VistaGen Therapeutics (VTGN) 10-Q 12 Aug 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2021	Aug. 11, 2021
Cover [Abstract]
Entity Registrant Name	VistaGen Therapeutics, Inc
Entity Central Index Key	0001411685
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		192,903,896
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	001-37761
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	20-5093315
Entity Address Address Line 1	343 Allerton Avenue
Entity Address City Or Town	South San Francisco
Entity Address State Or Province	CA
Entity Address Postal Zip Code	94080
City Area Code	650
Local Phone Number	577-3600
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	VTGN
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 97,776,900	$ 103,108,300
Receivable from collaboration partner	44,000	40,600
Prepaid expenses and other current assets	1,871,400	835,100
Deferred contract acquisition costs - current portion	133,500	133,500
Total current assets	99,825,800	104,117,500
Property and equipment, net	482,800	367,400
Right of use asset - operating lease	3,125,300	3,219,600
Deferred offering costs	224,700	294,900
Deferred contract acquisition costs - non-current portion	200,800	234,100
Security deposits and other assets	47,800	47,800
Total assets	103,907,200	108,281,300
Current liabilities:
Accounts payable	2,316,200	838,300
Accrued expenses	2,150,000	1,562,700
Deferred revenue - current portion	1,420,200	1,420,200
Operating lease obligation - current portion	378,400	364,800
Financing lease obligation - current portion	2,200	3,000
Total current liabilities	6,267,000	4,189,000
Non-current liabilities:
Accrued dividends on Series B Preferred Stock	6,634,500	6,272,700
Deferred revenue - non-current portion	2,136,200	2,490,300
Operating lease obligation - non-current portion	3,252,700	3,350,800
Total non-current liabilities	12,023,400	12,113,800
Total liabilities	18,290,400	16,302,800
Stockholders' equity:
Common stock, $0.001 par value; 325,000,000 shares authorized at June 30, 2021 and March 31, 2021; 191,632,008 and 180,751,234 shares issued at June 30, 2021 and March 31, 2021, respectively	191,600	180,800
Additional paid-in capital	316,975,600	315,603,100
Treasury stock, at cost, 135,665 shares of common stock held at June 30, 2021 and March 31, 2021	(3,968,100)	(3,968,100)
Accumulated deficit	(227,586,200)	(219,841,600)
Total stockholders' equity	85,616,800	91,978,500
Total liabilities and stockholders' equity	103,907,200	108,281,300
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock value	500	500
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock value	1,100	1,100
Series C Preferred Stock [Member]
Stockholders' equity:
Preferred stock value	2,300	2,300
Series D Preferred Stock [Member]
Stockholders' equity:
Preferred stock value	$ 0	$ 400

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	325,000,000	191,632,008
Common stock, issued	180,751,234	180,751,234
Treasury stock, shares	135,665	135,665
Series A Preferred Stock [Member]
Preferred stock, authorized	500,000	500,000
Preferred stock, issued	500,000	500,000
Preferred stock, outstanding	500,000	500,000
Series B Preferred Stock [Member]
Preferred stock, authorized	4,000,000	4,000,000
Preferred stock, issued	1,131,669	1,131,669
Preferred stock, outstanding	1,131,669	1,131,669
Series C Preferred Stock [Member]
Preferred stock, authorized	3,000,000	3,000,000
Preferred stock, issued	2,318,012	2,318,012
Preferred stock, outstanding	2,318,012	2,318,012
Series D Preferred Stock [Member]
Preferred stock, authorized	2,000,000	2,000,000
Preferred stock, issued	0	402,149
Preferred stock, outstanding	0	402,149

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Sublicense revenue	$ 354,100	$ 0
Total revenues	354,100	0
Operating expenses:
Research and development	5,603,600	1,731,200
General and administrative	2,496,700	1,390,600
Total operating expenses	8,100,300	3,121,800
Loss from operations	(7,746,200)	(3,121,800)
Other income (expenses), net:
Interest income (expense), net	5,100	(3,200)
Other income	0	600
Loss before income taxes	(7,741,100)	(3,124,400)
Income taxes	(3,400)	(2,400)
Net loss and comprehensive loss	(7,744,500)	(3,126,800)
Accrued dividends on Series B Preferred stock	(361,800)	(335,800)
Net loss attributable to common stockholders	$ (8,106,300)	$ (3,462,600)
Basic and diluted net loss attributable to common stockholders per common share	$ (0.04)	$ (0.07)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share	189,924,158	51,321,355

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (7,744,500)	$ (3,126,800)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	34,500	25,400
Stock-based compensation	590,400	674,600
Expense related to write-off of deferred offering costs	232,100	0
Changes in operating assets and liabilities:
Receivable from collaboration partner	(3,400)	0
Prepaid expenses and other current assets	(1,036,300)	39,200
Right of use asset - operating lease	94,300	87,500
Operating lease liability	(84,500)	(72,200)
Deferred sublicense revenue, net of deferred contract acquisition costs	(320,800)	0
Accounts payable and accrued expenses	2,065,300	(434,400)
Net cash used in operating activities	(6,172,900)	(2,806,700)
Cash flows from property and investing activities:
Purchases of laboratory and other equipment	(149,900)	0
Net cash used in investing activities	(149,900)	0
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants, including option exercises	44,500	62,600
Net proceeds from exercise of warrants	1,109,700	0
Payments related to registration of shares underlying At the Market (ATM) facility and outstanding warrants	(161,900)	(29,400)
Net proceeds from sale of common stock under equity line	0	2,790,600
Proceeds from issuance of note under Payroll Protection Plan	0	224,400
Repayment of capital lease obligations	(900)	(800)
Repayment of notes payable	0	(49,900)
Net cash provided by financing activities	991,400	2,997,500
Net increase (decrease) in cash and cash equivalents	(5,331,400)	190,800
Cash and cash equivalents at beginning of period	103,108,300	1,355,100
Cash and cash equivalents at end of period	97,776,900	1,545,900
Supplemental disclosure of noncash activities:
Insurance premiums settled by issuing note payable	0	322,200
Accrued dividends on Series B Preferred	$ 361,800	$ 335,800

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]	Series D Preferred Stock [Member]	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)
Balance, shares at Mar. 31, 2020		500,000	1,160,240	2,318,012		49,348,707
Balance, amount at Mar. 31, 2020	$ (5,729,400)	$ 500	$ 1,200	$ 2,300	$ 0	$ 49,300	$ 200,092,800	$ (3,968,100)	$ (201,907,400)
Proceeds from sale of units of common stock and warrants	2,790,600
for cash in private placement, shares						125,000
for cash in private placement, amount	50,000	0	0	0	0	$ 200	49,800	0	0
Net proceeds from sale of common stock under equity line, shares						6,201,995
Net proceeds from sale of common stock under equity line, amount	2,747,500	0	0	0	0	$ 6,200	2,741,300	0	0
Issuance of common stock at fair value for professional services, shares						233,645
Issuance of common stock at fair value for professional services, amount	125,000	0	0	0	0	$ 200	124,800	0	0
Purchase Plan, shares						28,125
Purchase Plan, amount	12,600	0	0	0	0	$ 0	12,600	0	0
Expenses related to S-3 registration statement for warrant shares	(29,400)	0	0	0	0	0	(29,400)	0	0
Accrued dividends on Series B Preferred stock	(335,800)	0	0	0	0	0	(335,800)	0	0
Stock-based compensation expense	674,600	0	0	0	0	0	674,600	0	0
Net loss for the quarter ended June 30, 2020	(3,126,800)	$ 0	$ 0	$ 0	0	$ 0	0	0	(3,126,800)
Balance, shares at Jun. 30, 2020		500,000	1,160,240	2,318,012		55,937,472
Balance, amount at Jun. 30, 2020	(5,611,700)	$ 500	$ 1,200	$ 2,300	0	$ 55,900	203,330,700	(3,968,100)	(205,034,200)
Balance, shares at Mar. 31, 2020		500,000	1,160,240	2,318,012		49,348,707
Balance, amount at Mar. 31, 2020	$ (5,729,400)	$ 500	$ 1,200	$ 2,300	$ 0	$ 49,300	200,092,800	(3,968,100)	(201,907,400)
Issuance of common stock upon exercise of options for cash, shares	1,516,768
Balance, shares at Mar. 31, 2021		500,000	1,131,669	2,318,012	402,149	180,751,234
Balance, amount at Mar. 31, 2021	$ 91,978,400	$ 500	$ 1,100	$ 2,300	$ 400	$ 180,800	315,603,100	(3,968,100)	(219,841,700)
Proceeds from sale of units of common stock and warrants	0
Purchase Plan, shares						16,251
Purchase Plan, amount	31,600	0	0	0	0	$ 0	31,600	0	0
Accrued dividends on Series B Preferred stock	(361,800)	0	0	0	0	0	(361,800)	0	0
Net loss for the quarter ended June 30, 2020	(7,744,500)	0	0	0	0	0	0	0	(7,744,500)
Stock-based compensation expense (including ESPP)	590,400	0	0	0	0	$ 0	590,400	0	0
Proceeds from exercise of warrants, shares						1,516,768
Proceeds from exercise of warrants, amount	1,109,700	0	0	0	$ 0	$ 1,500	1,108,200	0	0
Conversion of Series D Preferred stock into common stock, shares					(402,149)	9,249,427
Conversion of Series D Preferred stock into common stock, amount	0	0	0	0	$ (400)	$ 9,200	(8,800)	0	0
Issuance of common stock upon cashless exercise of options, shares						82,504
Issuance of common stock upon cashless exercise of options, amount	100	0	0	0	0	$ 100	0	0	0
Issuance of common stock upon exercise of options for cash, shares						15,824
Issuance of common stock upon exercise of options for cash, amount	12,900	$ 0	$ 0	$ 0	0	$ 0	12,900	0	0
Balance, shares at Jun. 30, 2021		500,000	1,131,669	2,318,012		191,632,008
Balance, amount at Jun. 30, 2021	$ 85,616,800	$ 500	$ 1,100	$ 2,300	$ 0	$ 191,600	$ 316,975,600	$ (3,968,100)	$ (227,586,200)

Description of Business

Description of Business	3 Months Ended
	Jun. 30, 2021
Description of Business
Note 1 - Description of Business	Note 1. Description of Business VistaGen Therapeutics, Inc., a Nevada corporation (which may be referred to as VistaGen Company we our us CNS PH94B SAD NDA PH10 MDD Our Product Candidates PH94B is a synthetic investigational neurosteroid developed from proprietary compounds called pherines. With its novel mechanism of action, PH94B is an odorless nasal spray administered at microgram-level doses to achieve rapid-onset anti-anxiety, or anxiolytic, effects. The pharmacological activity of PH94B is fundamentally differentiated from that of all FDA-approved anti-anxiety drugs, including all antidepressants approved by the U.S. Food and Drug Administration ( FDA OB PH10 is a synthetic investigational neurosteroid, which also was developed from proprietary compounds called pherines. Its novel, rapid-onset mechanism of action ( MOA ADs KBT Abnormal function of the NMDAR (N-methyl-D-aspartate receptor), an ionotropic glutamate receptor in the brain, is associated with numerous CNS disorders. AV-101 is an oral prodrug of 7-chloro-kynurenic acid (7-Cl-KYNA), which is a potent and selective full antagonist of the glycine co-agonist site of the NMDAR that inhibits the function of the NMDAR. However, unlike ketamine and many other NMDAR antagonists, 7-Cl-KYNA is not an ion channel blocker. At doses administered in all studies to date, AV-101 has been observed to be well tolerated and has not exhibited dissociative or hallucinogenic psychological side effects or safety concerns. In light of these observations and findings from preclinical studies, we believe that AV-101, in combination with FDA-approved oral probenecid, has potential to become a new oral treatment alternative for certain CNS indications involving the NMDAR. We are currently preparing to evaluate AV-101 in combination with probenecid in a Phase 1B clinical study. The FDA has granted Fast Track designation for development of AV-101 as a potential adjunctive treatment for MDD and as a non-opioid treatment for neuropathic pain ( NP Subsidiaries VistaGen Therapeutics, Inc., a California corporation d/b/a VistaStem ( VistaStem Quarterly Report Report

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2021
Description of Business
Note 2 - Basis of Presentation and Going Concern	Note 2. 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, 2021 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ( SEC Form 10-K 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 $227.6 million accumulated from inception (May 1998) through June 30, 2021. 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 June 30, 2021, 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 $199.0 million, as well as from an aggregate of approximately $22.7 million of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials), strategic collaboration payments and intellectual property licensing, and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $38.2 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. Recent Developments In December 2020, we entered into an underwriting agreement pursuant to which we sold, in an underwritten public offering (the December 2020 Public Offering Series D Preferred Securities Between December 2020 and March 31, 2021, holders of outstanding warrants to purchase an aggregate of 6,396,302 shares of our common stock exercised such warrants and we received cash proceeds of approximately $4.9 million. During the quarter ended June 30, 2021, holders of outstanding warrants to purchase an aggregate of 1,516,768 shares of our common stock exercised such warrants and we received cash proceeds of approximately $1.0 million. Refer to Note 12, Subsequent Events In August 2020, we entered into an underwriting agreement pursuant to which we sold, in an underwritten public offering (the August 2020 Public Offering As more completely described in Note 11, Sublicensing and Collaboration Agreements AffaMed Agreement Pherin Liquidity and Capital Resources During our fiscal year ended March 31, 2021, we received approximately $119 million in net cash proceeds, primarily from the transactions described above. As disclosed above, we have received an additional $1.1 million in cash proceeds from the exercise of outstanding warrants during the quarter ended June 30, 2021. At June 30, 2021, we had cash and cash equivalents of approximately $97.8 million, which we believe is sufficient to fund our planned operations for well beyond the twelve months following the issuance of these financial statements, and indicating our ability to continue as a going concern. Nevertheless, we have not yet developed products that generate recurring revenue and, assuming successful completion of our planned clinical and nonclinical programs, we will need to invest substantial additional capital resources to commercialize any of them. During the next twelve months, we plan to (i) continue our PH94B PALISADE Phase 3 Program with the furtherance of PALISADE-1 and the initiation of multiple additional clinical and nonclinical studies in our PALISADE Phase 3 Program for development and commercialization of PH94B as an acute treatment of anxiety in adult patients with SAD, (ii) prepare for and initiate multiple small exploratory Phase 2A studies of PH94B in additional anxiety disorders, (iii) prepare for and initiate a Phase 2B clinical study of PH10 as a potential stand-alone treatment for MDD, (iv) prepare for and initiate a Phase 1B clinical study of AV-101 in combination with probenecid to enable assessment of its potential in multiple neurological disorders, and (v) conduct nonclinical studies involving PH94B, PH10 and AV-101. Although we believe our current cash position is sufficient to fund our planned operations for more than the next twelve months following the issuance of these financial statements, when necessary and advantageous, we may raise additional capital through the sale of our equity securities in one or more (i) public offerings (ii) private placements to accredited investors, and/or (iii) in strategic licensing and development collaborations involving one or more of our drug candidates in markets outside the United States, similar to the AffaMed Agreement. Subject to certain restrictions, our Registration Statement on Form S-3 (the S-3 Shelf Registration Statement As described more completely in Note 8, Capital Stock SM Sales Agreement Jefferies While we may make additional sales of our equity securities under the S-3 Shelf Registration Statement and/or under the ATM with Jefferies, we do not have an obligation to do so. In addition to the potential sale of our equity securities, we may also seek to enter research, development and/or commercialization collaborations similar to the AffaMed Agreement to provide funding for development of one or more of our CNS product candidate programs. We may also seek additional government grant awards or agreements similar to our prior agreement with the U.S. National Institutes of Health ( NIH Our future working capital requirements will depend on many factors, including, without limitation, potential impacts related to the on-going COVID-19 pandemic, the scope and nature of opportunities related to our success and the success of certain other companies in nonclinical and clinical trials, including our development and commercialization of our current product candidates, 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, as well as support our operating activities, we plan to continue to carefully manage our routine operating costs and our clinical and nonclinical programs. Notwithstanding the foregoing, there can be no assurance that our current strategic collaboration under the AffaMed Agreement will generate revenue from future potential milestone payments, or 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 additional financing on a timely basis when needed, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Note 3 - Summary of Significant Accounting Policies	Note 3. 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 revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Revenue Recognition We generate revenue from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. Until such time as we commence commercial sales of any of our product candidates following successful development, clinical and regulatory approval, we expect that our primary source of revenue beginning from the quarter ended September 30, 2020 will be from the AffaMed Agreement involving clinical development and commercialization of PH94B for acute treatment of anxiety in adults with SAD, and potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia. Under Accounting Standards Codification ( ASC Revenue from Contracts with Customers (Topic 606) Performance Obligations We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such components are separable from the other aspects of the contractual relationship. In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to Topic 606, we consider factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. Collaboration arrangements can have several promised goods or services including a license for our intellectual property, product supply and development and regulatory services. When the customer could not obtain the intended benefit of the contract from a promised good or service without one or more other promises in the contract, the promise is determined to be not distinct in the context of the contract and is combined with other promises until the combined promises are distinct to identify performance obligations. We have determined that the AffaMed Agreement includes a single combined performance obligation that includes both the license to intellectual property and development and regulatory services. Arrangements can include promises for optional additional items, which are considered marketing offers and are accounted for as separate contracts when the customer elects such options. Arrangements that include a promise for future supply of product for either clinical development or commercial supply and optional research and development services at the customer’s or the Company’s discretion are generally considered as options. We assess whether these options provide a material right to the customer and if so, such material rights are accounted for as separate performance obligations. When the customer exercises an option, any additional payments related to the option are recorded in revenue when the customer obtains control of the goods or services. Transaction Price Arrangements may have both fixed and variable consideration. For collaboration agreements, the non-refundable upfront fees and product supply selling prices are considered fixed, while milestone payments are considered variable consideration when determining the transaction price. At the inception of each arrangement, we evaluate whether the development milestones are considered probable of being achieved and estimate an amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Milestone payments that are not within our control or the licensee’s control, such as approvals from regulators, are generally not considered probable of being achieved until such approvals are received. For sales-based royalties, including commercial milestone payments based on the level of sales, for which the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of when (a) the related sales occur, or (b) the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensee will be one year or less. Allocation of Consideration As part of the accounting for collaboration arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The transaction price is allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP Timing of Recognition Significant management judgment is required to determine the level of effort required under collaboration arrangements and the period over which we expect to complete our performance obligations under the arrangement. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in each reporting period. This re-evaluation may shorten or lengthen the period over which revenue is recognized. Changes to these estimates are recorded on a cumulative catch up basis. Revenue is recognized for products at a point in time and for licenses of functional intellectual property at the point in time the customer can use and benefit from the license. For performance obligations that are services, revenue is recognized over time using an output or input method. For performance obligations that are a combination of licenses to intellectual property and interdependent services, the nature of the combined performance obligation is considered when determining the method and measure of progress that best represents the satisfaction of the performance obligation. For the single combined performance obligation of the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. The difference between revenue recognized to-date and the consideration invoiced or received to-date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). At June 30, 2021, we have recorded deferred revenue of $3,556,400. The following table presents changes in our contract liabilities for the three months ended June 30, 2021: Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Revenue - current portion $ 1,420,200 $ - $ - $ 1,420,200 Deferred Revenue - non-current portion 2,490,300 - (354,100 ) 2,136,200 Total $ 3,915,500 $ - $ (354,100 ) $ 3,556,400 For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Accordingly, deferred revenue is being recognized on a straight-line basis over the period in which we expect to perform the services. During the three months ended June 30, 2021, we recognized $354,100 as revenue related to the AffaMed Agreement, compared to none for the three months ended June 30, 2020. Contract Acquisition Costs During the quarter ended September 30, 2020, we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license from Pherin, and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued 233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services related exclusively to the consummation of the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued, aggregating $470,000, were incurred solely to obtain the AffaMed Agreement, and, accordingly, have been capitalized as deferred contract acquisition costs in our Condensed Consolidated Balance Sheet. Capitalized contract acquisition costs are amortized over the period in which we expect to satisfy the performance obligations under the AffaMed Agreement and the amortization expense has been included in general and administrative expenses in our Condensed Consolidated Statement of Operations and Comprehensive Loss. In the three months ended June 30, 2021, we amortized $33,300 to general and administrative expense in recognition of the services performed under the arrangement. We amortized no expense for the quarter ended June 30, 2020. There has been no impairment loss in relation to the costs capitalized. The following table summarizes our contract acquisition costs for the three months ended June 30, 2021. Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Contract Acquisition Costs - current portion $ 133,500 $ - $ - $ 133,500 Deferred Contract Acquisition Costs - non-current portion 234,100 (33,300 ) 200,800 Total $ 367,600 $ - $ (33,300 ) $ 334,300 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 nonclinical development of PH94B, PH10, AV-101, and other 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, independent directors 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 or others nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory grants of shares of our common 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: Three Months Ended June 30, 2021 2020 Research and development expense $ 240,800 $ 226,600 General and administrative expense 349,600 448,000 Total stock-based compensation expense $ 590,400 $ 674,600 Expense amounts reported above include $2,300 and $2,500 in research and development expense for the three months ended June 30, 2021 and 2020, respectively, and $2,700 and $1,500 in general and administrative expense for the three months ended June 30, 2021 and 2020, respectively, attributable to our 2019 Employee Stock Purchase Plan (the 2019 ESPP 12 Table of Contents During the three months ended June 30, 2021, we granted from our 2019 Omnibus Equity Incentive Plan (the 2019 Plan Assumption: Weighted Average Range Market price per share at grant date $ 2.48 $ 2.04 to $ 2.60 Exercise price per share $ 2.48 $ 2.04 to $ 2.60 Risk-free interest rate 1.08 % 0.98% to 1.12 % Expected term in years 6.08 5.79 to 6.16 Volatility 82.76 % 82.64% to 83.48 % Dividend rate 0.0 % 0.0 % Shares 575,000 Fair Value per share $ 1.74 At June 30, 2021, there were stock options outstanding under our 2016 Equity Incentive Plan (the 2016 Plan Leases, Right-of-Use Assets and Lease Liabilities We account for our leases in accordance with Financial Accounting Standards Board ( FASB ASC 842 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 earlier 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 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: At June 30, At March 31, 2021 2021 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,131,669 1,131,669 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 15,071,639 14,638,088 Outstanding warrants to purchase common stock 15,139,881 19,362,532 Total 34,411,201 47,449,728 __________ (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 shares of unregistered common stock 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 (4) Based on exchanges under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020. 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 June 30, 2021 or March 31, 2021. Recent Accounting Pronouncements We believe the following recent accounting pronouncement is of significance or potential significance to the Company. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( ASU 2020-06 The guidance in ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. The amendments in ASU 2020-06 further revise the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share ( EPS The amendments in ASU 2020-06 are effective for our fiscal year beginning April 1, 2024. We are evaluating the impact of this new guidance, but do not believe that our adoption of ASU 2020-06 will have a material impact on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption.

Receivable from Collaboration P

Receivable from Collaboration Partner	3 Months Ended
	Jun. 30, 2021
Receivable from Collaboration Partner
Note 4 -Receivable from Collaboration Partner	Note 4. Receivable from Collaboration Partner These amounts reflect payment we make from time to time to a contract manufacturing organization for certain drug substance manufacturing services on behalf of our collaboration partner. Our collaboration partner reimbursed us for the outstanding payment at June 30, 2021 in July 2021 and for the outstanding payment at March 31, 2021 in May 2021.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Note 5 - Prepaid Expenses and Other Current Assets	Note 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are composed of the following: June 30, March 31, 2021 2021 Clinical and nonclinical materials and contract services $ 1,332,800 $ 686,900 Insurance 503,000 121,800 All other 35,600 26,400 $ 1,871,400 $ 835,100

Property and Equipment

Property and Equipment	3 Months Ended
	Jun. 30, 2021
Property and Equipment
Note 6 - Property and Equipment	Note 6. Property and Equipment Property and equipment is composed of the following: June 30, March 31, 2021 2021 Laboratory equipment $ 1,007,000 $ 1,003,800 Tenant improvements 214,400 214,400 Office furniture and equipment 92,100 92,100 Manufacturing equipment 211,200 211,200 Construction in progress 146,700 - 1,671,400 1,521,500 Accumulated depreciation and amortization (1,188,600 ) (1,154,100 ) Property and equipment, net $ 482,800 $ 367,400 We recorded depreciation and amortization expense of $34,500 and $25,400 for the three-month periods ended June 30, 2021 and 2020, respectively. The amount reported above as construction in progress at June 30, 2021 reflects the cost of certain laboratory analytical equipment acquired in connection with the development and manufacture of PH94B drug product. The equipment has not yet been fully validated or placed in service at June 30, 2021. 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 are as follows: June 30, March 31, 2021 2021 Office equipment subject to financing lease $ 14,700 $ 14,700 Accumulated depreciation (13,100 ) (12,400 ) Net book value of office equipment subject to financing lease $ 1,600 $ 2,300

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jun. 30, 2021
Accrued Expenses
Note 7 - Accrued Expenses	Note 7. Accrued Expenses Accrued expenses are composed of the following: June 30, March 31, 2021 2021 Accrued expenses for clinical and nonclinical materials, development and contract services $ 1,185,300 $ 1,449,400 Accrued compensation 750,000 - Accrued professional services 194,000 85,500 All other 20,700 27,800 $ 2,150,000 $ 1,562,700

Capital Stock

Capital Stock	3 Months Ended
	Jun. 30, 2021
Capital Stock
Note 8 - Capital Stock	Note 8. Capital Stock Common Stock Purchase Agreement with Lincoln Park Capital Fund In March 2020, we entered into a purchase agreement and a registration rights agreement with Lincoln Park Capital Fund (Lincoln Park) pursuant to which Lincoln Park committed to purchase up to $10,250,000 of our common stock at market-based prices over a period of 24 months (the LPC Agreement). On March 24, 2020, we sold 500,000 unregistered shares of our common stock (the Initial Purchase Shares Initial Purchase Commitment Shares LPC Registration Statement Commencement Date Conversion of Series D Preferred Stock As described in Note 2, Basis of Presentation ATM Agreement In May 2021, we entered into an Open Market Sale Agreement SM Sales Agreement Jefferies ATM Shares We will pay Jefferies a commission equal to three percent (3.0%) of the aggregate gross proceeds from each sale of the Shares that we direct and that are sold through Jefferies under the Sales Agreement, if any. The Sales Agreement will terminate upon the earlier of (i) the sale of all Shares subject to the Sales Agreement or (ii) the termination of the Sales Agreement by Jefferies or by us, as permitted. Any Shares to be offered and sold under the Sales Agreement will be issued and sold pursuant to the S-3 Shelf Registration Statement filed with the SEC on March 15, 2021 and declared effective on March 26, 2021. Exercise and Expiration of Warrants During the quarter ended June 30, 2021, holders of outstanding warrants exercised such warrants to purchase an aggregate of 1,516,768 shares of our common stock and we received cash proceeds of approximately $1,109,700. On May 16, 2021, outstanding warrants to purchase 2,705,883 shares of our common stock at an exercise price of $5.30 per share expired unexercised. There were no warrant exercises during the quarter ended June 30, 2020. Stock Option Exercises and ESPP Purchases During the quarter ended June 30, 2021, holders of outstanding stock options exercised options to purchase an aggregate of 141,449 shares of our common stock and we received cash proceeds of $12,900. Certain of the options were exercised on a net exercise basis and we issued an aggregate of 98,328 shares of our common stock pursuant to the exercises. There were no option exercises during the quarter ended June 30, 2020. On June 30, 2021, our 2019 ESPP completed a purchase period pursuant to which we issued 16,251 shares of common stock and received proceeds of $31,600. On June 30, 2020, our 2019 ESPP completed a purchase period pursuant to which we issued 28,125 shares of common stock and received proceeds of $12,600. Warrants Outstanding The following table summarizes warrants outstanding and exercisable as of June 30, 2021. All outstanding warrants are currently exercisable and the weighted average exercise price of such warrants at June 30, 2021 is $1.25 per share. Warrants Outstanding Exercise and Exercisable at Price Expiration June 30, per Share Date 2021 $ 0.50 2/28/2022 to 3/31/2024 4,252,514 $ 0.73 7/25/2025 1,055,475 $ 0.805 12/31/2022 80,431 $ 1.50 12/13/2022 8,165,530 $ 1.82 3/7/2023 1,388,931 $ 3.51 12/31/2021 50,000 $ 7.00 3/3/2023 147,000 15,139,881 At June 30, 2021, the shares of common stock underlying all of the outstanding warrants except those having an exercise price of $7.00 per share have been registered for resale by the warrant holders. Additionally, no outstanding warrant is subject to any 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. Approximately 3.2 million of the warrants indicated as exercisable at $0.50 per share were the subject of a modification in December 2019 to reduce the exercise price to $0.50 per share for a period of two years. If such warrants are not exercised prior to December 4, 2021, the exercise price will revert to pre-modification exercise prices ranging from $1.50 per share to $2.24 per share.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2021
Related Party Transactions
Note 9 - Related Party Transactions	Note 9. Related Party Transactions Consulting Agreement During the quarter ended June 30, 2020, we engaged a consulting firm headed by one of the then-independent members of our Board to provide various market research studies, competitive analyses, and commercial advisory projects for certain of our CNS pipeline candidates pursuant to which we recorded research and development expense of $15,000 for the quarter ended June 30, 2020. In May 2021, that Board member ceased to be independent upon acceptance of a position as our Chief Commercial Officer while remaining a member of our Board. We had not engaged in business with the related consulting firm in the current fiscal year prior to the acceptance of employment. We recorded accounts payable and accrued expenses to the consulting firm of $15,000 at June 30, 2020 and no amounts payable at March 31, 2021 or June 30, 2021 related to the subject projects and services.

Commitments, Contingencies

Commitments, Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments, Contingencies
Note 10 - Commitments, Contingencies,	Note 10. 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 The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheet: As of June 30, 2021 As of March 31, 2021 Assets Right of use asset – operating lease $ 3,125,300 $ 3,219,600 Liabilities Current operating lease obligation $ 378,400 $ 364,800 Non-current operating lease obligation 3,252,700 3,350,800 Total operating lease liability $ 3,631,100 $ 3,715,600 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 Three Months Ended June 30, 2021 June 30, 2020 Operating lease cost $ 235,700 $ 212,800 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, 2022 (remaining nine months) $ 505,100 2023 726,000 2024 766,000 2025 789,000 2026 812,700 Thereafter 1,118,700 Total lease expense 4,717,500 Less imputed interest (1,086,400 ) Present value of operating lease liabilities $ 3,631,100 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 June 30, 2021 Assumed remaining lease term in years 6.08 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 our operating lease included in cash flows used by operating activities in the condensed consolidated statements of cash flows is as follows: For the Three Months Ended For the Three Months Ended June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 225,900 $ 197,500 During the three months ended June 30, 2021, 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 $3,600 and $3,500 for the three months ended June 30, 2021 and 2020, respectively, attributable to this lease.

Sublicensing and Collaborative

Sublicensing and Collaborative Agreements	3 Months Ended
	Jun. 30, 2021
Sublicensing and Collaborative Agreements
Note 11 - Licensing, Sublicensing and Collaborative Agreements	Note 11. Sublicensing and Collaborative Agreements PH94B Sublicense Agreement with EverInsight On June 24, 2020, we entered into a license and collaboration agreement (the EverInsight Agreement Territory Under the terms of the AffaMed Agreement, AffaMed is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing PH94B for treatment of SAD, and potentially other anxiety-related indications, in the Territory. A joint development committee has been established between us and AffaMed to coordinate and review the development and commercialization plans with respect to PH94B in the Territory. We are responsible for pursuing clinical development and regulatory submissions of PH94B for acute treatment of anxiety in adults with SAD, and potentially other anxiety-related indications, in the United States on a ‘‘best efforts’’ basis, with no guarantee of success. AffaMed has the option to participate in the global Phase 3 clinical trial of PH94B and will assume all direct costs and expenses of conducting such clinical trial in the Territory and a portion of the indirect costs of the global trial. We will transfer all development data (nonclinical and clinical data) and our regulatory documentation related to PH94B throughout the term as it is developed or generated or otherwise comes into our control. We will grant to AffaMed a Right of Reference to all of our regulatory documentation and our development data. Under the terms of the AffaMed Agreement, AffaMed agreed to pay us a non-refundable upfront license payment of $5.0 million within 30 business days of the effective date of the AffaMed Agreement, and AffaMed paid the $5.0 million in August 2020. Additionally, upon successful development and commercialization of PH94B in the Territory, we are eligible to receive milestone payments of up to $172.0 million. Further, we are eligible to receive royalty payments on a country-by-country basis on net sales for the later of ten years or the expiration of market or regulatory exclusivity in the jurisdiction, except that payments will be reduced on a country-by-country basis in the event that there is no market exclusivity in the period. Royalty payments may also be reduced if there is generic competitive product in the period. We have determined that we have one combined performance obligation for the license to develop and commercialize PH94B in the Territory and related development and regulatory services. In addition, AffaMed has an option that will create manufacturing obligations for us during development upon exercise by AffaMed. This option for manufacturing services was evaluated and determined not to include a material right. Development and commercialization milestones were not considered probable at inception and therefore were excluded from the initial transaction price. The royalties were excluded from the initial transaction price because they relate to a license of intellectual property and are subject to the royalty constraint. We recognize revenue as the combined performance obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. During the three months ended June 30, 2021 and 2020, we recognized $354,100 and $0, respectively, as sublicense revenue under the AffaMed Agreement. At June 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligation is $3,556,400 which will be recognized as revenue as the services are completed. Significant management judgment is required to determine the level of effort attributable to the AffaMed Agreement and the period over which we expect to complete our performance obligations under the arrangement. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in subsequent reporting periods. This re-evaluation may shorten or lengthen the period over which we recognize revenue. Changes to these estimates are recorded on a cumulative catch-up basis. We currently estimate that we will complete our performance obligations at the end of calendar 2023. Unless earlier terminated due to certain material breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis until the latest to occur of expiration of the last valid claim under a licensed patent of PH94B in such jurisdiction, the expiration of regulatory exclusivity in such jurisdiction or ten years after the first commercial sale of PH94B in such jurisdiction.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2021
Subsequent Events
Note 12 - Subsequent Events	Note 12. Subsequent Events We have evaluated subsequent events through the date of this Report and have identified the following matters requiring disclosure: Exercise of Warrants From July 1, 2021 through the date of this Report, holders of outstanding warrants have exercised such warrants to purchase an aggregate of 1,330,931 shares of our common stock and we have received cash proceeds of approximately $923,000. Grant of Options from 2019 Plan From July 1, 2021 through the date of this Report, we have granted options to purchase 400,000 shares of our common stock under the terms of our 2019 Plan to newly-hired employees and to two newly-appointed independent directors on our Board. The options have an exercise price equal to the quoted closing market price of our common stock on the Nasdaq Capital Market on the date of grant, a term of ten years and the employee grants vest 25% on the first anniversary of the grant date and ratably on a monthly basis for three years thereafter and the director grants vest ratably monthly over a period of one year.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2021
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 revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications.
Revenue Recognition	We generate revenue from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. Until such time as we commence commercial sales of any of our product candidates following successful development, clinical and regulatory approval, we expect that our primary source of revenue beginning from the quarter ended September 30, 2020 will be from the AffaMed Agreement involving clinical development and commercialization of PH94B for acute treatment of anxiety in adults with SAD, and potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia. Under Accounting Standards Codification ( ASC Revenue from Contracts with Customers (Topic 606) Performance Obligations We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such components are separable from the other aspects of the contractual relationship. In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to Topic 606, we consider factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. Collaboration arrangements can have several promised goods or services including a license for our intellectual property, product supply and development and regulatory services. When the customer could not obtain the intended benefit of the contract from a promised good or service without one or more other promises in the contract, the promise is determined to be not distinct in the context of the contract and is combined with other promises until the combined promises are distinct to identify performance obligations. We have determined that the AffaMed Agreement includes a single combined performance obligation that includes both the license to intellectual property and development and regulatory services. Arrangements can include promises for optional additional items, which are considered marketing offers and are accounted for as separate contracts when the customer elects such options. Arrangements that include a promise for future supply of product for either clinical development or commercial supply and optional research and development services at the customer’s or the Company’s discretion are generally considered as options. We assess whether these options provide a material right to the customer and if so, such material rights are accounted for as separate performance obligations. When the customer exercises an option, any additional payments related to the option are recorded in revenue when the customer obtains control of the goods or services. Transaction Price Arrangements may have both fixed and variable consideration. For collaboration agreements, the non-refundable upfront fees and product supply selling prices are considered fixed, while milestone payments are considered variable consideration when determining the transaction price. At the inception of each arrangement, we evaluate whether the development milestones are considered probable of being achieved and estimate an amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Milestone payments that are not within our control or the licensee’s control, such as approvals from regulators, are generally not considered probable of being achieved until such approvals are received. For sales-based royalties, including commercial milestone payments based on the level of sales, for which the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of when (a) the related sales occur, or (b) the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensee will be one year or less. Allocation of Consideration As part of the accounting for collaboration arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The transaction price is allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP Timing of Recognition Significant management judgment is required to determine the level of effort required under collaboration arrangements and the period over which we expect to complete our performance obligations under the arrangement. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in each reporting period. This re-evaluation may shorten or lengthen the period over which revenue is recognized. Changes to these estimates are recorded on a cumulative catch up basis. Revenue is recognized for products at a point in time and for licenses of functional intellectual property at the point in time the customer can use and benefit from the license. For performance obligations that are services, revenue is recognized over time using an output or input method. For performance obligations that are a combination of licenses to intellectual property and interdependent services, the nature of the combined performance obligation is considered when determining the method and measure of progress that best represents the satisfaction of the performance obligation. For the single combined performance obligation of the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. The difference between revenue recognized to-date and the consideration invoiced or received to-date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). At June 30, 2021, we have recorded deferred revenue of $3,556,400. The following table presents changes in our contract liabilities for the three months ended June 30, 2021: Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Revenue - current portion $ 1,420,200 $ - $ - $ 1,420,200 Deferred Revenue - non-current portion 2,490,300 - (354,100 ) 2,136,200 Total $ 3,915,500 $ - $ (354,100 ) $ 3,556,400 For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Accordingly, deferred revenue is being recognized on a straight-line basis over the period in which we expect to perform the services. During the three months ended June 30, 2021, we recognized $354,100 as revenue related to the AffaMed Agreement, compared to none for the three months ended June 30, 2020. Contract Acquisition Costs During the quarter ended September 30, 2020, we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license from Pherin, and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued 233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services related exclusively to the consummation of the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued, aggregating $470,000, were incurred solely to obtain the AffaMed Agreement, and, accordingly, have been capitalized as deferred contract acquisition costs in our Condensed Consolidated Balance Sheet. Capitalized contract acquisition costs are amortized over the period in which we expect to satisfy the performance obligations under the AffaMed Agreement and the amortization expense has been included in general and administrative expenses in our Condensed Consolidated Statement of Operations and Comprehensive Loss. In the three months ended June 30, 2021, we amortized $33,300 to general and administrative expense in recognition of the services performed under the arrangement. We amortized no expense for the quarter ended June 30, 2020. There has been no impairment loss in relation to the costs capitalized. The following table summarizes our contract acquisition costs for the three months ended June 30, 2021. Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Contract Acquisition Costs - current portion $ 133,500 $ - $ - $ 133,500 Deferred Contract Acquisition Costs - non-current portion 234,100 (33,300 ) 200,800 Total $ 367,600 $ - $ (33,300 ) $ 334,300
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 nonclinical development of PH94B, PH10, AV-101, and other 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, independent directors 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 or others nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory grants of shares of our common 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: Three Months Ended June 30, 2021 2020 Research and development expense $ 240,800 $ 226,600 General and administrative expense 349,600 448,000 Total stock-based compensation expense $ 590,400 $ 674,600 Expense amounts reported above include $2,300 and $2,500 in research and development expense for the three months ended June 30, 2021 and 2020, respectively, and $2,700 and $1,500 in general and administrative expense for the three months ended June 30, 2021 and 2020, respectively, attributable to our 2019 Employee Stock Purchase Plan (the 2019 ESPP During the three months ended June 30, 2021, we granted from our 2019 Omnibus Equity Incentive Plan (the 2019 Plan Assumption: Weighted Average Range Market price per share at grant date $ 2.48 $ 2.04 to $ 2.60 Exercise price per share $ 2.48 $ 2.04 to $ 2.60 Risk-free interest rate 1.08 % 0.98% to 1.12 % Expected term in years 6.08 5.79 to 6.16 Volatility 82.76 % 82.64% to 83.48 % Dividend rate 0.0 % 0.0 % Shares 575,000 Fair Value per share $ 1.74 At June 30, 2021, there were stock options outstanding under our 2016 Equity Incentive Plan (the 2016 Plan
Right of Use Assets and Operating Lease Obligations	We account for our leases in accordance with Financial Accounting Standards Board ( FASB ASC 842 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 earlier 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 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: At June 30, At March 31, 2021 2021 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,131,669 1,131,669 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 15,071,639 14,638,088 Outstanding warrants to purchase common stock 15,139,881 19,362,532 Total 34,411,201 47,449,728 __________ (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 shares of unregistered common stock 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 (4) Based on exchanges under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020.
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 June 30, 2021 or March 31, 2021.
Recent Accounting Pronouncements	We believe the following recent accounting pronouncement is of significance or potential significance to the Company. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( ASU 2020-06 The guidance in ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. The amendments in ASU 2020-06 further revise the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share ( EPS The amendments in ASU 2020-06 are effective for our fiscal year beginning April 1, 2024. We are evaluating the impact of this new guidance, but do not believe that our adoption of ASU 2020-06 will have a material impact on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Schedule of basic and diluted net loss attributable to common stockholders per share	Assumption: Weighted Average Range Market price per share at grant date $ 2.48 $ 2.04 to $ 2.60 Exercise price per share $ 2.48 $ 2.04 to $ 2.60 Risk-free interest rate 1.08 % 0.98% to 1.12 % Expected term in years 6.08 5.79 to 6.16 Volatility 82.76 % 82.64% to 83.48 % Dividend rate 0.0 % 0.0 % Shares 575,000 Fair Value per share $ 1.74
Schedule of potentially dilutive securities excluded in determining diluted net loss per common share	At June 30, At March 31, 2021 2021 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 1,131,669 1,131,669 Series C Preferred stock issued and outstanding (3) 2,318,012 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 15,071,639 14,638,088 Outstanding warrants to purchase common stock 15,139,881 19,362,532 Total 34,411,201 47,449,728
Schedule of Stock based compensation	Three Months Ended June 30, 2021 2020 Research and development expense $ 240,800 $ 226,600 General and administrative expense 349,600 448,000 Total stock-based compensation expense $ 590,400 $ 674,600
Schedule of acquisition costs	Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Contract Acquisition Costs - current portion $ 133,500 $ - $ - $ 133,500 Deferred Contract Acquisition Costs - non-current portion 234,100 (33,300 ) 200,800 Total $ 367,600 $ - $ (33,300 ) $ 334,300
Schedule of deferred revenue	Balance at Balance at March 31, 2021 Additions Deductions June 30, 2021 Deferred Revenue - current portion $ 1,420,200 $ - $ - $ 1,420,200 Deferred Revenue - non-current portion 2,490,300 - (354,100 ) 2,136,200 Total $ 3,915,500 $ - $ (354,100 ) $ 3,556,400

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	June 30, March 31, 2021 2021 Clinical and nonclinical materials and contract services $ 1,332,800 $ 686,900 Insurance 503,000 121,800 All other 35,600 26,400 $ 1,871,400 $ 835,100

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Jun. 30, 2021
Property and Equipment
Schedule of property and equipment	June 30, March 31, 2021 2021 Laboratory equipment $ 1,007,000 $ 1,003,800 Tenant improvements 214,400 214,400 Office furniture and equipment 92,100 92,100 Manufacturing equipment 211,200 211,200 Construction in progress 146,700 - 1,671,400 1,521,500 Accumulated depreciation and amortization (1,188,600 ) (1,154,100 ) Property and equipment, net $ 482,800 $ 367,400
Assets subject to financing lease	June 30, March 31, 2021 2021 Office equipment subject to financing lease $ 14,700 $ 14,700 Accumulated depreciation (13,100 ) (12,400 ) Net book value of office equipment subject to financing lease $ 1,600 $ 2,300

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2021
Accrued Expenses
Schedule of accrued expenses	June 30, March 31, 2021 2021 Accrued expenses for clinical and nonclinical materials, development and contract services $ 1,185,300 $ 1,449,400 Accrued compensation 750,000 - Accrued professional services 194,000 85,500 All other 20,700 27,800 $ 2,150,000 $ 1,562,700

Capital Stock (Tables)

Capital Stock (Tables)	3 Months Ended
	Jun. 30, 2021
Capital Stock
Schedule of outstanding warrants to purchase shares	Warrants Outstanding Exercise and Exercisable at Price Expiration June 30, per Share Date 2021 $ 0.50 2/28/2022 to 3/31/2024 4,252,514 $ 0.73 7/25/2025 1,055,475 $ 0.805 12/31/2022 80,431 $ 1.50 12/13/2022 8,165,530 $ 1.82 3/7/2023 1,388,931 $ 3.51 12/31/2021 50,000 $ 7.00 3/3/2023 147,000 15,139,881

Commitments, Contingencies (Tab

Commitments, Contingencies (Tables)	3 Months Ended
	Jun. 30, 2021
Commitments, Contingencies
Summary of presentation of operating lease	As of June 30, 2021 As of March 31, 2021 Assets Right of use asset – operating lease $ 3,125,300 $ 3,219,600 Liabilities Current operating lease obligation $ 378,400 $ 364,800 Non-current operating lease obligation 3,252,700 3,350,800 Total operating lease liability $ 3,631,100 $ 3,715,600
Summary of expected lease expense	Fiscal Years Ending March 31, 2022 (remaining nine months) $ 505,100 2023 726,000 2024 766,000 2025 789,000 2026 812,700 Thereafter 1,118,700 Total lease expense 4,717,500 Less imputed interest (1,086,400 ) Present value of operating lease liabilities $ 3,631,100
Supplemental disclosure of cash flow information	For the Three Months Ended For the Three Months Ended June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 225,900 $ 197,500
Other lease disclosure	As of June 30, 2021 Assumed remaining lease term in years 6.08 Assumed discount rate 8.54 %
Schedule of future minimum payments under operating leases	For the Three Months Ended For the Three Months Ended June 30, 2021 June 30, 2020 Operating lease cost $ 235,700 $ 212,800

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Jun. 30, 2021	Mar. 31, 2021
Accumulated deficit			$ (227,586,200)	$ (219,841,600)
Gross proceeds			100,000,000
Exercise of outstanding warrants			$ 1,100,000
Net cash proceeds		$ 4,655,000		$ 119,000,000
Series of convertible preferred stock	2,000,000
Aggregate shares of common stock		15,625,000		6,396,302
Aggregate shares of common stock, amount		$ 12,500,000		$ 4,900,000
Purchase of warrants outstanding				1,516,768
Additionally shares options granted		2,243,250
Additionally shares options granted, amount		1,800,000
Upfront license payment		$ 5,000,000
Acquisition description			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 $199.0 million, as well as from an aggregate of approximately $22.7 million of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials), strategic collaboration payments and intellectual property licensing, and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $38.2 million in noncash acquisitions of product licenses and in settlements of certain liabilities
Cash and cash equivalents			$ 97,800,000
Pubclic offering price per share	$ 21.16	$ 0.80
Series D of convertible preferred stock shares	46,000,000
Warrants recieved	$ 93,600,000			$ 1,000,000
Offering expenses		$ 12,900,000
Market Sale Agreement [Member] | Jefferies LLC [Member]
Aggregate offering price description			with respect to an at-the-market offering program (the ATM) under which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $75.0 million through Jefferies as our sales agent
Underwriting Agreement [Member]
Series of convertible preferred stock	2,000,000
Pubclic offering price per share	$ 0.92
Shares of common stock	63,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Jun. 30, 2021USD ($)
Contract liabilities: deferred revenue, beginning	$ 3,915,500
Additions	0
Deductions	(354,100)
Contract liabilities: deferred revenue, ending	3,556,400
Contract Liabilities Current
Contract liabilities: deferred revenue, beginning	1,420,200
Additions	0
Deductions	0
Contract liabilities: deferred revenue, ending	1,420,200
Contract Liabilities Non-Current
Contract liabilities: deferred revenue, beginning	2,490,300
Additions	0
Deductions	(354,100)
Contract liabilities: deferred revenue, ending	$ 2,136,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1)	3 Months Ended
	Jun. 30, 2021USD ($)
Deferred contract acquisition costs, beginning	$ 367,600
Additions	0
Deductions	(33,300)
Deferred contract acquisition costs, ending	334,300
Deferred Contract Acquisition Costs: Current
Deferred contract acquisition costs, beginning	133,500
Additions	0
Deductions	0
Deferred contract acquisition costs, ending	133,500
Deferred Contract Acquisition Costs: Non Current
Deferred contract acquisition costs, beginning	234,100
Deductions	(33,300)
Deferred contract acquisition costs, ending	$ 200,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock option expense	$ 590,400	$ 674,600
Research and Development Expense
Stock option expense	240,800	226,600
General and Administrative Expense
Stock option expense	$ 349,600	$ 448,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details 3) - 2019 Plan	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Market price per share at grant date	$ 2.48
Exercise price per share	$ 2.48
Risk-free interest rate	1.08%
Estimated term in years	6 years 29 days
Volatility	82.76%
Dividend rate	0.00%
Shares portion | shares	575,000
Fair value per share	$ 1.74
Minimum
Market price per share at grant date	2.04
Exercise price per share	$ 2.04
Risk-free interest rate	0.98%
Estimated term in years	5 years 9 months 14 days
Volatility	82.64%
Dividend rate	0.00%
Maximum
Market price per share at grant date	$ 2.60
Exercise price per share	$ 2.60
Risk-free interest rate	1.12%
Estimated term in years	6 years 1 month 28 days
Volatility	83.48%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Details 4) - shares	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2020
Antidilutive securities	34,411,201	47,449,728
2016 Equity Incentive Plan and 2019 Plan [Member]
Antidilutive securities	15,071,639	14,638,088
Warrant
Antidilutive securities	15,139,881	19,362,532
Series A Preferred Stock [Member]
Antidilutive securities	750,000	750,000
Series B Preferred Stock [Member]
Antidilutive securities	1,131,669	1,131,669
Series C Preferred Stock [Member]
Antidilutive securities	2,318,012	2,318,012
Series D Preferred Stock [Member]
Antidilutive securities		9,249,427

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
	Aug. 30, 2020	Jun. 24, 2020	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Proceeds from non-refundable upfront license fee	$ 5,000,000
Contract liabilities: deferred revenue, ending			$ 3,556,400
Revenue			$ 354,100		$ 0
Weighted average exercise price			$ 7
Research and development expense					15,000
General and administrative expense			$ 2,496,700		1,390,600
2019 Employee Stock Purchase Plan [Plan]
Research and development expense			2,300		2,500
General and administrative expense			$ 2,700		$ 1,500
2019 Plan
Option vested percentage			25.00%
Common stock shares reserved for future issuance			1,311,279
2019 Omnibus Equity Incentive Plan
Stock options outstanding			575,000
Employees
Vesting percentages			25.00%
PH94B [Member]
Sublicense fees				$ 345,000
Unregistered common stock issued for acquisition Costs		233,645
Unregistered common stock issued for acquisition Costs, value		$ 125,000
Acquisition Costs				$ 470,000
Amortization of contract acquisition costs			$ 33,300
2016 Equity Incentive Plan and 2019 Plan [Member]
Weighted average exercise price			$ 1.39
Stock options outstanding			15,071,639

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Prepaid Expenses and Other Current Assets
Clinical and nonclinical materials and contract services	$ 1,332,800	$ 686,900
Insurance	503,000	121,800
All other	35,600	26,400
Prepaid expenses and other current assets	$ 1,871,400	$ 835,100

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Accumulated depreciation and amortization	$ (1,188,600)	$ (1,154,100)
Property and equipment, gross	1,671,400	1,521,500
Property and equipment, net	482,800	367,400
Constructions
Property and equipment, gross	146,700
Information Technology Equipment
Property and equipment, gross	54,600	73,900
Laboratory Equipment
Property and equipment, gross	1,007,000	1,003,800
Tenant Improvements
Property and equipment, gross	214,400	214,400
Manufacturing Equipment
Property and equipment, gross	211,200	211,200
Office furniture and equipment
Property and equipment, gross	$ 92,100	$ 92,100

Property and Equipment (Detai_2

Property and Equipment (Details 1) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Property and Equipment
Office equipment	$ 14,700	$ 14,700
Accumulated depreciation	(13,100)	(12,400)
Net book value	$ 1,600	$ 2,300

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Accrued Expenses
Accrued for clinical and nonclinical materials, development and contract services		$ 1,449,400	$ 1,185,300
Accrued compensation			750,000
Accrued professional services		85,500	194,000
All other		27,800	20,700
Accrued expenses	$ 2,150,000	$ 1,562,700	$ 2,150,000

Capital Stock (Details)

Capital Stock (Details)	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Warrants outstanding	15,139,881
Warrants exercisable	15,139,881
Warrant 1
Warrants outstanding	4,252,514
Warrants exercisable	4,252,514
Average per share | $ / shares	$ 0.50
Expiration date range	2/28/2022
Warrant 2
Warrants outstanding	1,055,475
Warrants exercisable	1,055,475
Average per share | $ / shares	$ 0.73
Expiration date range	7/25/2025
Warrant 3
Warrants outstanding	80,431
Warrants exercisable	80,431
Average per share | $ / shares	$ 0.805
Expiration date range	12/31/2022
Warrant 4
Warrants outstanding	8,165,530
Warrants exercisable	8,165,530
Average per share | $ / shares	$ 1.50
Expiration date range	12/13/2022
Warrant 5
Warrants outstanding	1,388,931
Warrants exercisable	1,388,931
Average per share | $ / shares	$ 1.82
Expiration date range	3/7/2023
Warrant 6
Warrants outstanding	50,000
Warrants exercisable	50,000
Average per share | $ / shares	$ 3.51
Expiration date range	12/31/2021
Warrant 7
Warrants outstanding	2,705,883
Warrants exercisable	2,705,883
Average per share | $ / shares	$ 5.30
Expiration date range	5/16/2021
Warrant 8
Warrants outstanding	147,000
Warrants exercisable	147,000
Average per share | $ / shares	$ 7
Expiration date range	3/3/2023

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Dec. 31, 2020	Aug. 30, 2020	Jun. 24, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Aggregate share purchase of common stock				1,516,768
Proceeds from issuance of cash				$ 1,109,700
Exercise price				$ 5.30
Option to purchase shares of Commons shares				141,449
Cash process received from stock option				$ 12,900
Aggregate shares issued of common stock shares				98,328
ESPP purchase share of common stock				16,251	28,125
Proceed recieved under ESPP				$ 31,600	$ 12,600
Warrants outstanding purchase shares				2,705,883
Weighted average exercise price					$ 1.25
Wannrats exercise price				$ 7
Warrants description				Approximately 3.2 million of the warrants indicated as exercisable at $0.50 per share were the subject of a modification in December 2019 to reduce the exercise price to $0.50 per share for a period of two years. If such warrants are not exercised prior to December 4, 2021, the exercise price will revert to pre-modification exercise prices ranging from $1.50 per share to $2.24 per share
Fair value of the Commitment Shares	$ 93,600,000					$ 1,000,000
Proceeds from cash received		$ 5,000,000
April 2021
Conversion of Series D Preferred stock into common stock				9,249,427
Series D Preferred Stock [Member]
Preferred stock shares issued				0		402,149
Series D Preferred Stock [Member] | December 2020 [Member]
Series D Preferred stock, outstanding						$ 402,149
Conversion of convertible common stock				46,000,000
Preferred stock shares issued				2,000,000
Purchase Agreement [Member] | Lincoln Park Capital Fund [Member]
Proceeds from issuance of cash			$ 250,000
Unregistered shares of common stock sold			500,000
Common Stock Purchase Agreement, Description				In March 2020, we entered into a purchase agreement and a registration rights agreement with Lincoln Park Capital Fund (Lincoln Park) pursuant to which Lincoln Park committed to purchase up to $10,250,000 of our common stock at market-based prices over a period of 24 months (the LPC Agreement)
Price per share			$ 0.50
Issuence of unregistered shares of common stock			750,000
Fair value of the Commitment Shares			$ 284,400
Registered shares of common stock sold			6,301,995
Aggregate gross cash proceeds			$ 232,100
Proceeds from cash received				$ 2,891,200
Open Market Sale Agreement [Member] | May 2021 [Member]
Intial offering price aggregate amount				$ 75,000,000
Commission percent upon sales				3.00%

Property and Equipment (Detai_3

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property and Equipment
Depreciation and amortization	$ 34,500	$ 25,400

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	3 Months Ended
	Jun. 30, 2020USD ($)
Related Party Transactions
Accounts payable and accrued liabilities	$ 15,000
Research and devlopment expense	$ 15,000

Commitments Contingencies (Deta

Commitments Contingencies (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Commitments, Contingencies
Right of use asset - operating lease	$ 3,125,300	$ 3,219,600
Current operating lease obligation	378,400	364,800
Non-current operating lease obligation	3,252,700	3,350,800
Total operating lease liability	$ 3,631,100	$ 3,715,600

Commitments Contingencies (De_2

Commitments Contingencies (Details 1) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Commitments, Contingencies
2022	$ 505,100
2023	726,000
2024	766,000
2025	789,000
2026	812,700
Thereafter	1,118,700
Total lease expense	4,717,500
Less imputed interest	(1,086,400)
Present value of operating lease liabilities	$ 3,631,100	$ 3,715,600

Commitments Contingencies (De_3

Commitments Contingencies (Details 2)	3 Months Ended
	Jun. 30, 2021
Commitments, Contingencies
Assumed remaining lease term in years	6 years 29 days
Assumed discount rate	8.54%

Commitments Contingencies (De_4

Commitments Contingencies (Details 3) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commitments, Contingencies
Cash paid for amounts included in the measurement of lease liabilities	$ 225,900	$ 197,500

Commitments Contingencies (De_5

Commitments Contingencies (Details 4) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commitments, Contingencies
Operating lease cost current	$ 235,700	$ 212,800

Commitments Contingencies (De_6

Commitments Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commitments, Contingencies
Facility rent expense	$ 3,600	$ 3,500

Sublicensing and Collaborativ_2

Sublicensing and Collaborative Agreements (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Performance obligations		$ 3,556,400
Upfront license payment	$ 5,000,000
Devlopment and commercelization	$ 172,000,000
Revenue		354,100	$ 0
AffaMed Agreement [Member]
Revenue		$ 354,100	$ 0

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 01, 2021	Jun. 30, 2021
Exercise of warrants, shares	1,330,931
Exercise of warrants, amount	$ 923,000	$ 12,900
2019 [Member]
Purchase of options		400,000