Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TYME | |
Entity Registrant Name | TYME TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001537917 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 172,206,894 | |
Entity Address, Address Line One | 1 Pluckemin Way – Suite 103 | |
Entity Address, City or Town | Bedminster | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07921 | |
City Area Code | 212 | |
Local Phone Number | 461-2315 | |
Entity Shell Company | false | |
Entity File Number | 001-38169 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-3864597 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 6,415,058 | $ 13,738,931 |
Marketable securities | 70,690,123 | 60,611,961 |
Prepaid clinical costs | 431,477 | 480,623 |
Prepaid expenses and other current assets | 1,483,019 | 4,064,770 |
Total current assets | 79,019,677 | 78,896,285 |
Operating lease right-of-use asset | 28,210 | 38,229 |
Marketable securities | 1,113,824 | 9,080,671 |
Total assets | 80,161,711 | 88,015,185 |
Current liabilities | ||
Accounts payable and other current liabilities (including $0 and $153,000 of related party accounts payable, respectively) | 4,685,216 | 3,803,427 |
Severance payable | 444,472 | 2,611,857 |
Accrued bonuses | 465,133 | 933,082 |
Operating lease liability | 26,488 | 37,332 |
Total current liabilities | 5,621,309 | 7,385,698 |
Long-term liabilities | ||
Severance payable, net of current portion | 311,370 | 421,575 |
Warrant liability | 89,559 | 124,480 |
Total liabilities | 6,022,238 | 7,931,753 |
Commitments and contingencies (see Note 9) | ||
Stockholders' equity | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized, 172,206,894 issued and outstanding at June 30, 2022, 300,000,000 authorized, 172,206,894 issued and outstanding at March 31, 2022 | 17,223 | 17,223 |
Additional paid in capital | 241,571,007 | 241,030,535 |
Accumulated other comprehensive loss | (533,762) | (544,264) |
Accumulated deficit | (166,914,995) | (160,420,062) |
Total stockholders' equity | 74,139,473 | 80,083,432 |
Total liabilities and stockholders' equity | $ 80,161,711 | $ 88,015,185 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 172,206,894 | 172,206,894 |
Common stock, outstanding | 172,206,894 | 172,206,894 |
Drinker, Biddle & Reath LLP ("DBR") [Member] | ||
Related party accounts payable | $ 0 | $ 153,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 1,960,753 | 4,184,411 |
General and administrative (including $0 and $115,000 of related party legal expenses, respectively) | 4,646,637 | 2,468,159 |
Total operating expenses | 6,607,390 | 6,652,570 |
Loss from operations | (6,607,390) | (6,652,570) |
Other income (expense): | ||
Change in fair value of warrant liability | 34,921 | 725,143 |
Other income | 89,409 | 19,523 |
Interest expense | (11,873) | (21,259) |
Total other income (expense) | 112,457 | 723,407 |
Net loss | $ (6,494,933) | $ (5,929,163) |
Basic loss per common share | $ (0.04) | $ (0.03) |
Diluted loss per common share | $ (0.04) | $ (0.03) |
Basic weighted average shares outstanding | 172,206,894 | 172,205,452 |
Diluted weighted average shares outstanding | 172,206,894 | 172,205,452 |
Statements of Comprehensive Loss | ||
Net loss | $ (6,494,933) | $ (5,929,163) |
Other comprehensive loss | ||
Unrealized gain (loss) on marketable securities, net of tax | 10,502 | (33,842) |
Comprehensive loss | $ (6,484,431) | $ (5,963,005) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Related party legal expenses | $ 0 | $ 115,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance, at beginning at Mar. 31, 2021 | $ 101,795,649 | $ 17,222 | $ 238,572,442 | $ (136,794,015) | |
Balance, at beginning (in shares) at Mar. 31, 2021 | 172,200,644 | ||||
Proceeds from the exercise of stock options | 6,188 | $ 1 | 6,187 | ||
Proceeds from the exercise of stock options (in shares) | 6,250 | ||||
Stock based compensation | 643,665 | 643,665 | |||
Unrealized gain (loss) on available-for-sale securities | (33,842) | $ (33,842) | |||
Net loss | (5,929,163) | (5,929,163) | |||
Balance, at end at Jun. 30, 2021 | 96,482,497 | $ 17,223 | 239,222,294 | (142,723,178) | (33,842) |
Balance, at end (in shares) at Jun. 30, 2021 | 172,206,894 | ||||
Balance, at beginning at Mar. 31, 2022 | $ 80,083,432 | $ 17,223 | 241,030,535 | (160,420,062) | (544,264) |
Balance, at beginning (in shares) at Mar. 31, 2022 | 172,206,894 | 172,206,894 | |||
Stock based compensation | $ 540,472 | 540,472 | |||
Unrealized gain (loss) on available-for-sale securities | 10,502 | 10,502 | |||
Net loss | (6,494,933) | (6,494,933) | |||
Balance, at end at Jun. 30, 2022 | $ 74,139,473 | $ 17,223 | $ 241,571,007 | $ (166,914,995) | $ (533,762) |
Balance, at end (in shares) at Jun. 30, 2022 | 172,206,894 | 172,206,894 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (6,494,933) | $ (5,929,163) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of employees, directors and consultants stock options | 540,472 | 643,665 |
Change in fair value of warrant liability | (34,921) | (725,143) |
Net amortization of premiums and discounts on marketable securities | 389,117 | 227,303 |
Change in operating assets and liabilities: | ||
Prepaid clinical costs | 49,146 | 905,297 |
Prepaid expenses and other assets | 2,634,261 | 186,635 |
Operating lease right-of-use asset | 10,019 | 8,912 |
Accounts payable and other current liabilities | 881,789 | (280,959) |
Severance payable | (2,277,590) | (167,999) |
Accrued bonuses | (467,949) | (670,110) |
Operating lease liability | (10,844) | (7,775) |
Net cash used in operating activities | (4,781,433) | (5,809,337) |
Cash flows from investing activities | ||
Purchases of marketable securities | (17,018,440) | (65,254,424) |
Proceeds from maturities of marketable securities | 14,476,000 | |
Net cash used in investing activities | (2,542,440) | (65,254,424) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 6,188 | |
Net cash provided by financing activities | 6,188 | |
Net decrease in cash and cash equivalents | (7,323,873) | (71,057,573) |
Cash and cash equivalents – beginning | 13,738,931 | 107,516,420 |
Cash and cash equivalents – ending | 6,415,058 | 36,458,847 |
Supplemental Cash Flow Information: | ||
Interest | $ 11,873 | $ 21,259 |
Nature of Business
Nature of Business | 3 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Tyme Technologies, Inc. is a Delaware corporation headquartered in Bedminster, New Jersey, with a wholly owned subsidiary, Tyme Inc. (together, “TYME” or the “Company”). The majority of the Company’s research, development and other business activities are conducted by Tyme Inc., which was incorporated in Delaware in 2013. TYME is an emerging biotechnology company developing CMBTs that are intended to be effective across a broad range of solid tumors and hematologic cancers, while also maintaining patients’ quality of life through relatively low toxicity profiles. Unlike targeted therapies that attempt to regulate specific mutations within cancer, the Company’s therapeutic approach is designed to take advantage of a cancer cell’s innate metabolic requirements to cause cancer cell death. The Company has been focused on developing its novel compound, SM-88 and its preclinical pipeline of novel CMBT TM Ongoing Studies OASIS Trial in metastatic HR+/HER2- breast cancer The Company is collaborating with Georgetown University to support a Phase II trial, OASIS, for SM-88 in patients with metastatic breast cancer who have HR+ and HER2- disease (“HR+/HER2-”). This represents approximately 68% of the annual breast cancer diagnoses in the US each year. The OASIS trial is an investigator-initiated prospective open-label Phase II trial evaluating the efficacy and safety of SM-88 with MPS for the treatment of metastatic HR+/HER2- breast cancer after treatment with a CDK4/6 inhibitor. This trial is designed as a two-stage trial, enrolling up to 50 patients who have failed or progressed after receiving two hormonal agents and a CDK4/6 inhibitor HoPES Trial in sarcoma In early 2020, the open-label Phase 2 investigator-sponsored trial of SM-88 therapy in sarcoma, HoPES, opened. This trial has two cohorts, each expecting to enroll 12 patients. The first is SM-88 with MPS as salvage treatment in patients with mixed rare sarcomas, and the other is SM-88 with MPS as maintenance treatment for patients with metastatic Ewing’s sarcoma who had not progressed on prior therapy. The primary objectives are to measure ORR and PFS. Secondary objectives include DOR, OS, CBR using RECIST, and incidence of treatment-emergent AEs. The Joseph Ahmed Foundation is sponsoring this trial, which is being conducted by PI Dr. Chawla at the Sarcoma Oncology Center in Santa Monica, CA. Preclinical Pipeline Programs In fiscal year 2022, the Company began a comprehensive translational preclinical program focused on SM-88 MOA and Biomarker Identification/Validation. We engaged Evotec, a leading global research and development company, to aid in the execution of these activities and we are also incorporating several complementary academic collaborations into this multi-faceted program. The overall goal of these activities is to potentially identify actionable biomarkers of sensitivity and activity to SM-88 in various cancers, complementary combination drugs strategies for SM-88, and other cancer metabolism targets that could benefit from treatment. TYME-18 is a CMBT TM TYME-19 is an oral synthetic member of the bile acid family. The Company also uses bile acids in its anti-cancer drug candidate, TYME-18. Because of its expertise in bile acids and their effects, the Company was able to identify TYME-19 as a well-characterized bile acid with potential antiviral properties. Bile acids have primarily been used for liver disease; however, like all steroids, they are messenger molecules that modulate a number of diverse critical cellular processes. Bile acids can modulate lipid and glucose metabolism and can remediate dysregulated protein folding, with potentially therapeutic effects on cardiovascular, neurologic, immune, and other metabolic systems. Some agents in this class have also previously shown antiviral properties. The Company retained virology experts at Evotec to assess the mechanisms of TYME-19. Evotec is a global drug development company that has the capability to access the multiple existing and emerging variants of the COVID-19 virus. TYME and Evotec have tested the ability of TYME-19 to interrupt the cellular pathways commonly used by viruses to produce viral proteins as well as cellular responses to viral infection that cause local inflammation. Prolonged inflammation from SARS-CoV-2 can lead to some of the severe outcomes experienced by infected patients. We aimed for the work by Evotec to provide us with information that could allow us to assess the potential path forward for the program. However, with the changes in the demand for COVID-19 therapeutic landscape, and potential capital required to advance the program, our management decided to currently pause additional development of this program. Tumor Targeting Technology TYME has developed a technology (“Tumor Targeting Technology”) by which the tyrosine isomer L metyrosine (L-α-methylparatyrosine) can be fused with a second therapeutic agent in a manner that creates a fusion compound that may allow targeted accumulation of the treatment by the cancer cells in a novel manner. The Company is assessing potential development paths forward for this technology. Discontinuing Programs Precision Promise Trial- SM-88 with MPS as 2 nd In October 2018 the Company partnered with PanCAN to study SM-88 in an adaptive randomized Phase II/III trial with registration intent known as Precision Promise SM On January 26, 2022, the Company announced the discontinuation of SM-88 with MPS in the Precision Promise trial in mPDAC upon learning from PanCAN, the trial sponsor, that it terminated the arm due to futility compared to the control of standard of care chemotherapy in second-line mPDAC. Based on the information provided by PanCAN, the OS for SM-88 with MPS in monotherapy was lower compared to standard of care chemotherapies with either Gemcitabine and Abraxane or modified FOLFIRINOX. As of June 30, 2022, remaining estimated costs to close out the trial have been expensed. TYME-88-PANC (Part 2) (third-line Metastatic Pancreatic Cancer) In fiscal year 2020, we launched our pivotal study for SM-88 in the third-line treatment of pancreatic cancer through an amendment to our ongoing TYME-88-Panc trial (Part 2), with the first patient dosed in the third quarter of the fiscal year. As described previously, the COVID-19 pandemic significantly impacted enrollment of this trial such that it appeared likely to complete enrollment in a similar timeline to the second-line Precision Promise pancreatic cancer trial. There was also a higher than expected dropout of patients randomized to the chemotherapy control arm, which could have potentially impacted the interpretative and regulatory utility of the data. Following the strategic review conducted in the first half of calendar year 2021, considering, in part, the timeline and regulatory utility for this trial compared to the parallel Precision Promise trial and concentration of investment in this specific cancer, management concluded that it would be best to focus on the second-line Precision Promise trial which offers treatment options to patients earlier in their disease and includes tumor biopsy and biomarker analyses that align with the Company’s overall strategic focus on identifying targeted therapies. In June 2021, the Company stopped enrollment and began the process of closing down the trial. It is expected to be completed in the third quarter of calendar year 2022, with remaining estimated costs to the Company of approximately $100,000. Merger Agreement with Syros Pharmaceuticals, Inc. On July 3, 2022, TYME entered into an Agreement and Plan of Merger (the “ Merger Agreement Merger Sub Merger continuing Effective Time each Tyme Common Stock Syros Common Stock Liquidity The condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has historically funded its operations primarily through equity offerings. In February 2021, the Company raised $100 million in gross proceeds through a registered direct offering of 40,000,000 shares of its common stock, at a purchase price of $2.50 per share. The Company incurred $6.2 million of related costs, which offset such proceeds. On January 7, 2020, the Company entered into an SPA with Eagle Pharmaceuticals, Inc. (“Eagle”), pursuant to which the Company raised $20.0 million through the issuance and sale to Eagle of 10,000,000 shares of common stock, at a price of $2.00 per share. On October 18, 2019, TYME entered into an Open Market Sale Agreement SM The proceeds of the aforementioned offerings are being used by the Company for continued clinical studies, drug commercialization and development activities and other general corporate and operating expenses. For the three months ended June 30, 2022, the Company had negative cash flow from operations of $4.8 million and net loss of $6.5 million, which included non-cash expenses of $0.5 million related to non-cash equity compensation, $0.4 million net amortization expense of premiums and discounts on marketable securities, and $0.8 million change in operating assets and liabilities. As of June 30, 2022, the Company had working capital of approximately $73.4 million. Management has concluded that substantial doubt does not exist regarding the Company’s ability to satisfy its obligations as they come due during the twelve-month period following the issuance of these financial statements . This conclusion is based on the Company’s assessment of qualitative and quantitative conditions and events, considered in aggregate as of the date of issuance of these financial statements that are known and reasonably knowable. Among other relevant conditions and events, the Company has considered its operational plans, liquidity sources, obligations due or expected, funds necessary to maintain the Company’s operations, and potential adverse conditions or events as of the issuance date of these financial statements. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K, as amended, for the year ended March 31, 2022 filed with the SEC (the “2022 10-K”). The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The Company’s condensed consolidated financial statements include the accounts of Tyme Technologies, Inc. and its subsidiar y , Tyme Inc. All intercompany transactions and balances have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in ASC and ASU of the FASB. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended March 31, 2022 included in the Company’s 2022 10-K. Cash and cash equivalents Cash and cash equivalents include demand deposit accounts, money market funds and municipal debt securities. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at fair value. Marketable Securities All of the Company's marketable securities are debt securities and are classified as available-for-sale in accordance with the ASC Topic 320, “Investments - Debt and Equity Securities.” Available for sale securities are carried at fair value and reported in cash equivalents and marketable securities. For individual debt securities classified as available-for-sale securities where there has been a decline in fair value below amortized cost, the Company determines whether the decline resulted from a credit loss or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for a credit loss is recorded on our consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Fair Value of Financial Instruments The carrying amounts reported in the Company’s condensed consolidated financial statements for cash, accounts payable, and other current liabilities approximate their respective fair values because of the short-term nature of these accounts. The fair value of the severance payable approximates the carrying value, which represents the present value of future severance payments. Cash equivalents, marketable securities and the derivative warrant liability are recorded at fair value. Fair value is defined as the price that would be received if selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1), and the lowest priority to unobservable inputs (Level 3). The Company’s financial assets are classified within the fair value hierarchy based on the lowest level of inputs that is significant to the fair value measurement. The three levels of the fair value hierarchy, and their applicability to the Company’s financial assets, are described below. Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2 : Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3 : Pricing inputs are unobservable for the assets. Level 3 assets include private investments that are supported by little or no market activity. Level 3 valuations are for instruments that are not traded in active markets or are subject to transfer restrictions and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The Company had no material re-measurements of fair value with respect to financial assets and liabilities, during the periods presented, other than those assets and liabilities that are measured at fair value on a recurring basis see Note 6 . Derivative Warrant Liability Certain freestanding common stock warrants that are related to the issuance of common stock are classified as liabilities and recorded at fair value due to characteristics that require liability accounting, primarily the obligation to issue registered shares of common stock upon notification of exercise or certain price protection provisions. Warrants of this type are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense) in the condensed consolidated statement of operations. As noted in Note 8, Stockholders’ Equity, the Company classifies a warrant to purchase shares of its common stock as a liability on its condensed consolidated balance sheet if the warrant is a free-standing financial instrument that contains certain price protection features that cause the warrants to be treated as derivatives or requires the issuance of registered common shares upon exercise. Each warrant of this type is initially recorded at fair value on date of grant using the Monte Carlo simulation model or the Black-Scholes model, and is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense) in the consolidated statement of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. The Company utilizes Level 3 fair value criteria to measure the fair value of the warrants (see Note 6). Risks and Uncertainties The Company is subject to those risks associated with any biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants, as well as third party contractors. Current Economic Conditions The novel coronavirus (COVID-19) pandemic, and actions taken by governments and others to reduce its spread, has negatively impacted the global economy, financial markets, and the Company’s industry and has disrupted day-to-day life and business operations. Even as certain restrictions have been lifted, new processes implemented and vaccines have become more widely available and administered, spikes in infections (including the spread of new variants) continue to be experienced and certain jurisdictions continue to impose stay-at-home orders from time to time, as conditions evolve and fluctuate around the world. Additionally, supply chain disruptions, the effect of the Russia/Ukraine war, inflation and rising interest rates and the possibility of an economic recession further exacerbate challenging economic conditions. The extent to which the continuing COVID-19 pandemic and other macroeconomic headwinds impact our product candidates and business, including patients’ willingness to participate and remain in clinical trials, the timing of meeting enrollment expectations, the ability of our third-party partners to remain operational and our access to capital markets and financing sources, depends on numerous evolving factors that are highly uncertain, cannot be accurately predicted, and may be significant. Recent Accounting Pronouncements The Company has reviewed the Accounting Standards Updates recently issued by the FASB, and determined that they are not applicable to the Company. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Note 3. Net Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Three Months Ended June 30, 2022 2021 Basic and diluted net loss per common share calculation: Net loss $ (6,494,933 ) $ (5,929,163 ) Weighted average common shares outstanding — basic and diluted: 172,206,894 172,205,452 Net loss per share of common stock — basic and diluted $ (0.04 ) $ (0.03 ) The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net loss per share is computed by dividing net loss attributable to the Company by the weighted average number of shares of Company Common Stock outstanding for the period, and diluted EPS is computed by including common stock equivalents outstanding for the period. During the periods presented, the calculation excludes any potential dilutive common shares and any equivalents as they would have been anti-dilutive. The following outstanding securities at June 30, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they are anti-dilutive: June 30, 2022 2021 Stock options 17,253,306 15,554,575 Warrants 3,104,318 3,104,318 Total 20,357,624 18,658,893 |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities | 3 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Other Current Liabilities | Note 4. Accounts Payable and Other Current Liabilities Accounts payable (including accounts payable to a related party – see Note 11) and other current liabilities consisted of the following: June 30, 2022 March 31, 2022 Legal $ 577,176 $ 263,111 Consultant and professional services 1,451,807 300,051 Accounting and auditing 204,763 14,410 Research and development 2,285,779 2,776,594 Board of Directors and Scientific Advisory Board Compensation 117,139 418,389 Other 48,552 30,872 Total $ 4,685,216 $ 3,803,427 |
Severance Payable
Severance Payable | 3 Months Ended |
Jun. 30, 2022 | |
Severance Payable [Abstract] | |
Severance Payable | Note 5. Severance Payable The Company entered into a Release Agreement, dated March 24, 2022, pursuant to which the Chief Science Officer resigned and received severance that would be payable under his employment agreement in a lump sum payment of $2.1 million. Between April 12, 2021 and March 28, 2022, the Company also entered into separation and general release agreements with three other employees. The agreements provide separation benefits, which the Company recorded as severance expense. In April 2021, the Company entered into a Separation and General Release Agreement related to the separation of employment of its then-Chief Medical Officer as of March 31, 2021. The agreement provides for separation benefits which the Company recorded as severance expense for the year ended March 31, 2021. On March 15, 2019, the Company entered into a Release Agreement related to the separation of employment of its then-Chief Operating Officer. The agreement provides for salary continuance for five years, reimbursement of health benefits for three years and a modification to his outstanding stock options to extend the post-termination exercise period for his vested options from three months to five years. The Company recorded severance expense at its present value of $2.5 million (using a discount rate of 6%) for the year ended March 31, 2019, including $0.4 million relating to the stock option modification. The aggregate severance liability payable was $0.8 million and $3.0 million as of June 30, 2022 and March 31, 2022, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. Transfers are calculated on values as of the transfer date. There were no transfers between Levels 1, 2 and 3 during the three months ended June 30, 2022 and June 30, 2021. The Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and March 31, 2022 are as follows: Quoted prices in active markets Significant other observable inputs Significant unobservable inputs June 30, 2022 Total (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 24,077 $ 24,077 $ — $ — Municipal debt securities 1,360,000 — 1,360,000 — Marketable Securities Short-term Commercial paper 6,426,250 — 6,426,250 — Corporate debt securities 29,769,174 — 29,769,174 — Municipal debt securities 34,494,699 — 34,494,699 — Long-term Municipal debt securities 1,113,824 — 1,113,824 — $ 73,188,024 $ 24,077 $ 73,163,947 $ — Financial liability Warrant liability $ 89,559 $ — $ — $ 89,559 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs March 31, 2022 Total (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 3,409,178 $ 3,409,178 $ — $ — Marketable Securities Short-term Corporate debt securities 26,195,025 — 26,195,025 — Municipal debt securities 34,416,936 — 34,416,936 — Long-term Corporate debt securities 6,293,015 — 6,293,015 — Municipal debt securities 2,787,656 — 2,787,656 — $ 73,101,810 $ 3,409,178 $ 69,692,632 $ — Financial liability Warrant liability $ 124,480 $ — $ — $ 124,480 Fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The fair value of cash equivalents held in money market funds is determined based on “Level 1” inputs. Marketable securities classified as Level 2 within the valuation hierarchy consist of corporate debt securities and municipal debt securities. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The fair value measurement for the May 2020 Warrant issued in conjunction with the Exchange Agreements (see Note 8 for transaction details) is based on significant inputs not observable in the market and is classified as Level 3 liability as of June 30, 2022 and March 31, 2022. The fair value of the May 2020 Warrant was determined using a Black Scholes model and included significant unobservable inputs such as volatility. The model also incorporated several observable assumptions at each valuation date including: the price of the Company’s common stock on the date of valuation, the remaining contractual term of the warrant and the risk free interest rate over the term. The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of June 30, 2022 and March 31, 2022 using a Black Scholes model: June 30, 2022 March 31, 2022 Stock price $ 0.28 $ 0.35 Volatility 108 % 98 % Remaining term (years) 1.76 2.01 Expected dividend yield — — Risk-free rate 2.87 % 2.28 % The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs: June 30, 2022 Beginning balance, March 31, 2022 $ 124,480 Change in fair value of May 2020 Warrant liability (34,921 ) Ending balance, June 30, 2022 $ 89,559 |
Available-for-Sale-Securities
Available-for-Sale-Securities | 3 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale-Securities | Note 7. Available-for-Sale-Securities The following table summarizes available-for-sale securities recorded in cash and cash equivalents or marketable securities as of June 30, 2022 and March 31, 2022: June 30, 2022 March 31, 2022 Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Money market funds $ 24,077 $ — $ — $ 24,077 $ 3,409,178 $ — $ — $ 3,409,178 Commercial paper 6,426,250 — — 6,426,250 — — — — Corporate debt securities 30,125,510 35 (356,371 ) 29,769,174 32,831,174 — (343,134 ) 32,488,040 Municipal debt securities 37,145,949 2 (177,428 ) 36,968,523 37,405,722 — (201,130 ) 37,204,592 Total $ 73,721,786 $ 37 $ (533,799 ) $ 73,188,024 $ 73,646,074 $ — $ (544,264 ) $ 73,101,810 The following table summarizes the classification of available-for-sale securities: June 30, 2022 March 31, 2022 Cash and cash equivalents $ 1,384,077 $ 3,409,178 Marketable securities 71,803,947 69,692,632 Total $ 73,188,024 $ 73,101,810 The following table summarizes our portfolio of available-for-sale securities by contractual maturity: Less than 12 months 12 months or Longer Total Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Money market funds $ 24,077 $ — $ — $ - $ 24,077 $ — Commercial paper 6,426,250 — — — 6,426,250 — Corporate debt securities 29,769,174 (356,336 ) — — 29,769,174 (356,336 ) Municipal debt securities 35,854,699 (147,856 ) 1,113,824 (29,570 ) 36,968,523 (177,426 ) Total $ 72,074,200 $ (504,192 ) $ 1,113,824 $ (29,570 ) $ 73,188,024 $ (533,762 ) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8. Stockholders’ Equity Common Stock Voting In connection with the Release Agreement, dated March 24, 2022, the Company and Mr. Hoffman also entered into a Voting Agreement, pursuant to which Mr. Hoffman agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the Board’s recommendation with respect to any matter presented to the stockholders for a period of one year. The Company and Michael Demurjian entered into a Voting Agreement, dated April 18, 2022, pursuant to which Mr. Demurjian agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the board of directors of the Company’s recommendation with respect to any matter presented to the Company’s stockholders for a period of two years from the date of the agreement. Exchange Agreements On May 20, 2020, the Company entered into exchange agreements with holders (the “Holders”) of the warrants issued in April 2019 (the “April 2019 Warrants”). The April 2019 Warrants were offered and issued pursuant to the Company’s previous shelf registration statement on Form S-3 (File No. 333-211489). Pursuant to exchange agreements (the “Share Exchange Agreements”) with Holders of the April 2019 Warrants to purchase 5,833,333 shares of Common Stock in the aggregate, the Company issued an aggregate of 2,406,250 shares of common stock (the “Exchange Shares”) in exchange for such April 2019 Warrants. The Company also entered into an exchange agreement (the “Warrant Exchange Agreement”) with another Holder of April 2019 Warrants to purchase 2,166,667 shares of Common Stock in the aggregate. Pursuant to the Warrant Exchange Agreement, the Company issued such Holder a new warrant (the “May 2020 Warrant”) to purchase the same number of shares of Common Stock. The May 2020 Warrant has the same expiration date, April 2, 2024, as the April 2019 Warrants, but has an exercise price of $1.80 and does not include certain price protection, anti-dilution provisions or other restrictions on Company action from the April 2019 Warrants. The exercise price of the May 2020 Warrant is subject to adjustment upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications of the Company’s Common Stock. The Company determined that the May 2020 Warrant should be recorded as a derivative liability on the condensed consolidated balance sheet due to the May 2020 Warrant’s contractual provisions requiring issuance of registered common shares upon exercise. See Note 6 for the change in fair value disclosures. The following summarizes the common stock warrant activity for the three months ended June 30, 2022: Warrant Shares of Common Stock Weighted Average Exercise Price Outstanding at March 31, 2022 3,104,318 $ 2.77 Granted — — Exchanged — — Outstanding at June 30, 2022 3,104,318 $ 2.77 At each of June 30, 2022 and March 31, 2022, 3,074,551, of common stock purchase warrants relating to SPAs were outstanding and exercisable. Warrants The Company has warrants to purchase its common stock outstanding as of June 30, 2022, as follows: Issued Classification Warrants Outstanding Exercise Price Expiration December 2015 Equity 446,500 $ 5.00 December 2025 February 2016 Equity 461,384 $ 5.00 February 2026 July 2016 Equity 29,767 $ 5.00 June 2026 May 2020 Liability 2,166,667 $ 1.80 April 2024 At-the-Market Financing Facility On October 18, 2019, the Company entered into the Sale Agreement with Jefferies, which was amended on August 12, 2020, pursuant to which the Company may, from time to time, sell shares of common stock, having an aggregate offering price of up to $30.0 million through Jefferies, as the Company’s sales agent. As indicated in the amendment, the shares will be offered and sold by the Company pursuant to its currently effective Registration Statement on Form S-3, as amended (Reg. No. 333-245033). Any sales of common stock pursuant to the Sales Agreement will be made by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. Jefferies will use commercially reasonable efforts to sell the shares from time to time, based on the instructions of the Company. The Company will pay Jefferies a commission rate of three percent (3%) of the gross proceeds from the sales of shares of Common Stock sold pursuant to the Sale Agreement. Under the Sale Agreement, the Company is not required to use the full available amount authorized and it may, by giving notice as specified in the Sale Agreement, terminate the Sale Agreement at any time The Company did not sell any shares through the Jefferies ATM during the three months ended June 30, 2022 and June 30, 2021. At June 30, 2022, there remained approximately $22.2 million of availability to sell shares through the Jefferies ATM subject to the terms of the Sale Agreement. Securities Purchase Agreement On January 7, 2020, the Company and Eagle entered into the Eagle SPA, pursuant to which the Company issued and sold to Eagle 10,000,000 shares of common stock, at a price of $2.00 per share. The Eagle SPA provides that Eagle will, subject to certain conditions, make an additional payment of $20 million upon the occurrence of a milestone event, which is defined as the earlier of ( i) achievement of the On July 3, 2022, Eagle entered into a Support Agreement with Syros and TYME, in which it agreed, to, among other things, vote all of its shares in TYME that it owns as of the record date for the applicable stockholder meeting (i) in favor of the adoption of the proposals required for the Merger, (ii) against any competing acquisition proposal, and (iii) against any proposal, action or agreement that would reasonably be expected to impede, interfere with, delay or postpone, prevent or otherwise impair the Merger or the other transactions contemplated by the Merger Agreement. Registered Direct Offering On 2020 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Contract Service Providers In the course of the Company’s normal business operations, it enters into agreements and arrangements with contract service providers to assist in the performance of its research and development and clinical research activities. At June 30, 2022, the Company’s obligations to contract service providers were $0.1 million in the aggregate. On April 1, 2020, the Company amended the Clinical Research Funding and Drug Supply Agreement dated October 9, 2018, with PanCAN, to enroll individuals diagnosed with pancreatic cancer in a platform style clinical research study. Stage 1 of the study was initiated in the fourth quarter of fiscal year 2020. On January 26, 2022, the Company announced the discontinuation of SM-88 with MPS in the Precision Promise trial in mPDAC upon learning from PanCAN, the trial sponsor, that it terminated the arm due to futility compared to the control of standard of care chemotherapy in second-line mPDAC. As of June 30, 2022, remaining estimated costs to close out the trial have been expensed. Purchase Commitments The Company has entered into contracts with manufacturers to supply SM-88 and certain related conditioning agents, in order to achieve favorable pricing on supplied products. These contracts have non-cancellable elements related to the scheduled deliveries of these products in future periods. Payments are made by us to the manufacturer when the products are delivered and of acceptable quality. The outstanding future contract obligations structured to match clinical supply needs for the Company’s ongoing trials and registration activity are approximately $0.6 million and $2.4 million, respectively, at June 30, 2022. Legal Proceedings The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against it that it believes could have a material adverse effect on the Company, its business, operating results or financial condition. From time to time, the Company may be involved in litigation, claims or other contingencies arising in the ordinary course of business. The Company would accrue a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company would not record a liability, but instead would disclose the nature and the amount of the claim, and an estimate of the loss or range of loss, if such estimate can be made. Legal fees are expensed as incurred. |
Leases
Leases | 3 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 10. Leases The Company has a lease for office space in New Jersey, which expires in February 2023. Total Company rent expense, including short term rentals, was approximately $13,000 and $14,000 for the three months ended June 30, 2022 and June 30, 2021, respectively. Operating lease ROU assets and liabilities on the condensed consolidated balance sheet represents the present value of the remaining lease payments over the remaining lease terms. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Payments for additional monthly fees to cover the Company's share of certain facility expenses are not included in operating lease ROU assets and liabilities. The Company uses its incremental borrowing rate of 11.0% to calculate the present value of its lease payments, as the implicit rates in the leases are not readily determinable. As of June 30, 2022, the future minimum lease payments under non-cancellable operating lease agreements for which the Company has recognized operating lease ROU assets and lease liabilities were as follows: June 30, 2022 Fiscal year 2023 $ 27,468 Total remaining lease payments 27,468 Less: present value adjustment (980 ) Total operating lease liabilities 26,488 Less: current portion (26,488 ) Operating lease liabilities, net of current portion $ — |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions Legal Faegre Drinker Biddle & Reath (“Faegre Drinker”), formerly Drinker Biddle & Reath LLP (“DBR”), has provided legal services to the Company. The Company’s Chief Legal Officer and Corporate Secretary held the consulting role “Senior Counsel” with Faegre Drinker until December 31, 2021. The Company disclosed legal fees incurred and accounts payable and accrued expenses associated with Faegre Drinker through the fiscal year end of which the related party transaction with the law firm was terminated. Faegre Drinker continues to provide services to the Company, but is no longer a related party. Legal fees incurred associated with the related party transaction with Faegre Drinker were approximately $115,000 for the three months ended June 30, 2021. At March 31, 2022, the Company had approximately $153,000 in related party transaction costs. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | Note 12. Equity Incentive Plan Stock Options As of June 30, 2022, there was approximately $4.9 million of total unrecognized compensation expense related to non-vested stock options. The cost is expected to be recognized over the remaining weighted average service period of 2.8 years. As of June 30, 2022, there were 7,885,273 shares available for grant under the Company’s 2015 Equity Incentive Plan and 2016 Director Plan. Stock based compensation expense was recognized as follows: Three Months Ended June 30, 2022 2021 General and administrative $ 451,000 $ 471,000 Research and development 89,000 173,000 Total $ 540,000 $ 644,000 The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees and non-employees, the compensation expense is amortized on a straight-line basis over the requisite service period, which approximates the vesting period. The Company accounts for forfeitures as they occur, rather than estimating forfeitures as of an award’s grant date. The expected volatility of options granted has been determined using the method described under ASC 718 using the expected volatility of similar companies. The expected term of options granted to employees, non-employees and consultants in the current fiscal period has been based on the term by using the simplified method as allowed under SAB No. 110 and ASU 2018-7. The weighted average assumptions used to determine such values are presented in the following table: June 30, 2022 June 30, 2021 Risk free interest rate 2.83% - 2.92% 0.28% - 1.01% Expected volatility 115.36% - 115.39% 97.11% - 105.37% Expected term (in years) 6.1 2.7 - 6.1 Dividend yield 0 % 0 % The following is a summary of the status of the Company’s stock options for the three months ended June 30, 2022: Number of Options Weighted Average Exercise Price Outstanding at March 31, 2022 14,504,271 $ 2.36 Granted 3,641,300 $ 0.32 Cancelled/Forfeited (892,265 ) $ 5.47 Exercised — $ — Outstanding at June 30, 2022 17,253,306 $ 1.77 Options exercisable at June 30, 2022 9,387,474 $ 2.55 Stock Options Outstanding Stock Options Vested Range of Exercise Price Number Outstanding at June 30, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Number Vested at June 30, 2022 Weighted Average Exercise Price Aggregate Intrinsic Value $0.29 - $8.75 17,253,306 $ 1.77 7.5 $ - 9,387,474 $ 2.55 $ - The intrinsic value calculated as the excess of the market value as of June 30, 2022 over the exercise price of the options is $0. The market value per share as of June 30, 2022 was $0.28 as reported by the NASDAQ Capital Market. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized. The Company weighed available positive and negative evidence and concluded that a full valuation allowance should continue to be maintained on its net deferred tax assets. The Company is required to evaluate uncertain tax positions taken or expected to be taken in the course of preparing the Company’s condensed consolidated financial statements to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. As of June 30, 2022, the Company’s uncertain tax positions remain unchanged. Due to the full valuation allowance, none of the gross unrecognized tax benefits, if recognized, would affect the effective tax rate at June 30, 2022. The Company had no income tax related penalties or interest for periods presented in these condensed consolidated financial statements related to uncertain tax positions due to available net operating loss carryforwards, which would be recorded as tax expense should the Company accrue for such items. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events Merger Agreement with Syros Pharmaceuticals, Inc. On July 3, 2022, TYME entered into the Merger Agreement with Syros and Merger Sub. Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into TYME, with TYME continuing each |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K, as amended, for the year ended March 31, 2022 filed with the SEC (the “2022 10-K”). The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The Company’s condensed consolidated financial statements include the accounts of Tyme Technologies, Inc. and its subsidiar y , Tyme Inc. All intercompany transactions and balances have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in ASC and ASU of the FASB. |
Principles of Consolidation | The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended March 31, 2022 included in the Company’s 2022 10-K. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include demand deposit accounts, money market funds and municipal debt securities. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at fair value. |
Marketable Securities | Marketable Securities All of the Company's marketable securities are debt securities and are classified as available-for-sale in accordance with the ASC Topic 320, “Investments - Debt and Equity Securities.” Available for sale securities are carried at fair value and reported in cash equivalents and marketable securities. For individual debt securities classified as available-for-sale securities where there has been a decline in fair value below amortized cost, the Company determines whether the decline resulted from a credit loss or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for a credit loss is recorded on our consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the Company’s condensed consolidated financial statements for cash, accounts payable, and other current liabilities approximate their respective fair values because of the short-term nature of these accounts. The fair value of the severance payable approximates the carrying value, which represents the present value of future severance payments. Cash equivalents, marketable securities and the derivative warrant liability are recorded at fair value. Fair value is defined as the price that would be received if selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1), and the lowest priority to unobservable inputs (Level 3). The Company’s financial assets are classified within the fair value hierarchy based on the lowest level of inputs that is significant to the fair value measurement. The three levels of the fair value hierarchy, and their applicability to the Company’s financial assets, are described below. Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2 : Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3 : Pricing inputs are unobservable for the assets. Level 3 assets include private investments that are supported by little or no market activity. Level 3 valuations are for instruments that are not traded in active markets or are subject to transfer restrictions and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The Company had no material re-measurements of fair value with respect to financial assets and liabilities, during the periods presented, other than those assets and liabilities that are measured at fair value on a recurring basis see Note 6 . |
Derivative Warrant Liability | Derivative Warrant Liability Certain freestanding common stock warrants that are related to the issuance of common stock are classified as liabilities and recorded at fair value due to characteristics that require liability accounting, primarily the obligation to issue registered shares of common stock upon notification of exercise or certain price protection provisions. Warrants of this type are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense) in the condensed consolidated statement of operations. As noted in Note 8, Stockholders’ Equity, the Company classifies a warrant to purchase shares of its common stock as a liability on its condensed consolidated balance sheet if the warrant is a free-standing financial instrument that contains certain price protection features that cause the warrants to be treated as derivatives or requires the issuance of registered common shares upon exercise. Each warrant of this type is initially recorded at fair value on date of grant using the Monte Carlo simulation model or the Black-Scholes model, and is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense) in the consolidated statement of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. The Company utilizes Level 3 fair value criteria to measure the fair value of the warrants (see Note 6). |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to those risks associated with any biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants, as well as third party contractors. Current Economic Conditions The novel coronavirus (COVID-19) pandemic, and actions taken by governments and others to reduce its spread, has negatively impacted the global economy, financial markets, and the Company’s industry and has disrupted day-to-day life and business operations. Even as certain restrictions have been lifted, new processes implemented and vaccines have become more widely available and administered, spikes in infections (including the spread of new variants) continue to be experienced and certain jurisdictions continue to impose stay-at-home orders from time to time, as conditions evolve and fluctuate around the world. Additionally, supply chain disruptions, the effect of the Russia/Ukraine war, inflation and rising interest rates and the possibility of an economic recession further exacerbate challenging economic conditions. The extent to which the continuing COVID-19 pandemic and other macroeconomic headwinds impact our product candidates and business, including patients’ willingness to participate and remain in clinical trials, the timing of meeting enrollment expectations, the ability of our third-party partners to remain operational and our access to capital markets and financing sources, depends on numerous evolving factors that are highly uncertain, cannot be accurately predicted, and may be significant. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed the Accounting Standards Updates recently issued by the FASB, and determined that they are not applicable to the Company. |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Three Months Ended June 30, 2022 2021 Basic and diluted net loss per common share calculation: Net loss $ (6,494,933 ) $ (5,929,163 ) Weighted average common shares outstanding — basic and diluted: 172,206,894 172,205,452 Net loss per share of common stock — basic and diluted $ (0.04 ) $ (0.03 ) |
Schedule of Anti-dilutive Shares Outstanding | The following outstanding securities at June 30, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they are anti-dilutive: June 30, 2022 2021 Stock options 17,253,306 15,554,575 Warrants 3,104,318 3,104,318 Total 20,357,624 18,658,893 |
Accounts Payable and Other Cu_2
Accounts Payable and Other Current Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Other Current Liabilities | Accounts payable (including accounts payable to a related party – see Note 11) and other current liabilities consisted of the following: June 30, 2022 March 31, 2022 Legal $ 577,176 $ 263,111 Consultant and professional services 1,451,807 300,051 Accounting and auditing 204,763 14,410 Research and development 2,285,779 2,776,594 Board of Directors and Scientific Advisory Board Compensation 117,139 418,389 Other 48,552 30,872 Total $ 4,685,216 $ 3,803,427 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and March 31, 2022 are as follows: Quoted prices in active markets Significant other observable inputs Significant unobservable inputs June 30, 2022 Total (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 24,077 $ 24,077 $ — $ — Municipal debt securities 1,360,000 — 1,360,000 — Marketable Securities Short-term Commercial paper 6,426,250 — 6,426,250 — Corporate debt securities 29,769,174 — 29,769,174 — Municipal debt securities 34,494,699 — 34,494,699 — Long-term Municipal debt securities 1,113,824 — 1,113,824 — $ 73,188,024 $ 24,077 $ 73,163,947 $ — Financial liability Warrant liability $ 89,559 $ — $ — $ 89,559 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs March 31, 2022 Total (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 3,409,178 $ 3,409,178 $ — $ — Marketable Securities Short-term Corporate debt securities 26,195,025 — 26,195,025 — Municipal debt securities 34,416,936 — 34,416,936 — Long-term Corporate debt securities 6,293,015 — 6,293,015 — Municipal debt securities 2,787,656 — 2,787,656 — $ 73,101,810 $ 3,409,178 $ 69,692,632 $ — Financial liability Warrant liability $ 124,480 $ — $ — $ 124,480 |
Schedule of Key Inputs and Assumptions to Estimate the Fair Value of Warrant | The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of June 30, 2022 and March 31, 2022 using a Black Scholes model: June 30, 2022 March 31, 2022 Stock price $ 0.28 $ 0.35 Volatility 108 % 98 % Remaining term (years) 1.76 2.01 Expected dividend yield — — Risk-free rate 2.87 % 2.28 % |
Summary of Activity for Liabilities Measured at Fair Value using Level 3 Significant Unobservable Inputs | The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs: June 30, 2022 Beginning balance, March 31, 2022 $ 124,480 Change in fair value of May 2020 Warrant liability (34,921 ) Ending balance, June 30, 2022 $ 89,559 |
Available-for-Sale-Securities (
Available-for-Sale-Securities (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Recorded In Cash and Cash Equivalents or Marketable Securities | The following table summarizes available-for-sale securities recorded in cash and cash equivalents or marketable securities as of June 30, 2022 and March 31, 2022: June 30, 2022 March 31, 2022 Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Money market funds $ 24,077 $ — $ — $ 24,077 $ 3,409,178 $ — $ — $ 3,409,178 Commercial paper 6,426,250 — — 6,426,250 — — — — Corporate debt securities 30,125,510 35 (356,371 ) 29,769,174 32,831,174 — (343,134 ) 32,488,040 Municipal debt securities 37,145,949 2 (177,428 ) 36,968,523 37,405,722 — (201,130 ) 37,204,592 Total $ 73,721,786 $ 37 $ (533,799 ) $ 73,188,024 $ 73,646,074 $ — $ (544,264 ) $ 73,101,810 |
Summary of Classification of Available-for-Sale Securities | The following table summarizes the classification of available-for-sale securities: June 30, 2022 March 31, 2022 Cash and cash equivalents $ 1,384,077 $ 3,409,178 Marketable securities 71,803,947 69,692,632 Total $ 73,188,024 $ 73,101,810 |
Summary of Available-for-Sale Securities By Contractual Maturity | The following table summarizes our portfolio of available-for-sale securities by contractual maturity: Less than 12 months 12 months or Longer Total Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Money market funds $ 24,077 $ — $ — $ - $ 24,077 $ — Commercial paper 6,426,250 — — — 6,426,250 — Corporate debt securities 29,769,174 (356,336 ) — — 29,769,174 (356,336 ) Municipal debt securities 35,854,699 (147,856 ) 1,113,824 (29,570 ) 36,968,523 (177,426 ) Total $ 72,074,200 $ (504,192 ) $ 1,113,824 $ (29,570 ) $ 73,188,024 $ (533,762 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Warrant Activity | The following summarizes the common stock warrant activity for the three months ended June 30, 2022: Warrant Shares of Common Stock Weighted Average Exercise Price Outstanding at March 31, 2022 3,104,318 $ 2.77 Granted — — Exchanged — — Outstanding at June 30, 2022 3,104,318 $ 2.77 |
Schedule of Warrants to Purchase Common Stock Outstanding | The Company has warrants to purchase its common stock outstanding as of June 30, 2022, as follows: Issued Classification Warrants Outstanding Exercise Price Expiration December 2015 Equity 446,500 $ 5.00 December 2025 February 2016 Equity 461,384 $ 5.00 February 2026 July 2016 Equity 29,767 $ 5.00 June 2026 May 2020 Liability 2,166,667 $ 1.80 April 2024 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements | As of June 30, 2022, the future minimum lease payments under non-cancellable operating lease agreements for which the Company has recognized operating lease ROU assets and lease liabilities were as follows: June 30, 2022 Fiscal year 2023 $ 27,468 Total remaining lease payments 27,468 Less: present value adjustment (980 ) Total operating lease liabilities 26,488 Less: current portion (26,488 ) Operating lease liabilities, net of current portion $ — |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock based compensation expense | Stock based compensation expense was recognized as follows: Three Months Ended June 30, 2022 2021 General and administrative $ 451,000 $ 471,000 Research and development 89,000 173,000 Total $ 540,000 $ 644,000 |
Schedule of Assumptions Utilized to Estimate the Fair Value of Stock Options Granted | The weighted average assumptions used to determine such values are presented in the following table: June 30, 2022 June 30, 2021 Risk free interest rate 2.83% - 2.92% 0.28% - 1.01% Expected volatility 115.36% - 115.39% 97.11% - 105.37% Expected term (in years) 6.1 2.7 - 6.1 Dividend yield 0 % 0 % |
Schedule of Stock Options | The following is a summary of the status of the Company’s stock options for the three months ended June 30, 2022: Number of Options Weighted Average Exercise Price Outstanding at March 31, 2022 14,504,271 $ 2.36 Granted 3,641,300 $ 0.32 Cancelled/Forfeited (892,265 ) $ 5.47 Exercised — $ — Outstanding at June 30, 2022 17,253,306 $ 1.77 Options exercisable at June 30, 2022 9,387,474 $ 2.55 |
Schedule of Stock Option by Exercise Price Range | Stock Options Outstanding Stock Options Vested Range of Exercise Price Number Outstanding at June 30, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Number Vested at June 30, 2022 Weighted Average Exercise Price Aggregate Intrinsic Value $0.29 - $8.75 17,253,306 $ 1.77 7.5 $ - 9,387,474 $ 2.55 $ - |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||||
Feb. 08, 2021 | Jan. 07, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 03, 2022 | Mar. 31, 2022 | Oct. 18, 2019 | |
Nature Of Business [Line Items] | |||||||
Remaining estimated closure costs of trial | $ 100,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Net cash used in operating activities | $ (4,781,433) | $ (5,809,337) | |||||
Net loss | (6,494,933) | (5,929,163) | |||||
Non-cash equity compensation | 540,472 | 643,665 | |||||
Net amortization of premiums and discounts on marketable securities | 389,117 | $ 227,303 | |||||
Change in operating assets and liabilities | 800,000 | ||||||
Working capital | $ 73,400,000 | ||||||
Registered Direct Offering [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Proceeds from issuance of common stock | $ 100,000,000 | ||||||
Related cost offset the proceeds | $ 6,200,000 | ||||||
Registered Direct Offering [Member] | Common Stock [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.0001 | ||||||
Number of shares issued upon new issue | 40,000,000 | ||||||
Share price (in dollars per share) | $ 2.50 | ||||||
Subsequent Event [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.0001 | ||||||
Syros Pharmaceuticals Inc [Member] | Subsequent Event [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||||
Eagle Pharmaceuticals, Inc [Member] | Securities Purchase Agreement [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Share price (in dollars per share) | $ 2 | ||||||
Eagle Pharmaceuticals, Inc [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Number of shares issued upon new issue | 10,000,000 | ||||||
Share price (in dollars per share) | $ 2 | ||||||
Proceeds from issuance of common stock | $ 20,000,000 | ||||||
Jefferies [Member] | Sale Agreement [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Number of shares issued upon new issue | 0 | 0 | |||||
Available for offering | $ 22,200,000 | ||||||
Jefferies [Member] | Sale Agreement [Member] | Maximum [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Aggregate offering | $ 30,000,000 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Basic and diluted net loss per common share calculation: | ||
Net loss | $ (6,494,933) | $ (5,929,163) |
Weighted average common shares outstanding — basic | 172,206,894 | 172,205,452 |
Weighted average common shares outstanding — diluted | 172,206,894 | 172,205,452 |
Net loss per share of common stock — basic | $ (0.04) | $ (0.03) |
Net loss per share of common stock — diluted | $ (0.04) | $ (0.03) |
Net Loss Per Common Share - S_2
Net Loss Per Common Share - Schedule of Anti-dilutive Shares Outstanding (Detail) - shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 20,357,624 | 18,658,893 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 17,253,306 | 15,554,575 |
Warrant [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 3,104,318 | 3,104,318 |
Accounts Payable and Other Cu_3
Accounts Payable and Other Current Liabilities - Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Payables And Accruals [Abstract] | ||
Legal | $ 577,176 | $ 263,111 |
Consultant and professional services | 1,451,807 | 300,051 |
Accounting and auditing | 204,763 | 14,410 |
Research and development | 2,285,779 | 2,776,594 |
Board of Directors and Scientific Advisory Board Compensation | 117,139 | 418,389 |
Other | 48,552 | 30,872 |
Total | $ 4,685,216 | $ 3,803,427 |
Severance Payable - Additional
Severance Payable - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Mar. 15, 2019 | Mar. 31, 2022 USD ($) Employee | Mar. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) | |
Severance Payable [Line Items] | ||||
Severance expense | $ 2.5 | |||
Number of employees entered into separation and general agreement | Employee | 3 | |||
Salary continuance term | 5 years | |||
Reimbursement of health benefits term | 3 years | |||
Discount rate | 6% | |||
Stock option modification expense | $ 0.4 | |||
Severance liability | $ 3 | $ 0.8 | ||
Chief Science Officer [Member] | ||||
Severance Payable [Line Items] | ||||
Severance expense | $ 2.1 | |||
Release Agreement, March 15, 2019 [Member] | Minimum [Member] | ||||
Severance Payable [Line Items] | ||||
Post-termination exercise period | 3 months | |||
Release Agreement, March 15, 2019 [Member] | Maximum [Member] | ||||
Severance Payable [Line Items] | ||||
Post-termination exercise period | 5 years |
Fair Value of Financial Instrum
Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 1,384,077 | $ 3,409,178 |
Marketable securities | 70,690,123 | 60,611,961 |
Marketable securities | 1,113,824 | 9,080,671 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 73,188,024 | 73,101,810 |
Warrant liability | 89,559 | 124,480 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 29,769,174 | 26,195,025 |
Marketable securities | 6,293,015 | |
Fair Value, Measurements, Recurring [Member] | Municipal Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,360,000 | |
Marketable securities | 34,494,699 | 34,416,936 |
Marketable securities | 1,113,824 | 2,787,656 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 24,077 | 3,409,178 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 73,163,947 | 69,692,632 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 29,769,174 | 26,195,025 |
Marketable securities | 6,293,015 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Municipal Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,360,000 | |
Marketable securities | 34,494,699 | 34,416,936 |
Marketable securities | 1,113,824 | 2,787,656 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrant liability | 89,559 | 124,480 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 24,077 | 3,409,178 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 24,077 | $ 3,409,178 |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 6,426,250 | |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 6,426,250 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Schedule of Key Inputs and Assumption to Estimate the Fair Value of Warrant (Detail) - Warrant [Member] - Class Of Warrant Or Right Issued on May 2020 [Member] | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares |
Class Of Warrant Or Right [Line Items] | ||
Stock price | $ 0.28 | $ 0.35 |
Volatility [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 1.08 | 0.98 |
Remaining Term [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 1 year 9 months 3 days | 2 years 3 days |
Risk-free Interest Rate [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 0.0287 | 0.0228 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Activity for Liabilities Measured at Fair Value using Level 3 Significant Unobservable Inputs (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Change in fair value of warrant liability | $ (34,921) | $ (725,143) |
Level 3 [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning balance, March 31, 2022 | 124,480 | |
Change in fair value of warrant liability | (34,921) | |
Ending balance, June 30, 2022 | $ 89,559 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-for-Sale Securities Recorded In Cash and Cash Equivalents or Marketable Securities (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | $ 73,721,786 | $ 73,646,074 |
Gross Unrealized Gains | 37 | |
Gross Unrealized Loss | (533,799) | (544,264) |
Fair Value | 73,188,024 | 73,101,810 |
Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 24,077 | 3,409,178 |
Fair Value | 24,077 | 3,409,178 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 30,125,510 | 32,831,174 |
Gross Unrealized Gains | 35 | |
Gross Unrealized Loss | (356,371) | (343,134) |
Fair Value | 29,769,174 | 32,488,040 |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 6,426,250 | |
Fair Value | 6,426,250 | |
Municipal Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 37,145,949 | 37,405,722 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Loss | (177,428) | (201,130) |
Fair Value | $ 36,968,523 | $ 37,204,592 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Summary of Classification of Available-for-Sale Securities (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Investments Debt And Equity Securities [Abstract] | ||
Cash equivalents | $ 1,384,077 | $ 3,409,178 |
Marketable securities | 71,803,947 | 69,692,632 |
Total | $ 73,188,024 | $ 73,101,810 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Summary of Available-for-Sale Securities By Contractual Maturity (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 72,074,200 | |
Less than 12 months, Net Unrealized Losses | (504,192) | |
12 months or Longer, Fair Value | 1,113,824 | |
12 months or Longer, Net Unrealized Losses | (29,570) | |
Total | 73,188,024 | $ 73,101,810 |
Total, Net Unrealized Losses | (533,762) | |
Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 24,077 | |
Total | 24,077 | 3,409,178 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 29,769,174 | |
Less than 12 months, Net Unrealized Losses | (356,336) | |
Total | 29,769,174 | 32,488,040 |
Total, Net Unrealized Losses | (356,336) | |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 6,426,250 | |
Total | 6,426,250 | |
Municipal Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 35,854,699 | |
Less than 12 months, Net Unrealized Losses | (147,856) | |
12 months or Longer, Fair Value | 1,113,824 | |
12 months or Longer, Net Unrealized Losses | (29,570) | |
Total | 36,968,523 | $ 37,204,592 |
Total, Net Unrealized Losses | $ (177,426) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||||
Feb. 08, 2021 | May 20, 2020 | Jan. 07, 2020 | Oct. 18, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Stockholders Equity [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Sale Agreement [Member] | Jefferies [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | 0 | 0 | |||||
Payment of commission rate from gross proceeds | 3% | ||||||
Available for offering | $ 22,200,000 | ||||||
Sale Agreement [Member] | Jefferies [Member] | Maximum [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Aggregate offering | $ 30,000,000 | ||||||
Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock price per share | $ 2 | ||||||
Milestone payments upon occurrence of milestone event payable | $ 20,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in cash | 10,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in shares | $ 10,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in shares, Percentage of premium over share price | 15% | ||||||
Restricted period for Sale of shares description | shares will be restricted from sale until the earlier of three months following the milestone event or the three-year anniversary of the agreement | ||||||
Registered Direct Offering [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Proceeds from issuance of common stock | $ 100,000,000 | ||||||
Related cost offset the proceeds | $ 6,200,000 | ||||||
Common Stock [Member] | Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | 10,000,000 | ||||||
Proceeds from issuance of common stock | $ 20,000,000 | ||||||
Common stock price per share | $ 2 | ||||||
Common Stock [Member] | Registered Direct Offering [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | 40,000,000 | ||||||
Common stock price per share | $ 2.50 | ||||||
Common stock, par value (in dollars per share) | $ 0.0001 | ||||||
Share Exchange Agreements [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares that can be purchased with warrants | 5,833,333 | ||||||
Share Exchange Agreements [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | 2,406,250 | ||||||
Warrant Exchange Agreements [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares that can be purchased with warrants | 2,166,667 | ||||||
Warrants expiration date | Apr. 02, 2024 | ||||||
Exercise price | $ 1.80 | ||||||
Securities Purchase Agreement [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock purchase warrants outstanding and exercisable | 3,074,551 | 3,074,551 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Warrant Activity (Detail) | 3 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Equity [Abstract] | |
Warrant Shares of Common Stock, Outstanding at beginning | shares | 3,104,318 |
Warrant Shares of Common Stock, Granted | shares | 0 |
Warrant Shares of Common Stock, Exchanged | shares | 0 |
Warrant Shares of Common Stock, Outstanding at ending | shares | 3,104,318 |
Weighted Average Exercise Price, Outstanding at beginning | $ / shares | $ 2.77 |
Weighted Average Exercise Price, Granted | $ / shares | 0 |
Weighted Average Exercise Price, Exchanged | $ / shares | 0 |
Weighted Average Exercise Price, Outstanding at ending | $ / shares | $ 2.77 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Warrants to Purchase Common Stock Outstanding (Detail) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants Outstanding | 3,104,318 | 3,104,318 |
Class Of Warrant Or Right Issued on December 2015 [Member] | Common Stock [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Issued | 2015-12 | |
Classification | Equity | |
Warrants Outstanding | 446,500 | |
Exercise Price | $ 5 | |
Expiration | 2025-12 | |
Class Of Warrant Or Right Issued on February 2016 [Member] | Common Stock [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Issued | 2016-02 | |
Classification | Equity | |
Warrants Outstanding | 461,384 | |
Exercise Price | $ 5 | |
Expiration | 2026-02 | |
Class Of Warrant Or Right Issued on July 2016 [Member] | Common Stock [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Issued | 2016-07 | |
Classification | Equity | |
Warrants Outstanding | 29,767 | |
Exercise Price | $ 5 | |
Expiration | 2026-06 | |
Class Of Warrant Or Right Issued on May 2020 [Member] | Common Stock [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Issued | 2020-05 | |
Classification | Liability | |
Warrants Outstanding | 2,166,667 | |
Exercise Price | $ 1.80 | |
Expiration | 2024-04 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Commitment And Contingencies [Line Items] | |
Contractual obligation | $ 0.1 |
Ongoing Clinical Trials [Member] | |
Commitment And Contingencies [Line Items] | |
Contractual obligation | 0.6 |
Clinical Registration Activity [Member] | |
Commitment And Contingencies [Line Items] | |
Contractual obligation | $ 2.4 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Lessee Lease Description [Line Items] | ||
Rent expense | $ 13,000 | $ 14,000 |
Incremental borrowing rate to calculate present value of lease payments | 11% | |
New Jersey [Member] | Office Space [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease, expiration term | 2023-02 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal year 2023 | $ 27,468 | |
Total remaining lease payments | 27,468 | |
Less: present value adjustment | (980) | |
Total operating lease liabilities | 26,488 | |
Less: current portion | $ (26,488) | $ (37,332) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Faegre Drinker Biddle & Reath ("Faegre Drinker") [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Legal fees | $ 115,000 | |
Related party transaction costs | $ 153,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 4,900,000 |
Unrecognized compensation expense recognition period | 2 years 9 months 18 days |
2015 Equity Incentive Plan and 2016 Director Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grants | shares | 7,885,273 |
Equity Incentive Plan 2015 and 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate intrinsic value, options | $ 0 |
Share price (in dollars per share) | $ / shares | $ 0.28 |
Equity Incentive Plan - Allocat
Equity Incentive Plan - Allocation of Share Based Compensation (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocated compensation expense | $ 540,000 | $ 644,000 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocated compensation expense | 451,000 | 471,000 |
Research and development expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocated compensation expense | $ 89,000 | $ 173,000 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Assumptions Utilized to Estimate the Fair Value of Stock Options Granted (Detail) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Summary Of Stock Option Activities [Line Items] | ||
Expected term (in years) | 6 years 1 month 6 days | |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Risk free interest rate | 2.83% | 0.28% |
Expected volatility | 115.36% | 97.11% |
Expected term (in years) | 2 years 8 months 12 days | |
Maximum [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Risk free interest rate | 2.92% | 1.01% |
Expected volatility | 115.39% | 105.37% |
Expected term (in years) | 6 years 1 month 6 days |
Equity Incentive Plan - Sched_2
Equity Incentive Plan - Schedule of Stock Options (Detail) | 3 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning | shares | 14,504,271 |
Granted | shares | 3,641,300 |
Cancelled/Forfeited | shares | (892,265) |
Outstanding at ending | shares | 17,253,306 |
Options exercisable | shares | 9,387,474 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at beginning | $ / shares | $ 2.36 |
Granted | $ / shares | 0.32 |
Cancelled/Forfeited | $ / shares | 5.47 |
Outstanding at ending | $ / shares | 1.77 |
Options exercisable | $ / shares | $ 2.55 |
Equity Incentive Plan - Sched_3
Equity Incentive Plan - Schedule of Stock Option by Exercise Price Range (Detail) - Exercise Price $0.29 - $8.75 [Member] | 3 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Stock Options Outstanding | |
Range of Exercise Price, Lower Limit | $ 0.29 |
Range of Exercise Price, Upper Limit | $ 8.75 |
Number Outstanding | shares | 17,253,306 |
Weighted Average Exercise Price | $ 1.77 |
Weighted Average Remaining Life (Years) | 7 years 6 months |
Aggregate Intrinsic Value | $ | $ 0 |
Stock Options Vested | |
Stock Options Vested | shares | 9,387,474 |
Weighted Average Exercise Price | $ 2.55 |
Aggregate Intrinsic Value | $ | $ 0 |