VistaGen Therapeutics (VTGN) 10-Q 9 Nov 23 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Entity Central Index Key	0001411685
Entity Registrant Name	VistaGen Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-37761
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-5093315
Entity Address, Address Line One	343 Allerton Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	577-3600
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VTGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,023,038

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 37,608,400	$ 16,637,600
Prepaid expenses and other current assets	1,393,300	802,700
Deferred contract acquisition costs - current portion	74,500	67,100
Total current assets	39,076,200	17,507,400
Property and equipment, net	444,300	507,300
Right-of-use asset - operating lease	2,045,000	2,260,300
Deferred offering costs	362,000	495,700
Deferred contract acquisition costs - non-current portion	167,400	217,600
Security deposits	100,900	100,900
Total assets	42,195,800	21,089,200
Current liabilities:
Accounts payable	1,305,000	2,473,100
Accrued expenses	292,600	787,400
Deferred revenue - current portion	793,000	714,300
Operating lease obligation - current portion	517,100	485,600
Financing lease obligation - current portion	1,800	1,700
Total current liabilities	2,909,500	4,567,400
Non-current liabilities:
Deferred revenue - non-current portion	1,780,600	2,314,600
Operating lease obligation - non-current portion	1,854,000	2,119,800
Financing lease obligation - non-current portion	6,500	7,400
Total non-current liabilities	3,641,100	4,441,800
Total liabilities	6,550,600	9,009,200
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at September 30, 2023 and March 31, 2023; no shares outstanding at September 30, 2023 and March 31, 2023	0	0
Common stock, $0.001 par value; 325,000,000 shares authorized at September 30, 2023 and March 31, 2023; 12,016,750 and 7,315,583 shares issued at September 30, 2023 and March 31, 2023, respectively	12,000	7,300
Additional paid-in capital	379,943,800	342,892,500
Treasury stock, at cost, 4,522 shares of common stock held at September 30, 2023 and March 31, 2023	(3,968,100)	(3,968,100)
Accumulated deficit	(340,342,500)	(326,851,700)
Total stockholders’ equity	35,645,200	12,080,000
Total liabilities and stockholders’ equity	42,195,800	21,089,200
Collaborative Arrangement [Member]
Current liabilities:
Note payable	$ 0	$ 105,300

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Mar. 31, 2023
Preferred Stock, Par or Stated Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	325,000,000	325,000,000
Common Stock, Shares Issued (in shares)	12,016,750	7,315,583
Treasury stock, shares (in shares)	4,522	4,522

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 277,700		$ 455,300
Revenue, derecognized		$ (892,500)		$ (582,500)
Operating expenses:
Research and development	3,850,600	12,894,500	8,047,800	28,185,800
General and administrative	3,207,300	3,702,300	6,185,500	8,494,100
Total operating expenses	7,057,900	16,596,800	14,233,300	36,679,900
Loss from operations	(6,780,200)	(17,489,300)	(13,778,000)	(37,262,400)
Other income, net:
Interest income, net	192,500	6,100	289,700	8,400
Loss before income taxes	(6,587,700)	(17,483,200)	(13,488,300)	(37,254,000)
Income taxes	0	0	(2,500)	(5,500)
Net loss and comprehensive loss	$ (6,587,700)	$ (17,483,200)	$ (13,490,800)	$ (37,259,500)
Basic and diluted net loss per common share (in dollars per share)	$ (0.66)	$ (2.54)	$ (1.55)	$ (5.41)
Weighted average common share - basic and diluted (in shares)	10,042,530	6,893,708	8,717,050	6,890,152

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (13,490,800)	$ (37,259,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	63,000	65,600
Stock-based compensation	1,152,800	1,988,600
Amortization of operating lease right-of-use asset	215,300	196,300
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	288,900	2,431,400
Operating lease liability	(234,300)	(212,000)
Accounts payable and accrued expenses	(1,662,900)	(47,200)
Net cash used in operating activities	(14,080,500)	(32,309,100)
Cash flows from investing activities:
Purchases of laboratory and other equipment	0	(199,500)
Net cash used in investing activities	0	(199,500)
Cash flows from financing activities:
Net proceeds from issuance of common stock, including option exercises	0	104,400
Repayment of financing lease obligations	(800)	(700)
Repayment of note payable	(984,700)	(409,700)
Net cash provided by (used in) financing activities	35,051,300	(339,500)
Net increase (decrease) in cash and cash equivalents	20,970,800	(32,848,100)
Cash and cash equivalents at beginning of period	16,637,600	68,135,800
Cash and cash equivalents at end of period	37,608,400	35,287,700
Supplemental disclosure of noncash activities:
Insurance premiums settled by issuing note payable	879,500	1,139,700
ATM Facility [Member]
Cash flows from financing activities:
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs	36,032,600	(89,600)
Equity Line [Member]
Cash flows from financing activities:
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs	4,200	56,100
License [Member]
Changes in operating assets and liabilities:
Deferred sublicense revenue, net of deferred contract acquisition costs	$ (412,500)	$ 527,700

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes In Stockholders' Equity (unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Mar. 31, 2022	6,889,400
Balances at Mar. 31, 2022	$ 6,900	$ 336,280,500	$ (3,968,100)	$ (267,604,000)	$ 64,715,300
Share-based compensation expense	$ 0	956,900	0	0	956,900
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares)	2,500
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan	$ 0	56,100	0	0	56,100
Issuance of common stock upon exercise of options for cash (in shares)	3,333
Issuance of common stock upon exercise of options for cash	$ 0	100,000	0	0	100,000
Net loss	$ 0	0	0	(19,776,300)	(19,776,300)
Balances (in shares) at Jun. 30, 2022	6,895,233
Balances at Jun. 30, 2022	$ 6,900	337,393,500	(3,968,100)	(287,380,300)	46,052,000
Balances (in shares) at Mar. 31, 2022	6,889,400
Balances at Mar. 31, 2022	$ 6,900	336,280,500	(3,968,100)	(267,604,000)	64,715,300
Net loss					(37,259,500)
Balances (in shares) at Sep. 30, 2022	6,899,246
Balances at Sep. 30, 2022	$ 6,900	338,429,700	(3,968,100)	(304,863,500)	29,605,000
Balances (in shares) at Jun. 30, 2022	6,895,233
Balances at Jun. 30, 2022	$ 6,900	337,393,500	(3,968,100)	(287,380,300)	46,052,000
Share-based compensation expense	$ 0	1,031,800	0	0	1,031,800
Issuance of common stock upon exercise of options for cash (in shares)	367
Issuance of common stock upon exercise of options for cash	$ 0	4,400	0	0	4,400
Net loss	$ 0	0	0	(17,483,200)	(17,483,200)
Issuance of common stock upon exercise of options (cashless) (in shares)	3,646
Issuance of common stock upon exercise of options (cashless)	$ 0	0	0	0	0
Balances (in shares) at Sep. 30, 2022	6,899,246
Balances at Sep. 30, 2022	$ 6,900	338,429,700	(3,968,100)	(304,863,500)	29,605,000
Balances (in shares) at Mar. 31, 2023	7,315,583
Balances at Mar. 31, 2023	$ 7,300	342,892,500	(3,968,100)	(326,851,700)	12,080,000
Share-based compensation expense	$ 0	569,100	0	0	569,100
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares)	2,672
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan	$ 0	4,200	0	0	4,200
Net loss	$ 0	0	0	(6,903,100)	(6,903,100)
Issuance of common stock upon ATM sales, net of issuance costs (in shares)	561,418
Issuance of common stock upon ATM sales, net of issuance costs	$ 600	1,098,200	0	0	1,098,800
Balances (in shares) at Jun. 30, 2023	7,879,673
Balances at Jun. 30, 2023	$ 7,900	344,564,000	(3,968,100)	(333,754,800)	6,849,000
Balances (in shares) at Mar. 31, 2023	7,315,583
Balances at Mar. 31, 2023	$ 7,300	342,892,500	(3,968,100)	(326,851,700)	12,080,000
Net loss					(13,490,800)
Balances (in shares) at Sep. 30, 2023	12,016,750
Balances at Sep. 30, 2023	$ 12,000	379,943,800	(3,968,100)	(340,342,500)	35,645,200
Balances (in shares) at Jun. 30, 2023	7,879,673
Balances at Jun. 30, 2023	$ 7,900	344,564,000	(3,968,100)	(333,754,800)	6,849,000
Share-based compensation expense	0	583,700	0	0	583,700
Net loss	$ 0	0	0	(6,587,700)	(6,587,700)
Issuance of common stock upon ATM sales, net of issuance costs (in shares)	4,137,077
Issuance of common stock upon ATM sales, net of issuance costs	$ 4,100	34,796,100	0	0	34,800,200
Balances (in shares) at Sep. 30, 2023	12,016,750
Balances at Sep. 30, 2023	$ 12,000	$ 379,943,800	$ (3,968,100)	$ (340,342,500)	$ 35,645,200

Note 1 - Description of Busines

Note 1 - Description of Business	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1. Description of Business Vistagen Therapeutics, Inc., a Nevada corporation ( Vistagen Company we our us CNS six five 101, 7 7 NMDAR MOA 101 not Vistagen’s goal is to develop and commercialize, on our own and with strategic partners, a broad range of innovative therapies for neuropsychiatric, neurological and neuroendocrine disorders where current treatment options are inadequate to meet the medical needs of and improve the lives of millions of individuals affected by CNS disorders in numerous pharmaceutical markets worldwide. Recent Developments October 2023 On October 2, 2023, Underwriting Agreement Underwriters Pre-Funded Warrants T1 T2 T1 T2 T1 T2 3 No. 333 254299 S- 3 October 2023 October 2023 October 4, 2023, 10, Subsequent Events October 2023 ATM Sales From July 1, 2023 September 14, 2023, SM Sales Agreement ATM Jefferies

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Principles of Consolidation	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP March 31, 2023, 10 Annual Report) June 28, 2023 . not not The accompanying unaudited condensed consolidated financial statements include the accounts of Vistagen and its subsidiaries. All intercompany accounts and transactions have been eliminated. Our significant accounting policies are described in Note 3 no three six September 30, 2023, On June 6, 2023, one thirty 1 Reverse Stock Split 5, Capital Stock Liquidity We had cash and cash equivalents of approximately $37.6 million at September 30, 2023 October 2023 twelve NDA 3 SAD 3, 4 2B MDD not may Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Actual results could differ from those estimates. Changes in estimates are reflected in the reported results in the period in which they become known. Comprehensive Loss We have no

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 3. Our financial assets that are measured on a recurring basis at fair value were $25,307,400 and $5,010,800 at September 30, 2023 March 31, 2023, 1 September 30, 2023 March 31, 2023.

Note 4 - Note Payable

Note 4 - Note Payable	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4. In May 2023, February 2024. August 2023. In May 2022, April 2023.

Note 5 - Capital Stock

Note 5 - Capital Stock	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Equity [Text Block]	Note 5. Capital Stock Reverse Split of Common Stock On June 6, 2023, one thirty 1 ATM Agreement In May 2021, SM may, three six September 2023, not 2023. Warrants Outstanding At September 30, 2023, December 9, 2024, July 25, 2025. September 30, 2023 In May 2020, 3 Warrant Registration Statement May 13, 2020. No Subsequent to September 30, 2023, October 2023 T1 T2 10, Subsequent Events October 2023 Stock-Based Compensation The table below summarizes stock-based compensation expense included in operating expenses: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Research and development expense $ 304,600 $ 466,100 $ 614,100 $ 795,800 General and administrative expense 279,100 565,700 538,700 1,192,900 Total stock-based compensation expense $ 583,700 $ 1,031,800 $ 1,152,800 $ 1,988,700

Note 6 - Loss Per Common Share

Note 6 - Loss Per Common Share	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 6. Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is generally computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. As a result of our net loss for the three six September 30, 2023 2022 At September 30, At September 30, 2023 2022 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 724,554 664,511 Outstanding warrants to purchase common stock 45,686 309,195 Total 770,240 973,706

Note 7 - Sublicensing and Colla

Note 7 - Sublicensing and Collaborative Agreements	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 7. We recognized sublicense revenue of $277,700 and $455,300 for the three six September 30, 2023, three six September 30, 2022, The following table presents the balances of our contract assets and liabilities related to our sublicensing agreement: Balance at Balance at September 30, 2023 March 31, 2023 Contract assets included in "Deferred contract acquisition costs" $ 241,900 $ 284,700 Contract liabilities included in "Deferred revenue" 2,573,600 3,028,900 AffaMed In June 2020, AffaMed Agreement AffaMed Territory Under the terms of the AffaMed Agreement, AffaMed paid to us a non-refundable upfront license payment of $5.0 million in August 2020. ten no may We have determined that we have one not Development and commercialization milestones were not We recognize revenue as the combined performance obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of fasedienol. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Significant management judgment is required to determine the level of effort attributable to the performance obligation included in the AffaMed Agreement and the period over which we expect to complete our performance obligation. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in subsequent reporting periods. This re-evaluation may September 30, 2022, September 30, 2022 Unless earlier terminated due to certain material breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis until the latest to occur of expiration of the last valid claim under a licensed patent of fasedienol in such jurisdiction, the expiration of regulatory exclusivity in such jurisdiction or ten first Fuji Pharma On September 1, 2023, Negotiation Agreement Fuji Pharma PH80 fourteen 14 ninety 90 PH80 Exclusive Negotiation Period As consideration for the Exclusive Negotiation Period provided by the Company to Fuji Pharma under the Negotiation Agreement, Fuji Pharma agreed to make a payment of $1.5 million ( Purchase Price CDMO October 2023. November 2023. not PH80 Potential Definitive Agreement not may

Note 8 - Related Party Transact

Note 8 - Related Party Transactions	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 8. Related Party Transactions In August 2023, September 2023 August 2024. three six September 30, 2023. During the fourth 2022, December 31, 2023. October 1, 2023, three six September 30, 2023, three six September 30, 2022, On November 11, 2022, i3 March 31, 2024, i3 March 31, 2023. three six September 30, 2023,

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 9. From time to time, we may may

Note 10 - Subsequent Events

Note 10 - Subsequent Events	6 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	Note 10. Subsequent Events On October 2, 2023, T1 T2 T1 T2 T1 T2 3 No. 333 254299 October 2023 October 4, 2023. Each Pre-Funded Warrant has an exercise price per share of common stock equal to $0.001 per share, subject to certain adjustments. The Pre-Funded Warrants are exercisable at any time after October 4, 2023 not may not not may not 5636 61 may Each T1 T1 October 4, 2023 60 first 8 3 3 first 8 4 3 . T1 may not T1 not T1 T1 may not 5636 61 T1 T1 may may T1 no not Each T2 T2 October 4, 2023 October 4, 2028. T2 may not T2 not T2 T2 may not 5636 61 T2 may, T2 T2 The Company received approximately $93.5 million of net proceeds from the October 2023

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Actual results could differ from those estimates. Changes in estimates are reflected in the reported results in the period in which they become known.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Loss We have no

Note 5 - Capital Stock (Tables)

Note 5 - Capital Stock (Tables)	6 Months Ended
	Sep. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Research and development expense $ 304,600 $ 466,100 $ 614,100 $ 795,800 General and administrative expense 279,100 565,700 538,700 1,192,900 Total stock-based compensation expense $ 583,700 $ 1,031,800 $ 1,152,800 $ 1,988,700

Note 6 - Loss Per Common Share

Note 6 - Loss Per Common Share (Tables)	6 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	At September 30, At September 30, 2023 2022 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 724,554 664,511 Outstanding warrants to purchase common stock 45,686 309,195 Total 770,240 973,706

Note 7 - Sublicensing and Col_2

Note 7 - Sublicensing and Collaborative Agreements (Tables)	6 Months Ended
	Sep. 30, 2023
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Balance at Balance at September 30, 2023 March 31, 2023 Contract assets included in "Deferred contract acquisition costs" $ 241,900 $ 284,700 Contract liabilities included in "Deferred revenue" 2,573,600 3,028,900

Note 1 - Description of Busin_2

Note 1 - Description of Business (Details Textual) - USD ($)			2 Months Ended	3 Months Ended	6 Months Ended
	Oct. 04, 2023	Oct. 02, 2023	Sep. 14, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Member] | Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		3,577,240
Subsequent Event [Member] | T1 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		9,294,022
Subsequent Event [Member] | Pre-funded Warrants in Lieu Thereof T1 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		9,294,022
Subsequent Event [Member] | T2 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		11,265,086
Subsequent Event [Member] | Pre-funded Warrants in Lieu Thereof T2 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		11,265,086
Subsequent Event [Member] | Pre-funded Warrants, T1 Warrants and T2 Warrants [Member]
Stock and Warrants Issued, Combined Offering Price (in dollars per share)		$ 5.379
Public Offering [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)		15,010,810
Proceeds from Issuance or Sale of Equity	$ 93,500,000
Public Offering Common Stock and Warrants [Member] | Subsequent Event [Member]
Stock and Warrants Issued, Combined Offering Price (in dollars per share)		$ 5.38
ATM Facility [Member]
Proceeds from Issuance of Common Stock					$ 36,032,600	$ (89,600)
ATM Facility [Member] | Jefferies LLC [Member]
Stock Issued During Period, Shares, New Issues (in shares)			4,137,077	4,137,077	4,698,495
Proceeds from Issuance of Common Stock			$ 35,100,000	$ 35,100,000	$ 36,200,000

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation and Principles of Consolidation (Details Textual)	Oct. 04, 2023 USD ($)	Jun. 06, 2023	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Cash and Cash Equivalents, at Carrying Value			$ 37,608,400	$ 16,637,600
Public Offering [Member] | Subsequent Event [Member]
Proceeds from Issuance or Sale of Equity	$ 93,500,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		30

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Details Textual) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Financial Liabilities Fair Value Disclosure	$ 0	$ 0
Fair Value, Inputs, Level 1 [Member] | Financial Assets [Member]
Assets, Fair Value Disclosure	$ 25,307,400	$ 5,010,800

Note 4 - Note Payable (Details

Note 4 - Note Payable (Details Textual) - Promissory Note [Member] - USD ($)	1 Months Ended
	May 31, 2023	May 31, 2022
Debt Instrument, Interest Rate, Stated Percentage	7.43%	3.88%
Debt Instrument, Face Amount	$ 879,500	$ 1,139,700
Debt Instrument, Periodic Payment	$ 100,800	$ 105,600

Note 5 - Capital Stock (Details

Note 5 - Capital Stock (Details Textual)			1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
	Oct. 02, 2023 $ / shares shares	Jun. 06, 2023 $ / shares shares	May 31, 2021 USD ($)	Sep. 14, 2023 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Mar. 31, 2023 $ / shares shares
Common Stock, Shares Authorized (in shares)		325,000,000			325,000,000	325,000,000		325,000,000
Preferred Stock, Shares Authorized (in shares)		10,000,000			10,000,000	10,000,000		10,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.001			$ 0.001	$ 0.001		$ 0.001
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.001			$ 0.001	$ 0.001		$ 0.001
Class of Warrant or Right, Outstanding (in shares)					45,686	45,686
Class of Warrant or Right Outstanding, Expiration Period, December 9, 2024 [Member]
Class of Warrant or Right, Outstanding (in shares)					33,334	33,334
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares					$ 15	$ 15
Class of Warrant or Right Outstanding, Expiration Period, July 25, 2025 [Member]
Class of Warrant or Right, Outstanding (in shares)					12,352	12,352
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares					$ 21.9	$ 21.9
The 2019 Employee Stock Purchase Plan [Member]
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ / shares						$ 16.87
Pre-funded Warrants [Member] | Subsequent Event [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 0.001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	3,577,240
T1 Warrants [Member] | Subsequent Event [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 5.38
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	9,294,022
Pre-funded Warrants in Lieu Thereof T1 Warrants [Member] | Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	9,294,022
T2 Warrants [Member] | Subsequent Event [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 8.877
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	11,265,086
Pre-funded Warrants in Lieu Thereof T2 Warrants [Member] | Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	11,265,086
ATM Facility [Member]
Proceeds from Issuance of Common Stock | $						$ 36,032,600	$ (89,600)
ATM Facility [Member] | Jefferies LLC [Member]
Stock Sales Agreement, Maximum Aggregate Offering Price | $			$ 75,000,000
Stock Issued During Period, Shares, New Issues (in shares)				4,137,077	4,137,077	4,698,495
Proceeds from Issuance of Common Stock | $				$ 35,100,000	$ 35,100,000	$ 36,200,000
Public Offering [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)	15,010,810
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		30

Note 5 - Capital Stock - Consol

Note 5 - Capital Stock - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation expense	$ 583,700	$ 1,031,800	$ 1,152,800	$ 1,988,700
Research and Development Expense [Member]
Stock-based compensation expense	304,600	466,100	614,100	795,800
General and Administrative Expense [Member]
Stock-based compensation expense	$ 279,100	$ 565,700	$ 538,700	$ 1,192,900

Note 6 - Loss Per Common Shar_2

Note 6 - Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities (in shares)	770,240	973,706
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities (in shares)	724,554	664,511
Warrant [Member]
Antidilutive Securities (in shares)	45,686	309,195

Note 7 - Sublicensing and Col_3

Note 7 - Sublicensing and Collaborative Agreements (Details Textual) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Aug. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 01, 2023
Revenue from Contract with Customer, Including Assessed Tax			$ 277,700		$ 455,300
Revenue from Contract with Customer Including Assessed Tax, Derecognized				$ 892,500		$ 582,500
Negotiation Agreement [Member] | Fuji Pharma [Member]
Exclusive Negotiation Arrangement, Purchase Price Receivable							$ 1,500,000
Sublicense [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ 277,700		$ 455,300
Revenue from Contract with Customer Including Assessed Tax, Derecognized				(892,500)		$ (582,500)
License [Member] | Collaborative Arrangement, AffaMed Agreement [Member]
Revenue from Contract with Customer Including Assessed Tax, Derecognized				$ 892,500
Upfront License Payment	$ 5,000,000
Revenue Recognition, Milestone Method, Maximum Milestone Payments Permitted		$ 172,000,000

Note 7 - Sublicensing and Col_4

Note 7 - Sublicensing and Collaborative Agreements - Balance of Contract Assets and Liabilities (Details) - Sublicense [Member] - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Deferred Contract Acquisition Costs [Member]
Contract assets included in "Deferred contract acquisition costs"	$ 241,900	$ 284,700
Deferred Revenue [Member]
Contract liabilities included in "Deferred revenue"	$ 2,573,600	$ 3,028,900

Note 8 - Related Party Transa_2

Note 8 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Former Chief Financial Officer [Member] | Consulting Agreement [Member]
Consulting Fees, Initial Payment	$ 100,000
Consulting Fees, Monthly Payment	$ 10,000
Operating Costs and Expenses		$ 110,000			$ 110,000
Consulting Firm [Member] | Corporate Development and Public Relations Advisory Services [Member]
Operating Costs and Expenses		30,000	$ 45,000		60,000	$ 90,000
i3 Strategy Partners [Member] | Advisory Services [Member]
Operating Costs and Expenses		$ 30,000			$ 60,000
Related Party Transaction, Amounts of Transaction				$ 120,000

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Oct. 04, 2023	Oct. 02, 2023
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		3,577,240
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 0.001
Warrants Exercisable, Percentage of Common Shares Outstanding, Minimum Benchmark		9.99%
Warrants Exersiable, Maximum Percent of Common Shares Outstanding Benchmark		19.99%
T1 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		9,294,022
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 5.38
Warrants Exercisable, Percentage of Common Shares Outstanding, Minimum Benchmark		9.99%
Warrants Exersiable, Maximum Percent of Common Shares Outstanding Benchmark		19.99%
Pre-funded Warrants in Lieu Thereof T1 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		9,294,022
T2 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		11,265,086
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 8.877
Warrants Exercisable, Percentage of Common Shares Outstanding, Minimum Benchmark		9.99%
Warrants Exersiable, Maximum Percent of Common Shares Outstanding Benchmark		19.99%
Pre-funded Warrants in Lieu Thereof T2 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		11,265,086
Pre-funded Warrants, T1 Warrants and T2 Warrants [Member]
Stock and Warrants Issued, Combined Offering Price (in dollars per share)		$ 5.379
Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)		15,010,810
Proceeds from Issuance or Sale of Equity	$ 93.5
Public Offering Common Stock and Warrants [Member]
Stock and Warrants Issued, Combined Offering Price (in dollars per share)		$ 5.38