Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001411685 | |
Entity Registrant Name | VistaGen Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37761 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-5093315 | |
Entity Address, Address Line One | 343 Allerton Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 577-3600 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | VTGN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 206,836,345 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 35,287,200 | $ 68,135,300 |
Prepaid expenses and other current assets | 1,559,600 | 2,745,800 |
Deferred contract acquisition costs - current portion | 67,000 | 116,900 |
Total current assets | 36,913,800 | 70,998,000 |
Property and equipment, net | 558,800 | 414,300 |
Right of use asset – operating lease | 2,465,700 | 2,662,000 |
Deferred offering costs | 411,400 | 321,800 |
Deferred contract acquisition costs - non-current portion | 251,100 | 146,400 |
Security deposits | 100,900 | 100,900 |
Total assets | 40,701,700 | 74,643,400 |
Current liabilities: | ||
Accounts payable | 2,957,800 | 2,758,600 |
Accrued expenses | 1,188,300 | 1,329,200 |
Deferred revenue - current portion | 712,300 | 1,244,000 |
Operating lease obligation - current portion | 455,500 | 433,300 |
Financing lease obligation - current portion | 1,500 | 0 |
Total current liabilities | 6,045,400 | 5,765,100 |
Non-current liabilities: | ||
Deferred revenue - non-current portion | 2,671,800 | 1,557,600 |
Operating lease obligation - non-current portion | 2,371,200 | 2,605,400 |
Financing lease obligation - non-current portion | 8,300 | 0 |
Total non-current liabilities | 5,051,300 | 4,163,000 |
Total liabilities | 11,096,700 | 9,928,100 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at September 30, 2022 and March 31, 2022: no shares outstanding at September 30, 2022 and March 31, 2022 | 0 | 0 |
Common stock, $0.001 par value; 325,000,000 shares authorized at September 30, 2022 and March 31, 2022; 206,972,010 and 206,676,620 shares issued at September 30, 2022 and March 31, 2022, respectively | 207,000 | 206,700 |
Additional paid-in capital | 338,229,600 | 336,080,700 |
Treasury stock, at cost, 135,665 shares of common stock held at September 30, 2022 and March 31, 2022 | (3,968,100) | (3,968,100) |
Accumulated deficit | (304,863,500) | (267,604,000) |
Total stockholders’ equity | 29,605,000 | 64,715,300 |
Total liabilities and stockholders’ equity | 40,701,700 | 74,643,400 |
Collaborative Arrangement [Member] | ||
Current liabilities: | ||
Notes payable | $ 730,000 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 325,000,000 | 325,000,000 |
Common Stock, Shares Issued (in shares) | 206,972,010 | 206,676,620 |
Treasury stock, shares (in shares) | 135,665 | 135,665 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, derecognized | $ (892,500) | $ (582,500) | ||
Revenue | $ 358,000 | $ 712,100 | ||
Operating expenses: | ||||
Research and development | 12,894,500 | 9,936,300 | 28,185,800 | 15,393,500 |
General and administrative | 3,702,300 | 3,221,200 | 8,494,100 | 5,864,300 |
Total operating expenses | 16,596,800 | 13,157,500 | 36,679,900 | 21,257,800 |
Loss from operations | (17,489,300) | (12,799,500) | (37,262,400) | (20,545,700) |
Other income, net: | ||||
Interest income, net | 6,100 | 5,100 | 8,400 | 10,200 |
Loss before income taxes | (17,483,200) | (12,794,400) | (37,254,000) | (20,535,500) |
Income taxes | 0 | 0 | (5,500) | (3,400) |
Net loss and comprehensive loss | (17,483,200) | (12,794,400) | (37,259,500) | (20,538,900) |
Accrued dividend on Series B Preferred stock | 0 | (375,200) | 0 | (737,000) |
Net loss attributable to common stockholders | $ (17,483,200) | $ (13,169,600) | $ (37,259,500) | $ (21,275,900) |
Basic and diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (0.08) | $ (0.07) | $ (0.18) | $ (0.11) |
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share (in shares) | 206,811,249 | 193,227,841 | 206,704,573 | 191,585,026 |
License [Member] | ||||
Revenue, derecognized | $ (892,500) | $ (582,500) | ||
Revenue | $ 358,000 | $ 712,100 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||||||
Net loss | $ (17,483,200) | $ (19,776,300) | $ (12,794,400) | $ (7,744,500) | $ (37,259,500) | $ (20,538,900) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 65,600 | 71,200 | |||||
Stock-based compensation | 1,988,600 | 1,354,900 | |||||
Amortization of operating lease right of use asset | 196,300 | 190,500 | |||||
Expense related to write-off of deferred offering costs | 0 | 232,000 | |||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses and other current assets | 2,431,400 | (1,801,100) | |||||
Operating lease liability | (212,000) | (174,700) | |||||
Accounts payable and accrued expenses | (47,200) | 3,688,800 | |||||
Net cash used in operating activities | (32,309,100) | (17,622,500) | |||||
Cash flows from property and investing activities: | |||||||
Purchases of laboratory and other equipment | (199,500) | (200,400) | |||||
Net cash used in investing activities | (199,500) | (200,400) | |||||
Cash flows from financing activities: | |||||||
Net proceeds from issuance of common stock and warrants, including option exercises | 104,400 | 58,000 | |||||
Net proceeds from exercise of warrants | 0 | 4,254,800 | |||||
Repayment of financing lease obligations | (700) | (1,800) | |||||
Repayment of notes payable | (409,700) | 0 | |||||
Net cash (used in) provided by financing activities | (339,500) | 8,341,700 | |||||
Net decrease in cash and cash equivalents | (32,848,100) | (9,481,200) | |||||
Cash and cash equivalents at beginning of period | $ 68,135,300 | $ 103,108,300 | 68,135,300 | 103,108,300 | $ 103,108,300 | ||
Cash and cash equivalents at end of period | 35,287,200 | 93,627,100 | 35,287,200 | 93,627,100 | $ 68,135,300 | ||
Supplemental disclosure of noncash activities: | |||||||
Insurance premiums settled by issuing note payable | 1,139,700 | 0 | |||||
Series B Preferred Stock [Member] | |||||||
Supplemental disclosure of noncash activities: | |||||||
Accrued dividends on Series B Preferred | $ 0 | $ 737,000 | 0 | 737,000 | |||
ATM Facility [Member] | |||||||
Cash flows from financing activities: | |||||||
Net proceeds (expense) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs | (89,600) | 3,999,100 | |||||
Equity Line [Member] | |||||||
Cash flows from financing activities: | |||||||
Net proceeds (expense) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs | 56,100 | 31,600 | |||||
License [Member] | |||||||
Changes in operating assets and liabilities: | |||||||
Deferred sublicense revenue, net of deferred contract acquisition costs | $ 527,700 | $ (645,200) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Mar. 31, 2021 | 500,000 | 1,131,669 | 2,318,012 | 402,149 | 180,751,234 | ||||
Balances at Mar. 31, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 400 | $ 180,800 | $ 315,603,100 | $ (3,968,100) | $ (219,841,700) | $ 91,978,500 |
Accrued dividends on Series B Preferred | 0 | 0 | 0 | 0 | 0 | (361,800) | 0 | 0 | (361,800) |
Stock-based compensation expense (including ESPP) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 590,400 | 0 | 0 | 590,400 |
Proceeds from exercise of warrants (in shares) | 0 | 0 | 0 | 0 | 1,516,768 | ||||
Proceeds from exercise of warrants | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,500 | 1,108,200 | 0 | 0 | 1,109,700 |
Conversion of Series D Preferred stock into common stock (in shares) | 0 | 0 | 0 | (402,149) | 9,249,427 | ||||
Conversion of Series D Preferred stock into common stock | $ 0 | $ 0 | $ 0 | $ (400) | $ 9,200 | (8,800) | 0 | 0 | 0 |
Purchase Plan (in shares) | 0 | 0 | 0 | 0 | 16,251 | ||||
Purchase Plan | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 31,600 | 0 | 0 | 31,600 |
Issuance of common stock upon cashless exercise of options (in shares) | 0 | 0 | 0 | 0 | 82,504 | ||||
Issuance of common stock upon cashless exercise of options | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 0 | 0 | 0 | 100 |
Issuance of common stock upon exercise of options for cash (in shares) | 0 | 0 | 0 | 0 | 15,824 | ||||
Issuance of common stock upon exercise of options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 12,900 | 0 | 0 | 12,900 |
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | (7,744,500) | (7,744,500) |
Balances (in shares) at Jun. 30, 2021 | 500,000 | 1,131,669 | 2,318,012 | 0 | 191,632,008 | ||||
Balances at Jun. 30, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 0 | $ 191,600 | 316,975,600 | (3,968,100) | (227,586,200) | 85,616,900 |
Balances (in shares) at Mar. 31, 2021 | 500,000 | 1,131,669 | 2,318,012 | 402,149 | 180,751,234 | ||||
Balances at Mar. 31, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 400 | $ 180,800 | 315,603,100 | (3,968,100) | (219,841,700) | 91,978,500 |
Net loss | (20,538,900) | ||||||||
Balances (in shares) at Sep. 30, 2021 | 500,000 | 1,131,669 | 2,318,012 | 0 | 196,558,785 | ||||
Balances at Sep. 30, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 0 | $ 196,500 | 324,808,000 | (3,968,100) | (240,380,600) | 80,659,800 |
Balances (in shares) at Mar. 31, 2021 | 500,000 | 1,131,669 | 2,318,012 | 402,149 | 180,751,234 | ||||
Balances at Mar. 31, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 400 | $ 180,800 | 315,603,100 | (3,968,100) | (219,841,700) | 91,978,500 |
Balances (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 206,676,620 | ||||
Balances at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,700 | 336,080,700 | (3,968,100) | (267,604,000) | 64,715,300 |
Balances (in shares) at Jun. 30, 2021 | 500,000 | 1,131,669 | 2,318,012 | 0 | 191,632,008 | ||||
Balances at Jun. 30, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 0 | $ 191,600 | 316,975,600 | (3,968,100) | (227,586,200) | 85,616,900 |
Accrued dividends on Series B Preferred | 0 | 0 | 0 | 0 | 0 | (375,200) | 0 | 0 | (375,200) |
Stock-based compensation expense (including ESPP) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 764,500 | 0 | 0 | 764,500 |
Proceeds from exercise of warrants (in shares) | 0 | 0 | 0 | 0 | 3,297,777 | ||||
Proceeds from exercise of warrants | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,300 | 3,141,800 | 0 | 0 | 3,145,100 |
Issuance of common stock upon cashless exercise of options (in shares) | 0 | 0 | 0 | 0 | 43,622 | ||||
Issuance of common stock upon cashless exercise of options | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | |
Issuance of common stock upon exercise of options for cash (in shares) | 0 | 0 | 0 | 0 | 83,000 | ||||
Issuance of common stock upon exercise of options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 45,000 | 0 | 0 | 45,100 |
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | (12,794,400) | (12,794,400) |
Issuance of common stock (in shares) | 0 | 0 | 0 | 0 | 1,502,378 | ||||
Issuance of common stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,500 | 4,256,300 | 0 | 0 | 4,257,800 |
Balances (in shares) at Sep. 30, 2021 | 500,000 | 1,131,669 | 2,318,012 | 0 | 196,558,785 | ||||
Balances at Sep. 30, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 0 | $ 196,500 | 324,808,000 | (3,968,100) | (240,380,600) | 80,659,800 |
Balances (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 206,676,620 | ||||
Balances at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,700 | 336,080,700 | (3,968,100) | (267,604,000) | 64,715,300 |
Stock-based compensation expense (including ESPP) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 956,900 | 0 | 0 | 956,900 |
Purchase Plan (in shares) | 0 | 0 | 0 | 0 | 75,000 | ||||
Purchase Plan | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 56,000 | 0 | 0 | 56,100 |
Issuance of common stock upon exercise of options for cash (in shares) | 0 | 0 | 0 | 0 | 100,000 | ||||
Issuance of common stock upon exercise of options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 99,900 | 0 | 0 | 100,000 |
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | (19,776,300) | (19,776,300) |
Balances (in shares) at Jun. 30, 2022 | 0 | 0 | 0 | 0 | 206,851,620 | ||||
Balances at Jun. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,900 | 337,193,500 | (3,968,100) | (287,380,300) | 46,052,000 |
Balances (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 206,676,620 | ||||
Balances at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,700 | 336,080,700 | (3,968,100) | (267,604,000) | 64,715,300 |
Net loss | (37,259,500) | ||||||||
Balances (in shares) at Sep. 30, 2022 | 0 | 0 | 0 | 0 | 206,972,010 | ||||
Balances at Sep. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 207,000 | 338,229,600 | (3,968,100) | (304,863,500) | 29,605,000 |
Balances (in shares) at Jun. 30, 2022 | 0 | 0 | 0 | 0 | 206,851,620 | ||||
Balances at Jun. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,900 | 337,193,500 | (3,968,100) | (287,380,300) | 46,052,000 |
Stock-based compensation expense (including ESPP) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 1,031,800 | 0 | 0 | 1,031,800 |
Issuance of common stock upon cashless exercise of options (in shares) | 0 | 0 | 0 | 0 | 109,390 | ||||
Issuance of common stock upon cashless exercise of options | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | (100) | 0 | 0 | 0 |
Issuance of common stock upon exercise of options for cash (in shares) | 0 | 0 | 0 | 0 | 11,000 | ||||
Issuance of common stock upon exercise of options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 4,400 | 0 | 0 | 4,400 |
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | (17,483,200) | (17,483,200) |
Balances (in shares) at Sep. 30, 2022 | 0 | 0 | 0 | 0 | 206,972,010 | ||||
Balances at Sep. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 207,000 | $ 338,229,600 | $ (3,968,100) | $ (304,863,500) | $ 29,605,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Description of Business Vistagen Therapeutics, Inc., a Nevada corporation (which may Vistagen Company we our us PH94B PH10, PH94B PH10 PH94B PH10 ) Our Product Candidates PH94B PH94B first MOA PH94B PH94B SAD PH94B not PH94B We are currently evaluating PH94B AjDA 2 PH94B In May 2021, 3 PH94B 1, 3 PH94B July 2022, 1 not SUDS 1 not PH94B 1 In August 2021, 2, 1 July 2022, 1, 2 third 2 September 2022, 140 2, third 2 not not 2, 2 208 2, 3 PH94B PH10 PH10 PH10, PH10’s Ads KBT PH10 not not In a small ( n=30 2A MDD 6.4 8 PH10 one 17 HAM-D- 17 0.022 PH10 not may IND 1 PH10 1 2022. 1 2B PH10 may PH10 AV- 101 AV- 101 7 7 7 not 101 not 101, 1B 101 The FDA has granted Fast Track designation for development of AV- 101 Subsidiaries VistaGen Therapeutics, Inc., a California corporation d/b/a VistaStem ( VistaStem 10 Report two Artemis April 2022, VistaStem Canada June 2022. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 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 10 8 03 X. not March 31, 2022 not six September 30, 2022 not March 31, 2023, 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, 2022 10 SEC June 23, 2022 ( Form 10 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 May 1998) September 30, 2022. PH94B, PH10 101. Since our inception in May 1998 September 30, 2022, Liquidity, Capital Resources and Going Concern During our fiscal year ended March 31, 2022 ( Fiscal 2022 May 2021, SM Sales Agreement ATM may 2022, not October 2, 2021 March 31, 2021 ( Fiscal 2021 August 2020 December 2020, PH94B AffaMed Agreement 11, Sublicensing and Collaboration Agreements 2022 2021 2022 six September 30, 2022, 2019 2019 ESPP We had cash and cash equivalents of approximately $35.3 million at September 30, 2022, not twelve 1 2 third 2 PALISADE OLS PH94B 2A PH94B 1 PH10 2B PH10 not When necessary and advantageous, we will seek additional financial resources to fund our planned operations through (i) sales of our equity and/or debt securities in one may PH94B may no Subject to certain restrictions, our Registration Statement on Form S- 3 S- 3 one may 3 not Our future working capital requirements will depend on many factors, including, without limitation, potential impacts related to the on-going COVID- 19 PH94B, PH10, 101, not Notwithstanding the foregoing, there can be no September 6, 2022, Nasdaq 30 not $1.00 no may may may may not not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 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. Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three Revenue Recognition The AffaMed Agreement, involving clinical development and commercialization of PH94B six September 30, 2022 2022 2021. August 2020, Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606 606, five five Once a contract is determined to be within the scope of Topic 606, may 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 are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, not The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP not may If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the 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 not not 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 one We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. 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. 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). As described more completely in Note 11, Sublicensing and Collaborative Agreements 1, 606, three six September 30, 2022, June 30, 2022. September 30, 2022, six September 30, 2022 Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Revenue - current portion $ 1,244,000 $ - $ (531,700 ) $ 712,300 Deferred Revenue - non-current portion 1,557,600 1,114,200 - 2,671,800 Total $ 2,801,600 $ 1,114,200 $ (531,700 ) $ 3,384,100 During the three six September 30, 2022, three six September 30, 2021, Contract Acquisition Costs During the quarter ended September 30, 2020, PH94B Pherin June 24, 2020, three six September 30, 2022, June 30, 2022, three six September 30, 2021, no The following table summarizes our contract acquisition costs for the six September 30, 2022 Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Contract Acquisition Costs - current portion $ 116,900 $ - $ (49,900 ) $ 67,000 Deferred Contract Acquisition Costs - non-current portion 146,400 104,700 - 251,100 Total $ 263,300 $ 104,700 $ (49,900 ) $ 318,100 Research and Development Expense Research and development expense is composed of both internal and external costs. Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expense consists primarily of costs associated with clinical and nonclinical development of PH94B, PH10, 101. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if the product or technology licensed has not no PH94B PH10 March 31, 2019. 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 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 The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Research and development expense $ 466,100 $ 313,600 $ 795,700 $ 554,400 General and administrative expense 565,600 450,900 1,192,900 800,500 Total stock-based compensation expense $ 1,031,700 $ 764,500 $ 1,988,600 $ 1,354,900 Expense amounts reported above include $9,500 and $25,400 in research and development expense for the three six September 30, 2022, three six September 30, 2022, 2019 three six September 30, 2021, three six September 30, 2021, 2019 During the six September 30, 2022, 2019 2019 first three twelve six September 30, 2022 Assumption: Weighted Average Range Market price per share at grant date $ 0.82 $ 0.14 to 1.51 Exercise price per share $ 0.82 $ 0.14 to 1.51 Risk-free interest rate 3.03% 2.63% to 3.70% Expected term in years 5.90 5.20 to 6.08 Volatility 80.23% 79.14% to 81.83% Dividend rate 0.0% 0.0% Shares 1,222,000 Fair Value per share $ 0.57 On September 12, 2022, Committee Board September 13, 2022 90 No three six September 30, 2022. Assumption: Pre-modification Post-modification Market price per share $ 0.2052 $ 0.2052 Exercise price per share $ 1.27 $ 1.27 Risk-free interest rate 2.62 % 3.17 % Remaining contractual term in years 0.003 0.249 Volatility 138.31 % 412.67 % Dividend rate 0.0 % 0.0 % Number of option shares 1,322,118 1,322,118 Weighted average fair value per share $ 0.00 $ 0.08 During the six September 30, 2022, 2019 September 30, 2022, 2016 2016 2019 2019 2016 Leases, Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update No. 2016 02, Leases (Topic 842 ASU 2016 02 2016 02 Right-of-use assets not may 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 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, 842 Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may Comprehensive Loss We have no 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% Series B Preferred 2022, As a result of our net loss for both 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 September 30, At September 30, 2022 2021 Series A Preferred stock issued and outstanding (1) - 750,000 Series B Preferred stock issued and outstanding (2) - 1,131,669 Series C Preferred stock issued and outstanding (3) - 2,318,012 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 19,935,327 15,478,639 Outstanding warrants to purchase common stock 9,275,858 11,842,104 Total 29,211,185 31,520,424 ____________ ( 1 October 11, 2012 ( 2 10% May 5, 2015; November 2021. ( 3 January 25, 2016. Fair Value Measurements We do not September 30, 2022 March 31, 2022, 1 September 30, 2022 March 31, 2022. Warrants Issued in Connection with Equity Financing We evaluate the appropriate balance sheet classification of warrants we issue as either equity or as a derivative liability. In accordance with ASC 815 40, Derivatives and Hedging-Contracts in the Entity s Own Equity ASC 815 40 not not 480, Distinguishing Liabilities from Equity 815 40, September 30, 2022 March 31, 2022, Recent Accounting Pronouncements We believe the following recent accounting pronouncement is of significance or potential significance to the Company. In August 2020, FASB 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity 815 40 ASU 2020 06 The guidance in ASU 2020 06 470 20, Debt: Debt with Conversion and Other Options 470 20 not In addition, the amendments revise the scope exception from derivative accounting in ASC 815 40 not The amendments in ASU 2020 06 260, Earnings Per Share EPS may The amendments in ASU 2020 06 April 1, 2024. not 2020 06 Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not not |
Note 4 - Prepaid Expense and Ot
Note 4 - Prepaid Expense and Other Current Assets | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets Disclosure [Text Block] | Note 4. Prepaid Expense and Other Current Assets Prepaid expense and other current assets are composed of the following: September 30, March 31, 2022 2022 Clinical and nonclinical materials and contract services $ 413,200 $ 2,139,600 Insurance 879,900 196,500 Receivable from CRO for cancelled project - 337,900 Receivable from collaboration partner 154,100 - All other 112,400 71,800 $ 1,559,600 $ 2,745,800 The amount reported as receivable from CRO for cancelled project at March 31, 2022 July 2022. September 30, 2022 not |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and equipment is composed of the following: September 30, March 31, 2022 2022 Laboratory equipment $ 1,380,800 $ 1,181,300 Tenant improvements 214,400 214,400 Office furniture and equipment 72,100 76,200 Manufacturing equipment 211,200 211,200 1,878,500 1,683,100 Accumulated depreciation and amortization (1,319,700 ) (1,268,800 ) Property and equipment, net $ 558,800 $ 414,300 We recorded depreciation and amortization expense of $33,300 and $65,600 for the three six September 30, 2022, three six September 30, 2021, September 30, March 31, 2022 2022 Office equipment subject to financing lease $ 10,600 $ 14,700 Accumulated depreciation (1,000 ) (14,700 ) Net book value of office equipment subject to financing lease $ 9,600 $ - The fully-depreciated office equipment reported at March 31, 2022 January 2022. April 2022. June 2027. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 6. Accrued Expense Accrued expense is composed of the following: September 30, March 31, 2022 2022 Accrued expenses for clinical and nonclinical materials, development and contract services $ 821,200 $ 1,070,800 Accrued compensation 310,900 66,200 Accrued professional services 55,000 159,500 All other 1,200 32,700 $ 1,188,300 $ 1,329,200 |
Note 7 - Note Payable
Note 7 - Note Payable | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. The following table summarizes our outstanding notes payable at September 30, 2022 March 31, 2022. September 30, 2022 March 31, 2022 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 3.88% Note payable to insurance premium financing company (current) $ 730,000 $ - $ 730,000 $ - $ - $ - In May 2022, 3.88% April 2023. |
Note 8 - Capital Stock
Note 8 - Capital Stock | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8. Capital Stock ATM Agreement In May 2021, SM Sales Agreement Jefferies ATM may, Shares September October 2021, not October 2, 2021 We record transactions under the Sales Agreement on a settlement date basis. All legal fees and accounting expenses incurred in connection with the Sales Agreement are recorded as Deferred Offering Costs and are amortized to Additional Paid-in Capital as costs of the offering as sales of Shares are made under the Sales Agreement. Between execution of the Sales Agreement in May 2021 March 31, 2022, six September 30, 2022, Stock Option Exercises and Employee Stock Purchase Plan Purchases During the six September 30, 2022, six September 30, 2021, June 30, 2022, 2019 June 30, 2021, 2019 Warrants Outstanding The following table summarizes warrants outstanding and exercisable as of September 30, 2022 March 31, 2022. September 30, 2022 Warrants Exercisable and Exercise Outstanding at Price Expiration September 30, 2022 per Share Date and March 31, 2022 $0.50 12/9/2022 1,000,000 $0.73 7/25/2025 370,544 $0.805 12/31/2022 76,859 $1.50 12/13/2022 6,789,243 $1.70 10/5/2022 12,162 $1.82 3/7/2023 880,050 $7.00 3/3/2023 147,000 9,275,858 In May 2020, 3 Warrant Registration Statement May 13, 2020. No There have been no warrant exercises during the six September 30, 2022. six September 30, 2021, December 31, 2022. |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9. Related Party Transactions During the fourth 2022, March 31, 2022 three six September 30, 2022, September 30, 2022. not six September 30, 2021. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. We lease our headquarters office and laboratory space in South San Francisco, California under the terms of a lease that was set to expire on July 31, 2022, five August 2022 July 2027 842. October 14, 2021, Lease Amendment August 1, 2022 July 31, 2027 five five August 1, 2027. ASC 842 April 1, 2019, not 842. The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheet: As of September 30, 2022 As of March 31, 2022 Assets Right of use asset – operating lease $ 2,465,700 $ 2,662,000 Liabilities Current operating lease obligation $ 455,500 $ 433,300 Non-current operating lease obligation 2,371,200 2,605,400 Total operating lease liability $ 2,826,700 $ 3,038,700 The following table summarizes the effect of operating lease costs in the Company’s Condensed Consolidated Statements of Operations: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 213,500 $ 210,800 $ 410,700 $ 446,500 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, 2023 (remaining six months) $ 338,000 2024 689,500 2025 710,200 2026 731,500 2027 753,500 Thereafter 253,600 Total lease expense 3,476,300 Less imputed interest (649,600 ) Present value of operating lease liabilities $ 2,826,700 The remaining lease term, which does not five July 31, 2027, As of September 30, 2022 Assumed remaining lease term in years 4.83 Assumed discount rate 8.54 % The interest rate implicit in lease contracts is typically not 842, 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 Six Months Ended For the Six Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 426,400 $ 430,700 During the six September 30, 2022, not 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 842 three September 30, 2022 2021 six September 30, 2022 2021, |
Note 11 - Sublicensing and Coll
Note 11 - Sublicensing and Collaborative Agreements | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 11. On June 24, 2020, EverInsight October 2020, AffaMed June 2020 PH94B Territory PH94B Under the terms of the AffaMed Agreement, AffaMed is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing PH94B PH94B We are responsible for pursuing clinical development and regulatory submissions of PH94B no 3 PH94B PH94B 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. PH94B ten no may We have determined that we have one PH94B not Development and commercialization milestones were not We recognize revenue as the combined performance obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Significant management judgment is required to determine the level of effort attributable to the performance obligation included in the AffaMed Agreement and the period over which we expect to complete our performance obligation 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 1 PH94B, September 30, 2022, 2027 2024. 3, Summary of Significant Accounting Policies September 30, 2022 three six September 30, 2022, June 30, 2022. September 30, 2022, three six September 30, 2021, September 30, 2022, Unless earlier terminated due to certain material breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis until the latest to occur of expiration of the last valid claim under a licensed patent of PH94B ten first PH94B |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. Subsequent Events We have evaluated events subsequent to September 30, 2022 determined that there are no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three |
Revenue [Policy Text Block] | Revenue Recognition The AffaMed Agreement, involving clinical development and commercialization of PH94B six September 30, 2022 2022 2021. August 2020, Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606 606, five five Once a contract is determined to be within the scope of Topic 606, may 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 are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, not The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP not may If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the 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 not not 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 one We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. 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. 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). As described more completely in Note 11, Sublicensing and Collaborative Agreements 1, 606, three six September 30, 2022, June 30, 2022. September 30, 2022, six September 30, 2022 Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Revenue - current portion $ 1,244,000 $ - $ (531,700 ) $ 712,300 Deferred Revenue - non-current portion 1,557,600 1,114,200 - 2,671,800 Total $ 2,801,600 $ 1,114,200 $ (531,700 ) $ 3,384,100 During the three six September 30, 2022, three six September 30, 2021, Contract Acquisition Costs During the quarter ended September 30, 2020, PH94B Pherin June 24, 2020, three six September 30, 2022, June 30, 2022, three six September 30, 2021, no The following table summarizes our contract acquisition costs for the six September 30, 2022 Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Contract Acquisition Costs - current portion $ 116,900 $ - $ (49,900 ) $ 67,000 Deferred Contract Acquisition Costs - non-current portion 146,400 104,700 - 251,100 Total $ 263,300 $ 104,700 $ (49,900 ) $ 318,100 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development expense is composed of both internal and external costs. Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expense consists primarily of costs associated with clinical and nonclinical development of PH94B, PH10, 101. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if the product or technology licensed has not no PH94B PH10 March 31, 2019. |
Compensation Related Costs, Policy [Policy Text Block] | 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 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 The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Research and development expense $ 466,100 $ 313,600 $ 795,700 $ 554,400 General and administrative expense 565,600 450,900 1,192,900 800,500 Total stock-based compensation expense $ 1,031,700 $ 764,500 $ 1,988,600 $ 1,354,900 Expense amounts reported above include $9,500 and $25,400 in research and development expense for the three six September 30, 2022, three six September 30, 2022, 2019 three six September 30, 2021, three six September 30, 2021, 2019 During the six September 30, 2022, 2019 2019 first three twelve six September 30, 2022 Assumption: Weighted Average Range Market price per share at grant date $ 0.82 $ 0.14 to 1.51 Exercise price per share $ 0.82 $ 0.14 to 1.51 Risk-free interest rate 3.03% 2.63% to 3.70% Expected term in years 5.90 5.20 to 6.08 Volatility 80.23% 79.14% to 81.83% Dividend rate 0.0% 0.0% Shares 1,222,000 Fair Value per share $ 0.57 On September 12, 2022, Committee Board September 13, 2022 90 No three six September 30, 2022. Assumption: Pre-modification Post-modification Market price per share $ 0.2052 $ 0.2052 Exercise price per share $ 1.27 $ 1.27 Risk-free interest rate 2.62 % 3.17 % Remaining contractual term in years 0.003 0.249 Volatility 138.31 % 412.67 % Dividend rate 0.0 % 0.0 % Number of option shares 1,322,118 1,322,118 Weighted average fair value per share $ 0.00 $ 0.08 During the six September 30, 2022, 2019 September 30, 2022, 2016 2016 2019 2019 2016 |
Lessee, Leases [Policy Text Block] | Leases, Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update No. 2016 02, Leases (Topic 842 ASU 2016 02 2016 02 Right-of-use assets not may 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 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, 842 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss We have no |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Revenue - current portion $ 1,244,000 $ - $ (531,700 ) $ 712,300 Deferred Revenue - non-current portion 1,557,600 1,114,200 - 2,671,800 Total $ 2,801,600 $ 1,114,200 $ (531,700 ) $ 3,384,100 |
Capitalized Contract Cost [Table Text Block] | Balance at Balance at March 31, 2022 Additions Deductions September 30, 2022 Deferred Contract Acquisition Costs - current portion $ 116,900 $ - $ (49,900 ) $ 67,000 Deferred Contract Acquisition Costs - non-current portion 146,400 104,700 - 251,100 Total $ 263,300 $ 104,700 $ (49,900 ) $ 318,100 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Research and development expense $ 466,100 $ 313,600 $ 795,700 $ 554,400 General and administrative expense 565,600 450,900 1,192,900 800,500 Total stock-based compensation expense $ 1,031,700 $ 764,500 $ 1,988,600 $ 1,354,900 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumption: Weighted Average Range Market price per share at grant date $ 0.82 $ 0.14 to 1.51 Exercise price per share $ 0.82 $ 0.14 to 1.51 Risk-free interest rate 3.03% 2.63% to 3.70% Expected term in years 5.90 5.20 to 6.08 Volatility 80.23% 79.14% to 81.83% Dividend rate 0.0% 0.0% Shares 1,222,000 Fair Value per share $ 0.57 Assumption: Pre-modification Post-modification Market price per share $ 0.2052 $ 0.2052 Exercise price per share $ 1.27 $ 1.27 Risk-free interest rate 2.62 % 3.17 % Remaining contractual term in years 0.003 0.249 Volatility 138.31 % 412.67 % Dividend rate 0.0 % 0.0 % Number of option shares 1,322,118 1,322,118 Weighted average fair value per share $ 0.00 $ 0.08 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | At September 30, At September 30, 2022 2021 Series A Preferred stock issued and outstanding (1) - 750,000 Series B Preferred stock issued and outstanding (2) - 1,131,669 Series C Preferred stock issued and outstanding (3) - 2,318,012 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 19,935,327 15,478,639 Outstanding warrants to purchase common stock 9,275,858 11,842,104 Total 29,211,185 31,520,424 |
Note 4 - Prepaid Expense and _2
Note 4 - Prepaid Expense and Other Current Assets (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | September 30, March 31, 2022 2022 Clinical and nonclinical materials and contract services $ 413,200 $ 2,139,600 Insurance 879,900 196,500 Receivable from CRO for cancelled project - 337,900 Receivable from collaboration partner 154,100 - All other 112,400 71,800 $ 1,559,600 $ 2,745,800 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, March 31, 2022 2022 Laboratory equipment $ 1,380,800 $ 1,181,300 Tenant improvements 214,400 214,400 Office furniture and equipment 72,100 76,200 Manufacturing equipment 211,200 211,200 1,878,500 1,683,100 Accumulated depreciation and amortization (1,319,700 ) (1,268,800 ) Property and equipment, net $ 558,800 $ 414,300 |
Schedule of Finance Leased Assets [Table Text Block] | September 30, March 31, 2022 2022 Office equipment subject to financing lease $ 10,600 $ 14,700 Accumulated depreciation (1,000 ) (14,700 ) Net book value of office equipment subject to financing lease $ 9,600 $ - |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, March 31, 2022 2022 Accrued expenses for clinical and nonclinical materials, development and contract services $ 821,200 $ 1,070,800 Accrued compensation 310,900 66,200 Accrued professional services 55,000 159,500 All other 1,200 32,700 $ 1,188,300 $ 1,329,200 |
Note 7 - Note Payable (Tables)
Note 7 - Note Payable (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2022 March 31, 2022 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total 3.88% Note payable to insurance premium financing company (current) $ 730,000 $ - $ 730,000 $ - $ - $ - |
Note 8 - Capital Stock (Tables)
Note 8 - Capital Stock (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Exercisable and Exercise Outstanding at Price Expiration September 30, 2022 per Share Date and March 31, 2022 $0.50 12/9/2022 1,000,000 $0.73 7/25/2025 370,544 $0.805 12/31/2022 76,859 $1.50 12/13/2022 6,789,243 $1.70 10/5/2022 12,162 $1.82 3/7/2023 880,050 $7.00 3/3/2023 147,000 9,275,858 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | As of September 30, 2022 As of March 31, 2022 Assets Right of use asset – operating lease $ 2,465,700 $ 2,662,000 Liabilities Current operating lease obligation $ 455,500 $ 433,300 Non-current operating lease obligation 2,371,200 2,605,400 Total operating lease liability $ 2,826,700 $ 3,038,700 |
Lease, Cost [Table Text Block] | For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 213,500 $ 210,800 $ 410,700 $ 446,500 For the Six Months Ended For the Six Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 426,400 $ 430,700 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Years Ending March 31, 2023 (remaining six months) $ 338,000 2024 689,500 2025 710,200 2026 731,500 2027 753,500 Thereafter 253,600 Total lease expense 3,476,300 Less imputed interest (649,600 ) Present value of operating lease liabilities $ 2,826,700 |
Lessee, Operating Lease, Other Disclosures [Table Text Block] | As of September 30, 2022 Assumed remaining lease term in years 4.83 Assumed discount rate 8.54 % |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Sep. 30, 2022 |
Number of Subsidiaries | 2 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 293 Months Ended | ||
May 31, 2021 | Oct. 31, 2021 | Feb. 10, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | |
Retained Earnings (Accumulated Deficit), Total | $ (304,863,500) | $ (267,604,000) | $ (304,863,500) | |||||
Proceeds from Issuance of Debt and Equity Securities | $ 208,700,000 | $ 119,000,000 | ||||||
Proceeds from Government Research Grant Awards | 22,700,000 | |||||||
Stock Issued During Period, Value, Settlement of Liabilities | 38,200,000 | |||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 0 | 4,814,545 | 7,300,000 | |||||
Proceeds from Warrant Exercises | $ 160,500 | $ 4,254,800 | $ 6,200,000 | $ 6,600,000 | ||||
Cash and Cash Equivalents, at Carrying Value, Total | 35,287,200 | $ 68,135,300 | $ 35,287,200 | |||||
ATM Facility [Member] | ||||||||
Proceeds from Issuance of Common Stock | $ (89,600) | $ 3,999,100 | ||||||
ATM Facility [Member] | Jefferies LLC [Member] | ||||||||
Stock Sales Agreement, Maximum Aggregate Offering Price | $ 75,000,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,517,798 | 0 | 1,517,798 | |||||
Proceeds from Issuance of Common Stock | $ 4,300,000 | $ 4,300,000 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Sep. 12, 2022 | Aug. 30, 2020 | Jun. 24, 2020 | Nov. 30, 2021 | Aug. 31, 2020 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ 892,500 | $ 582,500 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 358,000 | $ 712,100 | ||||||||||
Research and Development Expense, Total | 12,894,500 | 9,936,300 | 28,185,800 | 15,393,500 | ||||||||
General and Administrative Expense, Total | 3,702,300 | 3,221,200 | 8,494,100 | 5,864,300 | ||||||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance (in shares) | 1,322,118 | |||||||||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 0.398 | |||||||||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 1.77 | |||||||||||
Fair Value, Recurring [Member] | ||||||||||||
Financial Liabilities Fair Value Disclosure, Total | 0 | 0 | $ 0 | |||||||||
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 30,116,900 | 30,116,900 | 65,094,900 | |||||||||
Conversion of Accrued Dividends on Series B Preferred Stock into Common Stock [Member] | ||||||||||||
Conversion of Stock, Shares Issued (in shares) | 3,295,778 | |||||||||||
The 2019 Employee Stock Purchase Plan [Member] | ||||||||||||
Research and Development Expense, Total | 9,500 | 14,400 | 25,400 | 16,700 | ||||||||
General and Administrative Expense, Total | $ 4,100 | 5,900 | $ 9,000 | 8,600 | ||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 0 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Research and Development Expense, Total | $ 108,600 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,222,000 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | Vesting Period, First Anniversary [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | Vesting Over Three Years [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Consultants [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2016 And 2019 Omnibus Equity Incentive Plans [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 382,812 | 382,812 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 4,250 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 19,935,327 | 19,935,327 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 1.44 | $ 1.44 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 6,518,829 | 6,518,829 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2016 Equity Incentive Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | ||||||||||
Consulting Firm [Member] | Corporate Development and Public Relations Advisory Services [Member] | ||||||||||||
Related Party Transaction, Reversed Expenses from Transactions with Related Party | $ 83,900 | $ 54,800 | ||||||||||
License [Member] | ||||||||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | 892,500 | 582,500 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 358,000 | 712,100 | ||||||||||
Contract with Customer, Liability, Total | 3,384,100 | 3,384,100 | $ 2,801,600 | |||||||||
Collaborative Arrangement, AffaMed Agreement [Member] | ||||||||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | 892,500 | 582,500 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 310,000 | 358,000 | 1,615,900 | 712,100 | ||||||||
Contract with Customer, Liability, Total | 3,384,100 | 3,384,100 | ||||||||||
Sublicense Fees | $ 345,000 | |||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 233,645 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 125,000 | |||||||||||
Capitalized Contract Cost, Gross | 470,000 | |||||||||||
Capitalized Contract Cost, Amortization | $ 29,100 | $ 33,600 | $ 66,900 | |||||||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | ||||||||||||
Upfront License Payment | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ 892,500 | 582,500 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,384,100 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Schedule of Changes in Contract Liabilities (Details) | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Deferred Revenue, Current | $ 1,244,000 |
Deferred Revenue, Current | 712,300 |
Deferred Revenue, Non-current | 1,557,600 |
Deferred Revenue, Non-current | 2,671,800 |
License [Member] | |
Deferred Revenue, Additions | 1,114,200 |
Deferred Revenue, Deductions | (531,700) |
Deferred Revenue | 2,801,600 |
Deferred Revenue | 3,384,100 |
Contract with Customer, Liability, Current [Member] | License [Member] | |
Deferred Revenue, Current | 1,244,000 |
Deferred Revenue, Additions | 0 |
Deferred Revenue, Deductions | (531,700) |
Deferred Revenue, Current | 712,300 |
Contract with Customer, Liability, Non-current [Member] | License [Member] | |
Deferred Revenue, Additions | 1,114,200 |
Deferred Revenue, Deductions | 0 |
Deferred Revenue, Non-current | 1,557,600 |
Deferred Revenue, Non-current | $ 2,671,800 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Contract Acquisition Costs (Details) | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Deferred Contract Acquisition Costs - current portion | $ 116,900 |
Deferred Contract Acquisition Costs, Additions | 0 |
Deferred Contract Acquisition Costs, Deductions | (49,900) |
Deferred Contract Acquisition Costs - current portion | 67,000 |
Deferred Contract Acquisition Costs - non-current portion | 146,400 |
Deferred Contract Acquisition Costs, Deductions | 0 |
Deferred Contract Acquisition Costs - non-current portion | 251,100 |
Total | 263,300 |
Deferred Contract Acquisition Costs | 104,700 |
Deferred Contract Acquisition Costs | (49,900) |
Total | $ 318,100 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Schedule of Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Payment Arrangement, Expense | $ 1,031,700 | $ 764,500 | $ 1,988,600 | $ 1,354,900 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 466,100 | 313,600 | 795,700 | 554,400 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expense | $ 565,600 | $ 450,900 | $ 1,192,900 | $ 800,500 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Schedule of Fair Value of Options Granted - Black-Scholes Option Pricing Model (Details) | 6 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Dividend rate | |
Dividend rate | |
Share-Based Payment Arrangement, Option [Member] | |
Shares (in shares) | shares | 1,222,000 |
Fair Value per share (in dollars per share) | $ 0.57 |
Share-Based Payment Arrangement, Option [Member] | Weighted Average [Member] | |
Market price per share at grant date (in dollars per share) | 0.82 |
Market price per share at grant date (in dollars per share) | 0.82 |
Exercise price per share (in dollars per share) | 0.82 |
Exercise price per share (in dollars per share) | $ 0.82 |
Risk-free interest rate | 3.03% |
Risk-free interest rate | 3.03% |
Expected term in years (Year) | 5 years 10 months 24 days |
Expected term in years (Year) | 5 years 10 months 24 days |
Volatility | 80.23% |
Dividend rate | 0% |
Dividend rate | 0% |
Volatility | 80.23% |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |
Market price per share at grant date (in dollars per share) | $ 0.14 |
Market price per share at grant date (in dollars per share) | 0.14 |
Exercise price per share (in dollars per share) | 0.14 |
Exercise price per share (in dollars per share) | $ 0.14 |
Risk-free interest rate | 2.63% |
Risk-free interest rate | 2.63% |
Expected term in years (Year) | 5 years 2 months 12 days |
Expected term in years (Year) | 5 years 2 months 12 days |
Volatility | 79.14% |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |
Market price per share at grant date (in dollars per share) | $ 1.51 |
Market price per share at grant date (in dollars per share) | 1.51 |
Exercise price per share (in dollars per share) | 1.51 |
Exercise price per share (in dollars per share) | $ 1.51 |
Risk-free interest rate | 3.70% |
Risk-free interest rate | 3.70% |
Expected term in years (Year) | 6 years 29 days |
Expected term in years (Year) | 6 years 29 days |
Volatility | 81.83% |
Pre-modified Stock Option Plan [Member] | |
Market price per share at grant date (in dollars per share) | $ 0.2052 |
Market price per share at grant date (in dollars per share) | 0.2052 |
Exercise price per share (in dollars per share) | 1.27 |
Exercise price per share (in dollars per share) | $ 1.27 |
Risk-free interest rate | 2.62% |
Risk-free interest rate | 2.62% |
Expected term in years (Year) | 1 day |
Expected term in years (Year) | 1 day |
Volatility | 138.31% |
Dividend rate | 0% |
Dividend rate | 0% |
Fair Value per share (in dollars per share) | $ 0 |
Volatility | 138.31% |
Number of option shares (in shares) | shares | 1,322,118 |
Post-modified Stock Option Plan [Member] | |
Market price per share at grant date (in dollars per share) | $ 0.2052 |
Market price per share at grant date (in dollars per share) | 0.2052 |
Exercise price per share (in dollars per share) | 1.27 |
Exercise price per share (in dollars per share) | $ 1.27 |
Risk-free interest rate | 3.17% |
Risk-free interest rate | 3.17% |
Expected term in years (Year) | 2 months 30 days |
Expected term in years (Year) | 2 months 30 days |
Volatility | 412.67% |
Dividend rate | 0% |
Dividend rate | 0% |
Fair Value per share (in dollars per share) | $ 0.08 |
Volatility | 412.67% |
Number of option shares (in shares) | shares | 1,322,118 |
Note 3 - Summary of Significa_8
Note 3 - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded From Earnings Per Share Computation (Details) - shares | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Antidilutive Securities (in shares) | 29,211,185 | 31,520,424 | |
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | |||
Antidilutive Securities (in shares) | 19,935,327 | 15,478,639 | |
Warrant [Member] | |||
Antidilutive Securities (in shares) | 9,275,858 | 11,842,104 | |
Series A Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [1] | 0 | 750,000 |
Series B Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [2] | 0 | 1,131,669 |
Series C Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [3] | 0 | 2,318,012 |
[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. We issued 3,295,778 unregistered shares of our common stock upon conversion of the Series B Preferred in November 2021.[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 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Prepaid Expense and Other Assets, Current | $ 1,559,600 | $ 2,745,800 |
Prepaid Expenses and Other Current Assets [Member] | ||
Clinical and nonclinical materials and contract services | 413,200 | 2,139,600 |
Insurance | 879,900 | 196,500 |
Receivable from CRO for cancelled project | 0 | 337,900 |
Receivable from collaboration partner | 154,100 | 0 |
Other Assets | 112,400 | 71,800 |
Prepaid Expense and Other Assets, Current | $ 1,559,600 | $ 2,745,800 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 33,300 | $ 36,700 | $ 65,600 | $ 71,200 |
Lease for Office Equipment Fully-depreciated [Member] | ||||
Lease, Monthly Payment | $ 200 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Property, plant and equipment | $ 1,878,500 | $ 1,683,100 |
Accumulated depreciation and amortization | (1,319,700) | (1,268,800) |
Property and equipment, net | 558,800 | 414,300 |
Laboratory Equipment [Member] | ||
Property, plant and equipment | 1,380,800 | 1,181,300 |
Tenant Improvements [Member] | ||
Property, plant and equipment | 214,400 | 214,400 |
Office Furniture And Equipment [Member] | ||
Property, plant and equipment | 72,100 | 76,200 |
Manufacturing Equipment [Member] | ||
Property, plant and equipment | $ 211,200 | $ 211,200 |
Note 5 - Property and Equipme_5
Note 5 - Property and Equipment - Schedule of Assets Subject to Financing Lease (Details) - Office Furniture And Equipment [Member] - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Office equipment subject to financing lease | $ 10,600 | $ 14,700 |
Accumulated depreciation | (1,000) | (14,700) |
Net book value of office equipment subject to financing lease | $ 9,600 | $ 0 |
Note 6 - Accrued Expenses - Sch
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Accrued expenses for clinical and nonclinical materials, development and contract services | $ 821,200 | $ 1,070,800 |
Accrued compensation | 310,900 | 66,200 |
Accrued professional services | 55,000 | 159,500 |
Other Accrued Liabilities | 1,200 | 32,700 |
Accrued Liabilities, Current, Total | $ 1,188,300 | $ 1,329,200 |
Note 7 - Note Payable (Details
Note 7 - Note Payable (Details Textual) - Promissory Note [Member] | 1 Months Ended |
May 31, 2022 USD ($) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% |
Debt Instrument, Face Amount | $ 1,139,700 |
Debt Instrument, Periodic Payment, Total | $ 105,600 |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summary of Notes Payable (Details) - Promissory Note 3.88% [Member] - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2022 | |
Principal balance | $ 730,000 | $ 0 |
Accrued Interest | 0 | |
Total balance | $ 730,000 |
Note 8 - Capital Stock (Details
Note 8 - Capital Stock (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||
May 31, 2021 | Oct. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Feb. 10, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | May 31, 2020 | |
Deferred Offering Costs, Noncurrent | $ 411,400 | $ 321,800 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 56,100 | $ 31,600 | ||||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 0 | 4,814,545 | 7,300,000 | |||||||
Proceeds from Warrant Exercises | $ 160,500 | $ 4,254,800 | $ 6,200,000 | $ 6,600,000 | ||||||
The 2019 Employee Stock Purchase Plan [Member] | ||||||||||
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ 1.47 | |||||||||
Class of Warrant or Right Outstanding, ExpirationPeriod, March 2023 [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7 | |||||||||
Warrants Expiring on December 31, 2022 [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.37 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,878,264 | |||||||||
Amended 2019 Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 286,000 | 274,449 | ||||||||
Proceeds from Stock Options Exercised | $ 104,400 | $ 58,000 | ||||||||
Stock Issued During Period Shares Stock Options Exercised, Net (in shares) | 220,390 | 224,590 | ||||||||
The 2019 Employee Stock Purchase Plan [Member] | ||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 75,000 | 16,251 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 56,100 | $ 31,600 | ||||||||
ATM Facility [Member] | ||||||||||
Proceeds from Issuance of Common Stock | $ (89,600) | $ 3,999,100 | ||||||||
ATM Facility [Member] | Jefferies LLC [Member] | ||||||||||
Stock Sales Agreement, Maximum Aggregate Offering Price | $ 75,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,517,798 | 0 | 1,517,798 | |||||||
Proceeds from Issuance of Common Stock | $ 4,300,000 | $ 4,300,000 | ||||||||
Deferred Offering Costs, Noncurrent | $ 89,600 | $ 276,500 |
Note 8 - Capital Stock - Schedu
Note 8 - Capital Stock - Schedule of Warrants (Details) | Sep. 30, 2022 $ / shares shares |
Class of Warrant or Right, Outstanding (in shares) | 9,275,858 |
Warrants Expiring December 9, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.50 |
Class of Warrant or Right, Outstanding (in shares) | 1,000,000 |
Warrants Expiring July 25, 2025 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.73 |
Class of Warrant or Right, Outstanding (in shares) | 370,544 |
Warrants Expiring December 31, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.805 |
Class of Warrant or Right, Outstanding (in shares) | 76,859 |
Warrants Expiring December 13, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.50 |
Class of Warrant or Right, Outstanding (in shares) | 6,789,243 |
Warrants Expiring October 5, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.70 |
Class of Warrant or Right, Outstanding (in shares) | 12,162 |
Warrants Expiring March 7, 2023 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.82 |
Class of Warrant or Right, Outstanding (in shares) | 880,050 |
Warrants Expiring March 3, 2023 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 7 |
Class of Warrant or Right, Outstanding (in shares) | 147,000 |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - Consulting Firm [Member] - Corporate Development and Public Relations Advisory Services [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 45,000 | $ 45,000 | $ 90,000 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 15,000 | $ 15,000 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - CALIFORNIA - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Office and Laboratory Space Agreement [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||
Small Office in San Francisco [Member] | ||||
Short-term Lease, Cost | $ 3,500 | $ 3,500 | $ 7,100 | $ 7,100 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Schedule of Operating Lease (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Right of use asset – operating lease | $ 2,465,700 | $ 2,662,000 |
Current operating lease obligation | 455,500 | 433,300 |
Non-current operating lease obligation | 2,371,200 | 2,605,400 |
Total operating lease liability | $ 2,826,700 | $ 3,038,700 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Schedule of Operating Lease Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 213,500 | $ 210,800 | $ 410,700 | $ 446,500 |
Cash paid for amounts included in the measurement of lease liabilities | $ 426,400 | $ 430,700 |
Note 10 - Commitments and Con_6
Note 10 - Commitments and Contingencies - Schedule of Operating Lease Minimum Payments (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
2023 (remaining six months) | $ 338,000 | |
2024 | 689,500 | |
2025 | 710,200 | |
2026 | 731,500 | |
2027 | 753,500 | |
Thereafter | 253,600 | |
Total lease expense | 3,476,300 | |
Less imputed interest | (649,600) | |
Present value of operating lease liabilities | $ 2,826,700 | $ 3,038,700 |
Note 10 - Commitments and Con_7
Note 10 - Commitments and Contingencies - Schedule of Operating Lease Other Disclosures (Details) | Sep. 30, 2022 |
Assumed remaining lease term in years (Year) | 4 years 9 months 29 days |
Assumed discount rate | 8.54% |
Note 11 - Sublicensing and Co_2
Note 11 - Sublicensing and Collaborative Agreements (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Aug. 30, 2020 USD ($) | Jun. 24, 2020 USD ($) | Aug. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2027 | 2027 | ||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ 892,500 | $ 582,500 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 358,000 | $ 712,100 | ||||||
License [Member] | ||||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | 892,500 | 582,500 | ||||||
Contract with Customer, Liability, Revenue Recognized | 531,700 | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 358,000 | 712,100 | ||||||
Collaborative Arrangement, AffaMed Agreement [Member] | ||||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | 892,500 | 582,500 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 310,000 | 358,000 | 1,615,900 | 712,100 | ||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | ||||||||
Upfront License Payment | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||||
Revenue from Contract with Customer, Payment Period (Day) | 30 days | |||||||
Revenue Recognition, Milestone Method, Maximum Milestone Payments Permitted | $ 172,000,000 | |||||||
Revenue, Remaining Number of Combined Performance Obligations | 1 | |||||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ 892,500 | 582,500 | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 310,000 | $ 358,000 | 1,615,900 | $ 712,100 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,384,100 |