VistaGen Therapeutics (VTGN) 10-Q 13 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Feb. 11, 2020
Document And Entity Information
Entity Registrant Name	VistaGen Therapeutics, Inc.
Entity Central Index Key	0001411685
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
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 Shell Company	false
Entity Common Stock, Shares Outstanding		47,963,042
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV
Entity File Number	001-37761
Title of 12b security	Common Stock, par value $0.001 per share
Trading Symbol	VTGN
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,063,300	$ 13,100,300
Receivable from supplier	0	300,000
Prepaid expenses and other current assets	319,000	250,900
Total current assets	1,382,300	13,651,200
Property and equipment, net	235,100	312,700
Right of use asset - operating lease	3,665,600	0
Security deposits and other assets	47,800	47,800
Total assets	5,330,800	14,011,700
Current liabilities:
Accounts payable	1,610,400	1,055,000
Accrued expenses	951,300	1,685,600
Current notes payable	70,500	57,300
Operating lease oligation	301,400	0
Financing lease obligation	3,200	3,000
Total current liabilities	2,936,800	2,800,900
Non-current liabilities:
Accrued dividends on Series B Preferred Stock	4,686,300	3,748,200
Deferred rent liability	0	381,100
Operating lease obligation	3,798,400	0
Financing lease obligations	3,900	6,300
Total non-current liabilities	8,488,600	4,135,600
Total liabilities	11,425,400	6,936,500
Commitments and contingencies
Stockholders' (deficit) equity:
Common stock, $0.001 par value; 175,000,000 and 100,000,000 shares authorized at December 31, 2019 and March 31, 2019, respectively; 44,228,630 and 42,758,630 shares issued and outstanding at December 31, 2019 and March 31, 2019, respectively	44,200	42,800
Additional paid-in capital	196,466,000	192,129,900
Treasury stock, at cost, 135,665 shares of common stock held at December 31, 2019 and March 31, 2019	(3,968,100)	(3,968,100)
Accumulated deficit	(198,640,700)	(181,133,400)
Total stockholders' (deficit) equity	(6,094,600)	7,075,200
Total liabilities and stockholders' (deficit) equity	5,330,800	14,011,700
Series A Preferred Stock
Stockholders' (deficit) equity:
Preferred stock	500	500
Series B Preferred Stock
Stockholders' (deficit) equity:
Preferred stock	1,200	1,200
Series C Preferred Stock
Stockholders' (deficit) equity:
Preferred stock	$ 2,300	$ 2,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
Stockholders deficit:
Preferred Stock, par value	$ 0.001	$ .001
Preferred Stock, authorized	10,000,000	10,000,000
Common Stock, par value	$ .001	$ .001
Common Stock, authorized	175,000,000	100,000,000
Common Stock, issued	44,228,630	42,758,630
Common Stock, outstanding	44,228,630	42,758,630
Treasury Stock	135,665	135,665
Series A Preferred Stock
Stockholders deficit:
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
Stockholders deficit:
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
Stockholders deficit:
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		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 3,014,500	$ 5,335,500	$ 11,533,600	$ 13,340,300
General and administrative	2,948,300	1,856,800	6,004,500	5,494,100
Total operating expenses	5,962,800	7,192,300	17,538,100	18,834,400
Loss from operations	(5,962,800)	(7,192,300)	(17,538,100)	(18,834,400)
Other income (expenses), net:
Interest income (expense), net	1,500	(1,800)	33,400	(6,800)
Loss on extinguishment of accounts payable	0	(22,700)	0	(22,700)
Loss before income taxes	(5,961,300)	(7,216,800)	(17,504,700)	(18,863,900)
Income taxes	(200)	0	(2,600)	(2,400)
Net loss and comprehensive loss	(5,961,500)	(7,216,800)	(17,507,300)	(18,866,300)
Accrued dividends on Series B Preferred stock	(321,800)	(290,900)	(938,100)	(848,000)
Net loss attributable to common stockholders	$ (6,283,300)	$ (7,507,700)	$ (18,445,400)	$ (19,714,300)
Basic and diluted net loss attributable to common stockholders per common share	$ (.15)	$ (0.24)	$ (.43)	$ (0.75)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share	43,158,889	30,696,312	42,802,256	26,418,440

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (17,507,300)	$ (18,866,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	77,600	64,800
Stock-based compensation	3,088,700	2,519,700
Expense related to modification of warrants	826,900	25,800
Amortization of fair value of common stock issued for services	92,100	277,600
Fair value of common stock issued for product license and option	0	4,250,000
Amortization of fair value of warrants issued for services	13,800	79,800
Loss on settlement of accounts payable	0	22,700
Changes in operating assets and liabilities:
Receivable from supplier	300,000	0
Prepaid expenses and other current assets	56,200	34,600
Right of use asset - operating lease	249,400	0
Operating lease liability	(196,300)	0
Accounts payable and accrued expenses	(178,900)	511,800
Deferred rent	0	109,200
Net cash used in operating activities	(13,177,800)	(10,970,300)
Cash flows from investing activities:
Construction of tenant improvements	0	(169,800)
Net cash used in investing activities	0	(169,800)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants, including Units	650,000	6,608,700
Proceeds from exercise of warrants	410,000	605,700
Proceeds from sale of warrants	300,000	0
Repayment of financing lease obligation	(2,200)	(2,000)
Repayment of notes payable	(217,000)	(165,300)
Net cash provided by financing activities	1,140,800	7,047,100
Net decrease in cash and cash equivalents	(12,037,000)	(4,093,000)
Cash and cash equivalents at beginning of period	13,100,300	10,378,300
Cash and cash equivalents at end of period	1,063,300	6,285,300
Supplemental disclosure of noncash activites:
Insurance premiums settled by issuing note payable	230,200	160,500
Accrued dividends on Series B Preferred	938,100	848,000
Accounts payable settled by issuing common stock	$ 0	$ 40,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Series A Preferred Stock	Series B Preferred Stock	Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Total
Balances at beginning (in shares) at Mar. 31, 2018	500,000	1,160,240	2,318,012	23,068,280
Balances at beginning at Mar. 31, 2018	$ 500	$ 1,200	$ 2,300	$ 23,100	$ 16,740,400	$ (3,968,100)	$ (156,543,800)	$ 6,916,600
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings (in shares)				40,000
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings					50,000			50,000
Proceeds from exercise of warrants (in shares)				5,000
Proceeds from exercise of warrants					7,500			7,500
Accrued dividends on Series B Preferred stock					(273,500)			(273,500)
Stock-based compensation expense					612,600			612,600
Fair value of common stock issued for services (in shares)				100,000
Fair value of common stock issued for services				$ 100	122,900			123,000
Net loss							(4,214,500)	(4,214,500)
Balances at end (in shares) at Jun. 30, 2018	500,000	1,160,240	2,318,012	23,213,280
Balances at end at Jun. 30, 2018	$ 500	$ 1,200	$ 2,300	$ 23,200	167,920,900	(3,968,100)	(160,758,300)	3,221,700
Balances at beginning (in shares) at Mar. 31, 2018	500,000	1,160,240	2,318,012	23,068,280
Balances at beginning at Mar. 31, 2018	$ 500	$ 1,200	$ 2,300	$ 23,100	16,740,400	(3,968,100)	(156,543,800)	6,916,600
Proceeds from exercise of warrants								605,700
Balances at end (in shares) at Dec. 31, 2018	500,000	1,160,240	2,318,012	31,204,380
Balances at end at Dec. 31, 2018	$ 500	$ 1,200	$ 2,300	$ 31,200	181,035,800	(3,968,100)	(175,410,100)	1,692,800
Balances at beginning (in shares) at Jun. 30, 2018	500,000	1,160,240	2,318,012	23,213,280
Balances at beginning at Jun. 30, 2018	$ 500	$ 1,200	$ 2,300	$ 23,200	167,920,900	(3,968,100)	(160,758,300)	3,221,700
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings (in shares)				3,783,000
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings				$ 3,800	4,725,000			4,728,800
Accrued dividends on Series B Preferred stock					(283,600)			(283,600)
Stock-based compensation expense					1,172,400			1,172,400
Fair value of common stock issued for license (in shares)				1,630,435
Fair value of common stock issued for license				$ 1,600	2,248,400			2,250,000
Fair value of common stock issued for services (in shares)				50,000
Fair value of common stock issued for services				$ 100	334,800			334,900
Net loss							(7,435,000)	(7,435,000)
Balances at end (in shares) at Sep. 30, 2018	500,000	1,160,240	2,318,012	28,676,715
Balances at end at Sep. 30, 2018	$ 500	$ 1,200	$ 2,300	$ 28,700	176,117,900	(3,968,100)	(168,193,300)	3,989,200
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings (in shares)				1,202,939
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings				$ 1,200	1,851,400			1,852,600
Proceeds from exercise of warrants (in shares)				398,800
Proceeds from exercise of warrants				$ 400	597,800			598,200
Accrued dividends on Series B Preferred stock					(290,900)			(290,900)
Stock-based compensation expense					734,700			734,700
Fair value of common stock issued for license (in shares)				925,926
Fair value of common stock issued for license				$ 900	1,999,100			2,000,000
Increase in fair value attributed to warrant modifications and additional warrants issued					25,800			25,800
Net loss							(7,216,800)	(7,216,800)
Balances at end (in shares) at Dec. 31, 2018	500,000	1,160,240	2,318,012	31,204,380
Balances at end at Dec. 31, 2018	$ 500	$ 1,200	$ 2,300	$ 31,200	181,035,800	(3,968,100)	(175,410,100)	1,692,800
Balances at beginning (in shares) at Mar. 31, 2019	500,000	1,160,240	2,318,012	42,758,630
Balances at beginning at Mar. 31, 2019	$ 500	$ 1,200	$ 2,300	$ 42,800	192,129,900	(3,968,100)	(181,133,400)	7,075,200
Accrued dividends on Series B Preferred stock					(302,500)			(302,500)
Stock-based compensation expense					1,063,000			1,063,000
Net loss							(6,209,900)	(6,209,900)
Balances at end (in shares) at Jun. 30, 2019	500,000	1,160,240	2,318,012	42,758,630
Balances at end at Jun. 30, 2019	$ 500	$ 1,200	$ 2,300	$ 42,800	192,890,400	(3,968,100)	(187,343,300)	1,625,800
Balances at beginning (in shares) at Mar. 31, 2019	500,000	1,160,240	2,318,012	42,758,630
Balances at beginning at Mar. 31, 2019	$ 500	$ 1,200	$ 2,300	$ 42,800	192,129,900	(3,968,100)	(181,133,400)	7,075,200
Proceeds from exercise of warrants								410,000
Balances at end (in shares) at Dec. 31, 2019	500,000	1,160,240	2,318,012	44,228,630
Balances at end at Dec. 31, 2019	$ 500	$ 1,200	$ 2,300	$ 44,200	196,466,000	(3,968,100)	(198,640,700)	(6,094,600)
Balances at beginning (in shares) at Jun. 30, 2019	500,000	1,160,240	2,318,012	42,758,630
Balances at beginning at Jun. 30, 2019	$ 500	$ 1,200	$ 2,300	$ 42,800	192,890,400	(3,968,100)	(187,343,300)	1,625,800
Accrued dividends on Series B Preferred stock					(313,800)			(313,800)
Stock-based compensation expense					775,400			775,400
Net loss							(5,717,900)	(5,717,900)
Balances at end (in shares) at Sep. 30, 2019	500,000	1,160,240	2,318,012	42,758,630
Balances at end at Sep. 30, 2019	$ 500	$ 1,200	$ 2,300	$ 42,800	193,352,000	(3,968,100)	(193,061,200)	(3,630,400)
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings (in shares)				650,000
Proceeds from sale of common stock and warrants for cash and settlement of professional services payable in private placement offerings				$ 600	649,400			650,000
Proceeds from sale of warrants in private placement					300,000			300,000
Proceeds from exercise of warrants (in shares)				820,000
Proceeds from exercise of warrants				$ 800	409,200			410,000
Accrued dividends on Series B Preferred stock					(321,800)			(321,800)
Stock-based compensation expense					1,632,200			1,632,200
Increase in fair value attributed to warrant modifications and additional warrants issued					826,900			826,900
Net loss							(5,961,500)	(5,961,500)
Balances at end (in shares) at Dec. 31, 2019	500,000	1,160,240	2,318,012	44,228,630
Balances at end at Dec. 31, 2019	$ 500	$ 1,200	$ 2,300	$ 44,200	$ 196,466,000	$ (3,968,100)	$ (198,640,700)	$ (6,094,600)

Description of Business

Description of Business	9 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	VistaGen Therapeutics. Inc., a Nevada corporation (which may be referred to as VistaGen Company we our us CNS PH94B Neuroactive Nasal Spray for Anxiety-related Disorders PH94B neuroactive nasal spray is an odorless, first-in-class, fast-acting synthetic neurosteroid with therapeutic potential in a wide range of neuropsychiatric indications involving anxiety or phobia. Conveniently self-administered in microgram doses without systemic exposure, we are initially developing PH94B as a potential fast-acting, non-sedating, non-addictive new generation treatment of social anxiety disorder ( SAD NIH Only three drugs, all oral antidepressants ( ADs FDA In a peer-reviewed, published double-blind, placebo-controlled Phase 2 clinical trial, PH94B neuroactive nasal spray was significantly more effective than placebo in reducing both public-speaking (performance) anxiety (p=0.002) and social interaction anxiety (p=0.009) in laboratory challenges of individuals with SAD within 10 to 15 minutes of self-administration of a non-systemic 1.6 microgram dose of PH94B. Based on its novel mechanism of pharmacological action, rapid-onset of therapeutic effects and exceptional safety and tolerability profile in Phase 2 and pilot Phase 3 clinical trials to date, we are preparing to begin Phase 3 development of PH94B. Our goal is to develop and commercialize PH94B as the first FDA-approved, fast-acting, on-demand, at-home treatment for SAD. Additional potential anxiety-related neuropsychiatric indications for PH94B include general anxiety disorder, peripartum anxiety (pre- and post-partum anxiety), pre/post-operative anxiety, panic disorder, post-traumatic stress disorder and specific social phobias. PH10 Neuroactive Nasal Spray for Depression and Suicidal Ideation PH10 neuroactive nasal spray is an odorless, first-in-class, fast-acting synthetic neurosteroid with therapeutic potential in a wide range of neuropsychiatric indications involving depression and suicidal ideation. Conveniently self-administered in microgram doses without systemic exposure, we are initially developing PH94B as a potential fast-acting, non-sedating, non-addictive new generation treatment of major depressive disorder ( MDD Depression is a serious medical illness and a global public health concern that can occur at any time over a person's life. While most people will experience depressed mood at some point during their lifetime, MDD is different. MDD is the chronic, pervasive feeling of utter unhappiness and suffering, which impairs daily functioning. Symptoms of MDD include diminished pleasure or loss of interest in activities, changes in appetite that result in weight changes, insomnia or oversleeping, psychomotor agitation, loss of energy or increased fatigue, feelings of worthlessness or inappropriate guilt, difficulty thinking, concentrating or making decisions, and thoughts of death or suicide and attempts at suicide. Current FDA-approved medications available in the multi-billion-dollar global AD market often fall far short of satisfying the unmet medical needs of millions suffering from the debilitating effects of depression. While current FDA-approved ADs are widely used, about two-thirds of patients with MDD do not respond to their initial AD treatment. Inadequate response to current ADs is among the key reasons MDD is one of the leading public health concerns in the United States, creating a significant unmet medical need for new agents with fundamentally different mechanisms of action and side effect and safety profiles. PH10 is a new generation antidepressant with a mechanism of action that is fundamentally different from all current ADs. After self-administration, a non-systemic microgram-level dose of PH10 binds to nasal chemosensory receptors that, in turn, activate key neural circuits in the brain that can lead to rapid-onset antidepressant effects, but without the psychological side effects (such as dissociation and hallucinations), systemic exposure or safety concerns that maybe be caused by ketamine-based therapy ( KBT AV-101, an Oral NMDAR Antagonist AV-101 (4-Cl-KYN) belongs to a new generation of investigational medicines in neuropsychiatry and neurology known as NMDAR (N-methyl-D-aspartate receptor) modulators. The NMDAR is a pivotal ion channel in the brain that is involved with transmitting signals between neurons, and abnormal NMDAR function is associated with numerous CNS diseases and disorders. AV-101 is an oral prodrug of 7-chloro-kynurenic acid (7-Cl-KYNA), a potent and selective full antagonist of the NMDAR by blocking the glycine site. To date AV-101 has exhibited no dissociative or hallucinogenic psychological side effects or safety concerns similar to those that may be caused by amantadine and ketamine therapy. With this lack of side effects and exceptional safety profile, AV-101 has potential to be a new oral, at-home, non-sedating treatment for multiple large-market NMDAR-focused CNS indications where current treatments are inadequate to meet high unmet patient needs. The FDA has granted Fast Track designation for development of AV-101 as both a potential adjunctive treatment for MDD and as a non-opioid treatment for neuropathic pain. We recently completed a double-blind, placebo-controlled, multi-center Phase 2 clinical trial of AV-101 as a potential adjunctive treatment, together with a standard FDA-approved oral AD (either a selective serotonin reuptake inhibitor ( SSRI SNRI Elevate Study Results from recent successful AV-101 preclinical studies suggest that there is a substantially increased brain concentration of AV-101 and its active metabolite, 7-chlorokynurenic acid (7CL-KYNA), when given together with probenecid. These surprising effects were first revealed in those studies, although they are consistent with well-documented clinical studies of probenecid increasing the therapeutic levels of some unrelated classes of approved drugs. Probenecid otherwise is a safe and well-known organic anion transport inhibitor used, for example, to increase the therapeutic benefit of antibiotics. When probenecid was given adjunctively with AV-101 in an animal model, markedly increased brain concentrations of AV-101 (approximately 7-fold) and of 7-Cl-KYNA (approximately 35-fold) were discovered. The substantial increase in brain concentration of 7-Cl-KYNA in this animal model might have been due, in large part, to probenecid’s ability to block the efflux of 7-Cl-KYNA from the brain. This efflux-blocking effect, with a resulting increase in brain levels and duration of AV-101’s active metabolite, potentially could have important therapeutic implications for human patients with MDD and potentially other NMDAR-focused CNS diseases and disorders. Some of the findings from these AV-101 preclinical studies with adjunctive probenecid were presented at the British Pharmacological Society’s Pharmacology 2019 annual conference in Edinburgh, UK in December 2019. In addition, a Phase 1b target engagement study completed after the Elevate Study by the Baylor College of Medicine ( Baylor VA EEG Baylor Study ASSR ACNP The successful Baylor Study and preclinical studies involving adjunctive probenecid suggest that it may be possible to increase therapeutic concentrations and duration of 7-Cl-KYNA in the brain, and thus increase NMDAR antagonism in MDD patients with an inadequate response to standard ADs when AV-101 and probenecid are combined. During 2020, we plan to conduct additional AV-101 preclinical studies with adjunctive probenecid to evaluate its potential applicability to other NMDAR-focused CNS indications for which we have existing data with AV-101 as a monotherapy (epilepsy, levodopa-induced dyskinesia, neuropathic pain and suicidal ideation), to determine the most appropriate path forward for potential clinical development of AV-101 in MDD and possibly other indications. VistaStem Therapeutics – Stem Cell Technology for Drug Rescue and Regenerative Medicine In addition to our current CNS drug candidates, we have stem cell technology-based, pipeline-enabling programs through our wholly-owned subsidiary, VistaStem Therapeutics ( VistaStem hPSC CardioSafe 3D NCEs RM BlueRock/Bayer Agreement Subsidiaries As noted above, VistaStem, a California corporation, 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	9 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 the 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, 2019 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 $198.6 million accumulated from inception (May 1998) through December 31, 2019. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of PH94B, PH10 and AV-101, execute our drug rescue programs and pursue potential drug development and regenerative medicine opportunities. Since our inception in May 1998 through December 31, 2019, 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 $80.4 million, as well as from an aggregate of approximately $17.7 million of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials), strategic collaboration payments, intellectual property licensing and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $38.1 million in noncash acquisitions of product licenses and in settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. At December 31, 2019, we had cash and cash equivalents of approximately $1.1 million. As disclosed in Note 11, Subsequent Events January 2020 Offering S-3 Registration Statement As we have been in the past, we expect that, when and as necessary, we will be successful in raising additional capital from the sale of our equity securities either in one or more public offerings or in one or more private placement transactions with individual accredited investors and institutions. In addition to the potential sale of our equity securities, we may also seek to enter research, development and/or commercialization collaborations that could generate revenue or provide funding, including non-dilutive funding, for development of one or more of our CNS product candidates. We may also seek additional government grant awards or agreements 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/Bayer Agreement with other parties. Although we may seek additional collaborations that could generate revenue and/or provide non-dilutive funding for development of our product candidates, as well as new government grant awards and/or agreements, 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 PH94B, PH10, and AV-101 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 2020 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	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
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, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. With the exception of the BlueRock/Bayer 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 PH94B, PH10, AV-101, and stem cell research and development costs, and costs related to the application and prosecution of patents related to those product candidates 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 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 or other grantee 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. Non-cash expense attributable to compensatory grants of stock to non-employees is determined by the quoted market price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement, depending on the terms of the specific agreement. The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended December 31, 2019 and 2018. Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Research and development expense $ 502,500 $ 274,900 $ 1,060,600 $ 955,600 General and administrative expense 1,129,700 459,800 2,028,100 1,564,100 Total stock-based compensation expense $ 1,632,200 $ 734,700 $ 3,088,700 $ 2,519,700 In May 2019, the Compensation Committee of our Board of Directors (the Board 2016 Plan In May 2019, the Compensation Committee of our Board of Directors (the Board 2016 Plan Assumption: May 2019 Market price per share at grant date $ 0.80 Exercise price per share $ 1.00 Risk-free interest rate 2.12 % Expected term in years 5.53 Volatility 85.90 % Dividend rate 0.0 % Shares 1,220,000 Fair Value per share $ 0.54 Additionally, in May 2019, the Compensation Committee approved, subject to subsequent stockholder approval at our 2019 Annual Meeting of Stockholders ( Annual Meeting 2019 Plan Assumption: September 2019 Market price per share at grant date $ 0.84 Exercise price per share $ 1.00 Risk-free interest rate 1.45 % Expected term in years 5.58 Volatility 86.04 % Dividend rate 0.0 % Shares 170,000 Fair Value per share $ 0.56 Upon approval of the 2019 Plan by our stockholders, no further option or other equity awards were permitted from our 2016 Plan and all remaining authorized shares of our common stock available for issuance under the 2016 Plan, 1,388,412 shares, became available for issuance under the 2019 Plan. During the quarter ended December 31, 2019, we granted options from our 2019 Plan to the independent members of our Board, our officers and employees and certain consultants to purchase an aggregate of 1,990,000 shares of our common stock at exercise prices ranging from $0.50 to $1.41 per share. Options granted to Board members, officers, employees and most consultants were vested 25% at grant with the remaining options vesting ratably over the following 24 months. In the case of options granted to certain consultants, the options were vested 25% at grant but the remaining vesting period was less than 24 months to coincide with contractual terms. We valued the options using the Black-Scholes Option Pricing Model and the following assumptions: Options Granted on October 21, 2019 November 7, 2019 December 4, 2019 December 15, 2019 (weighted average) (weighted average) (weighted average) (weighted average) Exercise price $ 1.41 $ 1.20 $ 0.50 $ 0.70 Market price on date of grant $ 1.41 $ 1.01 $ 0.44 $ 0.70 Risk-free interest rate 1.62 % 1.74 % 1.60 % 1.66 % Expected term (years) 5.39 5.06 5.06 5.06 Volatility 87.52 % 88.02 % 88.28 % 88.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Fair value per share at grant date $ 0.99 $ 0.67 $ 0.30 $ 0.49 Number of shares 1,575,000 65,000 250,000 100,000 At December 31, 2019, there were stock options outstanding under our 2016 Plan and 2019 Plan to purchase 9,928,088 shares of our common stock at a weighted average exercise price of $1.37 per share. At that date, there were also 6,805,162 shares of our common stock available for future issuance under the 2019 Plan. See Note 11, Subsequent Events Leases, Right-of-Use Assets and Lease Liabilities On April 1, 2019, we adopted Financial Accounting Standards Board ( FASB ASU Leases ASC Leases (Topic 842): ASC 842 We determine whether an arrangement is an operating or financing lease at contract inception. Operating lease assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. In determining the present value of the lease payments, we use the interest rate implicit in the lease when it is readily determinable and we use our estimated incremental borrowing rate based upon information available at the commencement date when the implicit rate is not readily determinable. The lease payments used to determine our operating lease assets include lease incentives and stated rent increases and may include escalation or other clauses linked to rates of inflation or other factors when determinable and are recognized in our operating lease assets in our condensed consolidated balance sheets. Our operating leases are reflected in right of use asset – operating leases, other current liabilities and non-current operating lease liability in our condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease. Our accounting for financing leases, previously referred to as “capital leases” under prior guidance, remained substantially unchanged with our adoption of ASC 842. Financing leases are included in property and equipment, net and as current and non-current financing lease liabilities in our condensed consolidated balance sheets. Refer to “Recent Accounting Pronouncements” below and Note 10, Commitments and Contingencies, 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 net 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 December 31, 2019 2018 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 Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 9,928,088 6,410,338 Outstanding warrants to purchase common stock 23,050,204 21,499,955 Total 37,206,544 32,138,545 ____________ (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; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion. (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 that are measured on a recurring basis at fair value at December 31, 2019 or March 31, 2019. Recent Accounting Pronouncements Except as described below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended December 31, 2019, as compared to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2019, that are of significance or potential significance to us. In February 2016, the FASB issued ASU No. 2016-02, Leases Leases (Topic 842): ASC 842

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Dec. 31, 2019
Other Assets [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets are composed of the following at December 31, 2019 and March 31, 2019: December 31, March 31, 2019 2019 Clinical and nonclinical materials and contract services $ 121,000 $ 5,900 Fair value of securities issued for professional services — 105,900 Insurance 119,300 96,300 Public offering filing fees and expenses 30,500 22,300 Conferences, sponsorships and all other 48,200 20,500 $ 319,000 $ 250,900 The fair value of securities issued for professional services reflects the unamortized 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 amortized ratably over the term of the related service agreement.

Property and Equipment

Property and Equipment	9 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment is composed of the following at December 31, 2019 and March 31, 2019: December 31, March 31, 2019 2019 Laboratory equipment $ 892,500 $ 892,500 Tenant improvements 214,400 214,400 Computers and network equipment 54,600 54,600 Office furniture and equipment 84,600 84,600 1,246,100 1,246,100 Accumulated depreciation and amortization (1,011,000 ) (933,400 ) Property and equipment, net $ 235,100 $ 312,700 Included in amounts reported above for office furniture and equipment is the right-of-use asset related to a financing lease of certain office equipment. Amounts associated with assets subject to the financing lease at December 31, 2019 and March 31, 2019 are as follows: December 31, March 31, 2019 2019 Office equipment subject to financing lease $ 14,700 $ 14,700 Accumulated depreciation (8,700 ) (6,500 ) Net book value of office equipment subject to financing lease $ 6,000 $ 8,200

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses are composed of the following at December 31, 2019 and March 31, 2019: December 31, March 31, 2019 2019 Accrued expenses for AV-101, PH94B, and PH10 clinical trial, development and related expenses $ 876,600 $ 1,067,600 Accrued compensation — 439,200 Accrued professional services 66,800 172,100 All other 7,900 6,700 $ 951,300 $ 1,685,600

Notes Payable

Notes Payable	9 Months Ended
	Dec. 31, 2019
Notes Payable [Abstract]
Notes Payable	The following table summarizes our unsecured promissory notes at December 31, 2019 and March 31, 2019: December 31, 2019 March 31, 2019 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 7.75% and 7.15% Notes payable to insurance premium financing company (current) $ 70,500 $ - $ 70,500 $ 57,300 $ - $ 57,300 In May 2019, we executed a 7.15% promissory note in the principal amount of $230,200 in connection with certain insurance policy premiums. The note is payable in monthly installments of $23,800, including principal and interest, through March 2020, and had an outstanding principal balance of $70,500 at December 31, 2019. In February 2019, we executed a 7.75% promissory note in the principal amount of $63,500 in connection with other insurance policy premiums. That note was payable in monthly installments of $6,600 including principal and interest, through December 2019 and was fully paid at December 31, 2019.

Capital Stock

Capital Stock	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Capital Stock	At our Annual Meeting of Stockholders on September 5, 2019, as approved by and recommended to our stockholders by our Board, our stockholders approved an amendment to our Restated Articles of Incorporation to increase the authorized number of shares of common stock that we may issue from 100.0 million shares to 175.0 million shares. The amendment became effective on September 6, 2019, upon our filing of a certificate of amendment with the Nevada Secretary of State. Fall 2019 Private Placement Between October 30, 2019 and November 7, 2019, in a self-placed private placement and pursuant to subscription agreements received from certain accredited investors, we sold to such investors units, at a purchase price of $1.00 per unit, consisting of an aggregate of 650,000 unregistered shares of our common stock and warrants, exercisable beginning six months following issuance and through November 1, 2023, to purchase 325,000 unregistered shares of our common stock at an exercise price of $2.00 per share (the Fall 2019 Private Placement As further described below under “Winter 2019 Warrant Modification,” in December 2019, we modified the warrants issued in connection with the Fall 2019 Private Placement to (i) reduce the exercise price from $2.00 per share to $0.50 per share and (ii) to allow for the warrants to become immediately exercisable. Further, we issued warrants to purchase an aggregate of 325,000 additional shares of our common stock to the participants in the Fall 2019 Private Placement (the Additional Warrants We calculated the fair value of the Additional Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below, recognizing $88,800 as the fair value of the new warrants and as warrant modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended December 31, 2019. Assumption: Additional Warrants Market price per share $ 0.44 Exercise price per share $ 0.50 Risk-free interest rate 1.59 % Contractual term in years 4.32 Volatility 86.64 % Dividend rate 0.0 % Number of warrant shares 325,000 Weighted average fair value per share $ 0.27 Winter 2019 Warrant Modification On December 4, 2019, we modified outstanding warrants previously issued as a part of completed private placements to temporarily reduce, for a period of two years or, if sooner, until the expiration of the warrant, the exercise price of such warrants to $0.50 per share, in order to more closely align the exercise price of the warrants with the trading price of our common stock at such time (the Winter 2019 Warrant Modification We calculated the fair value of the modified warrants, including those issued in the Fall 2019 Private Placement, immediately before and after the modification using the Black Scholes Option Pricing Model for pre-modification valuations and for post-modification valuations for warrants expiring in less than two years. For the warrants expiring after the December 4, 2021 exercise price reversion date, we ran a binomial model using 24 steps, one for each month, and lognormal distribution to estimate our stock price at December 4, 2021, the termination date for the exercise price reduction. We then compared the exercise value of each warrant at each estimated stock price to the remaining option value if the warrant was not exercised on December 4, 2021 and allowed to revert to its original exercise price. For any estimated stock price above $0.50 per share (an in-the-money warrant), we determined that the holders would convert their warrants. For any estimated stock price below $0.50 per share, we determined that the holders would continue to hold their warrants. Given the significant reductions in exercise price (the pre-modification exercise prices range from $1.50 to $2.24 per share), if the warrants are not exercised prior to December 4, 2021, the Black-Scholes values upon the reversion of the exercise prices are very low, such that there is nominal additional value for continuing to hold the warrants. Accordingly, our estimated post-modification fair value for warrants having an expiration date later than the two-year exercise price reversion date, December 4, 2021, is equal to the value of an option determined using the Black Scholes Option Pricing Model having an exercise price of $0.50 per share and a two-year term and related assumptions. The table below indicates the pre- and post-modification weighted average assumptions used in our valuations. We recognized the incremental fair value, $702,500, as warrant modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended December 31, 2019. Assumption: Pre-modification Post-modification Market price per share $ 0.44 $ 0.44 Exercise price per share $ 1.98 $ 0.50 Risk-free interest rate 1.58 % 1.58 % Remaining contractual term in years 2.25 1.91 Volatility 87.5 % 88.1 % Dividend rate 0.0 % 0.0 % Number of warrant shares 6,611,759 6,611,759 Weighted average fair value per share $ 0.08 $ 0.19 Following the Winter 2019 Warrant Modification, investors holding a total 820,000 warrants elected to exercise their warrants at the reduced price of $0.50 per share, resulting in proceeds to us of $410,000. December 19, 2019 Warrant Modification On December 19, 2019, we modified outstanding warrants previously issued as a part of a completed private placement to permanently reduce the exercise price of such warrants to $0.805 per share and to extend the term of such warrants through December 31, 2022, in order to more closely align the exercise price of the warrants with the current trading price of our common stock and to provide additional time for the holders to exercise the warrants (the December 19, 2019 Warrant Modification We calculated the fair value of the modified 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, $35,600, as warrant modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended December 31, 2019. Assumption: Pre-modification Post-modification Market price per share $ 0.805 $ 0.805 Exercise price per share $ 7.00 $ 0.805 Risk-free interest rate 1.57 % 1.65 % Remaining contractual term in years 0.58 3.034 Volatility 98.7 % 84.9 % Dividend rate 0.0 % 0.0 % Number of warrant shares 80,431 80.431 Weighted average fair value per share $ 0.00 $ .044 Winter 2019 Warrant Offering In December 2019, we commenced a self-placed private placement of warrants to purchase unregistered shares of our common stock at an offering price of $0.15 per warrant (the Winter 2019 Warrant Offering Warrants Outstanding The following table summarizes warrants outstanding and exercisable as of December 31, 2019 subsequent to the issuances and modifications described above. The weighted average exercise price of outstanding and exercisable warrants at December 31, 2019 is $1.88 per share and $1.90 per share, respectively. Warrants Warrants Exercise Outstanding at Exercisable at Price Expiration December 31, December 31, per Share Date 2019 2019 $ 0.50 5/20/2020 to 3/31/2024 8,116,759 7,791,759 $ 0.805 12/31/2022 80,431 80,431 $ 1.50 12/13/2022 9,596,200 9,596,200 $ 1.82 3/7/2023 1,388,931 1,388,931 $ 3.51 12/31/2021 50,000 50,000 $ 5.30 5/16/2021 2,705,883 2,705,883 $ 7.00 1/11/2020 to 3/3/2023 1,092,000 1,092,000 $ 10.00 1/11/2020 20,000 20,000 23,050,204 22,725,204 Of the warrants outstanding at December 31, 2019, 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 9,596,200 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 December 31, 2019, 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	9 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Cato Holding Company ( CHC CBV CRL CRO In July 2017, we entered into a Master Services Agreement ( MSA During our fiscal year ended March 31, 2019, we issued an aggregate of 2,556,361 shares of our unregistered common stock having an issue-date fair market value of $4,250,000 to Pherin Pharmaceuticals, Inc. ( Pherin During the nine months ended December 31, 2019, we engaged the consulting firm headed by one of the independent members of our Board to provide various market research studies and commercial modeling projects for certain of our CNS pipeline candidates and recorded research and development expense of $5,600 for the quarter ended December 31, 2019 and $108,400 for the nine months ended December 31, 2019 related to such studies. We incurred no such expenses for the three months ended December 31, 2018 and $11,700 for the nine months ended December 31, 2018. We recorded no amounts payable at December 31, 2019 or March 31, 2019 related to these studies.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Operating Leases We lease our headquarters office and laboratory space in South San Francisco, California under the terms of a lease that expires on July 31, 2022 and that provides an option to renew for an additional five years at then-current market rates. Consistent with the guidance in ASC 842, effective beginning April 1, 2019, we have recorded this lease in our Condensed Consolidated Balance Sheet as an operating lease. For the purpose of determining the right-of-use asset and associated lease liability, we determined that the renewal of this lease is reasonably probable. The lease of our South San Francisco facilities does not include any restrictions or covenants requiring special treatment under ASC 842. The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheet at December 31, 2019: As of December 31, 2019 Assets Right of use asset – operating lease $ 3,665,600 Liabilities Current operating lease obligation $ 301,400 Non-current operating lease obligation 3,798,400 Total operating lease liability $ 4,099,800 The following table summarizes the effect of operating lease costs in the Company’s condensed consolidated statements of operations: For the Three Months Ended For the Nine Months Ended December 31, 2019 December 31, 2019 Operating lease cost $ 203,100 $ 615,000 The minimum (base rental) lease payments related to our South San Francisco operating lease are expected to be as follows: Fiscal Years Ending March 31, 2020 (remaining three months) $ 157,800 2021 645,800 2022 668,400 2023 726,000 2024 766,000 Thereafter 2,720,400 Total lease expense 5,684,400 Less imputed interest (1,584,600 ) Present value of operating lease liabilities $ 4,099,800 Under the prior lease guidance, future minimum lease payments, under the non-cancellable portion (excluding the five-year extension assumed under ASC 842) of the South San Francisco operating lease were as follows at March 31, 2019: Fiscal Years Ending March 31, 2020 $ 623,900 2021 645,800 2022 668,400 2023 225,300 2024 — Thereafter — $ 2,163,400 The remaining lease term, including the assumed five-year extension at the expiration of the current lease period, and the discount rate assumption for our South San Francisco operating lease is as follows: As of December 31, 2019 Assumed remaining lease term in years 7.58 Assumed discount rate 8.54 % The interest rate implicit in lease contracts is typically not readily determinable and, as such, we used our estimated incremental borrowing rate based on information available at the adoption of ASC 842, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Supplemental disclosure of cash flow information related to the Company’s operating leases included in cash flows used by operating activities in the condensed consolidated statements of cash flows is as follows: For the Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 561,900 During the nine months ended December 31, 2019, other than the initial adoption of ASC 842 that required right of use assets and lease liabilities to be recorded, we recorded no new right of use assets arising from new lease liabilities. We also lease a small office in the San Francisco Bay Area under a month-to-month arrangement at insignificant cost and have made an accounting policy election not to apply the ASC 842 operating lease recognition requirements to such short-term lease. We recognize the lease payments for this lease in general and administrative expense over the lease term. We recorded rent expense of $3,500 and $10,500 for the three and nine months ended December 31, 2019, respectively, attributable to this lease.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	We have evaluated subsequent events through February 13, 2020 and have identified the following matters requiring disclosure: Registered Direct Offering of Common Stock and Concurrent Warrant Offering On January 24, 2020, we entered into a securities purchase agreement with certain accredited investors pursuant to which we received gross cash proceeds of $2.75 million upon the sale of an aggregate of 3,870,077 shares of our common stock at a purchase price of $0.71058 per share (the January 2020 Offering Warrants Warrant Shares The Warrants contain customary provisions allowing for adjustment to the exercise price and number of Warrant Shares issuable only in the event of any stock dividend and split, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Warrants. subject to limited exceptions, holders of the Warrants will not have the right to exercise any portion of their respective Warrants if the holder, together with any affiliates, would beneficially own in excess of 4.99% of the number of shares of our Common Stock outstanding immediately after giving effect to such exercise. Initial Exercise Date Grant of Options from the 2019 Plan In January 2020, we issued options to purchase 75,000 shares of our common stock at an exercise price of $0.7074 per share pursuant to the 2019 Plan to a consultant as partial compensation under a professional services contract. The options were vested 25% upon grant with the remaining shares vested ratably over the next twelve months.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
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, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. With the exception of the BlueRock/Bayer 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 PH94B, PH10, AV-101, and stem cell research and development costs, and costs related to the application and prosecution of patents related to those product candidates 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
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 or other grantee 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. Non-cash expense attributable to compensatory grants of stock to non-employees is determined by the quoted market price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement, depending on the terms of the specific agreement. The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended December 31, 2019 and 2018. Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Research and development expense $ 502,500 $ 274,900 $ 1,060,600 $ 955,600 General and administrative expense 1,129,700 459,800 2,028,100 1,564,100 Total stock-based compensation expense $ 1,632,200 $ 734,700 $ 3,088,700 $ 2,519,700 In May 2019, the Compensation Committee of our Board of Directors (the Board 2016 Plan Assumption: May 2019 Market price per share at grant date $ 0.80 Exercise price per share $ 1.00 Risk-free interest rate 2.12 % Expected term in years 5.53 Volatility 85.90 % Dividend rate 0.0 % Shares 1,220,000 Fair Value per share $ 0.54 Additionally, in May 2019, the Compensation Committee approved, subject to subsequent stockholder approval at our 2019 Annual Meeting of Stockholders ( Annual Meeting 2019 Plan Assumption: September 2019 Market price per share at grant date $ 0.84 Exercise price per share $ 1.00 Risk-free interest rate 1.45 % Expected term in years 5.58 Volatility 86.04 % Dividend rate 0.0 % Shares 170,000 Fair Value per share $ 0.56 Upon approval of the 2019 Plan by our stockholders, no further option or other equity awards were permitted from our 2016 Plan and all remaining authorized shares of our common stock available for issuance under the 2016 Plan, 1,388,412 shares, became available for issuance under the 2019 Plan. During the quarter ended December 31, 2019, we granted options from our 2019 Plan to the independent members of our Board, our officers and employees and certain consultants to purchase an aggregate of 1,990,000 shares of our common stock at exercise prices ranging from $0.50 to $1.41 per share. Options granted to Board members, officers, employees and most consultants were vested 25% at grant with the remaining options vesting ratably over the following 24 months. In the case of options granted to certain consultants, the options were vested 25% at grant but the remaining vesting period was less than 24 months to coincide with contractual terms. We valued the options using the Black-Scholes Option Pricing Model and the following assumptions: Options Granted on October 21, 2019 November 7, 2019 December 4, 2019 December 15, 2019 (weighted average) (weighted average) (weighted average) (weighted average) Exercise price $ 1.41 $ 1.20 $ 0.50 $ 0.70 Market price on date of grant $ 1.41 $ 1.01 $ 0.44 $ 0.70 Risk-free interest rate 1.62 % 1.74 % 1.60 % 1.66 % Expected term (years) 5.39 5.06 5.06 5.06 Volatility 87.52 % 88.02 % 88.28 % 88.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Fair value per share at grant date $ 0.99 $ 0.67 $ 0.30 $ 0.49 Number of shares 1,575,000 65,000 250,000 100,000 At December 31, 2019, there were stock options outstanding under our 2016 Plan and 2019 Plan to purchase 9,928,088 shares of our common stock at a weighted average exercise price of $1.37 per share. At that date, there were also 6,805,162 shares of our common stock available for future issuance under the 2019 Plan. See Note 11, Subsequent Events
Leases, Right-of- Use Assets and Lease Liabilities	On April 1, 2019, we adopted Financial Accounting Standards Board ( FASB ASU Leases ASC Leases (Topic 842): ASC 842 We determine whether an arrangement is an operating or financing lease at contract inception. Operating lease assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. In determining the present value of the lease payments, we use the interest rate implicit in the lease when it is readily determinable and we use our estimated incremental borrowing rate based upon information available at the commencement date when the implicit rate is not readily determinable. The lease payments used to determine our operating lease assets include lease incentives and stated rent increases and may include escalation or other clauses linked to rates of inflation or other factors when determinable and are recognized in our operating lease assets in our condensed consolidated balance sheets. Our operating leases are reflected in right of use asset – operating leases, other current liabilities and non-current operating lease liability in our condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease. Our accounting for financing leases, previously referred to as “capital leases” under prior guidance, remained substantially unchanged with our adoption of ASC 842. Financing leases are included in property and equipment, net and as current and non-current financing lease liabilities in our condensed consolidated balance sheets. Refer to “Recent Accounting Pronouncements” below and Note 10, Commitments and Contingencies,
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 net 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 December 31, 2019 2018 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 Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 9,928,088 6,410,338 Outstanding warrants to purchase common stock 23,050,204 21,499,955 Total 37,206,544 32,138,545 (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; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion. (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 that are measured on a recurring basis at fair value at December 31, 2019 or March 31, 2019.
Recent Accounting Pronouncements	Except as described below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended December 31, 2019, as compared to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2019, that are of significance or potential significance to us. In February 2016, the FASB issued ASU No. 2016-02, Leases Leases (Topic 842): ASC 842

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of stock-based compensation expense	Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Research and development expense $ 502,500 $ 274,900 $ 1,060,600 $ 955,600 General and administrative expense 1,129,700 459,800 2,028,100 1,564,100 Total stock-based compensation expense $ 1,632,200 $ 734,700 $ 3,088,700 $ 2,519,700
Fair value assumptions	In May 2019, the Compensation Committee of our Board of Directors (the Board 2016 Plan Assumption: May 2019 Market price per share at grant date $ 0.80 Exercise price per share $ 1.00 Risk-free interest rate 2.12 % Expected term in years 5.53 Volatility 85.90 % Dividend rate 0.0 % Shares 1,220,000 Fair Value per share $ 0.54 Additionally, in May 2019, the Compensation Committee approved, subject to subsequent stockholder approval at our 2019 Annual Meeting of Stockholders ( Annual Meeting 2019 Plan Assumption: September 2019 Market price per share at grant date $ 0.84 Exercise price per share $ 1.00 Risk-free interest rate 1.45 % Expected term in years 5.58 Volatility 86.04 % Dividend rate 0.0 % Shares 170,000 Fair Value per share $ 0.56 Upon approval of the 2019 Plan by our stockholders, no further option or other equity awards were permitted from our 2016 Plan and all remaining authorized shares of our common stock available for issuance under the 2016 Plan, 1,388,412 shares, became available for issuance under the 2019 Plan. During the quarter ended December 31, 2019, we granted options from our 2019 Plan to the independent members of our Board, our officers and employees and certain consultants to purchase an aggregate of 1,990,000 shares of our common stock at exercise prices ranging from $0.50 to $1.41 per share. Options granted to Board members, officers, employees and most consultants were vested 25% at grant with the remaining options vesting ratably over the following 24 months. In the case of options granted to certain consultants, the options were vested 25% at grant but the remaining vesting period was less than 24 months to coincide with contractual terms. We valued the options using the Black-Scholes Option Pricing Model and the following assumptions: Options Granted on October 21, 2019 November 7, 2019 December 4, 2019 December 15, 2019 (weighted average) (weighted average) (weighted average) (weighted average) Exercise price $ 1.41 $ 1.20 $ 0.50 $ 0.70 Market price on date of grant $ 1.41 $ 1.01 $ 0.44 $ 0.70 Risk-free interest rate 1.62 % 1.74 % 1.60 % 1.66 % Expected term (years) 5.39 5.06 5.06 5.06 Volatility 87.52 % 88.02 % 88.28 % 88.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Fair value per share at grant date $ 0.99 $ 0.67 $ 0.30 $ 0.49 Number of shares 1,575,000 65,000 250,000 100,000
Schedule of potentially dilutive securities excluded from computation of earnings per share	As of December 31, 2019 2018 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 Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 9,928,088 6,410,338 Outstanding warrants to purchase common stock 23,050,204 21,499,955 Total 37,206,544 32,138,545 ____________ (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; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion. (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 Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Dec. 31, 2019
Other Assets [Abstract]
Prepaid expenses and other current assets	December 31, March 31, 2019 2019 Clinical and nonclinical materials and contract services $ 121,000 $ 5,900 Fair value of securities issued for professional services — 105,900 Insurance 119,300 96,300 Public offering filing fees and expenses 30,500 22,300 Conferences, sponsorships and all other 48,200 20,500 $ 319,000 $ 250,900

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and equipment	December 31, March 31, 2019 2019 Accrued expenses for AV-101, PH94B, and PH10 clinical trial, development and related expenses $ 876,600 $ 1,067,600 Accrued compensation — 439,200 Accrued professional services 66,800 172,100 All other 7,900 6,700 $ 951,300 $ 1,685,600

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued expenses	December 31, March 31, 2019 2019 clinical trial, development and related expenses $876,600 $1,067,600 Accrued compensation - 439,200 Accrued professional services 66,800 172,100 All other 7,900 6,700 $951,300 $1,685,600

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Dec. 31, 2019
Notes Payable [Abstract]
Notes payable	December 31, 2019 March 31, 2019 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 7.75% and 7.15% Notes payable to insurance premium financing company (current) $ 70,500 $ - $ 70,500 $ 57,300 $ - $ 57,300

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Warrants assumptions	Fall 2019 Private Placement Assumption: Additional Warrants Market price per share $ 0.44 Exercise price per share $ 0.50 Risk-free interest rate 1.59 % Contractual term in years 4.32 Volatility 86.64 % Dividend rate 0.0 % Number of warrant shares 325,000 Weighted average fair value per share $ 0.27 Winter 2019 Warrant Modification Assumption: Pre-modification Post-modification Market price per share $ 0.44 $ 0.44 Exercise price per share $ 1.98 $ 0.50 Risk-free interest rate 1.58 % 1.58 % Remaining contractual term in years 2.25 1.91 Volatility 87.5 % 88.1 % Dividend rate 0.0 % 0.0 % Number of warrant shares 6,611,759 6,611,759 Weighted average fair value per share $ 0.08 $ 0.19 December 19, 2019 Warrant Modification Assumption: Pre-modification Post-modification Market price per share $ 0.805 $ 0.805 Exercise price per share $ 7.00 $ 0.805 Risk-free interest rate 1.57 % 1.65 % Remaining contractual term in years 0.58 3.034 Volatility 98.7 % 84.9 % Dividend rate 0.0 % 0.0 % Number of warrant shares 80,431 80.431 Weighted average fair value per share $ 0.00 $ .044
Warrants outstanding	Warrants Warrants Exercise Outstanding at Exercisable at Price Expiration December 31, December 31, per Share Date 2019 2019 $ 0.50 5/20/2020 to 3/31/2024 8,116,759 7,791,759 $ 0.805 12/31/2022 80,431 80,431 $ 1.50 12/13/2022 9,596,200 9,596,200 $ 1.82 3/7/2023 1,388,931 1,388,931 $ 3.51 12/31/2021 50,000 50,000 $ 5.30 5/16/2021 2,705,883 2,705,883 $ 7.00 1/11/2020 to 3/3/2023 1,092,000 1,092,000 $ 10.00 1/11/2020 20,000 20,000 23,050,204 22,725,204

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of presentation of operating lease	As of December 31, 2019 Assets Right of use asset – operating lease $ 3,665,600 Liabilities Current operating lease obligation $ 301,400 Non-current operating lease obligation 3,798,400 Total operating lease liability $ 4,099,800
Summary of operating lease costs	For the Three Months Ended For the Nine Months Ended December 31, 2019 December 31, 2019 Operating lease cost $ 203,100 $ 615,000
Summary of expected lease expense	Fiscal Years Ending March 31, 2020 (remaining three months) $ 157,800 2021 645,800 2022 668,400 2023 726,000 2024 766,000 Thereafter 2,720,400 Total lease expense 5,684,400 Less imputed interest (1,584,600 ) Present value of operating lease liabilities $ 4,099,800
Summary of future minimum lease payments	Fiscal Years Ending March 31, 2020 $ 623,900 2021 645,800 2022 668,400 2023 225,300 2024 — Thereafter — $ 2,163,400
Other lease disclosure	As of December 31, 2019 Assumed remaining lease term in years 7.58 Assumed discount rate 8.54 %
Supplemental disclosure of cash flow information	For the Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 561,900

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit during its development stage	$ (198,640,700)	$ (181,133,400)
Cash and cash equivalents	$ 1,063,300	$ 13,100,300	$ 6,285,300	$ 10,378,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock option expense	$ 1,632,200	$ 734,700	$ 3,088,700	$ 2,519,700
Research and Development Expense
Stock option expense	502,500	274,900	1,060,600	955,600
General and Administrative Expense
Stock option expense	$ 1,129,700	$ 459,800	$ 2,028,100	$ 1,564,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1)	9 Months Ended
	Dec. 31, 2019$ / sharesshares
2016 Plan
Market price per share at grant date	$ .80
Exercise price per share	$ 1
Risk-free interest rate	2.12%
Estimated term in years	5 years 6 months 11 days
Volatility	85.90%
Dividend rate	0.00%
Shares | shares	1,220,000
Fair value per share	$ .54
2019 Plan
Market price per share at grant date	.84
Exercise price per share	$ 1
Risk-free interest rate	1.45%
Estimated term in years	5 years 6 months 29 days
Volatility	86.04%
Dividend rate	0.00%
Shares | shares	170,000
Fair value per share	$ .56
2019 Plan | Grant 1
Market price per share at grant date	1.41
Exercise price per share	$ 1.41
Risk-free interest rate	1.62%
Estimated term in years	5 years 4 months 20 days
Volatility	87.52%
Dividend rate	0.00%
Shares | shares	1,575,000
Fair value per share	$ .99
2019 Plan | Grant 2
Market price per share at grant date	1.01
Exercise price per share	$ 1.20
Risk-free interest rate	1.74%
Estimated term in years	5 years 22 days
Volatility	88.02%
Dividend rate	0.00%
Shares | shares	65,000
Fair value per share	$ .67
2019 Plan | Grant 3
Market price per share at grant date	.44
Exercise price per share	$ .50
Risk-free interest rate	1.60%
Estimated term in years	5 years 22 days
Volatility	88.28%
Dividend rate	0.00%
Shares | shares	250,000
Fair value per share	$ .30
2019 Plan | Grant 4
Market price per share at grant date	.70
Exercise price per share	$ .70
Risk-free interest rate	1.66%
Estimated term in years	5 years 22 days
Volatility	88.44%
Dividend rate	0.00%
Shares | shares	100,000
Fair value per share	$ .49

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2) - shares	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive securities	37,206,544	32,138,545
Series A Preferred Stock
Antidilutive securities	750,000	750,000
Series B Preferred Stock
Antidilutive securities	1,160,240	1,160,240
Series C Preferred Stock
Antidilutive securities	2,318,012	2,318,012
Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan
Antidilutive securities	9,928,088	6,410,338
Warrant
Antidilutive securities	23,050,204	21,499,955

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Other Assets [Abstract]
Clinical and nonclinical materials and contract services	$ 121,000	$ 5,900
Fair value of securities issued for professional services	0	105,900
Insurance	119,300	96,300
Public offering filing fees and expenses	30,500	22,300
Conferences, sponsorships and all other	48,200	20,500
Total	$ 319,000	$ 250,900

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Property and equipment, gross	$ 1,246,100	$ 1,246,100
Accumulated depreciation and amortization	(1,011,000)	(933,400)
Property and equipment, net	235,100	312,700
Laboratory Equipment
Property and equipment, gross	892,500	892,500
Tenant Improvements
Property and equipment, gross	214,400	214,400
Computers and Network Equipment
Property and equipment, gross	54,600	54,600
Office Furniture And Equipment
Property and equipment, gross	$ 84,600	$ 84,600

Property and Equipment (Detai_2

Property and Equipment (Details 1) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Property And Equipment
Office equipment subject to financing lease	$ 14,700	$ 14,700
Accumulated depreciation	(8,700)	(6,500)
Net book value of office equipment subject to financing lease	$ 6,000	$ 8,200

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued expenses for AV-101, PH94B, and PH10 clinical trial, development and related expenses	$ 876,600	$ 1,067,600
Accrued compensation	0	439,200
Accrued professional services	66,800	172,100
All other	7,900	6,700
Total	$ 951,300	$ 1,685,600

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Principal balance	$ 70,500	$ 57,300
Accrued interest	0	0
Total	70,500	57,300
Notes Payable 1
Principal balance	70,500	57,300
Accrued interest	0	0
Total	$ 70,500	$ 57,300

Capital Stock (Details)

Capital Stock (Details)	9 Months Ended
	Dec. 31, 2019$ / sharesshares
Fall 2019 Private Placement
Market price per share at grant date	$ .44
Exercise price per share	$ .50
Risk-free interest rate	1.59%
Contractual term in years	4 years 3 months 25 days
Volatility	86.64%
Dividend rate	0.00%
Number of warrant shares | shares	325,000
Weighted average fair value per share	$ .27
Winter 2019 Warrant Modification | Pre-Modification
Market price per share at grant date	.44
Exercise price per share	$ 1.85
Risk-free interest rate	1.58%
Contractual term in years	2 years 3 months
Volatility	87.50%
Dividend rate	0.00%
Number of warrant shares | shares	6,611,759
Weighted average fair value per share	$ .08
Winter 2019 Warrant Modification | Post-Modification
Market price per share at grant date	.44
Exercise price per share	$ .50
Risk-free interest rate	1.58%
Contractual term in years	1 year 10 months 28 days
Volatility	88.10%
Dividend rate	0.00%
Number of warrant shares | shares	6,611,759
Weighted average fair value per share	$ .19
December 19, 2019 Warrant Modification | Pre-Modification
Market price per share at grant date	.805
Exercise price per share	$ 7
Risk-free interest rate	1.57%
Contractual term in years	6 months 29 days
Volatility	98.70%
Dividend rate	0.00%
Number of warrant shares | shares	80,431
Weighted average fair value per share	$ .00
December 19, 2019 Warrant Modification | Post-Modification
Market price per share at grant date	.805
Exercise price per share	$ .805
Risk-free interest rate	1.65%
Contractual term in years	3 years 11 days
Volatility	84.90%
Dividend rate	0.00%
Number of warrant shares | shares	80,431
Weighted average fair value per share	$ .044

Capital Stock (Details 1)

Capital Stock (Details 1)	9 Months Ended
	Dec. 31, 2019$ / sharesshares
Warrants outstanding	23,050,204
Warrants exercisable	22,725,204
Warrant 1
Average per share | $ / shares	$ 0.50
Expiration date range	5/20/2020 to 3/31/2024
Warrants outstanding	8,116,759
Warrants exercisable	7,791,759
Warrant 2
Average per share | $ / shares	$ 0.805
Expiration date range	12/31/2022
Warrants outstanding	80,431
Warrants exercisable	80,431
Warrant 3
Average per share | $ / shares	$ 1.50
Expiration date range	12/13/2022
Warrants outstanding	9,596,200
Warrants exercisable	9,596,200
Warrant 4
Average per share | $ / shares	$ 1.82
Expiration date range	3/7/2023
Warrants outstanding	1,388,931
Warrants exercisable	1,388,931
Warrant 5
Average per share | $ / shares	$ 3.51
Expiration date range	12/31/2021
Warrants outstanding	50,000
Warrants exercisable	50,000
Warrant 6
Average per share | $ / shares	$ 5.30
Expiration date range	5/16/2021
Warrants outstanding	2,705,883
Warrants exercisable	2,705,883
Warrant 7
Average per share | $ / shares	$ 7
Expiration date range	1/11/2020 to 3/3/2023
Warrants outstanding	1,092,000
Warrants exercisable	1,092,000
Warrant 8
Average per share | $ / shares	$ 10
Expiration date range	1/11/2020
Warrants outstanding	20,000
Warrants exercisable	20,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Incurred expenses on research and subsequent other projects	$ 3,014,500	$ 5,335,500	$ 11,533,600	$ 13,340,300
CRL
Incurred expenses on research and subsequent other projects	$ 5,600	$ 0	$ 108,400	$ 11,700

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Assets
Right of use asset - operating lease	$ 3,665,600	$ 0
Liabilities
Current operating lease obligation	301,400	0
Non-current operating lease obligation	3,798,400	$ 0
Total operating lease liability	$ 4,099,800

Commitments and Contingencies_3

Commitments and Contingencies (Details 1) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 203,100	$ 615,000

Commitments and Contingencies_4

Commitments and Contingencies (Details 2)	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020 (remaining three months)	$ 157,800
2021	645,800
2022	726,000
2023	726,000
2024	766,000
Thereafter	2,720,400
Total lease expense	5,684,400
Less imputed interest	(1,584,600)
Present value of operating lease liabilities	$ 4,099,800

Commitments and Contingencies_5

Commitments and Contingencies (Details 3)	Dec. 31, 2019USD ($)
Fiscal Years Ending March 31,
2020	$ 623,900
2021	645,800
2022	668,400
2023	225,300
2024	0
Thereafter	0
Total	$ 2,163,400

Commitments and Contingencies_6

Commitments and Contingencies (Details 4)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Assumed remaining lease term in years	7 years 6 months 29 days
Assumed discount rate	8.54%

Commitments and Contingencies_7

Commitments and Contingencies (Details 5)	9 Months Ended
	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 561,900