Pulmatrix (PULM) 10-Q 13 Nov 14 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Sep. 30, 2014	Nov. 12, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'Ruthigen, Inc.	'
Entity Central Index Key	'0001574235	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'RTGN	'
Entity Common Stock, Shares Outstanding	'	4,804,290

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2014	Mar. 31, 2014
Current Assets:	'	'
Cash	$12,880,000	$15,571,000
Prepaid expenses and other current assets	289,000	3,000
Total Current Assets	13,169,000	15,574,000
Property and equipment, net	105,000	2,000
Total Assets	13,274,000	15,576,000
Current Liabilities:	'	'
Accounts payable and accrued expenses	573,000	410,000
Payable to Former Parent	2,000	537,000
Total Current Liabilities	575,000	947,000
Commitments and contingencies	'	'
Stockholders' Equity:	'	'
Preferred stock, $0.0001 par value; 500,000 shares authorized; no shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 4,804,290 and 4,650,000 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively	480	465
Additional paid-in capital	19,792,520	18,297,535
Accumulated deficit	-7,094,000	-3,669,000
Total Stockholders' Equity	12,699,000	14,629,000
Total Liabilities and Stockholders' Equity	$13,274,000	$15,576,000

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Mar. 31, 2014
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	4,804,290	4,650,000
Common Stock, Shares, Outstanding	4,804,290	4,650,000

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$0	$0	$0	$0
Operating Expenses	'	'	'	'
Research and development	629,000	495,000	1,305,000	670,000
Selling, general and administrative	1,086,000	499,000	2,129,000	801,000
Total Operating Expenses	1,715,000	994,000	3,434,000	1,471,000
Loss From Operations	-1,715,000	-994,000	-3,434,000	-1,471,000
Other Income	'	'	'	'
Interest income	5,000	0	9,000	0
Total Other Income	5,000	0	9,000	0
Net Loss	($1,710,000)	($994,000)	($3,425,000)	($1,471,000)
Net Loss Per Share	'	'	'	'
Basic and Diluted (in dollars per share)	($0.35)	($0.50)	($0.72)	($0.74)
Weighted Average Number of Common Shares Outstanding	'	'	'	'
Basic and Diluted (in dollars per share)	4,819,732	2,000,000	4,785,917	2,000,000

CONDENSED_STATEMENT_OF_CHANGES

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Mar. 31, 2014	$14,629,000	$465	$18,297,535	($3,669,000)
Balance (in shares) at Mar. 31, 2014	'	4,650,000	'	'
Shares issued for cash in connection with underwriter's exercise of overallotment, net	1,028,000	15	1,027,985	0
Shares issued for cash in connection with underwriter's exercise of overallotment, net (in shares)	'	154,290	'	'
Stock-based compensation	467,000	0	467,000	0
Net loss	-3,425,000	0	0	-3,425,000
Balance at Sep. 30, 2014	$12,699,000	$480	$19,792,520	($7,094,000)
Balance (in shares) at Sep. 30, 2014	'	4,804,290	'	'

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Cash Flows From Operating Activities	'		'
Net loss	($3,425,000)		($1,471,000)
Adjustments to reconcile net loss to net cash used in operating activities:	'		'
Depreciation	0		1,000
Stock-based compensation	467,000		0
Changes in operating assets and liabilities:	'		'
Prepaid expenses	-286,000		-203,000
Accounts payable and accrued expenses	326,000		316,000
Net Cash Used in Operating Activities	-2,918,000		-1,357,000
Cash Flows From Investing Activities	'		'
Purchases of property and equipment	-103,000		0
Net Cash Used in Investing Activities	-103,000		0
Cash Flows From Financing Activities	'		'
Advances from Former Parent	0		911,000
Repayment of Former Parent advances	-535,000		0
Payment of deferred offering costs	0		-780,000
Proceeds from issuance of common stock and warrants less issuance costs [1]	865,000	[1]	1,219,000	[1]
Investment from Former Parent	0		0
Net Cash Provided by Financing Activities	330,000		1,350,000
Net Decrease In Cash	-2,691,000		-7,000
Cash - Beginning	15,571,000		96,000
Cash - Ending	$12,880,000		$89,000
[1]	Gross proceeds of initial public offering of $1,117,000 less $252,000 of offering costs, of which $89,000 was withheld from the proceeds and $163,000 was paid in cash that was previously accrued.

CONDENSED_STATEMENTS_OF_CASH_F1

CONDENSED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)	6 Months Ended
	Sep. 30, 2014
Gross Proceeds From Issuance Of Common Stock And Warrants	$1,117,000
Offering Cost	252,000
Offering Cost Withheld From The Proceeds	89,000
Payments of Stock Issuance Costs	$163,000

Nature_of_Operations_and_Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	Note 1. Nature of Operations and Basis of Presentation
	Ruthigen, Inc. (the “Company” or “Ruthigen”) is a biopharmaceutical company focused on pioneering new hypochlorus acid, or HOCl, based  therapies designed to improve patient outcomes and reduce healthcare costs associated with infections related to post-operative invasive procedures.
	The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of September 30, 2014. The results of operations for the three and six months ended September 30, 2014 are not necessarily indicative of the operating results for the full year. It is recommended that these condensed financial statements be read in conjunction with the financial statements and related disclosures for the Company’s fiscal year ended March 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on June 30, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	Note 2. Summary of Significant Accounting Policies
	Liquidity and Financial Condition
	The Company incurred net losses of $1,710,000 and $3,425,000 for the three and six months ended September 30, 2014, respectively, and $994,000 and $1,471,000 for the three and six months ended September 30, 2013, respectively. At September 30, 2014, the Company’s working capital and accumulated deficit were $12,594,000 and $7,094,000, respectively. The Company has not yet achieved profitability and it is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability.
	The Company believes that its existing cash, which includes the proceeds from its initial public offering (“IPO”), will be sufficient to fund its operations through the quarter ending December 31, 2015. However, in order for the Company to execute its research and development strategy and to obtain the necessary regulatory approvals to commercialize RUT58-60 as a drug in the United States, the Company will need to raise additional funds through public or private equity offerings, debt financings, corporate collaborations or other means. The Company has not secured any commitment for new financing at this time, nor can it provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include stock-based compensation, the valuation allowance related to the Company’s deferred tax assets and the expense allocations relating to the Company’s operations prior to its deconsolidation from Oculus Innovative Sciences, Inc. (“Oculus” or “Former Parent”) on March 26, 2014.
	Stock-Based Compensation
	The Company accounts for share-based awards exchanged for employee and director services at the estimated grant date fair value of the award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates the fair value of restricted stock and restricted stock units (“RSUs”) based upon the closing market price of the Company’s common stock on the date the award is granted. The Company amortizes the fair value of employee awards on a straight-line basis over the requisite service period of the awards. Stock-based compensation expense includes the impact of an estimate for forfeitures for all stock awards. The Company recognizes stock-based compensation expense for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts stock-based compensation expense based on its probability assessment.
	The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the requisite service period.
	Net Loss Per Share
	The Company computes basic net loss per share by dividing net loss per share available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable.
	The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
		September 30,
		2014		2013
	Options		332,500		-
	Warrants		3,145,650		-
	Restricted stock units		380,942		-
	Total		3,859,092		-
	Recent Accounting Pronouncements
	In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements.
	In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company does not believe adoption of this ASU will have a material effect on its condensed financial statements.
	Subsequent Events
	Management has evaluated subsequent events or transactions occurring through the date these condensed financial statements were issued.

Prepaid_Expenses_and_Other_Cur

Prepaid Expenses and Other Current Assets	6 Months Ended
	Sep. 30, 2014
Prepaid Expense and Other Assets, Current [Abstract]	'
Disclosure Of Prepaid Expenses And Other Current Assets [Text Block]	'
	Note 3. Prepaid Expenses and Other Current Assets
	Prepaid expenses and other current assets consists of the following:
		September 30,		March 31,
		2014		2014
		(unaudited)
	Prepaid insurance	$	228,000	$	-
	Deposits		20,000		1,000
	Prepaid rent		2,000		2,000
	Other prepaid expenses and current assets		39,000		-
	Total	$	289,000	$	3,000

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	6 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	'
	Note 4. Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consists of the following:
		September 30,		March 31,
		2014		2014
		(unaudited)
	Accrued employee compensation	$	77,000	$	109,000
	Accrued director compensation		41,000		50,000
	Accrued legal fees		141,000		183,000
	Accrued professional fees		125,000		53,000
	Other accrued expenses		189,000		15,000
	Total	$	573,000	$	410,000

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 5. Commitments and Contingencies
	Employment Agreements
	On June 24, 2014, the compensation committee of the Company’s board of directors approved an employment agreement for its Chief Financial Officer (“CFO”), which replaced the offer letter previously in effect between the Company and the CFO. The employment agreement continues to provide for an annual base salary of $225,000, subject to increase, as determined by the Company’s board of directors. The employment agreement further provides for payments to the CFO in the event of termination without cause or resignation by the CFO for good reason, as such terms are defined in the employment agreement. In the event that the CFO is terminated without cause or resigns for good reason, the CFO is entitled to: (i) a lump severance payment equal to 18 times the average monthly base salary paid to the CFO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CFO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards; provided that in the event the CFO resigns for good reason prior to a change of control, only the vesting of the restricted stock units granted by the Company on May 12, 2014 shall be accelerated.
	As of September 30, 2014, the Company had employment agreements in place with its Chief Executive Officer and CFO.  The agreements provide, among other things, for the payment of eighteen to twenty-four months of severance compensation for terminations under certain circumstances. With respect to these agreements, at September 30, 2014, potential cash severance amounted to $1,144,000.
	License and Supply Agreement
	The Company entered into a license and supply agreement with Oculus which was effective upon the completion of the IPO, pursuant to which Oculus has agreed to exclusively license certain of its proprietary technology to the Company to enable the Company’s research, development and commercialization of newly discovered RUT58-60 and any improvements to it in the United States, Canada, the European Union and Japan in certain invasive uses in humans which do not include dermatologic uses or uses for ophthalmic, sinusitis or otic indications. Under the license and supply agreement, the Company will be required to make a total of up to $8 million of milestone payments to Oculus over the next several years payable upon the completion of specified performance conditions. The Company will accrue for the milestone payment liability if and when the Company determines that the achievement of such conditions is probable. As of September 30, 2014, the Company has not accrued for any portion of the milestone payments.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 6. Stockholders’ Equity
	Initial Public Offering
	The Company closed its IPO of the sale of 2,650,000 Units at a price of $7.25 per Unit on March 26, 2014. Following the closing of the IPO, during the six months ended September 30, 2014 and in connection with its IPO, the underwriters exercised a portion of the over-allotment option pursuant to which the Company sold an additional 154,290 shares of common stock at $6.6608 per share, which resulted in approximately $1,028,000 of aggregate net proceeds to the Company. In connection with the underwriters’ partial exercise of the over-allotment option, the Company issued to the representative of the underwriters a five-year warrant to purchase an additional 5,400 shares of the Company’s common stock at an exercise price of $9.0625 per share. The warrant is exercisable commencing one year from the date of issuance. The warrant and the shares of common stock underlying the warrant have been deemed compensation by Financial Industry Regulatory Authority, Inc. (“FINRA”) and are, therefore, subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA.
	Stock Warrants
	A summary of the warrant activity during the six months ended September 30, 2014 is presented below:
									Weighted
						Weighted			Average
						Average			Remaining
			Number of			Exercise			Life			Intrinsic
			Warrants			Price			In Years			Value
	Outstanding, March 31, 2014			3,140,250		$	7.3
	Granted			5,400			9.06
	Exercised			-			-
	Forfeited			-			-
	Outstanding, September 30, 2014			3,145,650		$	7.31			1.6		$	-
	Exercisable, September 30, 2014			3,047,500		$	7.25			1.5		$	-
	The following table presents information related to stock warrants at September 30, 2014:
	Warrants Outstanding						Warrants Exercisable
							Weighted
				Outstanding			Average			Exercisable
	Exercise			Number of			Remaining Life			Number of
	Price			Warrants			In Years			Warrants
	$	7.25			3,047,500			1.5			3,047,500
	$	9.0625			98,150			-			-
					3,145,650			1.5			3,047,500
	Stock Options
	The Company has computed the fair value of options granted using the Black-Scholes option pricing model. Option forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual option forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The Company estimated forfeitures related to option grants at an annual rate of 0% for options granted during the six months ended September 30, 2014. The expected term used for options issued to non-employees is the contractual life and the expected term used for options issued to employees and directors is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. Since the Company’s stock has not been publicly traded for a sufficiently long period of time, the Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.
	In applying the Black-Scholes option pricing model to stock options granted, the Company used the following weighted average assumptions:
			For the Six Months Ended
			September 30,
			2014			2013
	Risk free interest rate			1.67	%		n/a
	Expected term (years)			5.61			n/a
	Expected volatility			95	%		n/a
	Expected dividends			0	%		n/a
	The weighted average estimated fair value of the options granted during the six months ended September 30, 2014 was $4.79 per share. There were no options granted during the three months ended September 30, 2014 and the three and six months ended September 30, 2013.
	On May 12, 2014, the Company granted options to employees and directors to purchase an aggregate of 332,500 shares of common stock at an exercise price of $6.37 per share, pursuant to the 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan”). The shares vest ratably over three years on a quarterly basis. The aggregate grant date value of $1,593,000 will be recognized proportionate to the vesting period.
	The Company recorded stock–based compensation expense related to stock options of $133,000 and $199,000 during the three and six months ended September 30, 2014, respectively, and $0 during the three and six months ended September 30, 2013. As of September 30, 2014, there was $1,394,000 of unrecognized stock-based compensation expense related to stock options that will be amortized over a weighted average period of 2.6 years.
	A summary of the stock option activity during the six months ended September 30, 2014 is presented below:
									Weighted
						Weighted			Average
						Average			Remaining
			Number of			Exercise			Life			Intrinsic
			Options			Price			In Years			Value
	Outstanding, March 31, 2014			-		$	-
	Granted			332,500			6.37
	Exercised			-			-
	Forfeited			-			-
	Outstanding, September 30, 2014			332,500		$	6.37			9.6		$	-
	Exercisable, September 30, 2014			27,706		$	6.37			9.6		$	-
	The following table presents information related to stock options at September 30, 2014:
	Options Outstanding						Options Exercisable
							Weighted
				Outstanding			Average			Exercisable
	Exercise			Number of			Remaining Life			Number of
	Price			Options			In Years			Options
	$	6.37			332,500			9.6			27,706
					332,500			9.6			27,706
	Restricted Stock Units
	On May 11, 2014, the Company granted RSUs issuable for an aggregate of 409,355 shares to employees and directors, pursuant to the 2013 Plan. RSUs for 341,000 shares of common stock vest ratably over three years on a quarterly basis and had an aggregate grant date value of $2,148,000. RSUs for 68,355 shares had an aggregate grant date value of $431,000 and vest in equal installments based on achievement of the following: (1) enrollment of the first patient in the first pivotal clinical trial for RUT58-60 on or prior to May 11, 2017; (2) enrollment of the first patient in the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2018; and (3) completion of the clinical study report containing the results of the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2019.
	The Company recorded stock–based compensation expense related to RSUs of $179,000 and $268,000 during the three and six months ended September 30, 2014, respectively, and $0 during the three and six months ended September 30, 2013. As of September 30, 2014, there was $1,880,000 of unrecognized stock-based compensation expense related to RSUs that will be amortized over a weighted average period of 2.6 years. The Company recognizes stock-based compensation expense for RSUs with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. As of September 30, 2014, the Company has not recognized any expense related to RSUs with performance conditions. As of September 30, 2014, there was $431,000 of unrecognized stock-based compensation expense related to RSUs with performance conditions.
	A summary of RSU activity for the six months ended September 30, 2014 is presented below:
						Average			Total
		Number of			Grant Date			Grant Date
		Units			Fair Value			Fair Value
Non-vested, March 31, 2014			-		$	-		$	-
Granted			409,355			6.3			2,579,000
Vested			-28,413			6.3			-179,000
Forfeited			-			-			-
Non-vested, September 30, 2014			380,942		$	6.3		$	2,400,000

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Liquidity Disclosure [Policy Text Block]	'
	Liquidity and Financial Condition
	The Company incurred net losses of $1,710,000 and $3,425,000 for the three and six months ended September 30, 2014, respectively, and $994,000 and $1,471,000 for the three and six months ended September 30, 2013, respectively. At September 30, 2014, the Company’s working capital and accumulated deficit were $12,594,000 and $7,094,000, respectively. The Company has not yet achieved profitability and it is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability.
	The Company believes that its existing cash, which includes the proceeds from its initial public offering (“IPO”), will be sufficient to fund its operations through the quarter ending December 31, 2015. However, in order for the Company to execute its research and development strategy and to obtain the necessary regulatory approvals to commercialize RUT58-60 as a drug in the United States, the Company will need to raise additional funds through public or private equity offerings, debt financings, corporate collaborations or other means. The Company has not secured any commitment for new financing at this time, nor can it provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include stock-based compensation, the valuation allowance related to the Company’s deferred tax assets and the expense allocations relating to the Company’s operations prior to its deconsolidation from Oculus Innovative Sciences, Inc. (“Oculus” or “Former Parent”) on March 26, 2014.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock-Based Compensation
	The Company accounts for share-based awards exchanged for employee and director services at the estimated grant date fair value of the award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates the fair value of restricted stock and restricted stock units (“RSUs”) based upon the closing market price of the Company’s common stock on the date the award is granted. The Company amortizes the fair value of employee awards on a straight-line basis over the requisite service period of the awards. Stock-based compensation expense includes the impact of an estimate for forfeitures for all stock awards. The Company recognizes stock-based compensation expense for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts stock-based compensation expense based on its probability assessment.
	The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the requisite service period.
Earnings Per Share, Policy [Policy Text Block]	'
	Net Loss Per Share
	The Company computes basic net loss per share by dividing net loss per share available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable.
	The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
		September 30,
		2014		2013
	Options		332,500		-
	Warrants		3,145,650		-
	Restricted stock units		380,942		-
	Total		3,859,092		-
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recent Accounting Pronouncements
	In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements.
	In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company does not believe adoption of this ASU will have a material effect on its condensed financial statements.
Subsequent Events, Policy [Policy Text Block]	'
	Subsequent Events
	Management has evaluated subsequent events or transactions occurring through the date these condensed financial statements were issued.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
	The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
		September 30,
		2014		2013
	Options		332,500		-
	Warrants		3,145,650		-
	Restricted stock units		380,942		-
	Total		3,859,092		-

Prepaid_Expenses_and_Other_Cur1

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Sep. 30, 2014
Prepaid Expense and Other Assets, Current [Abstract]	'
Schedule Of Prepaid Expenses And Other Current Assets [Table Text Block]	'
	Prepaid expenses and other current assets consists of the following:
		September 30,		March 31,
		2014		2014
		(unaudited)
	Prepaid insurance	$	228,000	$	-
	Deposits		20,000		1,000
	Prepaid rent		2,000		2,000
	Other prepaid expenses and current assets		39,000		-
	Total	$	289,000	$	3,000

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	'
	Accounts payable and accrued expenses consists of the following:
		September 30,		March 31,
		2014		2014
		(unaudited)
	Accrued employee compensation	$	77,000	$	109,000
	Accrued director compensation		41,000		50,000
	Accrued legal fees		141,000		183,000
	Accrued professional fees		125,000		53,000
	Other accrued expenses		189,000		15,000
	Total	$	573,000	$	410,000

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule Of Share-Based Compensation, Warrant, Activity [Table Text Block]	'
	A summary of the warrant activity during the six months ended September 30, 2014 is presented below:
									Weighted
						Weighted			Average
						Average			Remaining
			Number of			Exercise			Life			Intrinsic
			Warrants			Price			In Years			Value
	Outstanding, March 31, 2014			3,140,250		$	7.3
	Granted			5,400			9.06
	Exercised			-			-
	Forfeited			-			-
	Outstanding, September 30, 2014			3,145,650		$	7.31			1.6		$	-
	Exercisable, September 30, 2014			3,047,500		$	7.25			1.5		$	-
Schedule Of Share Based Compensation, Warrants, By Exercise Price Range [Table Text Block]	'
	The following table presents information related to stock warrants at September 30, 2014:
	Warrants Outstanding						Warrants Exercisable
							Weighted
				Outstanding			Average			Exercisable
	Exercise			Number of			Remaining Life			Number of
	Price			Warrants			In Years			Warrants
	$	7.25			3,047,500			1.5			3,047,500
	$	9.0625			98,150			-			-
					3,145,650			1.5			3,047,500
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	In applying the Black-Scholes option pricing model to stock options granted, the Company used the following weighted average assumptions:
			For the Six Months Ended
			September 30,
			2014			2013
	Risk free interest rate			1.67	%		n/a
	Expected term (years)			5.61			n/a
	Expected volatility			95	%		n/a
	Expected dividends			0	%		n/a
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	A summary of the stock option activity during the six months ended September 30, 2014 is presented below:
									Weighted
						Weighted			Average
						Average			Remaining
			Number of			Exercise			Life			Intrinsic
			Options			Price			In Years			Value
	Outstanding, March 31, 2014			-		$	-
	Granted			332,500			6.37
	Exercised			-			-
	Forfeited			-			-
	Outstanding, September 30, 2014			332,500		$	6.37			9.6		$	-
	Exercisable, September 30, 2014			27,706		$	6.37			9.6		$	-
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	'
	The following table presents information related to stock options at September 30, 2014:
	Options Outstanding						Options Exercisable
							Weighted
				Outstanding			Average			Exercisable
	Exercise			Number of			Remaining Life			Number of
	Price			Options			In Years			Options
	$	6.37			332,500			9.6			27,706
					332,500			9.6			27,706
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	'
	A summary of RSU activity for the six months ended September 30, 2014 is presented below:
						Average			Total
			Number of			Grant Date			Grant Date
			Units			Fair Value			Fair Value
	Non-vested, March 31, 2014			-		$	-		$	-
	Granted			409,355			6.3			2,579,000
	Vested			-28,413			6.3			-179,000
	Forfeited			-			-			-
	Non-vested, September 30, 2014			380,942		$	6.3		$	2,400,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Summary Of Significant Accounting Policies [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,859,092	0
Employee Stock Option [Member]	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	332,500	0
Warrant [Member]	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,145,650	0
Restricted Stock Units (RSUs) [Member]	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	380,942	0

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Summary Of Significant Accounting Policies [Line Items]	'	'	'	'	'
Net Loss	$1,710,000	$994,000	$3,425,000	$1,471,000	'
Working Capital	12,594,000	'	12,594,000	'	'
Accumulated Deficit	$7,094,000	'	$7,094,000	'	$3,669,000

Prepaid_Expenses_and_Other_Cur2

Prepaid Expenses and Other Current Assets (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Prepaid Expenses And Other Current Assets [Line Items]	'	'
Prepaid insurance	$228,000	$0
Deposits	20,000	1,000
Prepaid rent	2,000	2,000
Other prepaid expenses and current assets	39,000	0
Total	$289,000	$3,000

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Accounts Payable And Accrued Expenses [Line Items]	'	'
Accrued employee compensation	$77,000	$109,000
Accrued director compensation	41,000	50,000
Accrued legal fees	141,000	183,000
Accrued professional fees	125,000	53,000
Other accrued expenses	189,000	15,000
Total	$573,000	$410,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)	1 Months Ended	6 Months Ended
	Jun. 24, 2014	Sep. 30, 2014
Two Executives [Member]	'	'
Commitments And Contingencies [Line Items]	'	'
Severance Costs	'	$1,144,000
Deferred Compensation Arrangement with Individual, Minimum Contractual Term	'18 months	'
Deferred Compensation Arrangement with Individual, Maximum Contractual Term	'24 months	'
Employee Agreement [Member] | Chief Financial Officer [Member]	'	'
Commitments And Contingencies [Line Items]	'	'
Officers' Compensation	225,000	'
Severance Payment And Termination Description	'	'(i) a lump severance payment equal to 18 times the average monthly base salary paid to the CFO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CFO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards
License And Supply Agreement [Member] | Oculus [Member]	'	'
Commitments And Contingencies [Line Items]	'	'
Supply Commitment, Remaining Minimum Amount Committed	'	$8,000,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	6 Months Ended
	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Warrants Outstanding, September 30, 2014	3,145,650
Number of Warrants Exercisable, September 30, 2014	3,047,500
Weighted Average Remaining Life Exercisable, September 30, 2014	'1 year 6 months
Warrant [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Warrants Outstanding, March 31, 2014	3,140,250
Number of Warrants Granted	5,400
Number of Warrants Exercised	0
Number of Warrants Forfeited	0
Number of Warrants Outstanding, September 30, 2014	3,145,650
Number of Warrants Exercisable, September 30, 2014	3,047,500
Weighted Average Exercise Price Outstanding, March 31, 2014	7.3
Weighted Average Exercise Price Granted	9.06
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price Forfeited	0
Weighted Average Exercise Price Outstanding, September 30, 2014	7.31
Weighted Average Exercise Price Exercisable, September 30, 2014	7.25
Weighted Average Remaining Life Outstanding, September 30, 2014	'1 year 7 months 6 days
Weighted Average Remaining Life Exercisable, September 30, 2014	'1 year 6 months
Intrinsic Value Outstanding, September 30, 2014	0
Intrinsic Value Exercisable, September 30, 2014	0

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1) (USD $)	6 Months Ended
	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Warrants Outstanding Number of Warrants	3,145,650
Warrants Exercisable Weighted Average Remaining Life	'1 year 6 months
Warrants Exercisable Number of Warrants	3,047,500
Exercise Price Range One [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Warrants Outstanding Exercise Price	7.25
Warrants Outstanding Number of Warrants	3,047,500
Warrants Exercisable Weighted Average Remaining Life	'1 year 6 months
Warrants Exercisable Number of Warrants	3,047,500
Exercise Price Range Two [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Warrants Outstanding Exercise Price	9.0625
Warrants Outstanding Number of Warrants	98,150
Warrants Exercisable Weighted Average Remaining Life	'0 years
Warrants Exercisable Number of Warrants	0

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Risk free interest rate	1.67%	0.00%
Expected term (years)	'5 years 7 months 10 days	'0 years
Expected volatility	95.00%	0.00%
Expected dividends	0.00%	0.00%

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	0 Months Ended	6 Months Ended
	12-May-14	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of Options Outstanding, March 31, 2014	'	0
Number of Options Granted	332,500	332,500
Number of Options Exercised	'	0
Number of Options Forfeited	'	0
Number of Options Outstanding, September 30, 2014	'	332,500
Number of Options Exercisable, September 30, 2014	'	27,706
Weighted Average Exercise Price Outstanding, March 31, 2014	'	$0
Weighted Average Exercise Price Granted	$6.37	$6.37
Weighted Average Exercise Price Exercised	'	$0
Weighted Average Exercise Price Forfeited	'	$0
Weighted Average Exercise Price Outstanding, September 30, 2014	'	$6.37
Weighted Average Exercise Price Exercisable, September 30, 2014	'	$6.37
Weighted Average Remaining Life Outstanding, September 30, 2014	'	'9 years 7 months 6 days
Weighted Average Remaining Life Exercisable, September 30, 2014	'	'9 years 7 months 6 days
Intrinsic Value Outstanding, September 30, 2014	'	$0
Intrinsic Value Exercisable, September 30, 2014	'	$0

Stockholders_Equity_Details_4

Stockholders' Equity (Details 4) (USD $)	6 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Options Outstanding Exercise Price	$6.37	$0
Options Outstanding Number of Options	332,500	0
Options Exercisable Weighted Average Remaining Life	'9 years 7 months 6 days	'
Options Exercisable Number of Options	27,706	'
Exercise Price [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Options Outstanding Exercise Price	$6.37	'
Options Outstanding Number of Options	332,500	'
Options Exercisable Weighted Average Remaining Life	'9 years 7 months 6 days	'
Options Exercisable Number of Options	27,706	'

Stockholders_Equity_Details_5

Stockholders' Equity (Details 5) (Restricted Stock [Member], USD $)	6 Months Ended
	Sep. 30, 2014
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Units Non-vested, March 31, 2014	0
Number of Units Granted	409,355
Number of Units Vested	-28,413
Number of Units Forfeited	0
Number of Units Non-vested, September 30, 2014	380,942
Average Grant Date Fair Value Non-vested, March 31, 2014	$0
Average Grant Date Fair Value Granted	$6.30
Average Grant Date Fair Value Vested	$6.30
Average Grant Date Fair Value Forfeited	$0
Average Grant Date Fair Value Non-vested, September 30, 2014	$6.30
Total Grant Date Fair Value Non-vested, March 31, 2014	$0
Total Grant Date Fair Value Granted	2,579,000
Total Grant Date Fair Value Vested	-179,000
Total Grant Date Fair Value Forfeited	0
Total Grant Date Fair Value Non-vested, September 30, 2014	$2,400,000

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended		1 Months Ended	6 Months Ended
	12-May-14	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 26, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
						IPO [Member]	IPO [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	'	'	0	'	'	'	'	154,290
Share Price	'	'	'	'	'	'	'	'	$6.66
Stock Issued During Period, Value, Stock Options Exercised	'	'	'	$1,028,000	'	'	'	'	'
Share based Compensation Arrangement By Share based Payment Award Forfeiture Rights	'	'	'	0.00%	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	'	$0	$0	$4.79	$0	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	'	'	'	1,593,000	'	'	'	'	'
Allocated Share-based Compensation Expense	'	133,000	0	199,000	0	'	'	0	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	'	$1,394,000	'	$1,394,000	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'	'	'	'2 years 7 months 6 days	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	'	'	'	'RSUs for 341,000 shares of common stock vest ratably over three years on a quarterly basis and had an aggregate grant date value of $2,148,000. RSUs for 68,355 shares had an aggregate grant date value of $431,000 and vest in equal installments based on achievement of the following: (1) enrollment of the first patient in the first pivotal clinical trial for RUT58-60 on or prior to May 11, 2017; (2) enrollment of the first patient in the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2018; and (3) completion of the clinical study report containing the results of the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2019.	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	332,500	'	'	332,500	'	'	'	'	'
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$6.37	'	'	$6.37	'	'	'	'	'
Warrants to Purchase of Common Stock	'	'	'	'	'	'	5,400	'	'
Initial Public Offering Price Per Unit	'	'	'	'	'	$7.25	'	'	'
Class of Warrant or Right, Exercise Price of Warrants or Rights	'	'	'	'	'	'	$9.06	'	'
Initial Public Offering Units	'	'	'	'	'	2,650,000	'	'	'