the three months ended December 31, 2023 and 2022, respectively, and $4.3 million and $19.8 million related to the 2022 AIP RSUs for the nine months ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and March 31, 2023, the liability of the 2022 AIP RSUs was $5.3 million and $18.9 million, respectively, which was included in other current liabilities on the condensed consolidated balance sheet.

Stock Option Activity

Stock option activity and activity regarding shares available for grant under the A&R 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, 2023	68,050,752	$	4.20	6.0	$	10,621
Granted	13,097,016	$	1.25
Exercised	(1,517,517)	$	0.45
Canceled/forfeited/expired	(5,983,369)	$	5.02
Balance as of December 31, 2023	73,646,882	$	3.69	5.6	$	1,555
Vested and exercisable as of December 31, 2023	51,938,674	$	4.14	4.4	$	1,555

The weighted average grant date fair value per share of options granted was $0.87 and $2.42 for the nine months ended December 31, 2023 and 2022, respectively. The total intrinsic value of vested options exercised for the nine months ended December 31, 2023 and 2022 was $1.2 million and $4.4 million, respectively. As of December 31, 2023, unrecognized stock-based compensation expense related to unvested stock options was $37.7 million, which is expected to be recognized over a weighted-average period of 2.4 years. Due to a valuation allowance on deferred tax assets, the Company did not recognize any tax expense or benefit from stock option exercises for the three and nine months ended December 31, 2023 and 2022.

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

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


	Three Months Ended December 31,						Nine Months Ended December 31,
	2023		2022				2023				2022
	Min	Max	Min		Max		Min		Max		Min		Max
Expected term (years)	—	—	6.0		6.0		5.8		6.0		6.0		6.8
Expected volatility	—	—	79	%	79	%	78	%	79	%	76	%	81	%
Risk-free interest rate	—	—	4.2	%	4.2	%	3.6	%	4.4	%	2.8	%	4.2	%
Expected dividend yield	—	—	—		—		—		—		—		—

There were no stock options granted during the three months ended December 31, 2023.

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, 2023	26,562,566	$	4.73
Granted	42,910,981	$	1.82
Vested	(18,421,168)	$	3.09
Canceled/forfeited	(9,708,287)	$	3.65
Balance as of December 31, 2023	41,344,092	$	2.69

As of December 31, 2023, unrecognized stock-based compensation expense related to outstanding unvested RSUs was $102.9 million, which is expected to be recognized over a weighted-average period of 2.6 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 Health (each, a “Former Lemonaid Officer”) and each of whom, following the closing of the Lemonaid Acquisition, joined the Company’s management team. The shares were scheduled to 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’s 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. If any such 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.

On June 30, 2023, the employment of one of the Former Lemonaid Officers terminated, which resulted in $22.0 million of stock-based compensation expense related to these awards to be recognized within general and administrative expenses. On November 1, 2023, the employment of the other Former Lemonaid Officer terminated, which resulted in $3.1 million of stock-based compensation expense related to these awards to be recognized within general and administrative expenses.

The Company recognized total stock-based compensation expense related to these awards of $3.3 million and $2.8 million for the three months ended December 31, 2023 and 2022, respectively, and $28.4 million and $8.2 million for the nine months ended December 31, 2023 and 2022, respectively, within general and administrative expenses. As of December 31, 2023, there was no remaining unamortized stock-based compensation expense associated with these awards.

Employee Stock Purchase Plan

On June 10, 2021, the shareholders of VGAC approved the 23andMe Holding Co. Employee Stock Purchase Plan (“ESPP”). A total of 11,420,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP. Pursuant to the terms of the ESPP, the number of shares of the Company’s Class A common stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2023, by the lesser of (i) an amount equal to one percent (1.0%) of the total number of shares of Class A and Class B common stock outstanding as of the last day of the immediately preceding December 31st, (ii) 5,000,000 shares, or (iii) a lesser number of shares as determined by the Board of Directors in its discretion. As of December 31, 2023, 4,151,849 shares of the Company’s Class A common stock have been issued and 11,839,766 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 Company estimated the fair value of ESPP granted using the Black-Scholes option-pricing model. The fair value of ESPP is being amortized on a straight-line basis over the requisite service period, which is the withholding period. The weighted average Black-Scholes assumptions used to value ESPP at the grant dates are as follows:


	Nine Months Ended December 31,
		2023	2022
			Min		Max		Min		Max
Expected term (years)			0.5		1.0		0.5		1.0
Expected volatility			67	%	73	%	98	%	109	%
Risk-free interest rate			5.4	%	5.5	%	3.3	%	3.5	%
Expected dividend yield			—		—		—		—

During the three months ended December 31, 2023 and 2022, no shares were issued under the ESPP. During the nine months ended December 31, 2023 and 2022, 1,509,536 and 1,130,337 shares, respectively, were issued under the ESPP.

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:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	(in thousands)
Cost of revenue	$	1,024	$	3,200	$	4,993	$	8,940
Research and development	6,250		15,188		28,880		39,267
Sales and marketing	1,095		2,444		4,829		7,336
General and administrative(1)	17,007		13,506		60,873		38,225
Restructuring and other charges	981		—		1,623		—
Total stock-based compensation expense	$	26,357	$	34,338	$	101,198	$	93,768

(1)Includes $10.8 million and $32.8 million of stock-based compensation charges related to the termination of two Former Lemonaid Officers during the three and nine months ended December 31, 2023, respectively.

Stockholders' Equity (Tables)

9 Months Ended

Dec. 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:


	December 31, 2023	March 31, 2023
Outstanding stock options	73,646,882	68,050,752
Outstanding restricted stock units	41,347,332	26,562,566
Remaining shares available for future issuance under Amended and Restated 2021 Incentive Equity Plan	90,697,138	55,922,182
Remaining shares available for future issuance under Employee Stock Purchase Plan	11,839,766	13,349,302
Total shares of common stock reserved	217,531,118	163,884,802

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Dividends paid in shares	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principle of Consolidation	Basis of Presentation and Principle of Consolidation The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries, and variable interest entities in which it holds a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. For the three and nine months ended December 31, 2023 and 2022, the Company’s operations were primarily in the United States. The Company had immaterial operations in the United Kingdom (“U.K.”) prior to the disposition of its U.K. subsidiary on August 1, 2023. There have been no material changes to the Company’s significant accounting policies during the nine months ended December 31, 2023, as compared to the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated financial statements as of December 31, 2023 and for the three and nine months ended December 31, 2023 and 2022 and accompanying notes, are unaudited. These unaudited interim condensed consolidated financial statements (the “condensed consolidated financial statements”) have been prepared in accordance with GAAP applicable to interim financial statements. These financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the fiscal year ended March 31, 2023 (the “audited consolidated financial statements”) that were included in the Company’s Annual Report on Form 10-K filed with the SEC on May 25, 2023. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of December 31, 2023 and its condensed consolidated results of operations and cash flows for the nine months ended December 31, 2023 and 2022. The results of operations for the three and nine months ended December 31, 2023 are not necessarily indicative of the results expected for the year ending March 31, 2024 or any other future interim or annual periods.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on March 31. References to fiscal 2024 refer to the fiscal year ending March 31, 2024 and references to fiscal 2023 and fiscal 2022 refer to the fiscal years ended March 31, 2023 and March 31, 2022, respectively.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period and the accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to the determination of standalone selling price for various performance obligations; the estimated expected benefit period for the rate and recognition pattern of breakage revenue for purchases where a saliva collection kit (“Kit”) is never returned for processing; the capitalization and estimated useful life of internal use software; the useful life of long-lived assets; fair value of intangible assets acquired in business combinations; the fair value of reporting units relative to the carrying amount 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 condensed consolidated financial statements. The Company is not aware of any specific event or circumstance that would require revisions to estimates, updates to judgments, or adjustments to the carrying value of assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the condensed consolidated financial statements as soon as they become known.
Concentration of Supplier Risk	Concentration of Supplier Risk Certain of the raw materials, components, and equipment associated with the deoxyribonucleic acid (“DNA”) microarrays and Kits used by the Company in the delivery of its services are available only from third-party suppliers. The Company also relies on a third-party laboratory service for the processing of its customer samples. Shortages and slowdowns could occur in these essential materials, components, equipment, and laboratory services due to an interruption of supply or increased demand in the industry. If the Company were unable to procure certain materials, components, equipment, or laboratory services at acceptable prices, it would be required to reduce its laboratory operations, which could have a material adverse effect on its results of operations. A single supplier accounted for 100% of the Company’s total purchases of microarrays and a separate single supplier accounted for 100% of the Company’s total purchases of Kits for the three and nine months ended December 31, 2023 and 2022. One laboratory service provider accounted for 100% of the Company’s processing of customer samples for the three and nine months ended December 31, 2023 and 2022.
Concentration of Credit Risk	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 3, “Revenue,” for additional information regarding geographical disaggregation of revenue. The Company grants credit to its customers in the normal course of business, performs credit evaluations of its significant customers on an as-needed basis, and does not require collateral. Concentrations of credit risk are limited as the Company’s trade receivables are primarily related to third parties, which collect its credit card receivables, and large multinational corporations. The Company regularly monitors the aging of accounts receivable balances.
Restructuring	Restructuring The Company defines restructuring expenses to include costs directly associated with exit or disposal activities, such as severance payments, benefits continuation, and non-cash stock-compensation charges associated with the modification of certain stock awards. In general, the Company records involuntary employee-related exit and disposal costs when it communicates to employees that they are entitled to receive such benefits and the amount can be reasonably estimated.
Goodwill	Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair values attributed to underlying net tangible assets and identifiable intangible assets. The Company tests goodwill each fiscal year on January 1st for impairment at the Consumer and Research Services reporting unit level. Goodwill is also tested for impairment whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Performance of the qualitative impairment assessment requires judgment in identifying and considering the significance of relevant events and circumstances, including external factors such as macroeconomic and industry conditions and the legal and regulatory environment, as well as entity-specific factors, such as actual and planned financial performance or sustained market declines, that could impact the fair value of the Consumer and Research Services reporting unit. If, after assessing the totality of these qualitative factors, the Company determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then no additional assessment is deemed necessary. Otherwise, the Company will perform a quantitative impairment test in which the fair value of the reporting unit is compared with its carrying amount, and an impairment charge will be recorded for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. For results of the Company's goodwill impairment analysis performed as of December 31, 2023, see Note 8, “Balance Sheet Components — Goodwill.”
Contingencies	Contingencies Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recognized when realization becomes probable and estimable.
Liquidity	Liquidity The Company’s operations have been financed primarily through the sales of equity securities and revenue from sales of PGS, telehealth, and research services. During fiscal 2022, the Company received gross proceeds of $309.7 million from the Merger and $250.0 million from the PIPE investment consummated in connection with the Merger. The Company expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future due to the investments it intends to continue to make in research and development to capitalize on market opportunities and drive long-term growth, as well as operating expenses incurred within general and administrative, and sales and marketing. The Company may require additional financing to fund operations to meet its business plan. The Company’s ability to obtain additional financing depends on a number of factors, including, but not limited to, the market price of the Company’s Class A common stock, the availability and cost of additional equity capital, the Company’s ability to retain the listing of its Class A common stock on The Nasdaq Stock Market, and the general economic and industry conditions affecting the availability and cost of capital. On November 10, 2023, the Company received a deficiency letter (the “Nasdaq Letter”) from the Nasdaq Listing Qualifications Department, notifying the Company that it is not in compliance with Nasdaq Listing Rule 5450(a)(1), which requires the Company to maintain a minimum bid price of at least $1 per share for continued listing on The Nasdaq Global Select Market (the “Minimum Bid Requirement”). The Company’s failure to comply with the Minimum Bid Requirement was based on its Class A common stock per share price being below the $1 threshold for a period of 30 consecutive trading days. Pursuant to the Nasdaq Letter, the Company has 180 calendar days from the date of the Nasdaq Letter to regain compliance, and may be eligible for up to an additional 180 days in accordance with applicable Nasdaq rules. If the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the compliance period (or the second compliance period, if applicable), its common stock will become subject to delisting. The Company intends to monitor the closing bid price of its common stock during the compliance period(s) and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, including initiating a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. Neither the Nasdaq Letter nor the Company’s noncompliance with the Minimum Bid Requirement have an immediate effect on the listing or trading of the Company’s Class A common stock, which will continue to trade on The Nasdaq Stock Market under the symbol “ME.” As of December 31, 2023, the Company had cash and cash equivalents of $242.4 million. Based on current cash resources and the implementation of the previously-disclosed reductions in force in June and August 2023, the Company believes its cash and cash equivalents will be sufficient to fund estimated operating expenses and capital expenditure requirements for at least 12 months from the date of the issuance of these condensed consolidated financial statements. Management considers that there are no conditions or events in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date the condensed consolidated financial statements are issued.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Updated (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impacts of the new standard. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impacts and method of adoption.

Segment Information - Schedule of Customer Accounting of Segment Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Recognized revenue	$ 44,747	$ 66,940	$ 155,610	$ 207,112
Customer C \| Consumer and Research Services \| Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Recognized revenue	$ 8,681	$ 14,680	$ 31,432	$ 41,365
Concentration risk percentage	19.00%	22.00%	20.00%	20.00%
Customer B \| Consumer and Research Services \| Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Recognized revenue	$ 0	$ 13,068	$ 11,753	$ 36,258
Concentration risk percentage	0.00%	20.00%	8.00%	18.00%

- Definition

+ References

+ Details

Balance Sheet Components - Schedule of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued payables	$ 13,090	$ 17,030
Accrued compensation and benefits	4,601	5,898
Accrued vacation	7,310	8,839
Accrued bonus	5,740	21,600
Accrued clinical expenses	10,172	11,707
Accrued taxes and other	1,211	1,356
Total accrued expenses and other current liabilities	$ 42,124	$ 66,430

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue, related party	$ 44,747	$ 66,940	$ 155,610	$ 207,112
Cost of revenue, related party	24,811	36,189	83,265	112,598
Research and development, related party expenses	41,720	57,270	158,637	161,877
Related Party
Revenue, related party	0	13,068	11,753	36,258
Cost of revenue, related party	0	231	295	(279)
Research and development, related party expenses	$ 2,781	$ 3,251	$ 10,989	$ 9,517

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value transfers between levels			$ 0		$ 0
Goodwill impairment	$ 198,800,000	$ 0	198,800,000	$ 0
Fair Value Nonrecurring
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges			$ 10,000,000

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 113,260	$ 113,924
Less: accumulated depreciation and amortization	(82,990)	(75,316)
Less: accumulated depreciation and amortization	30,270	38,608
Computer and software
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,580	10,376
Laboratory equipment and software
Property Plant And Equipment [Line Items]
Property and equipment, gross	52,803	52,785
Furniture and office equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,963	8,946
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	41,061	40,964
Capitalized asset retirement obligations
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 853	$ 853

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheet Components - Schedule of Internal Use Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Capitalized internal-use software	$ 33,349	$ 25,180
Less: accumulated amortization	(13,522)	(9,519)
Internal-use software, net	$ 19,827	$ 15,661

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedules of Significant Customer Information

Significant customer information is as follows:


	December 31, 2023		March 31, 2023
Percentage of accounts receivable:
Customer C(1)	86	%	69	%
Customer F	*		27	%

*less than 10%

(1)Customer C is a reseller.


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Percentage of revenue:
Customer C(1)	19	%	22	%	20	%	20	%
Customer B	—		20	%	8	%	18	%

(1)Customer C is a reseller.

Restructuring (Tables)

9 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table shows the total amount incurred and accrued related to one-time employee termination benefits:


	One-Time Employee Termination Benefits
	(in thousands)
Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2023	$	—
Restructuring charges incurred during the period	8,368
Amounts paid during the period	(8,237)
Accrued restructuring costs included in accrued expenses and other current liabilities as of December 31, 2023	$	131

The Company does not expect to incur any further material expenses in connection with the reduction in force events that occurred in June and August 2023.

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value 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 December 31, 2023 and March 31, 2023:


	December 31, 2023								March 31, 2023
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	237,000	$	237,000	$	—	$	—	$	372,000	$	372,000	$	—	$	—
Total financial assets	$	237,000	$	237,000	$	—	$	—	$	372,000	$	372,000	$	—	$	—

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Concentration Risk [Line Items]
Proceeds from Merger					$ 309,700
Proceeds from PIPE investment					250,000
Cash and cash equivalents	$ 242,418		$ 242,418		$ 386,849
Supplier Concentration Risk \| Cost of Goods and Service, Product and Service Benchmark \| Microarrays
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Cost of Goods and Service, Product and Service Benchmark \| K I T S
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Cost of Goods and Service, Product and Service Benchmark \| Laboratory Services
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%

Stockholders' Equity

9 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company has authorized Class A common stock and 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.

Earn-Out Shares

As of December 31, 2023 and March 31, 2023, the Class A common stock included 3,814,125 shares held by VGAC founders (“Earn-Out Shares”) that are subject to a lock-up of seven years from the Closing Date. The lock-up has an early release effective (i) with respect to 50% of the Earn-Out Shares, upon the closing price of the Company’s Class A common stock equaling or exceeding $12.50 per share for any 20 trading days within any 30-trading-day period, and (ii) with respect to the other 50% of the Earn-Out Shares, upon the closing price of the Company’s Class A common stock equaling or exceeding $15.00 per share for any 20 trading days within any 30-trading-day period; provided that the transfer restrictions applicable to the Earn-Out Shares will terminate on the date following the closing date on which the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization, or other similar transaction that results in all of the Company’s public stockholders having the right to exchange their shares of Class A common stock for cash, securities, or other property (a “Liquidation Event”), if such Liquidation Event occurs prior to the date that the stock price thresholds referenced in (i) and (ii) are met. As of December 31, 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, Equity.

Reserve for Issuance

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


	December 31, 2023	March 31, 2023
Outstanding stock options	73,646,882	68,050,752
Outstanding restricted stock units	41,347,332	26,562,566
Remaining shares available for future issuance under Amended and Restated 2021 Incentive Equity Plan	90,697,138	55,922,182
Remaining shares available for future issuance under Employee Stock Purchase Plan	11,839,766	13,349,302
Total shares of common stock reserved	217,531,118	163,884,802

At-the-Market (“ATM”) Offering

On February 6, 2023, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”), as sales agent, pursuant to which the Company may sell shares of its Class A common stock for an aggregate up to $150.0 million under at-the-market offering program (the “ATM program”). The Company will pay Cowen a commission of 3.0% of the gross proceeds for our Class A common stock sold through the ATM program. As of December 31, 2023, the Company had not made any sales under the ATM program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (277,976)	$ (75,270)	$ (104,624)	$ (91,961)	$ (66,065)	$ (89,532)	$ (457,870)	$ (247,558)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (shares)	480,809,546			453,407,202			472,683,220	449,949,829
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (shares)	480,809,546			453,407,202			472,683,220	449,949,829
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 (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)
Class A Common Stock
Numerator:
Net loss attributable to common stockholders	$ (181,143)			$ (57,490)			$ (295,367)	$ (144,000)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (shares)	313,320,274			283,449,950			304,922,409	261,728,144
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (shares)	313,320,274			283,449,950			304,922,409	261,728,144
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 (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)
Class B Common Stock
Numerator:
Net loss attributable to common stockholders	$ (96,833)			$ (34,471)			$ (162,503)	$ (103,558)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (shares)	167,489,272			169,957,252			167,760,811	188,221,685
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (shares)	167,489,272			169,957,252			167,760,811	188,221,685
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 (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.58)			$ (0.20)			$ (0.97)	$ (0.55)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Accounts payable, related party	$ 13,166	$ 12,924
Accrued expenses and other current liabilities, related party	42,124	66,430
Deferred revenue, current, related party	80,468	62,521
Deferred revenue, noncurrent related party	$ 15,000	$ 0
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Class A Common Stock
Common stock, shares authorized (in shares)	1,140,000,000	1,140,000,000
Common stock, shares issued (in shares)	315,073,368	293,020,474
Common stock, shares outstanding (in shares)	315,073,368	293,020,474
Class B Common Stock
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	167,480,278	168,179,488
Common stock, shares outstanding (in shares)	167,480,278	168,179,488
Related Party
Accounts payable, related party	$ 7,064	$ 3,186
Accrued expenses and other current liabilities, related party	8,780	8,738
Deferred revenue, current, related party	5,000	11,753
Deferred revenue, noncurrent related party	$ 15,000	$ 0

Equity Incentive Plans and Stock-Based Compensation - Summary of the Stock-Based Compensation (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) formerEmployee	Dec. 31, 2022 USD ($)
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 26,357	$ 34,338	$ 101,198	$ 93,768
Former Lemonaid Officer
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	10,800		$ 32,800
Former employees \| formerEmployee			2
Secondary Sale Transaction \| Cost of revenue
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,024	3,200	$ 4,993	8,940
Secondary Sale Transaction \| Research and development
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,250	15,188	28,880	39,267
Secondary Sale Transaction \| Sales and marketing
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,095	2,444	4,829	7,336
Secondary Sale Transaction \| General and administrative
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	17,007	13,506	60,873	38,225
Secondary Sale Transaction \| Restructuring and other charges
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 981	$ 0	$ 1,623	$ 0

Revenue - Summary of Revenue by Region Based on the Shipping Address of Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 44,747	$ 66,940	$ 155,610	$ 207,112
Service
Disaggregation of Revenue [Line Items]
Revenue	$ 44,747	$ 66,940	$ 155,610	$ 207,112
Revenue \| Geographic Concentration Risk \| Service
Disaggregation of Revenue [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 39,217	$ 46,770	$ 124,728	$ 147,425
United States \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	88.00%	70.00%	80.00%	71.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	$ 2,139	$ 16,194	$ 20,657	$ 47,198
United Kingdom \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	5.00%	24.00%	13.00%	23.00%
Canada
Disaggregation of Revenue [Line Items]
Revenue	$ 2,382	$ 2,866	$ 7,110	$ 8,744
Canada \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	5.00%	4.00%	5.00%	4.00%
Other regions
Disaggregation of Revenue [Line Items]
Revenue	$ 1,009	$ 1,110	$ 3,115	$ 3,745
Other regions \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	2.00%	2.00%	2.00%	2.00%

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net related party	$ (16,257)	$ (23,428)
Accounts payable, related party	669	(23,305)
Accrued expenses and other current liabilities, related party	(5,906)	4,265
Deferred revenue, related party	32,948	45,996
Related Party
Accounts receivable, net related party	19	(3,636)
Accounts payable, related party	3,879	(12,567)
Accrued expenses and other current liabilities, related party	42	4,090
Deferred revenue, related party	$ 8,247	$ 13,762

Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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

Stock option activity and activity regarding shares available for grant under the A&R 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, 2023	68,050,752	$	4.20	6.0	$	10,621
Granted	13,097,016	$	1.25
Exercised	(1,517,517)	$	0.45
Canceled/forfeited/expired	(5,983,369)	$	5.02
Balance as of December 31, 2023	73,646,882	$	3.69	5.6	$	1,555
Vested and exercisable as of December 31, 2023	51,938,674	$	4.14	4.4	$	1,555

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

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


	Three Months Ended December 31,						Nine Months Ended December 31,
	2023		2022				2023				2022
	Min	Max	Min		Max		Min		Max		Min		Max
Expected term (years)	—	—	6.0		6.0		5.8		6.0		6.0		6.8
Expected volatility	—	—	79	%	79	%	78	%	79	%	76	%	81	%
Risk-free interest rate	—	—	4.2	%	4.2	%	3.6	%	4.4	%	2.8	%	4.2	%
Expected dividend yield	—	—	—		—		—		—		—		—

There were no stock options granted during the three months ended December 31, 2023.

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


	Nine Months Ended December 31,
		2023	2022
			Min		Max		Min		Max
Expected term (years)			0.5		1.0		0.5		1.0
Expected volatility			67	%	73	%	98	%	109	%
Risk-free interest rate			5.4	%	5.5	%	3.3	%	3.5	%
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, 2023	26,562,566	$	4.73
Granted	42,910,981	$	1.82
Vested	(18,421,168)	$	3.09
Canceled/forfeited	(9,708,287)	$	3.65
Balance as of December 31, 2023	41,344,092	$	2.69

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:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	(in thousands)
Cost of revenue	$	1,024	$	3,200	$	4,993	$	8,940
Research and development	6,250		15,188		28,880		39,267
Sales and marketing	1,095		2,444		4,829		7,336
General and administrative(1)	17,007		13,506		60,873		38,225
Restructuring and other charges	981		—		1,623		—
Total stock-based compensation expense	$	26,357	$	34,338	$	101,198	$	93,768

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 242,418	$ 386,849
Restricted cash	1,399	1,399
Accounts receivable, net	18,154	1,897
Inventories	15,666	10,247
Deferred cost of revenue	12,222	5,376
Prepaid expenses and other current assets	20,100	19,224
Total current assets	309,959	424,992
Property and equipment, net	30,270	38,608
Operating lease right-of-use assets	50,738	56,078
Restricted cash, noncurrent	6,974	6,974
Internal-use software, net	19,827	15,661
Intangible assets, net	35,234	45,520
Goodwill	152,944	351,744
Other assets	2,265	3,021
Total assets	608,211	942,598
Current liabilities:
Accounts payable (includes related party amounts of $7,064 and $3,186, respectively)	13,166	12,924
Accrued expenses and other current liabilities (includes related party amounts of $8,780 and $8,738, respectively)	42,124	66,430
Deferred revenue (includes related party amounts of $5,000 and $11,753, respectively)	80,468	62,521
Operating lease liabilities	8,381	7,541
Total current liabilities	144,139	149,416
Deferred revenue, noncurrent (includes related party amounts of $15,000 and nil, respectively)	15,000	0
Operating lease liabilities, noncurrent	70,441	77,763
Other liabilities	1,443	1,480
Total liabilities	231,023	228,659
Commitments and contingencies (Note 11)
Stockholders’ equity
Preferred stock - par value $0.0001, 10,000,000 shares authorized as of December 31, 2023 and March 31, 2023; zero shares issued and outstanding as of December 31, 2023 and March 31, 2023	0	0
Common stock, par value $0.0001 - Class A shares, 1,140,000,000 shares authorized, 315,073,368 and 293,020,474 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively; Class B shares, 350,000,000 shares authorized, 167,480,278 and 168,179,488 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively	48	46
Additional paid-in capital	2,341,394	2,220,897
Accumulated other comprehensive loss	0	(620)
Accumulated deficit	(1,964,254)	(1,506,384)
Total stockholders’ equity	377,188	713,939
Total liabilities and stockholders’ equity	$ 608,211	$ 942,598

Segment Information (Tables)

9 Months Ended

Dec. 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:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	(in thousands)
Segment Revenue: (1)
Consumer and Research Services	$	44,747	$	66,940	$	155,610	$	207,112
Total revenue	$	44,747	$	66,940	$	155,610	$	207,112
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(20,620)	$	(8,313)	$	(32,895)	$	(22,986)
Therapeutics Adjusted EBITDA	(16,528)		(21,471)		(73,890)		(58,599)
Unallocated Corporate (2)	(10,587)		(13,488)		(35,803)		(41,057)
Total Adjusted EBITDA	$	(47,735)	$	(43,272)	$	(142,588)	$	(122,642)
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(277,976)	$	(91,961)	$	(457,870)	$	(247,558)
Adjustments:
Interest income, net	(3,230)		(3,671)		(11,289)		(5,307)
Other (income) expense, net	(23)		(855)		(501)		267
Provision for (benefit from) income taxes	19		(613)		55		(2,139)
Depreciation and amortization	4,921		5,257		13,873		15,512
Amortization of acquired intangible assets	2,397		4,265		9,673		12,847
Impairment of acquired intangible assets	—		9,968		—		9,968
Stock-based compensation expense	26,357		34,338		101,198		93,768
Loss on disposition of Lemonaid Health Limited and transaction-related costs (3)	—		—		2,375		—
Litigation settlement cost	—		—		98		—
Goodwill impairment (4)	198,800		—		198,800		—
Cyber security incident expenses, net of probable insurance recoveries (5)	1,000		—		1,000		—
Total Adjusted EBITDA	$	(47,735)	$	(43,272)	$	(142,588)	$	(122,642)

(1)There was no Therapeutics revenue for the three and nine months ended December 31, 2023 and 2022.

(3)Refer to Note 17, “Disposition of Subsidiary” for additional information.

(4)Refer to Note 8, “Goodwill” for additional information.

(5)Refer to Note 11, “Cyber Security Incident” for additional information.

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

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


	Three Months Ended December 31,								Nine Months Ended December 31,

	2023				2022				2023				2022

	(in thousands)
Consumer and Research Services Segment Revenue:
Customer C (1) (2)	$	8,681	19	%	$	14,680	22	%	$	31,432	20	%	$	41,365	20	%
Customer B (3)	—		—		$	13,068	20	%	$	11,753	8	%	$	36,258	18	%

(1)Customer C is a reseller.

(2)Customer C revenues are primarily in the United States.

(3)Customer B revenues are in the U.K.

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities In providing telehealth services that include professional medical consultations, the Company maintains relationships with various affiliated professional medical corporations (“PMCs”). 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 determined that the PMCs and Affiliated Pharmacies are variable interest entities (“VIEs”) due to the respective equity holders having nominal capital at risk, and the Company having a variable interest in each of the PMCs and Affiliated Pharmacies. The Company consolidated the PMCs and Affiliated Pharmacies under the VIE model since the Company has the power to direct activities that most significantly impact the VIEs’ economic performance and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIEs. Under the VIE model, the Company presents the results of operations and the financial position of the VIEs as part of the condensed consolidated financial statements of the Company. Furthermore, as a direct result of the financial support the Company provides to the VIEs (e.g., loans), the interests held by holders lack economic substance and do not provide them with the ability to participate in the residual profits or losses generated by the VIEs. Therefore, all income and expenses recognized by the VIEs are allocated to the Company’s stockholders. The aggregate carrying value of total assets and total liabilities included on the condensed consolidated balance sheets for the VIEs after elimination of intercompany transactions were not material as of December 31, 2023 and March 31, 2023. Total revenue included on the condensed consolidated statements of operations and comprehensive loss for the VIEs after elimination of intercompany transactions was $7.8 million and $10.0 million for the three months ended December 31, 2023 and 2022, respectively, and $25.3 million and $31.1 million for the nine months ended December 31, 2023 and 2022, respectively. Net loss attributable to the VIEs included on the condensed consolidated statements of operations and comprehensive loss was $3.2 million and $3.8 million for the three months ended December 31, 2023 and 2022, respectively, and $9.1 million and $5.9 million for the nine months ended December 31, 2023 and 2022, respectively.

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details)						1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 01, 2023 USD ($)	Sep. 06, 2023 USD ($) shares	Sep. 05, 2023 USD ($)	Jun. 30, 2023 USD ($) officer	Jun. 10, 2021 shares	Nov. 30, 2021 USD ($) stockholder shares	Dec. 31, 2023 USD ($) non-employeeDirector shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) non-employeeDirector $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)							217,531,118		217,531,118		163,884,802
Granted (in shares)							0		13,097,016
Stock-based compensation expense \| $							$ 26,357,000	$ 34,338,000	$ 101,198,000	$ 93,768,000
Weighted-average grant date fair values of options granted (in usd per share) \| $ / shares									$ 0.87	$ 2.42
Intrinsic value of vested options exercised \| $									$ 1,200,000	$ 4,400,000
Unrecognized stock-based compensation cost \| $							$ 37,700,000		$ 37,700,000
Weighted average period over which unrecognized compensation is expected to be recognized									2 years 4 months 24 days
Issuance of common stock under employee stock purchase plan (in shares)							0	0	1,509,536	1,130,337
Former Lemonaid Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $							$ 10,800,000		$ 32,800,000
Lemonaid Health, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						4 years
Unrecognized stock-based compensation cost \| $							0		0
Common stock granted subject to vest (in shares)						3,747,027
Common stock granted subject to vest, Weighted average grant date fair value \| $						$ 43,900,000
Former stockholders who were granted shares \| stockholder						2
Former officers terminated \| officer				1
General and administrative \| Lemonaid Health, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $								$ 2,800,000	28,400,000	$ 8,200,000
General and administrative \| Lemonaid Health, Inc. \| Relinquishment Triggering Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 3,300,000
General and administrative \| Lemonaid Health, Inc. \| Former Lemonaid Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 22,000,000			3,100,000
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Tax benefit recognized from stock option exercises \| $							0	0	$ 0	0
Unvested restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon release of restricted stock units (in shares)									42,910,981
Weighted average period over which unrecognized compensation is expected to be recognized									2 years 7 months 6 days
Unrecognized stock-based compensation cost \| $							$ 102,900,000		$ 102,900,000
Minimum \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period									3 years
Maximum \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period									4 years
2006 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)									0
A&R Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation terms of award									Options under the A&R 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.
Exercise price of stock options as a percentage of fair value of shares									100.00%
Non-employee directors, electing to convert cash compensation to RSUs \| non-employeeDirector							4		4
Non-employee directors, electing to defer settlement of RSUs \| non-employeeDirector							2		2
A&R Plan \| Lemonaid Health, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance shares of increase annual percentage		5.00%	3.00%
A&R Plan \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, expiration period									10 years
Number of shares of common stock received for each option exercised		1
A&R Plan \| Minimum \| Unvested restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		1 year
A&R Plan \| Maximum \| Unvested restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
ESPP \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued and outstanding, percentage					1.00%
Potential annual increase in shares reserved for future issuance (in shares)					5,000,000
2022 AIP \| Unvested restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon release of restricted stock units (in shares)									9,019,049
Stock-based compensation expense \| $							$ (2,500,000)	$ 10,000,000	$ 4,300,000	$ 19,800,000
Other current liabilities for awards \| $							$ 5,300,000		$ 5,300,000		$ 18,900,000
Class A Common Stock \| 2021 Incentive Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)					136,000,000
Exchange ratio of common stock									2.293698169
Class A Common Stock \| A&R Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)		75,000,000
Class A Common Stock \| A&R Plan \| Lemonaid Health, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)							205,691,352		205,691,352
Class A Common Stock \| A&R Plan \| Lemonaid Health, Inc. \| Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual compensation limit \| $		$ 400,000	$ 300,000
Class A Common Stock \| A&R Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)		75,000,000
Class A Common Stock \| ESPP \| Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)					11,420,000
Number of shares issued (in shares)									4,151,849
Shares remaining available for future issuance (in shares)							11,839,766		11,839,766

Fair Value Measurements - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 237,000	$ 372,000
Level 1
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	237,000	372,000
Level 2
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 3
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money market funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	237,000	372,000
Money market funds \| Level 1
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	237,000	372,000
Money market funds \| Level 2
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money market funds \| Level 3
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 0