VistaGen Therapeutics (VTGN) 10-K 26 Jun 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2018	Jun. 25, 2018	Sep. 30, 2017
Document And Entity Information
Entity Registrant Name	VistaGen Therapeutics, Inc.
Entity Central Index Key	1,411,685
Document Type	10-K
Trading Symbol	VTGN
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 18,305,024
Entity Common Stock, Shares Outstanding		23,037,615
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 10,378,300	$ 2,921,300
Prepaid expenses and other current assets	644,800	456,600
Total current assets	11,023,100	3,377,900
Property and equipment, net	207,400	286,500
Security deposits and other assets	47,800	47,800
Total assets	11,278,300	3,712,200
Current liabilities:
Accounts payable	1,195,700	867,300
Accrued expenses	206,300	443,000
Current notes payable	53,900	54,800
Capital lease obligations	2,600	2,400
Total current liabilities	1,458,500	1,367,500
Non-current liabilities:
Accrued dividends on Series B Preferred Stock	2,608,300	1,577,800
Deferred rent liability	285,600	139,200
Capital lease obligations	9,300	11,900
Total non-current liabilities	2,903,200	1,728,900
Total liabilities	4,361,700	3,096,400
Commitments and contingencies
Stockholders' deficit:
Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at March 31, 2018 and March 31, 2017, respectively; 23,068,280 and 8,974,386 shares issued and outstanding at March 31, 2018 and March 31, 2017, respectively	23,100	9,000
Additional paid-in capital	167,401,400	146,569,600
Treasury stock, at cost, 135,665 shares of common stock held at March 31, 2018 and 2017	(3,968,100)	(3,968,100)
Accumulated deficit	(156,543,800)	(141,998,700)
Total stockholders’ equity (deficit)	6,916,600	615,800
Total liabilities and stockholdersÂ’ equity (deficit)	11,278,300	3,712,200
Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred stock	500	500
Total stockholders’ equity (deficit)		500
Series B Preferred Stock [Member]
Stockholders' deficit:
Preferred stock	1,200	1,200
Total stockholders’ equity (deficit)		1,200
Series C Preferred Stock [Member]
Stockholders' deficit:
Preferred stock	$ 2,300	2,300
Total stockholders’ equity (deficit)		$ 2,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
Preferred stock, par value (in dollars per share)	$ .001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ .001	$ .001
Common stock, authorized	30,000,000	30,000,000
Common stock, issued	23,068,280	8,974,386
Treasury stock, shares	23,068,280	8,974,386
Series A Preferred Stock [Member]
Preferred stock, authorized	500,000	500,000
Preferred stock, issued	500,000	500,000
Preferred stock, outstanding	500,000	500,000
Series B Preferred Stock [Member]
Preferred stock, authorized	4,000,000	4,000,000
Preferred stock, issued	1,160,240	1,160,240
Preferred stock, outstanding	1,160,240	1,160,240
Series C Preferred Stock [Member]
Preferred stock, authorized	3,000,000	3,000,000
Preferred stock, issued	2,318,012	2,318,012
Preferred stock, outstanding	2,318,012	2,318,012

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Sublicense fees					$ 0	$ 1,250,000	$ 0	$ 0	$ 0	$ 1,250,000
Total revenues					0	1,250,000	0	0	0	1,250,000
Operating expenses:
Research and development	$ 2,638,000	$ 1,602,000	$ 2,427,000	$ 1,096,000	1,161,000	1,611,000	1,606,000	826,000	7,762,500	5,203,700
General and administrative	1,440,000	1,266,000	2,567,000	1,164,000	1,387,000	2,276,000	1,494,000	1,138,000	6,437,100	6,294,800
Total operating expenses	4,078,000	2,868,000	4,994,000	2,260,000	2,548,000	3,887,000	3,100,000	1,964,000	14,199,600	11,498,500
Loss from operations	(4,078,000)	(2,868,000)	(4,994,000)	(2,260,000)	(2,548,000)	(2,637,000)	(3,100,000)	(1,964,000)	(14,199,600)	(10,248,500)
Other expenses, net:
Interest expense, net	1,000	2,000	3,000	3,000	1,000	1,000	1,000	2,000	8,900	4,600
Loss on extinguishment of accounts payable	0	(135,000)	0	0					(135,000)	0
Loss before income taxes	(4,079,000)	(3,005,000)	(4,997,000)	(2,263,000)	(2,549,000)	(2,638,000)	(3,101,000)	(1,966,000)	(14,343,500)	(10,253,100)
Income taxes	0	0	0	2,000	0	0	0	2	2,400	2,400
Net loss and comprehensive loss	(4,079,000)	(3,005,000)	(4,997,000)	(2,265,000)	(2,549,000)	(2,638,000)	(3,101,000)	(1,968,000)	(14,345,900)	(10,255,500)
Accrued dividends on Series B Preferred stock	263	263	257	247	238,000	238,000	241,000	540,000	1,030,400	1,257,000
Deemed dividend from trigger of down round provision feature	0	(199,000)	0	0					199,200	0
Deemed dividend on Series B Preferred Units					0	0	0	111,000	0	111,100
Net loss attributable to common stockholders	$ (4,342)	$ (3,467)	$ (5,254)	$ (2,512)	$ (2,787,000)	$ (2,876,000)	$ (3,342,000)	$ (2,619,000)	$ (15,575,500)	$ (11,623,600)
Basic and diluted net loss attributable to common stockholders per common share	$ (0.19)	$ (0.25)	$ (0.53)	$ (0.28)	$ (0.32)	$ (0.34)	$ (0.42)	$ (0.51)	$ (1.12)	$ (1.54)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share	22,880,968	13,895,642	9,892,016	9,034,213	8,602,107	8,381,824	8,047,619	5,097,832	13,890,041	7,531,642

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (14,345,900)	$ (10,255,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	80,700	54,900
Stock-based compensation	2,344,200	851,300
Expense related to modification of warrants, including exchange of warrants for common stock	292,700	427,500
Amortization of deferred rent	146,300	83,700
Fair value of common stock granted for services	1,615,800	1,640,100
Fair value of Series B Preferred stock granted for services	0	375,000
Fair value of warrants granted for services	0	240,300
Loss on extinguishment of accounts payable	135,000	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(131,200)	227,700
Accounts payable and accrued expenses, including accrued interest	541,700	(451,700)
Net cash used in operating activities	(9,058,300)	(7,262,100)
Cash flows from investing activities:
Purchases of equipment	(1,600)	(239,100)
Net cash used in investing activities	(1,600)	(239,100)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants, including Units	16,722,300	9,899,500
Net proceeds from issuance of Series B Preferred Units	0	278,000
Repayment of capital lease obligations	(2,400)	(1,300)
Repayment of notes payable	(203,000)	(182,200)
Net cash provided by financing activities	16,516,900	9,994,000
Net increase in cash and cash equivalents	7,457,000	2,492,800
Cash and cash equivalents at beginning of period	2,921,300	428,500
Cash and cash equivalents at end of period	10,378,300	2,921,300
Supplemental disclosure of cash flow activities:
Cash paid for interest	8,900	16,600
Cash paid for income taxes	2,400	2,400
Supplemental disclosure of noncash activities:
Insurance premiums settled by issuing note payable	202,100	178,200
Accrued dividends on Series B Preferred	1,030,400	1,257,000
Accrued dividends on Series B Preferred settled upon conversion by issuance of common stock	0	1,768,800
Deemed dividend from trigger of down round provision feature	199,200	0
Acquisition of equipment under capital lease	$ 0	$ 14,700

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Balances at beginning at Mar. 31, 2016	$ 500	$ 3,700	$ 2,300	$ 2,600	$ 132,725,000	$ (3,968,100)	$ (131,743,200)	$ (2,977,200)
Balances at beginning (in shares) at Mar. 31, 2016	500,000	3,663,077	2,318,012	2,623,145
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature					278,000			278,000
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature (in shares)		39,714
Share-based compensation expense					851,300			851,300
Accrued dividends on Series B Preferred stock					(1,257,000)			(1,257,000)
Exchange of outstanding warrants for common stock and other warrant modifications				$ 200	427,300			427,500
Exchange of outstanding warrants for common stock and other warrant modifications (in shares)				156,246
Fair value of common stock, Series B Preferred stock and warrants granted for services				$ 2,600	9,534,500			9,537,100
Fair value of common stock, Series B Preferred stock and warrants granted for services (in shares)				2,570,040
Proceeds from sale of common stock and warrants for cash in private placement offerings				$ 100	362,300			362,400
Proceeds from sale of common stock and warrants for cash in private placement offerings (in shares)				124,250
Series B Preferred converted to common stock automatically upon consummation of May 2016 Public Offering and voluntarily		$ (2,500)		$ 2,500
Series B Preferred converted to common stock automatically upon consummation of May 2016 Public Offering and voluntarily (in shares)		(2,542,551)		2,542,551
Common stock issued for dividends upon conversion of Series B Preferred				$ 500	1,768,300			1,768,800
Common stock issued for dividends upon conversion of Series B Preferred (in shares)				453,154
Fair value of common stock and warrants granted for services				$ 500	1,879,900			1,880,400
Fair value of common stock and warrants granted for services (in shares)				505,000
Net loss							(10,255,500)	(10,255,500)
Balances at end at Mar. 31, 2017	$ 500	$ 1,200	$ 2,300	$ 9,000	146,569,600	$ (3,968,100)	(141,998,700)	615,800
Balances at end (in shares) at Mar. 31, 2017	500,000	1,160,240	2,318,012	8,974,386
Proceeds from sale of common stock and warrants for cash in September 2017 Public Offering, net of underwriting discount and expenses				$ 1,400	2,023,000			2,024,400
Proceeds from sale of common stock and warrants for cash in September 2017 Public Offering, net of underwriting discount and expenses (in shares)				1,371,430
Proceeds from sale of common stock and warrants for cash in December 2017 Public Offering, net of underwriting discount and expenses				$ 10,000	13,614,000			13,624,000
Proceeds from sale of common stock and warrants for cash in December 2017 Public Offering, net of underwriting discount and expenses (in shares)				10,000,000
Share-based compensation expense					2,344,100			2,344,100
Accrued dividends on Series B Preferred stock					(1,030,400)			(1,030,400)
Proceeds from sale of common stock and warrants for cash in private placement offerings				$ 600	1,072,600			1,073,200
Proceeds from sale of common stock and warrants for cash in private placement offerings (in shares)				616,323
Proceeds from exercise of warrants				$ 500				500
Proceeds from exercise of warrants (in shares)				503,641
Fair value of common stock and warrants granted for services				$ 1,100	1,732,100			1,733,200
Fair value of common stock and warrants granted for services (in shares)				1,102,500
Fair value of common stock granted in settlement of accounts payable				$ 500	584,500			585,000
Fair value of common stock granted in settlement of accounts payable (in shares)				500,000
Increase in fair value attributable to warrant modifications					292,700			292,700
Deemed dividend from trigger of down round provision feature					$ 199,200		(199,200)	0
Net loss							$ (14,345,900)	(14,345,900)
Balances at end at Mar. 31, 2018								$ 6,916,600

Description of Business

Description of Business	12 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Overview VistaGen Therapeutics. Inc., a Nevada corporation, is a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other diseases and disorders of the central nervous system ( CNS Our lead CNS product candidate, AV-101, is an oral, non-opioid and non-sedating therapy that we believe offers the potential to be a new at-home treatment for multiple CNS indications with high unmet medical need. These indications include potential use as a new generation treatment alternative for Major Depressive Disorder ( MDD CNP PD LID where modulation of NMDA (N-methyl-D-aspartate) receptor and AMPA (alpha-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid) receptor pathways may achieve therapeutic benefit. For MDD, we believe AV-101 has potential as a first line oral monotherapy and as an adjunctive oral therapy. As an adjunctive therapy, we believe AV-101 has potential both to displace atypical antipsychotics such as aripiprazole in the current MDD drug treatment paradigm both for patients with an inadequate response to current antidepressants approved by the U.S. Food and Drug Administration ( FDA ketamine IV AV-101 is in Phase 2 development in the United States. In the fourth quarter of 2017, we received authorization from the FDA to initiate ELEVATE, our Phase 2 multi-center, multi-dose, double blind, placebo-controlled clinical study to evaluate the efficacy and safety of AV-101 as an adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to current FDA-approved antidepressants (the ELEVATE Study MGH New England Journal of Medicine NEJM Journal of the American Medical Association JAMA AV-101 is also in the subject of a small Phase 2 clinical study being conducted and funded by the U.S. National Institute of Mental Health (the NIMH CRADA NIMH Study In addition to our CNS business, we have two additional programs through our wholly-owned subsidiary VistaGen Therapeutics, Inc., a California corporation, dba VistaStem Therapeutics ( VistaStem hPSC NCEs RM CardioSafe 3D BlueRock Therapeutics BlueRock Agreement Subsidiaries As noted above, VistaStem is our wholly-owned subsidiary. Our Consolidated Financial Statements in this Annual Report on Form 10-K ( Report

Basis of Presentation and Going

Basis of Presentation and Going Concern	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Going Concern	The accompanying Consolidated Financial Statements have been prepared assuming that we will continue as a going concern. As a clinical-stage biopharmaceutical company having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative cash flows from operations resulting in a deficit of $156.5 million accumulated from inception through March 31, 2018. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further potential development of AV-101, initially as an adjunctive treatment for MDD, and subsequently as a new treatment alternative for other CNS conditions, execute our drug rescue programs, and pursue potential drug development and regenerative medicine opportunities. Since our inception in May 1998 through March 31, 2018, we have financed our operations and technology acquisitions primarily through the issuance and sale of equity and debt securities, including convertible promissory notes and short-term promissory notes, for cash proceeds of approximately $61.4 million, as well as from an aggregate of approximately $17.6 million of government research grant awards (excluding the fair market value of the NIMH Study), strategic collaboration payments, intellectual property sublicensing and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $33.6 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. In December 2017, we completed an underwritten public offering of shares of our common stock and warrants to purchase shares of our common stock at a combined public offering price of $1.50 per share and related warrant under our Registration Statement on Form S-1 (Registration No. 333-221009), resulting in gross proceeds of $15.0 million (the December 2017 Public Offering September 2017 Public Offering S-3 Registration Statement Capital Stock, At March 31, 2018, we had a cash and cash equivalents balance of $10.4 million. This amount was not sufficient to enable us to fund our planned operations, including expected cash expenditures of approximately $13 million for the twelve months following the issuance of these financial statements, including expenditures required to satisfy a significant portion of the projected expenses associated with our ELEVATE Study. Our cash position at March 31, 2018 considered with our recurring and anticipated losses, negative cash flows from operations and limited stockholders’ equity make it probable, in the absence of additional financing, that we will not be able to meet our obligations as they come due within one year from the date of this Report, raising substantial doubt that we can continue as a going concern. However, to alleviate that doubt, we plan, as we have numerous times in the past, to raise additional financing when and as needed, primarily through the sale of our equity securities in one or more private placements to accredited investors or public offerings. In addition to the potential sale of our equity securities, we may also seek to enter research and development collaborations that could generate revenue or provide funding for development of AV-101 and additional product candidates. We may also seek additional government grant awards or agreements similar to our current CRADA with the NIMH, which provides for the NIMH to fully fund the NIMH Study. Such strategic collaborations may provide non-dilutive resources to advance our strategic initiatives while reducing a portion of our future cash outlays and working capital requirements. In a manner similar to the BlueRock Agreement, we may also pursue similar arrangements with third-parties covering other of our intellectual property. Although we may seek additional collaborations that could generate revenue and/or non-dilutive funding for development of AV-101 and other product candidates, as well as new government grant awards and/or agreements similar to our CRADA with NIMH, no assurance can be provided that any such collaborations, awards or agreements will occur in the future. Our future working capital requirements will depend on many factors, including, without limitation, the scope and nature of opportunities related to our success and the success of certain other companies in clinical trials, including our development and commercialization of AV-101 as an adjunctive treatment for MDD and other potential CNS conditions, and various applications of our stem cell technology platform, the availability of, and our ability to obtain, government grant awards and agreements, and our ability to enter into collaborations on terms acceptable to us. To further advance the clinical development of AV-101 and our stem cell technology platform, as well as support our operating activities, we plan to continue to carefully manage our routine operating costs, including our employee headcount and related expenses, as well as costs relating to regulatory consulting, contract research and development, investor relations and corporate development, legal, acquisition and protection of intellectual property, public company compliance and other professional services and operating costs. Notwithstanding the foregoing, there can be no assurance that future financing will be available in sufficient amounts, in a timely manner, or on terms acceptable to us, if at all. If we are unable to obtain substantial additional financing on a timely basis when needed in 2018 or 2019 and beyond, our business, financial condition, and results of operations may be harmed, the price of our stock may decline, we may be required to reduce, defer, or discontinue certain of our research and development activities and we may not be able to continue as a going concern. As noted above, these Consolidated Financial Statements do not include any adjustments that might result from the negative outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP Principles of Consolidation The accompanying consolidated financial statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s two wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. All material intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase. Property and Equipment Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. Impairment of Long-Lived Assets Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets. Revenue Recognition We have historically generated revenue principally from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer or counterparty. Consideration received is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. We recognize revenue when four basic criteria of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: ● Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and future product development milestone and royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations. We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. ● Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred. ● Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred. Research and Development Expenses Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our oral NMDAR GlyB antagonist product candidate in clinical development for MDD and potentially for other CNS indications, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology platform. All such costs are charged to expense as incurred. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees and non-employee consultants based on the grant date fair value of the award. We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have granted no restricted stock awards to employees nor do we have any awards with market or performance conditions. For option grants to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed. Compensatory grants of stock to non-employees are generally treated as fully-earned at the time of the grant and the non-cash expense recognized is based on the quoted market price of the stock on the date of grant. Income Taxes We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized. Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times. Fair Value Measurements We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instrument’s complexity. The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows: ● Level 1 ● Level 2 ● Level 3 i.e., A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then we estimate fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy. We carried no assets or liabilities at fair value at March 31, 2018 or 2017. Warrants Issued in Connection with Equity Financing We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash or the warrants contain other features requiring them to be treated as liabilities. For warrants issued with the possibility of cash settlement, or otherwise requiring liability treatment, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as noncash gain or loss in the Consolidated Statements of Operations and Comprehensive Loss. Comprehensive Loss We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented. Loss per Common Share Attributable to Common Stockholders Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual for dividends on our Series B Preferred and, for the fiscal year ended March 31, 2018, the deemed dividend attributable to the trigger of a down-round provision feature, and, for the fiscal year ended March 31, 2017 (refer to Note 7, Capital Stock As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Fiscal Years Ended March 31, 2018 2017 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (15,575,500 ) $ (11,623,600 ) Denominator: Weighted average basic and diluted common shares outstanding 13,890,041 7,531,642 Basic and diluted net loss attributable to common stockholders per common share $ (1.12 ) $ (1.54 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2018 and 2017 are as follows: As of March 31, 2018 2017 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,160,240 1,160,240 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only) 5,300,338 1,659,324 Outstanding warrants to purchase common stock 16,603,516 4,577,631 Total 26,132,106 10,465,207 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 Recent Accounting Pronouncements We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company. In July 2017, the Financial Accounting Standards Board ( FASB ASU ASU 2017-11 ASC 815-40 EPS Capital Stock In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ● The award’s fair value (or calculated value or intrinsic value, if those measurement methods are used), ● The award’s vesting conditions, and ● The award’s classification as an equity or liability instrument. ASU 2017-09 is effective for our fiscal year beginning April 1, 2018 and is to be applied prospectively to awards modified on or after the adoption date. We do not believe that our adoption of ASU 2017-09 will have a material effect on our results of operations, financial condition or cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The standard In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: March 31, 2018 2017 AV-101 materials and services $ 505,900 $ 352,800 Insurance 88,300 85,800 Public offering filing fees and expenses 25,900 11,600 All other 24,700 6,400 $ 644,800 $ 456,600

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consists of the following: March 31, 2018 2017 Laboratory equipment $ 888,300 $ 888,300 Tenant improvements 26,900 26,900 Computers and network equipment 54,600 53,000 Office furniture and equipment 79,700 79,700 1,049,500 1,047,900 Accumulated depreciation and amortization (842,100 ) (761,400 ) Property and equipment, net $ 207,400 $ 286,500 The following table summarizes depreciation and amortization expense attributable to owned and leased property and equipment for the fiscal years ended March 31, 2018 and 2017: Fiscal Years Ended March 31, 2018 2017 Owned assets $ 77,800 $ 53,100 Leased assets 2,900 1,800 Total depreciation and amortization $ 80,700 $ 54,900 Other than certain leased office equipment, none of our assets were subject to third party security interests at March 31, 2018 or 2017.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of: March 31, 2018 2017 Accrued AV-101 development and related expenses $ 176,600 $ 402,400 Accrued professional services 27,000 37,000 All other 2,700 3,600 $ 206,300 $ 443,000

Notes Payable

Notes Payable	12 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Notes Payable	The following table summarizes our notes payable: March 31, 2018 March 31, 2017 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 7.15% (2018) and 8.25% (2017) Notes payable to insurance premium financing company (current) $ 53,900 $ - $ 53,900 $ 54,800 $ - $ 54,800 Total notes payable to unrelated parties $ 53,900 $ - $ 53,900 $ 54,800 $ - $ 54,800 less: current portion (53,900 ) - (53,900 ) (54,800 ) - (54,800 ) Net non-current portion $ - $ - $ - $ - $ - $ - In May 2017, we executed a promissory note in the face amount of $142,400 in connection with certain insurance policy premiums. The note was payable in monthly installments of $14,800, including principal and interest, through March 2018, when it was paid in full. In February 2018, we executed a promissory note in the face amount of $59,700 in connection with other insurance policy premiums. The note is payable in monthly installments of $6,200, including principal and interest, through December 2018, and has an outstanding balance of $53,900 at March 31, 2018.

Capital Stock

Capital Stock	12 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Capital Stock	Common Stock At our Annual Meeting of Stockholders on September 15, 2017, as approved by and recommended to our stockholders by our Board of Directors ( Board Series A Preferred Stock In December 2011, our Board authorized the creation of a series of up to 500,000 shares of Series A Preferred, par value $0.001 ( Series A Preferred The Series A Preferred has no separate dividend rights, however, whenever the Board declares a dividend on the common stock, each holder of record of a share of Series A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of common stock multiplied by the number of shares of common stock into which such share of Series A Preferred could be converted on the Record Date. Except with respect to transactions upon which the Series A Preferred shall be entitled to vote separately as a class, the Series A Preferred has no voting rights. The restricted common stock into which the Series A Preferred is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding shares of our common stock. In the event of the liquidation, dissolution or winding up of our affairs, after payment or provision for payment of our debts and other liabilities, the holders of Series A Preferred then outstanding shall be entitled to receive distributions out of our assets, if any, an amount per share of Series A Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series A Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series A Preferred can be converted before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock. At March 31, 2018 and 2017, there were 500,000 restricted shares of Series A Preferred outstanding, convertible into 750,000 shares of our common stock at the option of the two respective holders. Series B Preferred Stock In July 2014, our Board authorized the creation of a class of Series B Preferred Stock. In May 2015, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Preferred Stock of VistaGen Therapeutics, Inc. ( Certificate of Designation Each share of Series B Preferred is convertible, at the option of the holder ( Voluntary Conversion Automatic Conversion Conversion Prior to Conversion, shares of Series B Preferred accrue in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10% per annum ( Accrued Dividends In the event of the liquidation, dissolution or winding-up of our affairs, after payment or provision for payment of our debts and other liabilities, the Holders of the Series B Preferred then outstanding shall be entitled to receive distributions out of our assets, if any, of an amount equal to the Stated Value of the Series B Preferred ($7.00 per share), plus any accrued and unpaid dividends thereon, before any distribution or payment shall be made to the holders of any junior securities, including holders of our common stock. If our assets are insufficient to pay, in full, such amounts, then the entire assets to be distributed to the holders of the Series B Preferred shall be ratably distributed among the holders in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full. Upon liquidation, each share of Series B Preferred ranks pari-passu with our Series A Preferred and our Series C Preferred (defined below).The liquidation value of the Series B Preferred at March 31, 2018 is approximately $10,729,900. At March 31, 2018 and 2017, there were 1,160,240 shares of Series B Preferred outstanding, which shares are currently subject to beneficial ownership blockers and are exchangeable at the option of the two respective holders by Voluntary Conversion, or pursuant to Automatic Conversion to the extent not otherwise subject to beneficial ownership blockers, into an aggregate of 1,160,240 shares of our common stock. Series C Preferred Stock In January 2016, our Board authorized the creation of and, accordingly, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock of VistaGen Therapeutics, Inc. (the Series C Preferred Certificate of Designation Series C Preferred In the event of the liquidation, dissolution or winding up of our affairs, after payment or provision for payment of our debts and other liabilities, the holders of Series C Preferred then outstanding shall be entitled to receive, out of our assets, if any, an amount per share of Series C Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series C Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series C Preferred can be exchanged before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock. Upon liquidation, each share of Series C Preferred ranks pari-passu with our Series B Preferred and our Series A Preferred. Each share of Series C Preferred is convertible, at the option of the holder into one share of our common stock, subject to certain beneficial ownership limitations as set forth in the Series C Preferred Certificate of Designation. Shares of the Series C Preferred do not accrue dividends, and holders of the Series C Preferred have no voting rights. At March 31, 2018 and 2017, one holder and its affiliates held all 2,318,012 outstanding shares of Series C Preferred. Series B Preferred Unit Offering Between May 2015 and May 2016, in self-placed private placement transactions, we sold to accredited investors an aggregate of $5,303,800 of units in our Series B Preferred Unit Offering, which units consisted of Series B Preferred and Series B Warrants (together Series B Preferred Units The warrants issued in the Series B Preferred Unit Offering have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and, accordingly, we have accounted for them as equity warrants. We allocated the proceeds from the sale of the Series B Preferred Units sold during our fiscal year ended March 31, 2017 to the Series B Preferred and the Series B Warrants based on their relative fair values on the dates of the sales. We determined that the fair value of a share of Series B Preferred was equal to the quoted market value of a share of our common stock on the date of a Series B Preferred Unit sale. We calculated the fair value of the Series B Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation of the Series B Preferred Unit sales proceeds based on the relative fair values of the Series B Preferred and the Series B Warrants as of their respective Series B Preferred Unit sales dates. The difference between the relative fair value per share of the Series B Preferred, approximately $4.20 per share, and its Conversion Price (or stated value) of $7.00 per share represents a deemed dividend to the purchasers of the Series B Preferred Units. Accordingly, we recognized a deemed dividend in the aggregate amount of $111,100 in arriving at net loss attributable to common stockholders in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017. Unit Warrants Weighted Average Issuance Date Valuation Assumptions Per Share Aggregate Aggregate Aggregate Allocation of Proceeds Based Warrant Shares Market Exercise Term Risk free Interest Dividend Fair Value of Fair Value of Unit Proceeds of Unit on Relative Fair Value of: Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Unit Stock Unit Warrant 39,714 $ 8.45 $ 7.00 5.00 1.27% 78.43% 0.0% $ 5.63 $ 223,500 $ 278,000 $ 166,900 $ 61,100 May 2016 Public Offering and Listing of our Common Stock on the NASDAQ Capital Market Effective on May 16, 2016, we consummated an underwritten public offering of our securities, pursuant to which we issued units consisting of an aggregate of 2,570,040 registered shares of our common stock at a public sales price of $4.24 per share and five-year warrants exercisable at $5.30 per share to purchase an aggregate of 2,705,883 shares of our common stock at a public sales price of $0.01 per warrant share, including shares and warrants issued in June 2016 pursuant to the exercise of the underwriters’ over-allotment option (the May 2016 Public Offering The securities included in the May 2016 Public Offering were offered, issued and sold under a prospectus filed with the Securities and Exchange Commission (the Commission Primary Registration Statement In connection with the completion of our May 2016 Public Offering, NASDAQ approved our common stock for listing on the NASDAQ Capital Market. Our common stock began trading on the NASDAQ Capital Market under the symbol “VTGN” on May 11, 2016. Common Stock and Warrants Issued in September 2017 Public Offering On September 6, 2017, we completed the September 2017 Public Offering, resulting in gross proceeds of approximately $2.4 million, pursuant to which we offered and sold shares of our common stock and warrants to two of our existing institutional investors. We issued an aggregate of 1,371,430 shares of our common stock, Series A1 Warrants to purchase up to 1,388,931 shares of common stock and Series A2 Warrants to purchase up to 503,641 of common stock (collectively, the Warrants The Series A1 Warrants to purchase an aggregate of 1,388,931 shares of our common stock issued in the September 2017 Public Offering have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and, accordingly, we have accounted for them as equity warrants. The Series A2 Warrants to purchase an aggregate of 503,641 shares of our common stock contained anti-dilution protection provisions that would take effect upon the issuance of any common stock, securities convertible into common stock or certain other issuances at a price below the then-current ($1.82 per share) exercise price of the Series A2 Warrants, with certain exceptions; provided, however, that such anti-dilution protection would terminate automatically on the trading day following the date on which we raised at least $20.0 million in aggregate gross proceeds through one or more issuances of common stock or equity-linked securities. The anti-dilution protection provisions in the Series A2 Warrants constituted a down round feature subject to the guidance in ASU 2017-11. Since the Series A2 Warrants contained no other provisions which required their treatment as liability warrants rather than equity warrants, including exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend and which are also present in the Series A1 Warrants, we also accounted for the Series A2 Warrants as equity warrants. The anti-dilution protection provisions of the Series A2 Warrants were triggered upon our issuance of common stock and warrants in the December 2017 Public Offering (defined below) at a price below the Series A2 Warrants then-current $1.82 per share exercise price. Common Stock and Warrants Issued in December 2017 Public Offering and Trigger of Anti-Dilution Protection Provisions of Series A2 Warrants Issued in September 2017 Public Offering On December 13, 2017, we completed the December 2017 Public Offering, resulting in gross proceeds of $15.0 million, pursuant to which we offered and sold shares of our common stock and warrants to purchase shares of our common stock at a combined public offering price of $1.50 per shares and related warrant. We issued an aggregate of 10,000,000 shares of our common stock and warrants to purchase up to 10,000,000 shares of our common stock at an exercise price of $1.50 per share (the December 2017 Offering Warrants Our sale of units consisting of common stock and warrants in the December 2017 Public Offering at an offering price of $1.50 per unit triggered the anti-dilution provisions of the Series A2 Warrants. In accordance with the anti-dilution terms and formula contained in the Series A2 warrants, the exercise price of the Series A2 Warrants was reduced to $0.001 per share. In December 2017 and January 2018, the holders exercised the reset Series A2 warrants to purchase an aggregate of 503,641 shares of our common stock from which we received nominal cash proceeds. In accordance with the guidance in ASU 2017-11, we recognized the effect of triggering the down round feature as a deemed dividend in our Consolidated Statement of Stockholders’ Equity for the fiscal year ended March 31, 2018 and as an addition to net loss attributable to common stockholders and in our calculation of basic and fully diluted earnings per share in our Consolidated Statement of Operations for the fiscal year ended March 31, 2018. We calculated the dividend from the trigger of the down round provision feature, $199,200, using the Black Scholes Option Pricing Model and the assumptions indicated in the table below: Assumption: Pre-reset Post-reset Market price per share $ 1.17 $ 1.17 Exercise price per share $ 1.82 $ 0.001 Risk-free interest rate 2.09 % 2.09 % Remaining contractual term in years 4.73 4.73 Volatility 97.8 % 97.8 % Dividend rate 0.0 % 0.0 % Number of warrant shares 503,641 503,641 Fair value per share $ 0.77 $ 1.17 Common Stock and Warrants Issued in Private Placements During the quarter ended December 31, 2016, in self-placed private transactions, we sold to two individual accredited investors units, at a purchase price of $3.70 per unit, consisting of an aggregate of 67,000 unregistered shares of our common stock and warrants, exercisable through November 30, 2019, to purchase an aggregate of 16,750 unregistered shares of our common stock at an exercise price of $6.00 per share. The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. We received aggregate cash proceeds of $247,900 in connection with this private placement, the entire amount of which was credited to stockholders’ equity. During the quarter ended March 31, 2017, in a self-placed private transaction, we sold to an accredited investor units, at a purchase price of $2.00 per unit, consisting of an aggregate of 57,250 unregistered shares of our common stock and warrants, exercisable through April 2021, to purchase an aggregate of 28,625 unregistered shares of our common stock at an exercise price of $4.00 per share. The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. We received aggregate cash proceeds of $114,500 in connection with this private placement, the entire amount of which was credited to stockholders’ equity. During the quarter ended June 30, 2017, in self-placed private placement transactions, we accepted subscription agreements from individual accredited investors, pursuant to which we sold to such investors units, at a weighted average purchase price of $2.00 per unit, consisting of an aggregate of 437,751 unregistered shares of our common stock and warrants, exercisable through April 30, 2021, to purchase an aggregate of 218,875 unregistered shares of our common stock at a weighted average exercise price of $3.99 per share. The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received aggregate cash proceeds of $873,300 in connection with these self-placed private placement transactions, and the entire amount of the proceeds was credited to stockholders’ equity. During the quarter ended September 30, 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 28,572 shares of our unregistered common stock and warrants exercisable through April 30, 2021 to purchase 28,572 unregistered shares of our common stock at an exercise price of $4.00 per share. The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received cash proceeds of $50,000 from this sale of our securities, and the entire amount of the proceeds was credited to stockholders’ equity. During the quarter ended December 31, 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 150,000 shares of our unregistered common stock and warrants exercisable through November 30, 2021 to purchase 150,000 unregistered shares of our common stock at an exercise price of $2.00 per share. The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received cash proceeds of $150,000 from this sale of our securities, and the entire amount of the proceeds was credited to stockholders’ equity. Issuance of Common Stock to Professional Services Providers and in Settlement of Accounts Payable During our fiscal years ended March 31, 2018 and 2017, we issued the following securities in private placement transactions as compensation for various professional services. Unless otherwise noted, we recorded the related non-cash expense as a component of general and administrative expense in the Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2018 and 2017, as appropriate. ● During the quarter ended September 30, 2016, we issued an aggregate of 170,000 shares of our unregistered common stock having an aggregate fair value on the date of issuance of $737,800 as compensation to various professional services providers. Of that amount, we issued 120,000 shares having a fair value of $520,800 on the date of issuance for services to be rendered from October 2016 to December 2016. ● During the quarter ended December 31, 2016, we issued an aggregate of 135,000 shares of our unregistered common stock having an aggregate fair value on the respective dates of issuance of $479,800 as compensation to various professional services providers. ● During the quarter ended March 31, 2017, we issued an aggregate of 200,000 unregistered shares of our common stock, of which 150,000 unregistered shares were issued from our 2016 Plan (defined below), having an aggregate fair value of $422,500 on the dates of issuance to various professional services providers. ● During the quarter ended September 30, 2017, we issued an aggregate of 927,500 unregistered shares of our common stock, of which 477,500 shares were issued from our 2016 Plan, for various professional services, including contract research, legal, investor relations and financial advisory services. The common stock issued had an aggregate fair value of $1,503,600 on the dates issued, of which all but $117,300 has been recognized as noncash expense through March 31, 2018. The un-expensed portion at March 31, 2018, which is included in prepaid expenses in our accompanying Consolidated Balance Sheet, is being recognized in expense ratably through July 2019 in accordance with the terms of work orders for certain contract research services to be provided through that period. ● During the quarter ended December 31, 2017, we issued an aggregate of 70,000 unregistered shares of our common stock, all of which were issued from our 2016 Plan for additional investor relations and financial advisory services. The common stock issued had an aggregate fair value of $140,800 on the dates issued. ● During the quarter ended December 31, 2017, we also issued 500,000 unregistered shares of our common stock having a fair value at the time of issuance of $585,000 and a cash payment of $76,500 to our contract manufacturing organization ( CMO ● During the quarter ended March 31, 2018, we issued 30,000 unregistered shares of our common stock to a provider of investor relations and financial advisory services. The common stock issued had an aggregate fair value of $39,000 on the date issued. Warrant Exchanges into Common Stock During our fiscal year ended March 31, 2017, we entered into Warrant Exchange Agreements with certain holders of outstanding warrants to purchase an aggregate of 224,693 shares of our common stock pursuant to which the holders agreed to cancel such warrants in exchange for the issuance of an aggregate of 156,246 unregistered shares of common stock. We accounted for the exchanges of these warrants as warrant modifications, comparing the fair value of the warrants immediately prior to the exchanges with the fair value of the unregistered common stock issued. We calculated the weighted average fair value of the warrants prior to the respective exchanges using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We determined the post-modification fair value based on the quoted market price of our common stock on the effective date of each exchange and the number of unregistered shares issued in the exchange, as also indicated in the table below. We recognized the incremental fair value of the unregistered common stock issued in excess of the fair value of the warrants cancelled, $350,700, as a component of warrant modification expense which is included in general and administrative expenses in our accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017. Warrant Exchanges - FY 2017 April - May 2016 August 2016 October 2016 December 2016 Pre- Post- Pre- Post- Pre- Post- Pre- Post- modification modification modification modification modification modification modification modification Market Price per share $ 8.44 $ 8.45 $ 3.33 $ 3.33 $ 4.05 $ 4.05 $ 3.73 $ 3.73 Exercise price per share $ 7.37 $ 8.00 $ 8.15 $ 10.00 Risk-free interest rate 1.23 % 1.10 % 0.77 % 0.44 % Contractual term (years) 4.77 4.58 2.40 0.003 Volatility 79.0 % 87.0 % 93.0 % 100.3 % Dividend Rate 0 % 0 % 0 % 0 % Weighted average fair value per share $ 5.37 $ 1.64 $ 1.27 $ - Warrant shares cancelled and exchanged 41,649 20,000 113,944 49,100 Common shares issued in exchange 31,238 15,000 85,458 24,550 Fair Value $ 223,700 $ 264,000 $ 32,900 $ 50,000 $ 144,400 $ 346,100 $ - $ 91,600 Incremental fair value recognized as warrant modification expense $ 40,300 $ 17,100 $ 201,700 $ 91,600 Additional Warrant Modifications In addition to warrants modified in connection with the warrant exchange transactions described immediately above, we modified other outstanding warrants during our fiscal years ended March 31, 2018 and 2017. In December 2016, our Board authorized the modification of an outstanding warrant to both alter the exercise terms and increase the number of shares for which the warrant was exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the assumptions indicated in the table below. We recognized the incremental fair value, $76,900, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017. Assumption: Pre-modification Post-modification Market price per share $ 3.51 $ 3.51 Exercise price per share $ 8.00 $ 3.51 Risk-free interest rate 1.88 % 2.07 % Remaining contractual term in years 4.26 5.03 Volatility 87.1 % 85.8 % Dividend rate 0.0 % 0.0 % Number of warrant shares 25,000 50,000 Weighted average fair value per share $ 1.71 $ 2.39 During the quarter ended September 30, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares issuable thereunder. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $279,700, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018. Assumption: Pre-modification Post-modification Market price per share $ 1.54 $ 1.54 Exercise price per share $ 3.99 $ 2.00 Risk-free interest rate 1.62 % 1.62 % Remaining contractual term in years 3.62 3.62 Volatility 95.5 % 95.5 % Dividend rate 0.0 % 0.0 % Number of warrant shares 247,500 495,001 Weighted average fair value per share $ 0.71 $ 0.92 During the quarter ended December 31, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between August 2017 and November 2017 to reduce the exercise prices of the warrants. We calculated the fair value of the warrants immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $13,000, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018. Assumption: Pre-modification Post-modification Market price per share $ 1.14 $ 1.14 Exercise price per share $ 2.32 $ 1.58 Risk-free interest rate 2.12 % 2.12 % Remaining contractual term in years 3.85 3.85 Volatility 98.7 % 98.7 % Dividend rate 0.0 % 0.0 % Number of warrant shares 178,572 178,572 Weighted average fair value per share $ 0.64 $ 0.71 Warrants Outstanding The following table summarizes outstanding and exercisable warrants to purchase shares of our common stock as of March 31, 2018. The weighted average exercise price of outstanding and exercisable warrants at March 31, 2018 was $2.85 per share and $2.86 per share, respectively. Warrants Warrants Exercise Outstanding at Exercisable at Price Expiration March 31, March 31, per Share Date 2018 2018 $1.50 11/30/2021 to 12/13/2022 10,150,000 10,000,000 $1.82 3/7/2023 1,388,931 1,388,931 $2.00 4/30/2021 523,573 523,573 $3.51 12/31/2021 50,000 50,000 $4.50 9/26/2019 25,000 25,000 $5.30 5/16/2021 2,705,883 2,705,883 $6.00 9/26/2019 to 11/30/2019 97,750 97,750 $7.00 12/11/2018 to 3/3/2023 1,346,931 1,346,931 $8.00 3/25/2021 185,000 185,000 $10.00 1/11/2020 20,000 20,000 $20.00 9/15/2019 110,448 110,448 16,603,516 16,453,516 Reserved Shares At March 31, 2018, we have reserved shares of our common stock for future issuance as follows: Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1) 750,000 Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding (2) 1,823,700 Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding 2,318,012 Pursuant to warrants to purchase common stock: Subject to outstanding warrants 16,603,516 Pursuant to stock incentive plan: Subject to outstanding options under the Amended and Restated 2016 Stock Incentive Plan 5,300,338 Available for future grants under the Amended and Restated 2016 Stock Incentive Plan 3,987,162 9,287,500 Total 30,782,728 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement (2) Includes 663,460 common shares issuable in payment of accrued dividends on Series B Preferred upon conversion At March 31, 2018, we have 46,284,657 authorized shares of our common stock not subject to reserves and available for future issuance.

Research and Development Expens

Research and Development Expenses	12 Months Ended
	Mar. 31, 2018
Research and Development [Abstract]
Research and Development Expenses	We recorded research and development expenses of approximately $7.8 million and $5.2 million in the fiscal years ended March 31, 2018 and 2017, respectively. Research and development expense is composed primarily of employee compensation expenses, including stock–based compensation, direct project expenses, notably including preparations for and the launch of our ELEVATE clinical trial, and costs to maintain and prosecute our intellectual property suite, including new patent applications for AV-101 for various indications.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	The provision for income taxes for the periods presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise taxes. On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law, which significantly changes existing U.S. tax law. The reduction of the U.S. federal statutory tax rate from 34% to 21% is effective January 1, 2018. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% for April 1, 2017 to December 31, 2017 and 21% for January 1, 2018 to March 31, 2018 for 2018 year (prorated basis 30.75%) to pretax losses as a result of the following: Fiscal Years Ended March 31, 2018 2017 Computed expected tax benefit (30.75 )% (34.00 )% Tax effect of warrant modifications and other non-deductible items 0.40 % 1.42 % Tax effect of research and development credits (1.44 )% - % Effect of U.S. tax law change (federal and state) 88.09 % - % Other losses not benefitted (56.28 )% 32.58 % Other - % 0.02 % Income tax expense 0.02 % 0.02 % Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows: March 31, 2018 2017 Deferred tax assets: Net operating loss carryovers $ 21,402,600 $ 30,184,100 Basis differences in fixed assets (7,600 ) (4,200 ) Stock based compensation 2,504,500 3,673,900 Accruals and reserves 1,352,900 927,900 Total deferred tax assets 25,252,400 34,781,700 Valuation allowance (25,252,400 ) (34,781,700 ) Net deferred tax assets $ - $ - Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance decreased by $9,529,300 and increased by $3,567,000 during the fiscal years ended March 31, 2018 and 2017, respectively. As of March 31, 2018, we had U.S. federal net operating loss carryforwards of approximately $88,477,000, which will expire in fiscal years 2019 through 2038. As of March 31, 2018, we had state net operating loss carryforwards of approximately $63,457,200, which will expire in fiscal years 2029 through 2038. The Company also has federal and state research and development tax credit carryforwards of approximately $979,900 and $826,500, respectively. The federal tax credits will expire at various dates beginning in the year 2029, unless previously utilized. The state tax credits do not expire and will carry forward indefinitely until utilized. U.S. federal and state tax laws include substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation. We have not performed a change in ownership analysis since our inception in 1998 and accordingly some or all of our net operating loss carryforwards may not be available to offset future taxable income, if any. We file income tax returns in the U.S. federal, Canada and various U.S. state jurisdictions. We are subject to U.S. federal and state income tax examinations by tax authorities for tax years 1998 through 2017 due to net operating losses that are being carried forward for tax purposes, but we are not currently under examination by tax authorities in any jurisdiction. Uncertain Tax Positions Our unrecognized tax benefits at March 31, 2018 and 2017 relate entirely to research and development tax credits. The total amount of unrecognized tax benefits at March 31, 2018 and 2017 is $451,600 and $290,500, respectively. If recognized, none of the unrecognized tax benefits would impact our effective tax rate. The following table summarizes the activity related to our unrecognized tax benefits. Fiscal Years Ended March 31, 2018 2017 Unrecognized benefit - beginning of period $ 290,500 $ 142,400 Current period tax position increases 102,300 77,700 Prior period tax position increases 58,800 70,400 Unrecognized benefit - end of period $ 451,600 $ 290,500 Our policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively. We incurred no interest or penalties related to unrecognized tax benefits in the years ended March 31, 2018 or 2017. We do not anticipate any significant changes of our uncertain tax positions within twelve months of this reporting date.

Licensing, Sublicensing and Col

Licensing, Sublicensing and Collaborative Agreements	12 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Licensing, Sublicensing and Collaborative Agreements	BlueRock Therapeutics Sublicense Agreement In December 2016, we entered into an Exclusive License and Sublicense Agreement ( BlueRock Therapeutics Agreement BlueRock Therapeutics UHN Under the BlueRock Therapeutics Agreement, we received an upfront payment of $1.25 million and we have the potential to receive additional milestone payments and royalties in the future, in the event certain performance-based milestones and commercial sales are achieved. At December 31, 2016, we had no further performance obligations under the BlueRock Therapeutics Agreement and, accordingly, we recorded a receivable for the $1.25 million upfront payment with a corresponding recognition of the sublicense revenue. We received the $1.25 million cash payment due under the BlueRock Therapeutics Agreement in January 2017 and recognized $1.25 million in sublicense revenue in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017. U.S. National Institutes of Health During fiscal years 2006 through 2008, the NIH awarded a $4.2 million grant to the Company to support preclinical development of AV-101 for pain. In June 2009, the NIH further awarded the Company a $4.2 million grant to support the Phase I clinical development of AV-101, which amount was subsequently increased to a total of $4.6 million in July 2010. The grant expired in the ordinary course on June 30, 2012 and all funds had been expended. AV-101, our oral NMDAR GlyB antagonist product candidate is currently in Phase 2 development, initially for the adjunctive treatment of MDD in patients with an inadequate response to standard antidepressants. In February 2015, we entered into the CRADA with the NIMH to collaborate on an NIH-sponsored Phase 2 clinical study of the efficacy and safety of AV-101 as a monotherapy in subjects with MDD. The first patient in the NIMH AV-101 MDD Phase 2 Monotherapy Study was dosed in November 2015 and we currently anticipate that the NIMH will complete the study during 2018. We believe AV-101 may also have broad therapeutic utility with multiple near term central nervous system pipeline expansion opportunities, including chronic neuropathic pain, epilepsy, Huntington’s disease and Parkinson’s disease. Cato Research Ltd. We have built a strategic development relationship with Cato Research Ltd. ( CRL University Health Network In September 2007, we entered into a Sponsored Research Collaboration Agreement ( SRCA In December 2016, we entered into a series of agreements with UHN pursuant to which we (i) executed two new exclusive patent license agreements related to certain cardiac stem cell technologies discovered by Dr. Gordon Keller, Director of UHN's McEwen Centre for Regenerative Medicine, under the SRCA; (ii) amended two exclusive cardiac stem cell technology patent license agreements previously entered into between us and UHN under the SRCA; (iii) terminated the SRCA to facilitate the BlueRock Therapeutics Agreement, described above; and (iv) agreed to make a sublicense consideration payment to UHN with respect to the upfront payment we received under the BlueRock Therapeutics Agreement. All financial obligations related to these agreements with UHN, aggregating $3,600 and $233,400, are reflected in research and development expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2018 and 2017, respectively.

Stock Option Plans and 401(k) P

Stock Option Plans and 401(k) Plan	12 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plans and 401(k) Plan	We have the following share-based compensation plans. Amended and Restated 2016 Stock Incentive Plan Our Board unanimously approved the Company’s Amended and Restated 2016 Stock Incentive Plan, formerly titled the 2008 Stock Incentive Plan (the 2016 Plan Code 1999 Stock Incentive Plan Our 1999 Stock Incentive Plan (the 1999 Plan Description of the 2016 Plan The 2016 Plan provides for the grant of stock options, restricted shares of common stock, stock appreciation rights and dividend equivalent rights, collectively referred to as “Awards”. Stock options granted under the 2016 Plan may be either incentive stock options under the provisions of Section 422 of the Code, or non-qualified stock options. We may grant incentive stock options only to employees of the Company or any parent or subsidiary of the Company. Awards other than incentive stock options may be granted to employees, directors and consultants. The Compensation Committee of the Board of Directors (the Committee The exercise price of all incentive stock options granted under the 2016 Plan must be at least equal to 100% of the fair market value of the shares on the date of grant. The maximum term of an incentive stock option granted to any other participant may not exceed 10 years. The Committee determines the term and exercise or purchase price of all other Awards granted under the 2016 Plan. Under the 2016 Plan, incentive stock options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the participant, only by the participant. Other Awards shall be transferable: ● by will and by the laws of descent and distribution; and ● during the lifetime of the participant, to the extent and in the manner authorized by the Committee by gift or pursuant to a domestic relations order to members of the participant’s Immediate Family (as defined in the 2016 Plan). The maximum number of shares with respect to which options and stock appreciation rights may be granted to any participant in any calendar year will be 300,000 shares of common stock. In connection with a participant’s commencement of service with the Company, a participant may be granted options and stock appreciation rights for up to an additional 50,000 shares that will not count against the foregoing limitation. In addition, for Awards of restricted stock and restricted shares of common stock that are intended to be “performance-based compensation” (within the meaning of Section 162(m) of the Code), the maximum number of shares with respect to which such Awards may be granted to any participant in any calendar year will be 300,000 shares of common stock. The limits described in this paragraph are subject to adjustment in the event of any change in our capital structure as described below. The terms and conditions of Awards are determined by the Committee, including the vesting schedule and any forfeiture provisions. Awards under the 2016 Plan may vest upon the passage of time or upon the attainment of certain performance criteria. Although we do not currently have any Awards outstanding that vest upon the attainment of performance criteria, the Committee may establish criteria based on any one of, or a combination of, a number of financial measurements. Effective upon the consummation of a Corporate Transaction (as defined below), all outstanding Awards under the 2016 Plan will terminate unless the acquirer assumes or replaces such Awards. The Committee has the authority, exercisable either in advance of any actual or anticipated Corporate Transaction or Change in Control (as defined below) or at the time of an actual Corporate Transaction or Change in Control and exercisable at the time of the grant of an Award under the 2016 Plan or any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the 2016 Plan and the release from restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a Corporate Transaction or Change in Control, on such terms and conditions as the Committee may specify. The Committee also has the authority to condition any such Award vesting and exercisability or release from such limitations upon the subsequent termination of the service of the grantee within a specified period following the effective date of the Corporate Transaction or Change in Control. The Committee may provide that any Awards so vested or released from such limitations in connection with a Change in Control, shall remain fully exercisable until the expiration or sooner termination of the Award. Under the 2016 Plan, a Corporate Transaction is generally defined as: ● an acquisition of securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; ● a reverse merger in which we remain the surviving entity but: (i) the shares of common stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (ii) in which securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger; ● a sale, transfer or other disposition of all or substantially all of the assets of the Company; ● a merger or consolidation in which the Company is not the surviving entity; or ● a complete liquidation or dissolution. Under the 2016 Plan, a Change in Control is generally defined as: (i) the acquisition of more than 50% of the total combined voting power of our stock by any individual or entity which a majority of our Board (who have served on our board for at least 12 months) do not recommend our stockholders accept; (ii) or a change in the composition of our Board over a period of 12 months or less. Unless terminated sooner, the 2016 Plan will automatically terminate in 2026. Our Board may at any time amend, suspend or terminate the 2016 Plan. To the extent necessary to comply with applicable provisions of U.S. federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein, we will obtain stockholder approval of any such amendment to the 2016 Plan in such a manner and to such a degree as required. During our fiscal year ended March 31, 2018, we granted from the 2016 Plan: ● options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board and to our officers and all non-officer employees in April 2017; ● options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, officers, non-officer employees and two consultants in September 2017; ● options to purchase an aggregate of 2,000,000 shares of our common stock at an exercise price of $1.16 per share to the independent members of our Board, officers, non-officer employees and ten consultants in February 2018; ● options to purchase 25,000 shares of our common stock at an exercise price of $1.21 per share to a legal services consultant in February 2018; and ● an aggregate of 547,500 shares of unregistered common stock to various legal, investor relations, and financial and strategic advisory consultants in September and October 2017 pursuant to which we recognized an aggregate of $827,900 as a noncash component of general and administrative expense not included in stock compensation expense for the fiscal year. During our fiscal year ended March 31, 2017, we granted from the 2016 Plan: ● options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including one newly-employed officer, in June 2016; ● options to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to a newly-employed officer in September 2016 ● options to purchase an aggregate of 560,000 shares of our common stock at an exercise price of $3.80 per share to the independent members of our Board, officers, non-officer employees and a consultant in November 2016; and ● an aggregate of 150,000 unregistered shares of our common stock pursuant to four consulting agreements in March 2017 pursuant to which we recognized an aggregate of $324,500 as a noncash component of general and administrative expense not included in stock compensation expense for the fiscal year. The following table summarizes share-based compensation expense related to option grants to our officers, independent directors, consultants and service providers, included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2018 and 2017. Fiscal Years Ended March 31, 2018 2017 Research and development expense: Stock option grants $ 969,200 $ 375,100 969,200 375,100 General and administrative expense: Stock option grants 1,375,000 476,200 1,375,000 476,200 Total stock-based compensation expense $ 2,344,200 $ 851,300 We used the Black-Scholes Option Pricing model with the following weighted average assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2018 and 2017: Fiscal Years Ended March 31, 2018 2017 (weighted average) (weighted average) Exercise price $ 1.44 $ 3.69 Market price on date of grant $ 1.44 $ 3.69 Risk-free interest rate 2.39 % 1.51 % Expected term (years) 6.87 6.69 Volatility 90.40 % 82.96 % Expected dividend yield 0.00 % 0.00 % Fair value per share at grant date $ 1.10 $ 2.68 The expected term of options represents the period that our share-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins No. 107 and No. 110 ( SAB No. 107 and 110 The following table summarizes activity for the fiscal years ended March 31, 2018 and 2017 under our stock option plans: Fiscal Years Ended March 31, 2018 2017 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 1,659,324 $ 4.76 336,987 $ 9.56 Options granted 3,675,000 $ 1.44 1,340,000 $ 3.69 Options exercised - $ - - $ - Options forfeited (12,154 ) $ 5.39 - $ - Options expired (21,832 ) $ 9.42 (17,663 ) $ 15.52 Options outstanding at end of period 5,300,338 $ 2.43 1,659,324 $ 4.76 Options exercisable at end of period 1,818,962 $ 3.31 351,532 $ 8.27 Weighted average grant-date fair value of options granted during the period $ 1.10 $ 2.69 The following table summarizes in formation on stock options outstanding and exercisable under our stock option plans as of March 31, 2018: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $ 1.16 to $1.21 2,025,000 9.84 $ 1.16 569,524 $ 1.16 $ 1.56 to $1.96 1,650,000 9.26 $ 1.77 384,986 $ 1.56 $ 3.49 to $4.27 1,330,000 8.41 $ 3.69 577,870 $ 3.68 $ 8.00 to $15.00 295,338 4.79 $ 9.19 286,582 $ 9.19 5,300,338 9.02 $ 2.43 1,818,962 $ 3.31 At March 31, 2018, there were 3,987,162 registered shares of our common stock remaining available for grant under the 2016 Plan. There were no option exercises during the years ended March 31, 2018 or 2017. Aggregate intrinsic value is the sum of the amount by which the fair value of the underlying common stock exceeds the aggregate exercise price of the outstanding options ( in-the-money-options As of March 31, 2018, there was approximately $4,492,300 of unrecognized compensation cost related to non-vested share-based compensation awards from the 2016 Plan, which is expected to be recognized through September 2020. 401(k) Plan Through a third-party agent, we maintain a retirement and deferred savings plan for our employees. This plan is intended to qualify as a tax-qualified plan under Section 401(k) of the Internal Revenue Code. The retirement and deferred savings plan provides that each participant may contribute a portion of his or her pre-tax compensation, subject to statutory limits. Under the plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee. The retirement and deferred savings plan also permits us to make discretionary contributions, subject to established limits and a vesting schedule. To date, we have not made any discretionary contributions to the retirement and deferred savings plan on behalf of participating employees.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Cato Holding Company ( CHC CBV CRO Cato Notes In July 2017, we entered into a Master Services Agreement ( MSA

Commitments, Contingencies, Gua

Commitments, Contingencies, Guarantees and Indemnifications	12 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, Guarantees and Indemnifications	From time to time, we may become involved in claims and other legal matters arising in the ordinary course of business. Management is not currently aware of any claims made or other legal matters that will have a material adverse effect on our consolidated financial position, results of operations or its cash flows. We indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. We will indemnify the officers or directors against any and all expenses incurred by the officers or directors because of their status as one of our directors or executive officers to the fullest extent permitted by Nevada law. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. We have a director and officer insurance policy which limits our exposure and may enable us to recover a portion of any future amounts paid. We believe the fair value of these indemnification agreements is minimal. Accordingly, there are no liabilities recorded for these agreements at March 31, 2018 or 2017. In the normal course of business, we provide indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third party with respect to our product candidates. The terms of these indemnification agreements are generally perpetual. The potential future payments we could be required to make under these indemnification agreements is unlimited. We maintain liability insurance coverage that limits our exposure. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of March 31, 2018 or 2017. Leases At March 31, 2018 and 2017, the following assets are subject to capital lease obligations and included in property and equipment: March 31, 2018 2017 Office equipment 14,700 14,700 Accumulated depreciation (3,600 ) (700 ) Net book value $ 11,100 $ 14,000 Amortization expense for assets recorded under capital leases is included in depreciation expense. Future minimum payments, by year and in the aggregate, required under capital leases are as follows: Capital Fiscal Years Ending March 31, Leases 2019 $ 3,800 2020 3,800 2021 3,800 2022 3,300 Future minimum lease payments 14,700 Less imputed interest included in minimum lease payments (2,800 ) Present value of minimum lease payments 11,900 Less current portion (2,600 ) Non-current capital lease obligation $ 9,300 At March 31, 2018, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2022 and are as follows: Fiscal Years Ending March 31, Amount 2019 602,800 2020 623,900 2021 645,800 2022 668,400 2023 225,300 $ 2,766,200 We incurred total facility rent expense for the fiscal years ended March 31, 2018 and 2017 of $645,800 and $482,100, respectively. Debt Repayment At March 31, 2018, future minimum principal payments on outstanding notes related only to an insurance premium financing arrangement in the remaining principal amount of $53,900, which will be repaid in monthly principal and interest installments of $6,200 through December 2018.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	We have evaluated subsequent events through the date of this Report and have identified the following material events and transactions that occurred after March 31, 2018: Issuance of Common Stock to Professional Services Providers In April 2018, we issued 25,000 unregistered shares of our common stock to a consultant pursuant to a financial advisory services contract. The common stock had a fair value of $24,000 on the date issued. In May 2018, we issued 75,000 unregistered shares of our common stock pursuant to an additional financial advisory services contract. The common stock had a fair value of $99,000 on the date issued.

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Supplemental Financial Information	The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended March 31, 2018. The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period. Quarterly Results of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended Total June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Fiscal Year 2018 Operating expenses: Research and development $ 1,096 $ 2,427 $ 1,602 $ 2,638 $ 7,763 General and administrative 1,164 2,567 1,266 1,440 6,437 Total operating expenses 2,260 4,994 2,868 4,078 14,200 Loss from operations (2,260 ) (4,994 ) (2,868 ) (4,078 ) (14,200 ) Other expenses, net: Interest expense, net (3 ) (3 ) (2 ) (1 ) (9 ) Loss on extinguishment of accounts payable - - (135 ) - (135 ) Loss before income taxes (2,263 ) (4,997 ) (3,005 ) (4,079 ) (14,344 ) Income taxes (2 ) - - - (2 ) Net loss and comprehensive loss (2,265 ) (4,997 ) (3,005 ) (4,079 ) (14,346 ) Accrued dividend on Series B Preferred stock (247 ) (257 ) (263 ) (263 ) (1,030 ) Deemed dividend from trigger of down round provision feature - - (199 ) - (199 ) Net loss attributable to common stockholders $ (2,512 ) $ (5,254 ) $ (3,467 ) $ (4,342 ) $ (15,575 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.28 ) $ (0.53 ) $ (0.25 ) $ (0.19 ) $ (1.12 ) Weighted average shares used in computing: Basic and diluted net loss per common share attributable to common stockholders 9,034,213 9,892,016 13,895,642 22,880,968 13,890,041 Three Months Ended Total June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 Fiscal Year 2017 Sublicense revenue $ - $ - $ 1,250 $ - $ 1,250 Total revenue - - 1,250 - 1,250 Operating expenses: Research and development 826 1,606 1,611 1,161 5,204 General and administrative 1,138 1,494 2,276 1,387 6,295 Total operating expenses 1,964 3,100 3,887 2,548 11,499 Loss from operations (1,964 ) (3,100 ) (2,637 ) (2,548 ) (10,249 ) Other expenses, net: Interest expense, net (2 ) (1 ) (1 ) (1 ) (5 ) Loss before income taxes (1,966 ) (3,101 ) (2,638 ) (2,549 ) (10,254 ) Income taxes (2 ) - - - (2 ) Net loss and comprehensive loss (1,968 ) (3,101 ) (2,638 ) (2,549 ) (10,256 ) Accrued dividend on Series B Preferred stock (540 ) (241 ) (238 ) (238 ) (1,257 ) Deemed dividend on Series B Preferred stock (111 ) - - - (111 ) Net loss attributable to common stockholders $ (2,619 ) $ (3,342 ) $ (2,876 ) $ (2,787 ) $ (11,624 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.51 ) $ (0.42 ) $ (0.34 ) $ (0.32 ) $ (1.54 ) Weighted average shares used in computing: Basic and diluted net loss per common share attributable to common stockholders 5,097,832 8,047,619 8,381,824 8,602,107 7,531,642

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP
Principles of Consolidation	The accompanying consolidated financial statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s two wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. All material intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase.
Property and Equipment	Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years.
Impairment of Long-Lived Assets	Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets.
Revenue Recognition	We have historically generated revenue principally from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer or counterparty. Consideration received is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. We recognize revenue when four basic criteria of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: ● Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and future product development milestone and royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations. We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. ● Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred. ● Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred.
Research and Development Expenses	Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our oral NMDAR GlyB antagonist product candidate in clinical development for MDD and potentially for other CNS indications, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology platform. All such costs are charged to expense as incurred. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO
Stock-Based Compensation	We recognize compensation cost for all stock-based awards to employees and non-employee consultants based on the grant date fair value of the award. We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have granted no restricted stock awards to employees nor do we have any awards with market or performance conditions. For option grants to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed. Compensatory grants of stock to non-employees are generally treated as fully-earned at the time of the grant and the non-cash expense recognized is based on the quoted market price of the stock on the date of grant.
Income Taxes	We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized.
Concentrations of Credit Risk	Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.
Fair Value Measurements	We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instrument’s complexity. The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows: ● Level 1 ● Level 2 ● Level 3 i.e., A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then we estimate fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy. We carried no assets or liabilities at fair value at March 31, 2018 or 2017.
Warrants Issued in Connection with Equity Financing	We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash or the warrants contain other features requiring them to be treated as liabilities. For warrants issued with the possibility of cash settlement, or otherwise requiring liability treatment, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as noncash gain or loss in the Consolidated Statements of Operations and Comprehensive Loss.
Comprehensive Loss	We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented.
Loss per Common Share Attributable to Common Stockholders	Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual for dividends on our Series B Preferred and, for the fiscal year ended March 31, 2018, the deemed dividend attributable to the trigger of a down-round provision feature, and, for the fiscal year ended March 31, 2017 (refer to Note 7, Capital Stock As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Fiscal Years Ended March 31, 2018 2017 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (15,575,500 ) $ (11,623,600 ) Denominator: Weighted average basic and diluted common shares outstanding 13,890,041 7,531,642 Basic and diluted net loss attributable to common stockholders per common share $ (1.12 ) $ (1.54 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2018 and 2017 are as follows: As of March 31, 2018 2017 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,160,240 1,160,240 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only) 5,300,338 1,659,324 Outstanding warrants to purchase common stock 16,603,516 4,577,631 Total 26,132,106 10,465,207 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016
Recent Accounting Pronouncements	We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company. In July 2017, the Financial Accounting Standards Board ( FASB ASU ASU 2017-11 ASC 815-40 EPS Capital Stock In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ● The award’s fair value (or calculated value or intrinsic value, if those measurement methods are used), ● The award’s vesting conditions, and ● The award’s classification as an equity or liability instrument. ASU 2017-09 is effective for our fiscal year beginning April 1, 2018 and is to be applied prospectively to awards modified on or after the adoption date. We do not believe that our adoption of ASU 2017-09 will have a material effect on our results of operations, financial condition or cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The standard In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of basic and diluted net loss attributable to common stockholders per share	Fiscal Years Ended March 31, 2018 2017 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (15,575,500 ) $ (11,623,600 ) Denominator: Weighted average basic and diluted common shares outstanding 13,890,041 7,531,642 Basic and diluted net loss attributable to common stockholders per common share $ (1.12 ) $ (1.54 )
Schedule of potentially dilutive securities excluded in determining diluted net loss per common share	As of March 31, 2018 2017 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,160,240 1,160,240 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only) 5,300,338 1,659,324 Outstanding warrants to purchase common stock 16,603,516 4,577,631 Total 26,132,106 10,465,207 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016

Prepaid Expenses and Other Cu25

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of prepaid expenses and other current assets	March 31, 2018 2017 AV-101 materials and services $ 505,900 $ 352,800 Insurance 88,300 85,800 Public offering filing fees and expenses 25,900 11,600 All other 24,700 6,400 $ 644,800 $ 456,600

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of property and equipment	March 31, 2018 2017 Laboratory equipment $ 888,300 $ 888,300 Tenant improvements 26,900 26,900 Computers and network equipment 54,600 53,000 Office furniture and equipment 79,700 79,700 1,049,500 1,047,900 Accumulated depreciation and amortization (842,100 ) (761,400 ) Property and equipment, net $ 207,400 $ 286,500
Depreciation and amortization expense	Fiscal Years Ended March 31, 2018 2017 Owned assets $ 77,800 $ 53,100 Leased assets 2,900 1,800 Total depreciation and amortization $ 80,700 $ 54,900

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of accrued expenses	March 31, 2018 2017 Accrued AV-101 development and related expenses $ 176,600 $ 402,400 Accrued professional services 27,000 37,000 All other 2,700 3,600 $ 206,300 $ 443,000

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Summary of notes payable	March 31, 2018 March 31, 2017 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 7.15% (2018) and 8.25% (2017) Notes payable to insurance premium financing company (current) $ 53,900 $ - $ 53,900 $ 54,800 $ - $ 54,800 Total notes payable to unrelated parties $ 53,900 $ - $ 53,900 $ 54,800 $ - $ 54,800 less: current portion (53,900 ) - (53,900 ) (54,800 ) - (54,800 ) Net non-current portion $ - $ - $ - $ - $ - $ -

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of the aggregate allocation unit sales proceeds based on the relative fair values	Unit Warrants Weighted Average Issuance Date Valuation Assumptions Per Share Aggregate Aggregate Aggregate Allocation of Proceeds Based Warrant Shares Market Exercise Term Risk free Interest Dividend Fair Value of Fair Value of Unit Proceeds of Unit on Relative Fair Value of: Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Unit Stock Unit Warrant 39,714 $ 8.45 $ 7.00 5.00 1.27% 78.43% 0.0% $ 5.63 $ 223,500 $ 278,000 $ 166,900 $ 61,100
Schedule of Black Scholes option pricing model	Assumption: Pre-reset Post-reset Market price per share $ 1.17 $ 1.17 Exercise price per share $ 1.82 $ 0.001 Risk-free interest rate 2.09 % 2.09 % Remaining contractual term in years 4.73 4.73 Volatility 97.8 % 97.8 % Dividend rate 0.0 % 0.0 % Number of warrant shares 503,641 503,641 Fair value per share $ 0.77 $ 1.17
Schedule of warrant exchanges	Warrant Exchanges - FY 2017 April - May 2016 August 2016 October 2016 December 2016 Pre- Post- Pre- Post- Pre- Post- Pre- Post- modification modification modification modification modification modification modification modification Market Price per share $ 8.44 $ 8.45 $ 3.33 $ 3.33 $ 4.05 $ 4.05 $ 3.73 $ 3.73 Exercise price per share $ 7.37 $ 8.00 $ 8.15 $ 10.00 Risk-free interest rate 1.23 % 1.10 % 0.77 % 0.44 % Contractual term (years) 4.77 4.58 2.40 0.003 Volatility 79.0 % 87.0 % 93.0 % 100.3 % Dividend Rate 0 % 0 % 0 % 0 % Weighted average fair value per share $ 5.37 $ 1.64 $ 1.27 $ - Warrant shares cancelled and exchanged 41,649 20,000 113,944 49,100 Common shares issued in exchange 31,238 15,000 85,458 24,550 Fair Value $ 223,700 $ 264,000 $ 32,900 $ 50,000 $ 144,400 $ 346,100 $ - $ 91,600 Incremental fair value recognized as warrant modification expense $ 40,300 $ 17,100 $ 201,700 $ 91,600
Additional Warrant Modifications	In December 2016, our Board authorized the modification of an outstanding warrant to both alter the exercise terms and increase the number of shares for which the warrant was exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the assumptions indicated in the table below. We recognized the incremental fair value, $76,900, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017. Assumption: Pre-modification Post-modification Market price per share $ 3.51 $ 3.51 Exercise price per share $ 8.00 $ 3.51 Risk-free interest rate 1.88 % 2.07 % Remaining contractual term in years 4.26 5.03 Volatility 87.1 % 85.8 % Dividend rate 0.0 % 0.0 % Number of warrant shares 25,000 50,000 Weighted average fair value per share $ 1.71 $ 2.39 During the quarter ended September 30, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares issuable thereunder. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $279,700, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018. Assumption: Pre-modification Post-modification Market price per share $ 1.54 $ 1.54 Exercise price per share $ 3.99 $ 2.00 Risk-free interest rate 1.62 % 1.62 % Remaining contractual term in years 3.62 3.62 Volatility 95.5 % 95.5 % Dividend rate 0.0 % 0.0 % Number of warrant shares 247,500 495,001 Weighted average fair value per share $ 0.71 $ 0.92 During the quarter ended December 31, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between August 2017 and November 2017 to reduce the exercise prices of the warrants. We calculated the fair value of the warrants immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $13,000, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018. Assumption: Pre-modification Post-modification Market price per share $ 1.14 $ 1.14 Exercise price per share $ 2.32 $ 1.58 Risk-free interest rate 2.12 % 2.12 % Remaining contractual term in years 3.85 3.85 Volatility 98.7 % 98.7 % Dividend rate 0.0 % 0.0 % Number of warrant shares 178,572 178,572 Weighted average fair value per share $ 0.64 $ 0.71
Schedule of outstanding warrants to purchase shares	Warrants Warrants Exercise Outstanding at Exercisable at Price Expiration March 31, March 31, per Share Date 2018 2018 $1.50 11/30/2021 to 12/13/2022 10,150,000 10,000,000 $1.82 3/7/2023 1,388,931 1,388,931 $2.00 4/30/2021 523,573 523,573 $3.51 12/31/2021 50,000 50,000 $4.50 9/26/2019 25,000 25,000 $5.30 5/16/2021 2,705,883 2,705,883 $6.00 9/26/2019 to 11/30/2019 97,750 97,750 $7.00 12/11/2018 to 3/3/2023 1,346,931 1,346,931 $8.00 3/25/2021 185,000 185,000 $10.00 1/11/2020 20,000 20,000 $20.00 9/15/2019 110,448 110,448 16,603,516 16,453,516
Schedule of reserved shares of common stock for future issuance	Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1) 750,000 Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding (2) 1,823,700 Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding 2,318,012 Pursuant to warrants to purchase common stock: Subject to outstanding warrants 16,603,516 Pursuant to stock incentive plan: Subject to outstanding options under the Amended and Restated 2016 Stock Incentive Plan 5,300,338 Available for future grants under the Amended and Restated 2016 Stock Incentive Plan 3,987,162 9,287,500 Total 30,782,728 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement (2) Includes 663,460 common shares issuable in payment of accrued dividends on Series B Preferred upon conversion

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate	Fiscal Years Ended March 31, 2018 2017 Computed expected tax benefit (30.75 )% (34.00 )% Tax effect of warrant modifications and other non-deductible items 0.40 % 1.42 % Tax effect of research and development credits (1.44 )% - % Effect of U.S. tax law change (federal and state) 88.09 % - % Other losses not benefitted (56.28 )% 32.58 % Other - % 0.02 % Income tax expense 0.02 % 0.02 %
Schedule of components of the deferred tax assets	March 31, 2018 2017 Deferred tax assets: Net operating loss carryovers $ 21,402,600 $ 30,184,100 Basis differences in fixed assets (7,600 ) (4,200 ) Stock based compensation 2,504,500 3,673,900 Accruals and reserves 1,352,900 927,900 Total deferred tax assets 25,252,400 34,781,700 Valuation allowance (25,252,400 ) (34,781,700 ) Net deferred tax assets $ - $ -
Uncertain tax positions	Fiscal Years Ended March 31, 2018 2017 Unrecognized benefit - beginning of period $ 290,500 $ 142,400 Current period tax position increases 102,300 77,700 Prior period tax position increases 58,800 70,400 Unrecognized benefit - end of period $ 451,600 $ 290,500

Stock Option Plans and 401(k)31

Stock Option Plans and 401(k) Plan (Tables)	12 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense	Fiscal Years Ended March 31, 2018 2017 Research and development expense: Stock option grants $ 969,200 $ 375,100 969,200 375,100 General and administrative expense: Stock option grants 1,375,000 476,200 1,375,000 476,200 Total stock-based compensation expense $ 2,344,200 $ 851,300
Schedule of Black Scholes option valuation model	Fiscal Years Ended March 31, 2018 2017 (weighted average) (weighted average) Exercise price $ 1.44 $ 3.69 Market price on date of grant $ 1.44 $ 3.69 Risk-free interest rate 2.39 % 1.51 % Expected term (years) 6.87 6.69 Volatility 90.40 % 82.96 % Expected dividend yield 0.00 % 0.00 % Fair value per share at grant date $ 1.10 $ 2.68
Schedule of stock option plans	Fiscal Years Ended March 31, 2018 2017 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 1,659,324 $ 4.76 336,987 $ 9.56 Options granted 3,675,000 $ 1.44 1,340,000 $ 3.69 Options exercised - $ - - $ - Options forfeited (12,154 ) $ 5.39 - $ - Options expired (21,832 ) $ 9.42 (17,663 ) $ 15.52 Options outstanding at end of period 5,300,338 $ 2.43 1,659,324 $ 4.76 Options exercisable at end of period 1,818,962 $ 3.31 351,532 $ 8.27 Weighted average grant-date fair value of options granted during the period $ 1.10 $ 2.69
Schedule of stock options outstanding and exercisable	Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $ 1.16 to $1.21 2,025,000 9.84 $ 1.16 569,524 $ 1.16 $ 1.56 to $1.96 1,650,000 9.26 $ 1.77 384,986 $ 1.56 $ 3.49 to $4.27 1,330,000 8.41 $ 3.69 577,870 $ 3.68 $ 8.00 to $15.00 295,338 4.79 $ 9.19 286,582 $ 9.19 5,300,338 9.02 $ 2.43 1,818,962 $ 3.31

Commitments, Contingencies, G32

Commitments, Contingencies, Guarantees and Indemnifications (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of capital lease obligations	March 31, 2018 2017 Office equipment 14,700 14,700 Accumulated depreciation (3,600 ) (700 ) Net book value $ 11,100 $ 14,000
Schedule of amortization expense for assets recorded under capital leases	Capital Fiscal Years Ending March 31, Leases 2019 $ 3,800 2020 3,800 2021 3,800 2022 3,300 Future minimum lease payments 14,700 Less imputed interest included in minimum lease payments (2,800 ) Present value of minimum lease payments 11,900 Less current portion (2,600 ) Non-current capital lease obligation $ 9,300
Schedule of future minimum payments under operating leases	Fiscal Years Ending March 31, Amount 2019 602,800 2020 623,900 2021 645,800 2022 668,400 2023 225,300 $ 2,766,200

Supplemental Financial Inform33

Supplemental Financial Information (Tables)	12 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of quarterly financial information	Quarterly Results of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended Total June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Fiscal Year 2018 Operating expenses: Research and development $ 1,096 $ 2,427 $ 1,602 $ 2,638 $ 7,763 General and administrative 1,164 2,567 1,266 1,440 6,437 Total operating expenses 2,260 4,994 2,868 4,078 14,200 Loss from operations (2,260 ) (4,994 ) (2,868 ) (4,078 ) (14,200 ) Other expenses, net: Interest expense, net (3 ) (3 ) (2 ) (1 ) (9 ) Loss on extinguishment of accounts payable - - (135 ) - (135 ) Loss before income taxes (2,263 ) (4,997 ) (3,005 ) (4,079 ) (14,344 ) Income taxes (2 ) - - - (2 ) Net loss and comprehensive loss (2,265 ) (4,997 ) (3,005 ) (4,079 ) (14,346 ) Accrued dividend on Series B Preferred stock (247 ) (257 ) (263 ) (263 ) (1,030 ) Deemed dividend from trigger of down round provision feature - - (199 ) - (199 ) Net loss attributable to common stockholders $ (2,512 ) $ (5,254 ) $ (3,467 ) $ (4,342 ) $ (15,575 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.28 ) $ (0.53 ) $ (0.25 ) $ (0.19 ) $ (1.12 ) Weighted average shares used in computing: Basic and diluted net loss per common share attributable to common stockholders 9,034,213 9,892,016 13,895,642 22,880,968 13,890,041 Three Months Ended Total June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 Fiscal Year 2017 Sublicense revenue $ - $ - $ 1,250 $ - $ 1,250 Total revenue - - 1,250 - 1,250 Operating expenses: Research and development 826 1,606 1,611 1,161 5,204 General and administrative 1,138 1,494 2,276 1,387 6,295 Total operating expenses 1,964 3,100 3,887 2,548 11,499 Loss from operations (1,964 ) (3,100 ) (2,637 ) (2,548 ) (10,249 ) Other expenses, net: Interest expense, net (2 ) (1 ) (1 ) (1 ) (5 ) Loss before income taxes (1,966 ) (3,101 ) (2,638 ) (2,549 ) (10,254 ) Income taxes (2 ) - - - (2 ) Net loss and comprehensive loss (1,968 ) (3,101 ) (2,638 ) (2,549 ) (10,256 ) Accrued dividend on Series B Preferred stock (540 ) (241 ) (238 ) (238 ) (1,257 ) Deemed dividend on Series B Preferred stock (111 ) - - - (111 ) Net loss attributable to common stockholders $ (2,619 ) $ (3,342 ) $ (2,876 ) $ (2,787 ) $ (11,624 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.51 ) $ (0.42 ) $ (0.34 ) $ (0.32 ) $ (1.54 ) Weighted average shares used in computing: Basic and diluted net loss per common share attributable to common stockholders 5,097,832 8,047,619 8,381,824 8,602,107 7,531,642

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Basis Of Presentation Details Narrative
Accumulated deficit	$ (156,543,800)	$ (141,998,700)
Cash and cash equivalents	$ 10,378,300	$ 2,921,300	$ 428,500

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net loss attributable to common stockholders for basic and diluted earnings per share	$ (4,342)	$ (3,467)	$ (5,254)	$ (2,512)	$ (2,787,000)	$ (2,876,000)	$ (3,342,000)	$ (2,619,000)	$ (15,575,500)	$ (11,623,600)
Denominator:
Weighted average basic and diluted common shares outstanding	22,880,968	13,895,642	9,892,016	9,034,213	8,602,107	8,381,824	8,047,619	5,097,832	13,890,041	7,531,642
Basic and diluted net loss attributable to common stockholders per common share	$ (0.19)	$ (0.25)	$ (0.53)	$ (0.28)	$ (0.32)	$ (0.34)	$ (0.42)	$ (0.51)	$ (1.12)	$ (1.54)

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details 1) - shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Potentially dilutive securities excluded in determining diluted net loss per common share	26,132,106	10,465,207
Series A Preferred Stock [Member]
Potentially dilutive securities excluded in determining diluted net loss per common share	750,000	750,000
Series B Preferred Stock [Member]
Potentially dilutive securities excluded in determining diluted net loss per common share	1,160,240	1,160,240
Series C Preferred Stock [Member]
Potentially dilutive securities excluded in determining diluted net loss per common share	2,318,012	2,318,012
2016 (formerly 2008) and 1999 Stock Incentive Plans [Member]
Potentially dilutive securities excluded in determining diluted net loss per common share	5,300,338	1,659,324
Warrants [Member]
Potentially dilutive securities excluded in determining diluted net loss per common share	16,603,516	4,577,631

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Mar. 31, 2018
Minimum [Member]
Estimated useful lives	3 years
Maximum [Member]
Estimated useful lives	7 years

Prepaid Expenses and Other Cu38

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
AV-101 materials and services	$ 505,900	$ 352,800
Insurance	88,300	85,800
Public offering expenses	25,900	11,600
All other	24,700	6,400
Prepaid expenses and other current assets	$ 644,800	$ 456,600

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Property and equipment, gross	$ 1,049,500	$ 1,047,900
Accumulated depreciation and amortization	(842,100)	(761,400)
Property and equipment, net	207,400	286,500
Laboratory Equipment [Member]
Property and equipment, gross	888,300	888,300
Tenant Improvements [Member]
Property and equipment, gross	26,900	26,900
Computers and Network Equipment [Member]
Property and equipment, gross	54,600	53,000
Office Furniture And Equipment [Member]
Property and equipment, gross	$ 79,700	$ 79,700

Property and Equipment (Detai40

Property and Equipment (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Depreciation and amortization expense, property and equipment	$ 80,700	$ 54,900
Owned Assets [Member]
Depreciation and amortization expense, property and equipment	77,800	53,100
Leased Assets [Member]
Depreciation and amortization expense, property and equipment	$ 2,900	$ 1,800

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Payables and Accruals [Abstract]
Accrued AV-101 development expenses	$ 176,600	$ 402,400
Accrued professional services	27,000	37,000
All other	2,700	3,600
Accrued expenses	$ 206,300	$ 443,000

Convertible Promissory Notes an

Convertible Promissory Notes and Other Notes Payable (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Principal Balance :
Note payable	$ 53,900	$ 54,800
Less: current	(53,900)	(54,800)
Note payable non-current	0	0
Accrued Interest :
Note payable	0	0
Less: current	0	0
Note payable non-current	0	0
Total
Note payable	53,900	54,800
Less: current	(53,900)	(54,800)
Note payable non-current	0	0
8.25% Note payable to insurance premium financing company
Principal Balance :
Note payable	53,900	54,800
Accrued Interest :
Note payable	0	0
Total
Note payable	$ 53,900	$ 54,800

Capital Stock (Details)

Capital Stock (Details) - USD ($)	3 Months Ended				12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2018	Mar. 31, 2017
Consideration Given:
Loss on Extinguishment of Debt	$ 0	$ (135,000)	$ 0	$ 0	$ (135,000)	$ 0

Capital Stock (Details 1)

Capital Stock (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Aggregate Proceeds of Unit Sales	$ 16,722,300	$ 9,899,500
Warrant [Member]
Warrant Shares Issued	39,714
Market Price (in dollars per share)	$ 8.45
Exercise price	$ 7
Term (Years)	5 years
Risk free Interest Rate	1.27%
Volatility	78.43%
Dividend Rate	0.00%
Per Share Fair Value of Warrant	$ 5.63
Aggregate Fair Value of Unit Warrants	$ 223,500
Aggregate Proceeds of Unit Sales	278,000
Aggregate Allocation of Proceeds Based on Relative Fair Value of: Unit Stock	166,900
Aggregate Allocation of Proceeds Based on Relative Fair Value of: Unit Warrant	$ 61,100

Capital Stock (Details 2)

Capital Stock (Details 2)	12 Months Ended
	Mar. 31, 2018$ / sharesshares
Pre-reset [Member]
Assumption:
Market Price (in dollars per share)	$ 1.17
Exercise price per share	$ 1.82
Risk-free interest rate	2.09%
Term (Years)	4 years 8 months 23 days
Volatility	97.80%
Dividend rate	0.00%
Warrant Shares Granted | shares	503,641
Expense recognized	0.77
Post-reset [Member]
Assumption:
Market Price (in dollars per share)	$ 1.17
Exercise price per share	$ 0.001
Risk-free interest rate	2.09%
Term (Years)	4 years 8 months 23 days
Volatility	97.80%
Dividend rate	0.00%
Warrant Shares Granted | shares	503,641
Expense recognized	1.17

Capital Stock (Details 3)

Capital Stock (Details 3)	12 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Warrant [Member]
Market Price (in dollars per share)	$ 8.45
Exercise price per share	$ 7
Risk-free interest rate	1.27%
Term (Years)	5 years
Volatility	78.43%
Dividend rate	0.00%
Weighted average fair value per share	$ 5.63
Pre-Modification [Member] | April - May 2016 warrants
Market Price (in dollars per share)	8.44
Exercise price per share	$ 7.37
Risk-free interest rate	1.23%
Term (Years)	4 years 9 months 7 days
Volatility	79.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 5.37
Warrant shares cancelled and exchanged | shares	41,649
Fair Value | $	$ 223,700
Pre-Modification [Member] | August 2016 warrants
Market Price (in dollars per share)	$ 3.33
Exercise price per share	$ 8
Risk-free interest rate	1.10%
Term (Years)	4 years 6 months 29 days
Volatility	87.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 1.64
Warrant shares cancelled and exchanged | shares	20,000
Fair Value | $	$ 32,900
Pre-Modification [Member] | October 2016 warrants
Market Price (in dollars per share)	$ 4.05
Exercise price per share	$ 8.15
Risk-free interest rate	0.77%
Term (Years)	2 years 4 months 24 days
Volatility	93.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 1.27
Warrant shares cancelled and exchanged | shares	113,944
Fair Value | $	$ 144,400
Pre-Modification [Member] | December 2016 warrants
Market Price (in dollars per share)	$ 3.73
Exercise price per share	$ 10
Risk-free interest rate	0.44%
Term (Years)	1 day
Volatility	100.30%
Dividend rate	0.00%
Warrant shares cancelled and exchanged | shares	49,100
Fair Value | $	$ 0
Post-Modification [Member] | April - May 2016 warrants
Market Price (in dollars per share)	$ 8.45
Common (Series C Preferred for PLTG Warrants) shares issued in exchange | shares	31,238
Fair Value | $	$ 264,000
Incremental fair value recognized as warrant modification expense | $	$ 40,300
Post-Modification [Member] | August 2016 warrants
Market Price (in dollars per share)	$ 3.33
Common (Series C Preferred for PLTG Warrants) shares issued in exchange | shares	15,000
Fair Value | $	$ 50,000
Incremental fair value recognized as warrant modification expense | $	$ 17,100
Post-Modification [Member] | October 2016 warrants
Market Price (in dollars per share)	$ 4.05
Common (Series C Preferred for PLTG Warrants) shares issued in exchange | shares	85,458
Fair Value | $	$ 346,100
Incremental fair value recognized as warrant modification expense | $	$ 201,700
Post-Modification [Member] | December 2016 warrants
Market Price (in dollars per share)	$ 3.73
Common (Series C Preferred for PLTG Warrants) shares issued in exchange | shares	24,550
Fair Value | $	$ 91,600
Incremental fair value recognized as warrant modification expense | $	$ 91,600

Capital Stock (Details 4)

Capital Stock (Details 4)	12 Months Ended
	Mar. 31, 2018$ / sharesshares
Warrant [Member]
Market Price (in dollars per share)	$ 8.45
Exercise price per share	$ 7
Risk-free interest rate	1.27%
Term (Years)	5 years
Volatility	78.43%
Dividend rate	0.00%
Number of warrant shares | shares	39,714
Weighted average fair value per share	$ 5.63
Pre-Modification [Member] | December 2016 warrants
Market Price (in dollars per share)	3.73
Exercise price per share	$ 10
Risk-free interest rate	0.44%
Term (Years)	1 day
Volatility	100.30%
Dividend rate	0.00%
Pre-Modification [Member] | October 2016 warrants
Market Price (in dollars per share)	$ 4.05
Exercise price per share	$ 8.15
Risk-free interest rate	0.77%
Term (Years)	2 years 4 months 24 days
Volatility	93.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 1.27
Pre-Modification [Member] | April - May 2016 warrants
Market Price (in dollars per share)	8.44
Exercise price per share	$ 7.37
Risk-free interest rate	1.23%
Term (Years)	4 years 9 months 7 days
Volatility	79.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 5.37
Pre-Modification [Member] | August 2016 warrants
Market Price (in dollars per share)	3.33
Exercise price per share	$ 8
Risk-free interest rate	1.10%
Term (Years)	4 years 6 months 29 days
Volatility	87.00%
Dividend rate	0.00%
Weighted average fair value per share	$ 1.64
Post-Modification [Member] | December 2016 warrants
Market Price (in dollars per share)	3.73
Post-Modification [Member] | October 2016 warrants
Market Price (in dollars per share)	4.05
Post-Modification [Member] | April - May 2016 warrants
Market Price (in dollars per share)	8.45
Post-Modification [Member] | August 2016 warrants
Market Price (in dollars per share)	$ 3.33

Capital Stock (Details 5)

Capital Stock (Details 5)	12 Months Ended
	Mar. 31, 2018$ / sharesshares
Warrant One [Member]
Exercise Price per Share | $ / shares	$ 1.50
Expiration Date	11/30/2021 to 12/13/2022
Warrants outstanding	10,150,000
Warrants exercisable	10,000,000
Warrant Two [Member]
Exercise Price per Share | $ / shares	$ 1.82
Expiration Date	3/7/2023
Warrants outstanding	1,388,931
Warrants exercisable	1,388,931
Warrant Three [Member]
Exercise Price per Share | $ / shares	$ 2
Expiration Date	4/30/2021
Warrants outstanding	523,573
Warrants exercisable	523,573
Warrant Four [Member]
Exercise Price per Share | $ / shares	$ 3.51
Expiration Date	12/31/2021
Warrants outstanding	50,000
Warrants exercisable	50,000
Warrant Five [Member]
Exercise Price per Share | $ / shares	$ 4.50
Expiration Date	9/26/2019
Warrants outstanding	25,000
Warrants exercisable	25,000
Warrant Six [Member]
Exercise Price per Share | $ / shares	$ 5.30
Expiration Date	5/16/2021
Warrants outstanding	2,705,883
Warrants exercisable	2,705,883
Warrant Seven [Member]
Exercise Price per Share | $ / shares	$ 6
Expiration Date	9/26/2019 to 11/30/2019
Warrants outstanding	97,750
Warrants exercisable	97,750
Warrant Eight [Member]
Exercise Price per Share | $ / shares	$ 7
Expiration Date	12/11/2018 to 3/3/2023
Warrants outstanding	1,346,931
Warrants exercisable	1,346,931
Warrant Nine [Member]
Exercise Price per Share | $ / shares	$ 8
Expiration Date	3/25/2021
Warrants outstanding	185,000
Warrants exercisable	185,000
Warrant Ten [Member]
Exercise Price per Share | $ / shares	$ 10
Expiration Date	1/11/2020
Warrants outstanding	20,000
Warrants exercisable	20,000
Warrant Eleven [Member]
Exercise Price per Share | $ / shares	$ 20
Expiration Date	9/15/2019
Warrants outstanding	110,448
Warrants exercisable	110,448
Warrant [Member]
Warrants outstanding	16,603,516
Warrants exercisable	16,453,516

Capital Stock (Details 6)

Capital Stock (Details 6)	Mar. 31, 2018shares
Reserved for future issuance	30,782,728
Available for future grants	3,987,162
Series A Preferred Stock [Member]
Reserved for future issuance	750,000
Series B Preferred Stock [Member]
Reserved for future issuance	1,823,700
Series C Preferred Stock [Member]
Reserved for future issuance	2,318,012
Warrant [Member]
Reserved for future issuance	9,287,500
Amended and Restated 2016 and 1999 Stock [Member]
Reserved for future issuance	5,300,338
Available for future grants	3,987,162

Research and Development Expe50

Research and Development Expenses (Details Narrative) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Research and Development [Abstract]
Research and development	$ 2,638,000	$ 1,602,000	$ 2,427,000	$ 1,096,000	$ 1,161,000	$ 1,611,000	$ 1,606,000	$ 826,000	$ 7,762,500	$ 5,203,700

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Computed expected tax benefit	(30.75%)	(34.00%)
Tax effect of warrant modifications and other non-deductible items	0.40%	1.42%
Tax effect of research and development credits	(14.40%)	0.00%
Effect of U.S. tax law change (federal and state)	88.09%	0.00%
Other losses not benefitted	(56.28%)	32.58%
Other	0.00%	0.02%
Income tax expense	0.02%	0.02%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Deferred tax assets:
Net operating loss carryovers	$ 21,402,600	$ 30,184,100
Basis differences in fixed assets	(7,600)	(4,200)
Stock based compensation	2,504,500	3,673,900
Accruals and reserves	1,352,900	927,900
Total deferred tax assets	25,252,400	34,781,700
Valuation allowance	(25,252,400)	(34,781,700)
Net deferred tax assets	$ 0	$ 0

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Unrecognized tax benefit
Unrecognized benefit - beginning of period	$ 290,500	$ 142,400
Current period tax position increases	102,300	77,700
Prior period tax position increases	58,800	70,400
Unrecognized benefit - end of period	$ 451,600	$ 290,500

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Valuation allowance increase	$ 9,529,300	$ 3,567,000
U.S. federal net operating loss carryforwards	88,477,000
State net operating loss carryforwards	63,457,200
Unrecognized benefit - end of period	$ 451,600	$ 290,500

Licensing, Sublicensing and C55

Licensing, Sublicensing and Collaborative Agreements (Details Narrative) - USD ($)	3 Months Ended				12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Sublicense fees	$ 0	$ 1,250,000	$ 0	$ 0	$ 0	$ 1,250,000
CRL [Member]
Incurred expenses					$ 1,390,700	$ 254,600

Stock Option Plans and 401(k)56

Stock Option Plans and 401(k) Plan (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Total stock-based compensation expense	$ 2,344,200	$ 851,300
Research and Development Expense [Member]
Total stock-based compensation expense	969,200	375,100
General and Administrative Expense [Member]
Total stock-based compensation expense	1,375,000	476,200
Stock Option [Member] | Research and Development Expense [Member]
Total stock-based compensation expense	969,200	375,100
Stock Option [Member] | General and Administrative Expense [Member]
Total stock-based compensation expense	$ 1,375,000	$ 476,200

Stock Option Plans and 401(k)57

Stock Option Plans and 401(k) Plan (Details 1) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Exercise price	$ 1.44	$ 3.69
Market price on date of grant	$ 1.44	$ 3.69
Risk-free interest rate	2.39%	1.51%
Expected term (years)	6 years 10 months 13 days	6 years 8 months 8 days
Volatility	90.40%	82.96%
Expected dividend yield	0.00%	0.00%
Fair value per share at grant date	$ 1.10	$ 2.69

Stock Option Plans and 401(k)58

Stock Option Plans and 401(k) Plan (Details 2) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at beginning	1,659,324	336,987
Options granted	3,675,000	1,340,000
Options exercised	0	0
Options forfeited	12,154	0
Options expired	21,832	17,663
Options outstanding at end	5,300,338	1,659,324
Options exercisable at end	1,818,962	351,532
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options outstanding at beginning	$ 4.76	$ 9.56
Options granted	1.44	3.69
Options exercised	0	0
Options forfeited	5.39	0
Options expired	9.42	15.52
Options outstanding at end	2.43	4.76
Options exercisable at end	3.31	8.27
Weighted average grant-date fair value of options granted	$ 1.10	$ 2.69

Stock Option Plans and 401(k)59

Stock Option Plans and 401(k) Plan (Details 3)	12 Months Ended
	Mar. 31, 2018$ / sharesshares
Number Outstanding | shares	5,300,338
Weighted Average Remaining Years until Expiration	9 years 7 days
Weighted Average Exercise Price | $ / shares	$ 2.43
Number Exercisable | shares	1,818,962
Exercisable Weighted Average Exercise Price | $ / shares	$ 3.31
$1.16 to $1.21 [Member]
Number Outstanding | shares	2,025,000
Weighted Average Remaining Years until Expiration	9 years 10 months 2 days
Weighted Average Exercise Price | $ / shares	$ 1.16
Number Exercisable | shares	569,524
Exercisable Weighted Average Exercise Price | $ / shares	$ 1.16
$1.56 to $1.96 [Member]
Number Outstanding | shares	1,650,000
Weighted Average Remaining Years until Expiration	9 years 3 months 4 days
Weighted Average Exercise Price | $ / shares	$ 1.77
Number Exercisable | shares	384,986
Exercisable Weighted Average Exercise Price | $ / shares	$ 1.56
$3.49 to $4.27 [Member]
Number Outstanding | shares	1,330,000
Weighted Average Remaining Years until Expiration	8 years 4 months 28 days
Weighted Average Exercise Price | $ / shares	$ 3.69
Number Exercisable | shares	577,870
Exercisable Weighted Average Exercise Price | $ / shares	$ 3.68
$8.00 to $15.00 [Member]
Number Outstanding | shares	295,338
Weighted Average Remaining Years until Expiration	4 years 9 months 15 days
Weighted Average Exercise Price | $ / shares	$ 9.19
Number Exercisable | shares	286,582
Exercisable Weighted Average Exercise Price | $ / shares	$ 9.19

Stock Option Plans and 401(k)60

Stock Option Plans and 401(k) Plan (Details Narrative)	Mar. 31, 2018USD ($)shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of share available for grant under 2016 Plan | shares	3,987,162
Aggregate intrinsic value outstanding	$ 0
Unrecognized compensation cost	$ 4,492,300

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CRL [Member]
Incurred expenses	$ 1,390,700	$ 254,600

Commitments, Contingencies, G62

Commitments, Contingencies, Guarantees and Indemnifications (Details) - Office Furniture And Equipment [Member] - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Office equipment	$ 14,700	$ 14,700
Accumulated depreciation	(3,600)	(700)
Net book value	$ 11,100	$ 14,000

Commitments, Contingencies, G63

Commitments, Contingencies, Guarantees and Indemnifications (Details 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Fiscal Years Ending March 31,
2,019	$ 3,800	$ 3,840
2,020	3,800	3,840
2,021	3,800	3,840
2,022	3,300	3,200
Future minimum lease payments	14,700	14,720
Less imputed interest included in minimum lease payments	(2,800)	(2,775)
Present value of minimum lease payments	11,900	11,945
Less current portion	(2,600)	(2,400)
Non-current capital lease obligation	$ 9,300	$ 11,900

Commitments, Contingencies, G64

Commitments, Contingencies, Guarantees and Indemnifications (Details 2)	Mar. 31, 2018USD ($)
Fiscal Years Ending March 31,
2,019	$ 602,800
2,020	623,900
2,021	645,800
2,022	668,400
2,023	225,300
Total	$ 2,766,200

Commitments, Contingencies, G65

Commitments, Contingencies, Guarantees and Indemnifications (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Facility rent expense	$ 645,800	$ 482,100

Supplemental Financial Inform66

Supplemental Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Sublicense fees					$ 0	$ 1,250,000	$ 0	$ 0	$ 0	$ 1,250,000
Total revenues					0	1,250,000	0	0	0	1,250,000
Operating expenses:
Research and development	$ 2,638,000	$ 1,602,000	$ 2,427,000	$ 1,096,000	1,161,000	1,611,000	1,606,000	826,000	7,762,500	5,203,700
General and administrative	1,440,000	1,266,000	2,567,000	1,164,000	1,387,000	2,276,000	1,494,000	1,138,000	6,437,100	6,294,800
Total operating expenses	4,078,000	2,868,000	4,994,000	2,260,000	2,548,000	3,887,000	3,100,000	1,964,000	14,199,600	11,498,500
Loss from operations	(4,078,000)	(2,868,000)	(4,994,000)	(2,260,000)	(2,548,000)	(2,637,000)	(3,100,000)	(1,964,000)	(14,199,600)	(10,248,500)
Other expenses, net:
Interest expense, net	(1,000)	(2,000)	(3,000)	(3,000)	(1,000)	(1,000)	(1,000)	(2,000)	(8,900)	(4,600)
Loss on extinguishment of debt	0	(135,000)	0	0					(135,000)	0
Loss before income taxes	(4,079,000)	(3,005,000)	(4,997,000)	(2,263,000)	(2,549,000)	(2,638,000)	(3,101,000)	(1,966,000)	(14,343,500)	(10,253,100)
Income taxes	0	0	0	(2,000)	0	0	0	(2)	(2,400)	(2,400)
Net loss and comprehensive loss	(4,079,000)	(3,005,000)	(4,997,000)	(2,265,000)	(2,549,000)	(2,638,000)	(3,101,000)	(1,968,000)	(14,345,900)	(10,255,500)
Accrued dividends on Series B Preferred stock	(263)	(263)	(257)	(247)	(238,000)	(238,000)	(241,000)	(540,000)	(1,030,400)	(1,257,000)
Deemed dividend from trigger of down round provision feature	0	(199,000)	0	0					199,200	0
Deemed dividend on Series B Preferred Units					0	0	0	(111,000)	0	(111,100)
Net loss attributable to common stockholders	$ (4,342)	$ (3,467)	$ (5,254)	$ (2,512)	$ (2,787,000)	$ (2,876,000)	$ (3,342,000)	$ (2,619,000)	$ (15,575,500)	$ (11,623,600)
Basic and diluted net loss attributable to common stockholders per common share	$ (0.19)	$ (0.25)	$ (0.53)	$ (0.28)	$ (0.32)	$ (0.34)	$ (0.42)	$ (0.51)	$ (1.12)	$ (1.54)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share	22,880,968	13,895,642	9,892,016	9,034,213	8,602,107	8,381,824	8,047,619	5,097,832	13,890,041	7,531,642