VistaGen Therapeutics (VTGN) 10-Q 29 Oct 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Oct. 26, 2018
Document And Entity Information
Entity Registrant Name	VistaGen Therapeutics, Inc.
Entity Central Index Key	1,411,685
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		31,057,215
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,019

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 7,831,600	$ 10,378,300
Prepaid expenses and other current assets	648,000	644,800
Total current assets	8,479,600	11,023,100
Property and equipment, net	361,800	207,400
Security deposits and other assets	47,800	47,800
Total assets	8,889,200	11,278,300
Current liabilities:
Accounts payable	590,100	1,195,700
Accrued expenses	599,700	206,300
Current notes payable	115,600	53,900
Capital lease obligations	2,800	2,600
Total current liabilities	1,308,200	1,458,500
Non-current liabilities:
Accrued dividends on Series B Preferred Stock	3,165,400	2,608,300
Deferred rent liability	418,500	285,600
Capital lease obligations	7,900	9,300
Total non-current liabilities	3,591,800	2,903,200
Total liabilities	4,900,000	4,361,700
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized at September 30, 2018 and March 31, 2018; 28,676,715 and 23,068,280 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively	28,700	23,100
Additional paid-in capital	176,117,900	167,401,400
Treasury stock, at cost, 135,665 shares of common stock held at June 30, 2018 and March 31, 2017	(3,968,100)	(3,968,100)
Accumulated deficit	(168,193,300)	(156,543,800)
Total stockholders' equity	3,989,200	6,916,600
Total liabilities and stockholders' equity	8,889,200	11,278,300
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	500	500
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	1,200	1,200
Series C Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	$ 2,300	$ 2,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Stockholders deficit:
Preferred Stock, par value	$ 0.001	$ .001
Preferred Stock, Authorized	10,000,000	10,000,000
Common Stock, Par Value Par Share	$ .001	$ .001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	28,676,715	23,068,280
Common Stock, Shares, Outstanding	28,676,715	23,068,280
Treasury Stock, Shares	135,665	135,665
Series A Preferred Stock [Member]
Stockholders deficit:
Preferred Stock, Authorized	500,000	500,000
Preferred Stock, Shares Issued	500,000	500,000
Preferred Stock, Shares Outstanding	500,000	500,000
Series B Preferred Stock [Member]
Stockholders deficit:
Preferred Stock, Authorized	4,000,000	4,000,000
Preferred Stock, Shares Issued	1,160,240	1,160,240
Preferred Stock, Shares Outstanding	1,160,240	1,160,240
Series C Preferred Stock [Member]
Stockholders deficit:
Preferred Stock, Authorized	3,000,000	3,000,000
Preferred Stock, Shares Issued	2,318,012	2,318,012
Preferred Stock, Shares Outstanding	2,318,012	2,318,012

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating expenses:
Research and development	$ 5,261,100	$ 2,426,600	$ 8,004,800	$ 3,522,800
General and administrative	2,171,000	2,567,100	3,637,300	3,731,400
Total operating expenses	7,432,100	4,993,700	11,642,100	7,254,200
Loss from operations	(7,432,100)	(4,993,700)	(11,642,100)	(7,254,200)
Other expenses, net:
Interest expense, net	(2,900)	(3,300)	(5,000)	(5,700)
Loss before income taxes	(7,435,000)	(4,997,000)	(11,647,100)	(7,259,900)
Income taxes	0	0	(2,400)	(2,400)
Net loss and comprehensive loss	(7,435,000)	(4,997,000)	(11,649,500)	(7,262,300)
Accrued dividends on Series B Preferred stock	(283,600)	(256,300)	(557,100)	(503,600)
Net loss attributable to common stockholders	$ (7,718,600)	$ (5,253,300)	$ (12,206,600)	$ (7,765,900)
Basic and diluted net loss attributable to common stockholders per common share	$ (0.30)	$ (0.53)	$ (0.50)	$ (0.82)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share	25,815,245	9,892,016	24,267,816	9,465,459

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (11,649,500)	$ (7,262,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	37,900	46,200
Stock-based compensation	1,785,000	697,600
Expense related to modification of warrants	0	279,700
Fair value of common stock granted for services	207,300	1,392,000
Fair value of common stock issued for product license and option	2,250,000	0
Fair value of warrants granted for services	25,100	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	365,400	197,000
Accounts payable and accrued expenses, including accrued interest	(212,300)	466,400
Amortization of deferred rent	128,000	173,500
Net cash used in operating activities	(7,063,100)	(4,009,900)
Cash flows from investing activities:
Purchases of equipment	0	(1,600)
Construction of tenant improvements	(169,800)	0
Net cash used in investing activities	(169,800)	(1,600)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants, including Units	4,778,700	2,947,700
Proceeds from exercise of warrants	7,500	0
Repayment of capital lease obligations	(1,300)	(1,200)
Repayment of notes payable	(98,700)	(91,900)
Net cash provided by financing activities	4,686,200	2,854,600
Net increase in cash and cash equivalents	(2,546,700)	(1,156,900)
Cash and cash equivalents at beginning of period	10,378,300	2,921,300
Cash and cash equivalents at end of period	7,831,600	1,764,400
Supplemental disclosure of noncash activites:
Insurance premiums settled by issuing note payable	160,500	142,400
Accrued dividends on Series B Preferred	$ 557,100	$ 503,600

Description of Business

Description of Business	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Description of Business	Overview VistaGen Therapeutics. Inc., a Nevada corporation (which may be referred to as VistaGen Company we our us CNS AV-101 AV-101, an investigational prodrug candidate, is an orally bioavailable NMDAR GlyB (N-methyl-D-aspartate receptor glycine B) antagonist in development as a potential new treatment for multiple CNS indications with high unmet need, including major depressive disorder ( MDD NP PD LID) SI FDA Major Depressive Disorder MDD is a serious biologically-based mood disorder, affecting approximately 16 million adults in the United States according to the U.S. National Institute of Mental Health (the NIMH CDC We believe AV-101 has potential to be an oral, stand-alone first line therapy and an adjunctive therapy if successfully developed and approved. As an adjunctive therapy, we believe AV-101 has potential to both (i) augment current antidepressants approved by the FDA and serve as a monotherapy, in the current MDD drug treatment paradigm for patients with MDD who have an inadequate response to standard antidepressants, and (ii) prevent relapse of MDD and/or suicidal ideation following successful treatment with ketamine hydrochloride ( ketamine IV AV-101 is currently in Phase 2 clinical development in the United States for MDD. We initiated 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 the subject of a small randomized, double-blind, placebo-controlled cross-over Phase 2 clinical study being conducted and funded by the NIMH, pursuant to our Cooperative Research and Development Agreement ( CRADA NIMH Study Suicidal Ideation According to the World Health Organization ( WHO VA We are collaborating with Baylor College of Medicine ( Baylor Baylor Study MT CRADA PH94B In September 2018, we acquired, on a non-cash basis through the issuance of unregistered shares of our common stock, a license from Pherin Pharmaceuticals, Inc. ( Pherin SAD Administered as a nasal spray, PH94B is designed to act locally on peripheral nasal chemosensory receptors that trigger rapid activation of the limbic system areas of the brain associated with SAD. In prior clinical studies, PH94B demonstrated rapid (10-15 minutes) anxiety reduction for subjects with SAD as measured by the Subjective Units of Distress ( SUD LSAS Based on clinical studies in which PH94B was observed to have rapid onset of effect on anxiety reduction as measured by the SUD and LSAS and was well-tolerated, and in light of its novel route of administration and on-demand dosing design, we believe PH94B has potential to be the first FDA-approved medication for acute on demand intermittent and long-term treatment of individuals with SAD. PH10 In October 2018, we acquired, on a non-cash basis through the issuance of unregistered shares of our common stock, a second license from Pherin giving us the exclusive worldwide rights to develop and commercialize PH10, an investigational pherine designed to be administered as a nasal spray to bind locally on nasal chemosensory receptors and trigger responses in the hypothalamus, amygdala, prefrontal cortex and hippocampus. See Note 10, Subsequent Events HAM-D VistaStem 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 NCEs RM CardioSafe 3D BlueRock Therapeutics BlueRock Agreement Subsidiaries VistaStem is our wholly-owned subsidiary. Our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q ( Report

Basis of Presentation

Basis of Presentation	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ( U.S. GAAP The accompanying unaudited Condensed Consolidated Financial Statements and notes to Condensed Consolidated Financial Statements contained in this Report should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2018 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ( SEC The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming 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 approximately $168.2 million accumulated from inception (May 1998) through September 30, 2018. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of AV-101, initially as an adjunctive treatment for MDD and subsequently as a new treatment alternative for other CNS conditions, further development of PH94B and PH10, execute our drug rescue programs and pursue potential drug development and regenerative medicine opportunities. Since our inception in May 1998 through September 30, 2018, we have financed our operations and technology acquisitions primarily through the issuance and sale of our equity and debt securities for cash proceeds of approximately $66.2 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 and the Baylor Study), strategic collaboration payments, intellectual property sublicensing and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $36.1 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. At September 30, 2018, we had cash and cash equivalents of $7.8 million. Subsequently, through October 26, 2018, we received cash proceeds of approximately $2.4 million from self-placed private placements of unregistered equity securities and exercises of outstanding warrants to purchase our common stock, par value $0.001 per share ( Common Stock Summer 2018 Private Placement Fall 2018 Private Placement Capital Stock Subsequent Events Although our cash position at September 30, 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 have sufficient resources to fund our planned operations for the twelve months following the issuance of these financial statements, during which we plan to complete our ELEVATE study, conduct additional clinical and nonclinical studies involving AV-101 and prepare for a pivotal Phase 3 clinical trial of PH94B and a Phase 2 clinical trial of PH10, raise substantial doubt that we can continue as a going concern, as noted above, since September 30, 2018, we have raised approximately $2.4 million of additional capital from the sale of our equity securities. When necessary and advantageous, we plan to raise additional capital, primarily through the sale of our equity securities in one or more private placements to accredited investors or in public offerings. Subject to certain restrictions, our effective Registration Statement on Form S-3 (Registration No. 333-215671) (the S-3 Registration Statement In addition to the potential sale of our equity securities, we may also seek to enter into research, development and/or commercialization collaborations that could generate revenue or provide funding, including non-dilutive funding, for development of AV-101, PH94B, PH10 and/or additional product candidates. We may also seek additional government grant awards or agreements similar, for example, to our current CRADA with the NIMH, which provides for the NIMH to fully fund the NIMH Study, or similar to our relationships with Baylor and the VA in connection with the Baylor 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. We may also pursue intellectual property arrangements similar to the BlueRock Agreement with other parties. Although we may seek additional collaborations that could generate revenue and/or non-dilutive funding for development of AV-101, PH94B, PH10 or 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 our current product candidates 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, PH94B, PH10 and, to a lesser extent, 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 financings or government or other strategic collaborations will be available to us 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 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 Condensed 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	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Summary of Significant Accounting Policies	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those relating to share-based compensation, and assumptions that have been used historically to value warrants and warrant modifications. With the exception of the BlueRock Agreement pursuant to which we recorded sublicense revenue in the third quarter of our fiscal year ended March 31, 2017, we do not currently have, nor have we had during the periods covered by this Report, any arrangements requiring the recognition of revenue. 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, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and, to a lesser extent, 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 Subsequent Events 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 not granted 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. The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2018 and 2017. Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Research and development expense: Stock option grants $ 450,600 $ 136,900 $ 680,700 $ 328,300 450,600 136,900 680,700 328,300 General and administrative expense: Stock option grants 721,800 193,700 1,104,300 369,300 721,800 193,700 1,104,300 369,300 Total stock-based compensation expense $ 1,172,400 $ 330,600 $ 1,785,000 $ 697,600 In August 2018, our Board approved the grant of options from our 2016 Amended and Restated Stock Incentive Plan (the 2016 Plan Assumption: August 2018 Market price per share at grant date $ 1.27 Exercise price per share $ 1.27 Risk-free interest rate 2.84 % Estimated term in years 5.50 Volatility 99.29 % Dividend rate 0.0 % Shares 860,000 Fair Value per share $ 0.98 In August 2018, our Board also approved the modification of outstanding options having exercise prices over $1.56 per share and held by independent members of our Board, our officers and our employees to reduce the exercise prices thereof to $1.50 per share. We calculated the fair value of the options immediately before and after the modification using the Black-Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We immediately recognized the additional fair value attributable to vested options, $258,100, as stock compensation expense, which is included in the figures reported above. The additional fair value resulting from the modification is being expensed over the remaining vesting period of the modified options. Assumption: Pre-modification Post-modification Market price per share $ 1.49 $ 1.49 Exercise price per share $ 3.57 $ 1.50 Risk-free interest rate 2.77 % 2.77 % Remaining expected term in years 5.08 5.08 Volatility 94.9 % 94.9 % Dividend rate 0.0 % 0.0 % Number of warrant shares 2,419,503 2,419,503 Weighted average fair value per share $ 0.91 $ 1.08 At September 30, 2018, there were stock options outstanding to purchase 6,160,338 shares of our common stock at a weighted average exercise price of $1.46 per share. See Note 10, Subsequent Events 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 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 of dividends on outstanding shares of our Series B 10% Convertible Preferred Stock ( Series B Preferred As a result of our net loss for all periods presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows: As of September 30, 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) 6,160,338 3,279,871 Outstanding warrants to purchase common stock 20,709,516 6,965,151 Total 31,098,106 14,473,274 ____________ (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 Fair Value Measurements We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We carried no assets or liabilities at fair value at September 30, 2018 or March 31, 2018. Recent Accounting Pronouncements Except as described below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended September 30, 2018, as compared to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2018, that are of significance or potential significance to us. In June 2018, the Financial Accounting Standards Board ( FASB ASU Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting ASU 2018-07 Revenue from Contracts with Customers Topic 606 In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets are composed of the following at September 30, 2018 and March 31, 2018: September 30, March 31, 2018 2018 AV-101 materials and services $ 188,600 $ 505,900 Professional services 269,500 - Insurance 158,600 88,300 Public offering filing fees and expenses 25,900 25,900 All other 5,400 24,700 $ 648,000 $ 644,800 The increase in prepaid professional services is primarily attributable to the unexpensed portion of the fair value of securities we have issued to certain professional service providers as full or partial compensation for services. The fair value of the securities issued is being expensed ratably over the term of the related service agreement.

Property and Equipment

Property and Equipment	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment is composed of the following at September 30, 2018 and March 31, 2018: September 30, March 31, 2018 2018 Laboratory equipment $ 888,300 $ 888,300 Tenant improvements 214,400 26,900 Computers and network equipment 54,600 54,600 Office furniture and equipment 84,500 79,700 1,241,800 1,049,500 Accumulated depreciation and amortization (880,000 ) (842,100 ) Property and equipment, net $ 361,800 $ 207,400 The increase in tenant improvements reflects recently completed construction at our South San Francisco, California offices. Under the terms of our November 2016 lease extension agreement, our landlord has provided cash reimbursement of $158,600 of such tenant improvement costs. Such reimbursement is a component of the deferred rent liability shown on our Condensed Consolidated Balance Sheet at September 30, 2018.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Accrued Expenses	Accrued expenses are composed of the following at September 30, 2018 and March 31, 2018: September 30, March 31, 2018 2018 Accrued AV-101 clinical trial, development and related expenses $ 495,900 $ 176,600 Accrued professional services 98,300 27,000 All other 5,500 2,700 $ 599,700 $ 206,300

Notes Payable

Notes Payable	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Notes Payable	The following table summarizes our unsecured promissory notes at September 30, 2018 and March 31, 2018. September 30, 2018 March 31, 2018 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 6.50% and 7.15% Notes payable to insurance premium financing company (current) $ 115,600 $ - $ 115,600 $ 53,900 $ - $ 53,900 In May 2018, we executed a 6.50% promissory note in the principal amount of $160,500 in connection with certain insurance policy premiums. The note is payable in monthly installments of $16,500, including principal and interest, through March 2019, and had an outstanding balance of $97,300 at September 30, 2018. In February 2018, we executed a 7.15% promissory note in the principal amount of $59,700 in connection with other insurance policy premiums. That note is payable in monthly installments of $6,200, including principal and interest, through December 2018, and had an outstanding balance of $18,300 at September 30, 2018.

Capital Stock

Capital Stock	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Capital Stock	Common Stock and Warrants Issued in Private Placement Through September 30, 2018, in connection with our self-placed Summer 2018 Private Placement, we accepted subscription agreements from accredited investors, pursuant to which we sold units, at a purchase price of $1.25 per unit, consisting of 3,823,000 unregistered shares of our common stock and warrants, exercisable through February 28, 2022, to purchase 3,823,000 unregistered shares of our common stock at an exercise price of $1.50 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 at least six months and one day following the date of issuance. We received aggregate cash proceeds of $4,778,700 in connection with these self-placed private placement transactions during the period ended September 30, 2018, and the entire amount of the proceeds was credited to stockholders’ equity. Refer to Note 10, Subsequent Events Issuance of Common Stock for Product License and Option As indicated in Note 1, Description of Business Subsequent Events Issuance of Common Stock and Warrants to Professional Services Providers During the quarter ended June 30, 2018, we issued an aggregate of 100,000 shares of our unregistered common stock having a fair value on the date of issuance of $123,000 as full or partial compensation to an investor relations service provider and under a financial advisory agreement. During the quarter ended September 30, 2018, we issued 50,000 shares of our unregistered common stock having a fair value on the date of issuance of $68,000 as partial compensation to a corporate awareness service provider. We also issued four-year warrants to three service providers to purchase an aggregate of 288,000 unregistered shares of our common stock at an exercise price of $1.50 per share as full or partial compensation for investor relations and corporate awareness services. We valued the warrants at an aggregate fair value of $266,900 using the Black-Scholes Option Pricing Model and the following grant date weighted average assumptions: exercise price per share: $1.50; market price per share: $1.40; risk-free interest rate: 2.71%; contractual term: 4 years; volatility: 94.17%; dividend rate: 0%; deriving a value per warrant share of $0.93. The fair value of the common stock and warrants is recognized in expense ratably over the term of the underlying contracts. Warrants Outstanding During the quarter ended June 30, 2018, the holder of a warrant to purchase 5,000 registered shares of our common stock at $1.50 per share issued in our December 2017 public offering fully exercised the warrant and we received cash proceeds of $7,500. Refer to Note 10, Subsequent Events Exercise Price Expiration Warrants Outstanding at per Share Date September 30, 2018 $ 1.50 11/30/2021 to 12/13/2022 14,256,000 $ 1.82 3/7/2023 1,388,931 $ 2.00 4/30/2021 523,573 $ 3.51 12/31/2021 50,000 $ 4.50 9/26/2019 25,000 $ 5.30 5/16/2021 2,705,883 $ 6.00 9/26/2019 to 11/30/2019 97,750 $ 7.00 12/11/2018 to 3/3/2023 1,346,931 $ 8.00 3/25/2021 185,000 $ 10.00 1/11/2020 20,000 $ 20.00 9/15/2019 110,448 20,709,516 Of the warrants outstanding at September 30, 2018, 2,705,883 shares of common stock underlying the warrants exercisable at $5.30 per share issued in our May 2016 public offering, 1,388,931 shares of common stock underlying the warrants exercisable at $1.82 per share issued in our September 2017 public offering and 9,995,000 shares of common stock underlying the warrants exercisable at $1.50 per share issued in our December 2017 public offering are registered for resale by the warrant holders. The common shares issuable upon exercise of our remaining outstanding warrants are unregistered. At September 30, 2018, none of our outstanding warrants are subject to down round anti-dilution protection features and all of the outstanding warrants are exercisable by the holders only by payment in cash of the stated exercise price per share.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Related Party Transactions	Cato Holding Company ( CHC CBV CRL CRO In July 2017, we entered into a Master Services Agreement ( MSA As noted above, in September 2018, we issued an aggregate of 1,640,435 shares of our unregistered common stock having a fair market value of $2,250,000 to acquire an exclusive worldwide license to develop and commercialize PH94B and an option to acquire a similar license for PH10. The acquisition of the license and option was recorded as research and development expense in the quarter ended September 30, 2018. Additionally, we recorded a $10,000 monthly support payment to Pherin under the terms of the PH94B license agreement during the quarter ended September 30, 2018. At September 30, 2018, Pherin held approximately 5.7% of our outstanding Common Stock. See Note 10, Subsequent Events

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events	We have evaluated subsequent events through October 26, 2018 and have identified the following matters requiring disclosure: Common Stock and Warrants Issued in Summer 2018 Private Placement During October 2018, we received aggregate cash proceeds of $977,500 in connection with our over-subscribed self-placed Summer 2018 Private Placement, bringing total cash proceeds from the Summer 2018 Private Placement to $5,756,200. Pursuant to subscription agreements from accredited investors, we sold to such investors units, at a purchase price of $1.25 per unit, consisting of an aggregate of 782,000 unregistered shares of our Common Stock and warrants, exercisable through February 28, 2022, to purchase 782,000 unregistered shares of our Common Stock at an exercise price of $1.50 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 at least six months and one day following the date of issuance. Common Stock and Warrants Issued in Fall 2018 Private Placement The Summer 2018 Private Placement was oversubscribed. To accommodate additional investor interest, during October 2018, we accepted subscription agreements from accredited investors, pursuant to which we sold to such investors units, at a unit purchase price equal to $0.15 above the closing quoted market price of our Common Stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement, consisting of an aggregate of 420,939 unregistered shares of our Common Stock and four-year, immediately exercisable warrants to purchase 420,939 unregistered shares of our Common Stock at a per share exercise price equal to the closing quoted market price of our Common Stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement (the Fall 2018 Private Placement Grant of Options from 2016 Plan During October 2018, we granted to certain professional service providers and consultants options to purchase an aggregate of 250,000 shares of our Common Stock at exercise prices ranging from $1.52 per share to $2.20 per share, reflecting the quoted closing price of our Common Stock on the Nasdaq Capital Markets on the date of the grant. Exercises of Warrants Through October 26, 2018, we received cash proceeds of approximately $581,000 from the exercise of warrants issued in our December 2017 public offering to purchase an aggregate of 387,300 registered shares of our Common Stock at $1.50 per share. Issuance of Common Stock for Product License In October 2018, we exercised our option to acquire an exclusive worldwide license to develop and commercialize PH10 and issued 925,926 shares of our unregistered Common Stock having a fair market value of $2,000,000, based on the $2.16 per share closing quoted market price of our Common Stock on the Nasdaq Capital Market, to Pherin under the terms of the license agreement. Following the issuance of these shares, Pherin holds approximately 8% of our outstanding Common Stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2018
Summary Of Significant Accounting Policies Policies
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those relating to share-based compensation, and assumptions that have been used historically to value warrants and warrant modifications. With the exception of the BlueRock Agreement pursuant to which we recorded sublicense revenue in the third quarter of our fiscal year ended March 31, 2017, we do not currently have, nor have we had during the periods covered by this Report, any arrangements requiring the recognition of revenue.
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, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and, to a lesser extent, 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 Subsequent Events
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 not granted 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. The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2018 and 2017. Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Research and development expense: Stock option grants $ 450,600 $ 136,900 $ 680,700 $ 328,300 450,600 136,900 680,700 328,300 General and administrative expense: Stock option grants 721,800 193,700 1,104,300 369,300 721,800 193,700 1,104,300 369,300 Total stock-based compensation expense $ 1,172,400 $ 330,600 $ 1,785,000 $ 697,600 In August 2018, our Board approved the grant of options from our 2016 Amended and Restated Stock Incentive Plan (the 2016 Plan Assumption: August 2018 Market price per share at grant date $ 1.27 Exercise price per share $ 1.27 Risk-free interest rate 2.84 % Estimated term in years 5.50 Volatility 99.29 % Dividend rate 0.0 % Shares 860,000 Fair Value per share $ 0.98 In August 2018, our Board also approved the modification of outstanding options having exercise prices over $1.56 per share and held by independent members of our Board, our officers and our employees to reduce the exercise prices thereof to $1.50 per share. We calculated the fair value of the options immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We immediately recognized the additional fair value attributable to vested options, $258,100, as stock compensation expense, which is included in the figures reported above. The additional fair value resulting from the modification is being expensed over the remaining vesting period of the modified options. Assumption: Pre-modification Post-modification Market price per share $ 1.49 $ 1.49 Exercise price per share $ 3.57 $ 1.50 Risk-free interest rate 2.77 % 2.77 % Remaining expected term in years 5.08 5.08 Volatility 94.9 % 94.9 % Dividend rate 0.0 % 0.0 % Number of warrant shares 2,419,503 2,419,503 Weighted average fair value per share $ 0.91 $ 1.08 At September 30, 2018, there were stock options outstanding to purchase 6,160,338 shares of our common stock at a weighted average exercise price of $1.46 per share. See Note 10, Subsequent Events
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	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 of dividends on outstanding shares of our Series B 10% Convertible Preferred Stock ( Series B Preferred As a result of our net loss for all periods presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows: As of September 30, 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) 6,160,338 3,279,871 Outstanding warrants to purchase common stock 20,709,516 6,965,151 Total 31,098,106 14,473,274 ____________ (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
Fair Value Measurements	We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We carried no assets or liabilities at fair value at September 30, 2018 or March 31, 2018.
Recent Accounting Pronouncements	Except as described below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended September 30, 2018, as compared to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2018, that are of significance or potential significance to us. In June 2018, the Financial Accounting Standards Board ( FASB ASU Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting ASU 2018-07 Revenue from Contracts with Customers Topic 606 In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2018
Summary Of Significant Accounting Policies Tables
Summary of stock-based compensation expense	Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Research and development expense: Stock option grants $ 450,600 $ 136,900 $ 680,700 $ 328,300 450,600 136,900 680,700 328,300 General and administrative expense: Stock option grants 721,800 193,700 1,104,300 369,300 721,800 193,700 1,104,300 369,300 Total stock-based compensation expense $ 1,172,400 $ 330,600 $ 1,785,000 $ 697,600
Fair value assumptions	Assumption: August 2018 Market price per share at grant date $ 1.27 Exercise price per share $ 1.27 Risk-free interest rate 2.84 % Estimated term in years 5.50 Volatility 99.29 % Dividend rate 0.0 % Shares 860,000 Fair Value per share $ 0.98 Assumption: Pre-modification Post-modification Market price per share $ 1.49 $ 1.49 Exercise price per share $ 3.57 $ 1.50 Risk-free interest rate 2.77 % 2.77 % Remaining expected term in years 5.08 5.08 Volatility 94.9 % 94.9 % Dividend rate 0.0 % 0.0 % Number of warrant shares 2,419,503 2,419,503 Weighted average fair value per share $ 0.91 $ 1.08
Schedule of potentially dilutive securities excluded from computation of earnings per share	As of September 30, 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) 6,160,338 3,279,871 Outstanding warrants to purchase common stock 20,709,516 6,965,151 Total 31,098,106 14,473,274 ____________

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Sep. 30, 2018
Prepaid Expenses And Other Current Assets Tables
Prepaid Expenses	September 30, March 31, 2018 2018 AV-101 materials and services $ 188,600 $ 505,900 Professional services 269,500 - Insurance 158,600 88,300 Public offering filing fees and expenses 25,900 25,900 All other 5,400 24,700 $ 648,000 $ 644,800

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	September 30, March 31, 2018 2018 Laboratory equipment $ 888,300 $ 888,300 Tenant improvements 214,400 26,900 Computers and network equipment 54,600 54,600 Office furniture and equipment 84,500 79,700 1,241,800 1,049,500 Accumulated depreciation and amortization (880,000 ) (842,100 ) Property and equipment, net $ 361,800 $ 207,400

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2018
Accrued Expenses Tables
Accrued Expenses	September 30, March 31, 2018 2018 Accrued AV-101 clinical trial, development and related expenses $ 495,900 $ 176,600 Accrued professional services 98,300 27,000 All other 5,500 2,700 $ 599,700 $ 206,300

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Sep. 30, 2018
Convertible Promissory Notes And Other Notes Payable Tables
Notes Payable	September 30, 2018 March 31, 2018 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 6.50% and 7.15% Notes payable to insurance premium financing company (current) $ 115,600 $ - $ 115,600 $ 53,900 $ - $ 53,900

Capital Stock (Tables)

Capital Stock (Tables)	6 Months Ended
	Sep. 30, 2018
Capital Stock Tables
Warrants Outstanding	Exercise Price Expiration Warrants Outstanding at per Share Date September 30, 2018 $ 1.50 11/30/2021 to 12/13/2022 14,256,000 $ 1.82 3/7/2023 1,388,931 $ 2.00 4/30/2021 523,573 $ 3.51 12/31/2021 50,000 $ 4.50 9/26/2019 25,000 $ 5.30 5/16/2021 2,705,883 $ 6.00 9/26/2019 to 11/30/2019 97,750 $ 7.00 12/11/2018 to 3/3/2023 1,346,931 $ 8.00 3/25/2021 185,000 $ 10.00 1/11/2020 20,000 $ 20.00 9/15/2019 110,448 20,709,516

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Basis Of Presentation And Going Concern Details Narrative
Accumulated Deficit during its development stage	$ (168,193,300)	$ (156,543,800)
Cash proceeds from issuance of common stock	66,200,000
Cash proceeds from grant awards and other events	17,600,000
Cash and cash equivalents	$ 7,831,600	$ 10,378,300	$ 1,764,400	$ 2,921,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock option expense	$ 1,172,400	$ 330,600	$ 1,785,000	$ 697,600
ResearchAndDevelopmentExpenseMember
Stock option expense	450,600	136,900	680,700	328,300
ResearchAndDevelopmentExpenseMember | Options [Member]
Stock option expense	450,600	136,900	680,700	328,300
GeneralAndAdministrativeExpenseMember
Stock option expense	721,800	193,700	1,104,300	369,300
GeneralAndAdministrativeExpenseMember | Options [Member]
Stock option expense	$ 721,800	$ 193,700	$ 1,104,300	$ 369,300

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1)	6 Months Ended
	Sep. 30, 2018$ / sharesshares
Market price per share at grant date	$ 1.27
Exercise price per share	$ 1.27
Risk-free interest rate	2.84%
Estimated term in years	5 years 6 months
Volatility	99.29%
Dividend rate	0.00%
Shares | shares	860,000
Fair Value per share	$ 0.98
Pre-Modification
Market price per share at grant date	1.49
Exercise price per share	$ 3.57
Risk-free interest rate	2.77%
Estimated term in years	5 years 29 days
Volatility	94.90%
Dividend rate	0.00%
Shares | shares	2,419,503
Fair Value per share	$ 0.91
Post-Modification
Market price per share at grant date	1.49
Exercise price per share	$ 1.50
Risk-free interest rate	2.77%
Estimated term in years	5 years 29 days
Volatility	94.90%
Dividend rate	0.00%
Shares | shares	2,419,503
Fair Value per share	$ 1.08

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2) - shares	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Antidilutive securities	31,098,106	14,473,274
Series A Preferred Stock [Member]
Antidilutive securities	750,000	750,000
Series B Preferred Stock [Member]
Antidilutive securities	1,160,240	1,160,240
Series C Preferred Stock [Member]
Antidilutive securities	2,318,012	2,318,012
2016 (formerly 2008) and 1999 Stock Incentive Plans [Member]
Antidilutive securities	6,160,338	3,279,871
Warrant [Member]
Antidilutive securities	20,709,516	6,965,151

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Prepaid Expenses And Other Current Assets Details
AV-101 materials and services	$ 188,600	$ 505,900
Professional services	269,500	0
Insurance	158,600	88,300
Public offering expenses	25,900	25,900
All other	5,400	24,700
Total	$ 648,000	$ 644,800

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Property and equipment, gross	$ 1,241,800	$ 1,049,500
Accumulated depreciation and amortization	(880,000)	(842,100)
Property and equipment, net	361,800	207,400
Laboratory Equipment [Member]
Property and equipment, gross	888,300	888,300
Tenant Improvements [Member]
Property and equipment, gross	214,400	26,900
Computers and Network Equipment [Member]
Property and equipment, gross	54,600	54,600
Office Furniture And Equipment [Member]
Property and equipment, gross	$ 84,500	$ 79,700

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accrued Expenses Details
Accrued AV-101 development and related expenses	$ 495,900	$ 176,600
Accrued professional services	98,300	27,000
All other	5,500	2,700
Total	$ 599,700	$ 206,300

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Principal Balance	$ 115,600	$ 53,900
Accrued Interest	0	0
Total	115,600	53,900
Notes Payable 1 [Member]
Principal Balance	115,600	53,900
Accrued Interest	0	0
Total	$ 115,600	$ 53,900

Capital Stock (Details)

Capital Stock (Details)	6 Months Ended
	Sep. 30, 2018$ / sharesshares
Exercise price per share | $ / shares	$ 1.27
Warrants outstanding | shares	20,709,516
Warrant 1 [Member]
Exercise price per share | $ / shares	$ 1.50
Expiration date range	11/30/2021 to 12/13/2022
Warrants outstanding | shares	14,256,000
Warrant 2 [Member]
Exercise price per share | $ / shares	$ 1.82
Expiration date range	3/7/2023
Warrants outstanding | shares	1,388,931
Warrant 3 [Member]
Exercise price per share | $ / shares	$ 2
Expiration date range	4/30/2021
Warrants outstanding | shares	523,573
Warrant 4 [Member]
Exercise price per share | $ / shares	$ 3.51
Expiration date range	12/31/2021
Warrants outstanding | shares	50,000
Warrant 5 [Member]
Exercise price per share | $ / shares	$ 4.50
Expiration date range	9/26/2019
Warrants outstanding | shares	25,000
Warrant 6 [Member]
Exercise price per share | $ / shares	$ 5.30
Expiration date range	5/16/2021
Warrants outstanding | shares	2,705,883
Warrant 7 [Member]
Exercise price per share | $ / shares	$ 6
Expiration date range	9/26/2019 to 11/30/2019
Warrants outstanding | shares	97,750
Warrant 8 [Member]
Exercise price per share | $ / shares	$ 7
Expiration date range	12/11/2018 to 3/3/2023
Warrants outstanding | shares	1,346,931
Warrant 9 [Member]
Exercise price per share | $ / shares	$ 8
Expiration date range	3/25/2021
Warrants outstanding | shares	185,000
Warrant 10 [Member]
Exercise price per share | $ / shares	$ 10
Expiration date range	1/11/2020
Warrants outstanding | shares	20,000
Warrant 11 [Member]
Exercise price per share | $ / shares	$ 20
Expiration date range	9/15/2019
Warrants outstanding | shares	110,448

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Incurred expenses on research and subsequent other projects	$ 5,261,100	$ 2,426,600	$ 8,004,800	$ 3,522,800
CRL [Member]
Incurred expenses on research and subsequent other projects	$ 725,500	$ 484,000	$ 1,603,000	$ 612,200