Alzamend Neuro (ALZN) 10-Q 12 Dec 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2022	Dec. 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	001-40483
Entity Registrant Name	ALZAMEND NEURO, INC.
Entity Central Index Key	0001677077
Entity Tax Identification Number	81-1822909
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3500 Lenox Rd NE
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326
City Area Code	844
Local Phone Number	722-6303
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ALZN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		96,427,624

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
CURRENT ASSETS
Cash	$ 9,182,812	$ 14,063,811
Prepaid expenses and other current assets	409,574	349,723
Prepaid expenses - related party	742,001
TOTAL CURRENT ASSETS	10,334,387	14,413,534
Property, plant and equipment, net	90,489	102,909
TOTAL ASSETS	10,424,876	14,516,443
CURRENT LIABILITIES
Accounts payable and accrued liabilities	648,119	1,162,850
Related party payable	989,334	2,082
TOTAL CURRENT LIABILITIES	1,637,453	1,164,932
TOTAL LIABILITIES	1,637,453	1,164,932
STOCKHOLDERS’ EQUITY
Convertible Preferred stock, $0.0001 par value: 10,000,000 shares authorized; Series A Convertible Preferred Stock, $0.0001 stated value per share, 1,360,000 shares designated; nil issued and outstanding as of October 31, 2022 and April 30, 2022
Common stock, $0.0001 par value: 300,000,000 shares authorized; 95,494,290 and 95,481,790 shares issued and outstanding as of October 31, 2022 and April 30, 2022, respectively	9,549	9,548
Additional paid-in capital	59,002,729	57,419,753
Note receivable for common stock – related party	(14,883,295)	(14,883,295)
Accumulated deficit	(35,341,560)	(29,194,495)
TOTAL STOCKHOLDERS’ EQUITY	8,787,423	13,351,511
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 10,424,876	$ 14,516,443

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2022	Apr. 30, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	95,494,290	95,481,790
Common stock, shares outstanding	95,494,290	95,481,790
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	8,640,000
Preferred stock shares designated	1,360,000	1,360,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
OPERATING EXPENSES
Research and development	$ 1,532,985	$ 1,750,050	$ 2,908,940	$ 2,666,458
General and administrative	1,573,418	1,833,884	3,233,005	3,223,715
Total operating expenses	3,106,403	3,583,934	6,141,945	5,890,173
Loss from operations	(3,106,403)	(3,583,934)	(6,141,945)	(5,890,173)
OTHER EXPENSE, NET
Interest expense	(3,588)	(15,995)	(5,120)	(29,623)
Total other expense, net	(3,588)	(15,995)	(5,120)	(29,623)
NET LOSS	$ (3,109,991)	$ (3,599,929)	$ (6,147,065)	$ (5,919,796)
Basic and diluted net loss per common share	$ (0.03)	$ (0.04)	$ (0.06)	$ (0.07)
Basic and diluted weighted average common shares outstanding	97,488,448	93,458,556	97,485,119	88,148,524

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Note Recievable for Common Stock Related Party [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 75	$ 6,743	$ 33,721,859	$ (14,883,295)	$ (16,832,437)	$ 2,012,945
Beginning balance (in shares) at Apr. 30, 2021	750,000	67,429,525
Issuance of common stock for restricted stock awards		$ 21	(21)
Issuance of common stock for restricted stock awards (in shares)		212,500
Stock-based compensation to employees and consultants			2,020,006			2,020,006
Net loss					(5,919,796)	(5,919,796)
Proceeds from sale of common stocks & warrants-related party		$ 133	1,999,867			2,000,000
Proceeds from sale of common stocks and warrants-related party (in shares)		1,333,333
Proceeds from stock option exercise		$ 200	600			800
Proceeds from stock option exercise (in shares)		2,000,000
Stock issued during period value new issues three shares (in shares)		2,875,000
Proceeds from initial public offering, net of underwriters' discounts and commissions and issuance costs of $1.5 million		$ 288	12,911,168			12,911,456
Conversion of Series A convertible stock	$ (75)	$ 1,500	(1,425)
Conversion of Series A convertible stock (in shares)	(750,000)	15,000,000
Ending balance, value at Oct. 31, 2021		$ 8,885	50,652,054	(14,883,295)	(22,752,233)	13,025,411
Ending balance (in shares) at Oct. 31, 2021		88,850,358
Beginning balance, value at Jul. 31, 2021		$ 8,689	49,371,166	(14,883,295)	(19,152,304)	15,344,256
Beginning balance (in shares) at Jul. 31, 2021		86,887,858
Issuance of common stock for restricted stock awards		$ 21	(21)
Issuance of common stock for restricted stock awards (in shares)		212,500
Stock-based compensation to employees and consultants			1,280,384			1,280,384
Net loss					(3,599,929)	(3,599,929)
Proceeds from stock option exercise		$ 175	525			700
Stock issued during period value new issues three shares (in shares)		1,750,000
Ending balance, value at Oct. 31, 2021		$ 8,885	50,652,054	(14,883,295)	(22,752,233)	13,025,411
Ending balance (in shares) at Oct. 31, 2021		88,850,358
Beginning balance, value at Apr. 30, 2022		$ 9,548	57,419,753	(14,883,295)	(29,194,495)	13,351,511
Beginning balance (in shares) at Apr. 30, 2022		95,481,790
Issuance of common stock for restricted stock awards		$ 1	(1)
Issuance of common stock for restricted stock awards (in shares)		12,500
Stock-based compensation to employees and consultants			1,582,977			1,582,977
Net loss					(6,147,065)	(6,147,065)
Ending balance, value at Oct. 31, 2022		$ 9,549	59,002,729	(14,883,295)	(35,341,560)	8,787,423
Ending balance (in shares) at Oct. 31, 2022		95,494,290
Beginning balance, value at Jul. 31, 2022		$ 9,548	58,287,091	(14,883,295)	(32,231,569)	11,181,775
Beginning balance (in shares) at Jul. 31, 2022		95,481,790
Issuance of common stock for restricted stock awards		$ 1	(1)
Issuance of common stock for restricted stock awards (in shares)		12,500
Stock-based compensation to employees and consultants			715,639			715,639
Net loss					(3,109,991)	(3,109,991)
Ending balance, value at Oct. 31, 2022		$ 9,549	$ 59,002,729	$ (14,883,295)	$ (35,341,560)	$ 8,787,423
Ending balance (in shares) at Oct. 31, 2022		95,494,290

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical)	6 Months Ended
	Oct. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Proceeds from issuance initial public offering	$ 1,500,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net loss	$ (6,147,065)	$ (5,919,796)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	12,420
Interest expense - debt discount		29,623
Stock-based compensation to employees and consultants	1,582,977	2,020,006
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(59,851)	55,116
Prepaid expenses related party	245,251
Accounts payable and accrued expenses	(514,731)	546,217
Net cash used in operating activities	(4,880,999)	(3,268,834)
Cash flows from financing activities:
Proceeds from the issuance of common stock and warrants - related party, net		2,000,000
Proceeds from stock option exercise		800
Proceeds from initial public offering, net of underwriters’ discounts and commissions and issuance costs		12,911,456
Net cash provided by financing activities		14,912,256
Net (decrease) increase in cash	(4,880,999)	11,643,422
Cash at beginning of period	14,063,811	1,929,270
Cash at end of period	$ 9,182,812	$ 13,572,692
Non-cash financing activities:
Fair value of warrants issued in connection with March 2021 securities purchase agreement, related party		4,799,742
Fair value of warrants issued in connection with IPO		461,877

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Oct. 31, 2022
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Organization Alzamend Neuro, Inc. (the “Company” or “Alzamend”), is an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer’s disease (“Alzheimer’s”), bipolar disorder (“BD”), major depressive disorder (“MDD”) and post-traumatic stress disorder (“PTSD”). With the Company’s two current product candidates, Alzamend aims to bring treatments or cures to market as quickly as possible. The Company’s current pipeline consists of two novel therapeutic drug candidates (collectively, the “Technology”): (i) a patented ionic cocrystal technology delivering a therapeutic combination of lithium, proline and salicylate, for the treatment of Alzheimer’s BD, MDD and PTSD, known as AL001, through two royalty-bearing exclusive worldwide licenses from the University of South Florida Research Foundation, Inc., as licensor (the “Licensor”); and (ii) a patented method using a mutant peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s, known as ALZN002, through a royalty-bearing exclusive worldwide license from the same Licensor. The Company is devoting substantially all its efforts towards research and development of its Technology and raising capital. The Company has not generated any product revenue to date. The Company has financed its operations to date primarily through debt financings and through the sale of its common stock, par value $ 0.0001

LIQUIDITY AND GOING CONCERN

LIQUIDITY AND GOING CONCERN	6 Months Ended
	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND GOING CONCERN	2. LIQUIDITY AND GOING CONCERN The accompanying condensed financial statements have been prepared on the basis that the Company will continue as a going concern. As of October 31, 2022, the Company had cash of $ 9.2 million 35.3 million 3.1 million 6.1 million The Company expects to continue to incur losses for the foreseeable future and needs to raise additional capital until it is able to generate revenues from operations sufficient to fund its development and commercial operations. However, based on the Company’s current business plan, management believes that the Company’s cash at October 31, 2022 is sufficient to meet the Company’s anticipated cash requirements during the twelve-month period subsequent to the issuance of the financial statements included in this Quarterly Report.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Oct. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports of companies filing as a smaller reporting company. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Report on Form 10-K for the year ended April 30, 2022, filed with the SEC on July 19, 2022. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Report on Form 10-K have been omitted. The accompanying condensed balance sheet at April 30, 2022 has been derived from the audited balance sheet at April 30, 2022 contained in such Form 10-K. Accounting 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company’s critical accounting policies that involve significant judgment and estimates include stock-based compensation, warrant valuation, and valuation of deferred income taxes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. As of October 31, 2022 and April 30, 2022, the Company had no cash equivalents. Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from imbedded derivatives associated with certain warrants to purchase Common Stock. The fair values of warrants are determined using the Black-Scholes valuation model, a “Level 3” fair value measurement, based on the estimated fair value of Common Stock, volatility based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other entities, the expected life based on the remaining contractual term of the conversion option and warrants and the risk free interest rate based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ contractual life. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of five years. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs consist of scientific consulting fees and lab supplies, as well as fees paid to other entities that conduct certain research and development activities on behalf of the Company. The Company has acquired and may continue to acquire the rights to develop and commercialize new product candidates from third parties. The upfront payments to acquire license, products or rights, as well as any future milestone payments, are immediately recognized as research and development expense provided that there is no alternative future use of the rights in other research and development projects. Stock-Based Compensation The Company recognizes stock-based compensation expense for stock options on a straight-line basis over the requisite service period and account for forfeitures as they occur. The Company’s stock-based compensation costs are based upon the grant date fair value of options estimated using the Black-Scholes option pricing model. To the extent any stock option grants are made subject to the achievement of a performance-based milestone, management evaluates when the achievement of any such performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date. The Company recognizes stock-based compensation expense for restricted stocks on a straight-line basis over the requisite service period and account for forfeitures as they occur. The Company’s stock-based compensation for restricted stocks is based upon the estimated fair value of the Common Stock. The Black-Scholes option pricing model utilizes inputs which are highly subjective assumptions and generally require significant judgment. Certain of such assumptions involve inherent uncertainties and the application of significant judgment. As a result, if factors or expected outcomes change and the Company uses significantly different assumptions or estimates, the Company’s stock-based compensation could be materially different. Warrants The Company accounts for stock warrants as either equity instruments, derivative liabilities, or liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging, Loss per Common Share The Company utilizes FASB ASC 260, Earnings per Share Since the effects of outstanding options, warrants, convertible preferred stock and convertible notes are anti-dilutive in the periods presented, shares of Common Stock underlying these instruments have been excluded from the computation of loss per common share. The following sets forth the number of shares of Common Stock underlying outstanding convertible preferred stock, options, warrants, and convertible notes that have been excluded from the computation of loss per common share: For the Six Months Ended October 31, 2022 2021 Stock options (1) 17,158,329 13,500,000 Warrants 10,149,788 8,830,785 Convertible notes - 232,049 27,308,117 22,562,834 (1) The Company has excluded 2,000,000 5,500,000 0.0004 Recent Accounting Standards From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective are not expected to have a material impact on the Company’s financial position or results of operations upon adoption. The Company has considered all other recently issued accounting standards and does not believe the adoption of such standards will have a material impact on its financial statements.

NOTE RECEIVABLE FOR COMMON STOC

NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY	6 Months Ended
	Oct. 31, 2022
Note Receivable For Common Stock Related Party
NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY	4. NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY On April 30, 2019, the Company and Ault Life Sciences Fund, LLC (“ALSF”) entered into a securities purchase agreement for the purchase of 10,000,000 15,000,000 5,000,000 5 3.00 14,883,295

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Oct. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets were as follows: October 31, 2022 April 30, 2022 Prepaid consulting fees $ 46,667 $ 186,667 Prepaid insurance 353,330 155,880 Other prepaid expenses 9,577 7,176 Total prepaid expenses and other current assets $ 409,574 $ 349,723 On June 16, 2022, the Company purchased directors and officers (“D&O”) insurance for 12 months in the amount of $ 492,000 353,000 47,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Oct. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION 2016 Stock Incentive Plan On April 30, 2016, the Company’s stockholders approved the Company’s 2016 Stock Incentive Plan (the “Plan”). The Plan provides for the issuance of a maximum of 12,500,000 7,500,000 five 10 2021 Stock Incentive Plan In February 2021, the Company’s board of directors (the “Board”) adopted, and the stockholders approved, the Alzamend Neuro, Inc. 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan authorizes the grant to eligible individuals of (1) stock options (incentive and non-statutory), (2) restricted stock, (3) stock appreciation rights, or SARs, (4) restricted stock units, and (5) other stock-based compensation. Stock Subject to the 2021 Plan. All options that the Company grants are granted at the per share fair value on the grant date. Vesting of options differs based on the terms of each option. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing model. As of the date of issuance of these options, there was not an active public market for the Company’s shares. Accordingly, the fair value of the underlying options was determined based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other entities. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because the Company settles these obligations by issuing shares of Common Stock from its authorized shares instead of settling such obligations with cash payments. A summary of stock option activity for the six months ended October 31, 2022 is presented below: Outstanding Options Shares Number of Weighted Weighted Aggregate Intrinsic Balance at April 30, 2022 8,800,000 15,700,000 $ 1.16 6.10 $ 2,219,700 Options granted - - $ - - Options exercised - - $ - - Options expired 1,391,671 (1,391,671 ) $ 1.59 - Balance at October 31, 2022 10,191,671 14,308,329 $ 1.16 5.62 $ 1,777,200 Options vested and expected to vest at October 31, 2022 13,308,329 $ 1.18 6.04 $ 1,777,200 Options exercisable at October 31, 2022 11,582,230 $ 1.08 5.77 $ 1,777,200 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the estimated fair value on the respective date and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their options. Stock Options Granted to Employees and Consultants The estimated fair value of stock options granted to employees and consultants during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: For the Six Months Ended October 31, 2022 2021 Expected term (in years) - 2.50 5.00 Volatility - 86.31 Risk-free interest rate - 1.01 1.07 Dividend yield - 0.0 Expected Term: Expected Volatility: Risk-Free Interest Rate: Expected Dividend: Stock-based compensation to employees and consultants from stock option grants for the six months ended October 31, 2022 and 2021 was $ 1.6 2.0 Performance Contingent Stock Options Granted to Employee On November 26, 2019, the Board granted 4,250,000 In the event any of the stock price milestones are not achieved within three years On November 22, 2022, the Compensation Committee of the Board modified the performance criteria for these awards. The target price range is now $10 per share to $20 per share. Additionally, if the stock price milestones are now not achieved by November 27, 2026, as opposed to within three years, the unvested portion of the portion of the performance options will be reduced by 25%. Performance Contingent Stock Options Granted to TAMM Net On March 23, 2021, the Company issued performance-based stock options to the certain team members at TAMM Net, Inc. to purchase an aggregate of 450,000 The performance goal of completing Phase I of AL001 was achieved on March 22, 2022, and the Company recognized stock compensation related to the completion of Phase I of AL001 over the implied service period to complete this milestone. Due to the significant risks and uncertainties associated with achieving the completion of Phase I for ALZN002, as of October 31, 2022, the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards related to ALZN002. Performance Contingent Stock Options Granted to Consultants On October 14, 2021, the Company issued performance-based stock options to two consultants to purchase an aggregate of 200,000 shares of Common Stock with an exercise price of $2.42 per share, of which 50,000 vest upon completion of each of the Phase II clinical trials of AL001 for a Bipolar indication, AL001 for a PTSD indication, AL001 for a depression indication and ALZN002 for an Alzheimer’s indication. As of October 31, 2022, the Company believes that the achievement of the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards related to Phase II of AL001 and ALZN002. Stock-Based Compensation Expense The Company’s results of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2022 and 2021, that were comprised as follows: For the Three Months Ended October 31, For the Six Months Ended October 31, 2022 2021 2022 2021 Research and development $ - $ 111,267 $ - $ 253,184 General and administrative 715,639 1,169,117 1,582,977 1,766,822 Total $ 715,639 $ 1,280,384 $ 1,582,977 $ 2,020,006 As of October 31, 2022, total unamortized stock-based compensation expense related to unvested employee and non-employee awards that are expected to vest was $ 2.8 million 2.1

WARRANTS

WARRANTS	6 Months Ended
	Oct. 31, 2022
Warrants
WARRANTS	7. WARRANTS The following table summarizes information about Common Stock warrants outstanding and exercisable at October 31, 2022: Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (years) Price Exercisable Price $ 1.00 500,000 1.3 $ 1.00 500,000 $ 1.00 $ 1.75 161,342 2.0 $ 1.75 161,342 $ 1.75 $ 3.00 9,427,196 2.4 $ 3.00 9,427,196 $ 3.00 $ 6.25 61,250 3.6 $ 6.25 61,250 $ 6.25 $ 1.00 6.25 10,149,788 2.4 $ 2.90 10,149,788 $ 2.90 The estimated fair value of warrants granted during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: For the Six Months Ended October 31, 2022 2021 Expected term (in years) - 5.00 Volatility - 86.31% Risk-free interest rate - 0.87 0.90 Dividend yield - 0.0% Expected Term: Expected Volatility: Risk-Free Interest Rate: Expected Dividend:

OTHER RELATED PARTY TRANSACTION

OTHER RELATED PARTY TRANSACTIONS	6 Months Ended
	Oct. 31, 2022
Related Party Transactions [Abstract]
OTHER RELATED PARTY TRANSACTIONS	8. OTHER RELATED PARTY TRANSACTIONS In March 2021, the Company entered into a securities purchase agreement with Ault Lending, LLC (formerly, Digital Power Lending, LLC) (“AL”) pursuant to which the Company sold an aggregate of 6,666,667 10 4 the surrender for cancellation of a $50,000 convertible promissory note held by BitNile Holdings, Inc. (“BitNile”), the parent company of AL, for an aggregate of 2,666,667 shares of Common Stock. Under the terms of the securities purchase agreement, AL (i) purchased an additional 1,333,333 shares of Common Stock upon approval of the IND for Phase IA clinical trials for AL001 for a purchase price of $2 million, and (ii) purchased 2,666,667 shares of Common Stock upon the completion of Phase IA clinical trials for AL001 for a purchase price of $4 million. The Company issued to AL warrants to purchase 3,333,333 shares of Common Stock at an exercise price of $3.00 per share. Finally, the Company agreed that for a period of 18 months following the date of the payment of the final tranche of $4 million, AL will have the right to invest an additional $10 million on the same terms, except that no specific milestones have been determined with respect to the additional $10 million as of the date of this Quarterly Report. In November 2022, the Company entered into a marketing and brand development agreement with BitNile, effective August 1, 2022, whereby BitNile will provide various marketing services over twelve months valued at $1.4 million. The Company had the right to pay the fee in cash or shares of its Common Stock with a value of $1.50 per share. On November 11, 2022, the Company elected to pay the fee with 933,334 shares of its Common Stock. The Company recorded the value of the agreement using the closing price of the Company’s Common Stock on November 11, 2022, and will amortize the expense over twelve months beginning in August 2022. At October 31, 2022, the balance of related party prepaid expenses was $ 742,000 989,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Oct. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Contractual Obligations On May 1, 2016, the Company entered into a Standard Exclusive License Agreement for ALZN002 with Sublicensing Terms with Licensor, pursuant to which Licensor granted the Company a royalty bearing exclusive worldwide license limited to the field of Alzheimer’s Immunotherapy and Diagnostics, under United States Patent No. 8,188,046, entitled “Amyloid Beta Peptides and Methods of Use,” filed April 7, 2009 and granted May 29, 2012. There are certain initial license fees and milestone payments required to be paid by the Company to the Licensor pursuant to the terms of license agreements. The license agreements for ALZN002 require the Company to pay royalty payments of 4 4.5 The Company has already paid an initial license fee of $200,000 for ALZN002 and an initial license fee of $200,000 for AL001. As an additional licensing fee for the license of ALZN002, the Licensor received 3,601,809 shares of common stock. As an additional licensing fee for the license of the AL001 technologies, the Licensor received 2,227,923 shares of common stock. Minimum royalties for AL001 are $25,000 in 2023, $45,000 in 2024 and $70,000 in 2025 and every year thereafter, for the life of the agreement. Minimum royalties for ALZN002 are $20,000 in 2022, $40,000 in 2023 and $50,000 in 2024 and every year thereafter, for the life of the respective agreement. Original AL001 License Payment Due Date Event $ 50,000 * Completed September 2019 Pre-IND meeting $ 65,000 * Completed June 2021 IND application filing $ 190,000 * Completed December 2021 Upon first dosing of patient in a clinical trial $ 500,000 * Completed March 2022 Upon Completion of first clinical trial $ 1,250,000 12 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 10,000,000 8 years from the effective date of the agreement Upon FDA approval * Milestone met and completed ALZN002 License: Payment Due Date Event $ 50,000 * Completed September 2022 Upon IND application filing $ 50,000 12 months from IND application filing date Upon first dosing of patient in first Phase I clinical trial $ 175,000 12 months from first patient dosed in Phase I Upon completion of first Phase I clinical trial $ 500,000 24 months from completion of first Phase I clinical trial Upon completion of first Phase II clinical trial $ 1,000,000 12 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 10,000,000 7 years from the effective date of the agreement Upon FDA BLA approval * Milestone met and completed The Company has met the pre-IND meeting, IND application filing, and successfully completed the Phase I clinical trial milestones encompassing AL001 and the IND application filing milestone for ALZN002. If the Company fails to meet a milestone by its specified date, the Licensor may terminate the license agreement. Licensor was also granted a preemptive right to acquire such shares or other equity securities that may be issued from time to time by the Company while Licensor remains the owner of any equity securities of the Company. On June 10, 2020, the Company obtained two (2) additional royalty-bearing exclusive worldwide licenses from the Licensor to a therapy named AL001. One of the additional licenses is for the treatment of neurodegenerative diseases excluding Alzheimer’s and the other license is for the treatment of psychiatric diseases and disorders. There are certain license fees and milestone payments required to be paid pursuant to the terms of the Standard Exclusive License Agreements with Sublicensing Terms, both dated June 10, 2020 and effective as of November 1, 2019, with the Licensor and the University of South Florida (the “June AL001 License Agreements”). Under each of the June AL001 License Agreements, a royalty payment of 3 20,000 Additionally, under each of the June AL001 License Agreements, the Company is required to pay milestone payments on the due dates to the Licensor for the license of the technology, as follows: Additional AL001 Licenses: Payment Due Date Event $ 50,000 Upon IND application filing IND application filing $ 150,000 12 months from IND filing date Upon first dosing of patient in a clinical trial $ 400,000 12 months from first patient dosing Upon Completion of first clinical trial $ 1,000,000 36 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 8,000,000 8 years from the effective date of the agreement First commercial sale

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	6 Months Ended
	Oct. 31, 2022
Equity [Abstract]
EQUITY TRANSACTIONS	10. EQUITY TRANSACTIONS The Company is authorized to issue 10,000,000 0.0001 1,360,000 8,640,000 Series A Preferred Shares As of October 31, 2022, there were no Series A Preferred Shares or any other shares of Preferred Stock issued or outstanding. Common Stock On April 30, 2019, the Company and ALSF entered into a SPA for the purchase of 10,000,000 15,000,000 1.50 5,000,000 5 3.00 15,000,000 12 In March 2021, the Company entered into a securities purchase agreement with AL pursuant to which the Company agreed to sell an aggregate of 6,666,667 10 1.50 4 1.8 50,000 2,666,667 AL (i) purchased an additional 1,333,333 shares of Common Stock upon approval by the FDA of the Company’s IND for its Phase IA clinical trials for AL001 for a purchase price of $2 million, and (ii) purchased 2,666,667 shares of Common Stock upon the completion of these Phase IA clinical trials for AL001 for a purchase price of $4 million. The Company further agreed to issue to AL warrants to purchase 3,333,333 shares of Common Stock at an exercise price of $3.00 per share. Finally, the Company agreed that for a period of 18 months following the date of the payment of the final tranche of $4 million, on April 28, 2022, AL will have the right to invest an additional $ 10 10

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Oct. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued. The Company has determined that there are no such events that warrant disclosure or recognition in the condensed financial statements presented herein.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports of companies filing as a smaller reporting company. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Report on Form 10-K for the year ended April 30, 2022, filed with the SEC on July 19, 2022. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Report on Form 10-K have been omitted. The accompanying condensed balance sheet at April 30, 2022 has been derived from the audited balance sheet at April 30, 2022 contained in such Form 10-K.
Accounting Estimates	Accounting 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company’s critical accounting policies that involve significant judgment and estimates include stock-based compensation, warrant valuation, and valuation of deferred income taxes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. As of October 31, 2022 and April 30, 2022, the Company had no cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from imbedded derivatives associated with certain warrants to purchase Common Stock. The fair values of warrants are determined using the Black-Scholes valuation model, a “Level 3” fair value measurement, based on the estimated fair value of Common Stock, volatility based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other entities, the expected life based on the remaining contractual term of the conversion option and warrants and the risk free interest rate based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ contractual life.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of five years. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs consist of scientific consulting fees and lab supplies, as well as fees paid to other entities that conduct certain research and development activities on behalf of the Company. The Company has acquired and may continue to acquire the rights to develop and commercialize new product candidates from third parties. The upfront payments to acquire license, products or rights, as well as any future milestone payments, are immediately recognized as research and development expense provided that there is no alternative future use of the rights in other research and development projects.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation expense for stock options on a straight-line basis over the requisite service period and account for forfeitures as they occur. The Company’s stock-based compensation costs are based upon the grant date fair value of options estimated using the Black-Scholes option pricing model. To the extent any stock option grants are made subject to the achievement of a performance-based milestone, management evaluates when the achievement of any such performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date. The Company recognizes stock-based compensation expense for restricted stocks on a straight-line basis over the requisite service period and account for forfeitures as they occur. The Company’s stock-based compensation for restricted stocks is based upon the estimated fair value of the Common Stock. The Black-Scholes option pricing model utilizes inputs which are highly subjective assumptions and generally require significant judgment. Certain of such assumptions involve inherent uncertainties and the application of significant judgment. As a result, if factors or expected outcomes change and the Company uses significantly different assumptions or estimates, the Company’s stock-based compensation could be materially different.
Warrants	Warrants The Company accounts for stock warrants as either equity instruments, derivative liabilities, or liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging,
Loss per Common Share	Loss per Common Share The Company utilizes FASB ASC 260, Earnings per Share Since the effects of outstanding options, warrants, convertible preferred stock and convertible notes are anti-dilutive in the periods presented, shares of Common Stock underlying these instruments have been excluded from the computation of loss per common share. The following sets forth the number of shares of Common Stock underlying outstanding convertible preferred stock, options, warrants, and convertible notes that have been excluded from the computation of loss per common share: For the Six Months Ended October 31, 2022 2021 Stock options (1) 17,158,329 13,500,000 Warrants 10,149,788 8,830,785 Convertible notes - 232,049 27,308,117 22,562,834 (1) The Company has excluded 2,000,000 5,500,000 0.0004
Recent Accounting Standards	Recent Accounting Standards From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective are not expected to have a material impact on the Company’s financial position or results of operations upon adoption. The Company has considered all other recently issued accounting standards and does not believe the adoption of such standards will have a material impact on its financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Oct. 31, 2022
Accounting Policies [Abstract]
The following sets forth the number of shares of Common Stock underlying outstanding convertible preferred stock, options, warrants, and convertible notes that have been excluded from the computation of loss per common share:	The following sets forth the number of shares of Common Stock underlying outstanding convertible preferred stock, options, warrants, and convertible notes that have been excluded from the computation of loss per common share: For the Six Months Ended October 31, 2022 2021 Stock options (1) 17,158,329 13,500,000 Warrants 10,149,788 8,830,785 Convertible notes - 232,049 27,308,117 22,562,834 (1) The Company has excluded 2,000,000 5,500,000 0.0004

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Oct. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets were as follows:	Prepaid expenses and other current assets were as follows: October 31, 2022 April 30, 2022 Prepaid consulting fees $ 46,667 $ 186,667 Prepaid insurance 353,330 155,880 Other prepaid expenses 9,577 7,176 Total prepaid expenses and other current assets $ 409,574 $ 349,723

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Oct. 31, 2022
Share-Based Payment Arrangement [Abstract]
A summary of stock option activity for the six months ended October 31, 2022 is presented below:	A summary of stock option activity for the six months ended October 31, 2022 is presented below: Outstanding Options Shares Number of Weighted Weighted Aggregate Intrinsic Balance at April 30, 2022 8,800,000 15,700,000 $ 1.16 6.10 $ 2,219,700 Options granted - - $ - - Options exercised - - $ - - Options expired 1,391,671 (1,391,671 ) $ 1.59 - Balance at October 31, 2022 10,191,671 14,308,329 $ 1.16 5.62 $ 1,777,200 Options vested and expected to vest at October 31, 2022 13,308,329 $ 1.18 6.04 $ 1,777,200 Options exercisable at October 31, 2022 11,582,230 $ 1.08 5.77 $ 1,777,200
The estimated fair value of stock options granted to employees and consultants during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions:	The estimated fair value of stock options granted to employees and consultants during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: For the Six Months Ended October 31, 2022 2021 Expected term (in years) - 2.50 5.00 Volatility - 86.31 Risk-free interest rate - 1.01 1.07 Dividend yield - 0.0
The Company’s results of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2022 and 2021, that were comprised as follows:	The Company’s results of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2022 and 2021, that were comprised as follows: For the Three Months Ended October 31, For the Six Months Ended October 31, 2022 2021 2022 2021 Research and development $ - $ 111,267 $ - $ 253,184 General and administrative 715,639 1,169,117 1,582,977 1,766,822 Total $ 715,639 $ 1,280,384 $ 1,582,977 $ 2,020,006

WARRANTS (Tables)

WARRANTS (Tables)	6 Months Ended
	Oct. 31, 2022
Warrants
The following table summarizes information about Common Stock warrants outstanding and exercisable at October 31, 2022:	The following table summarizes information about Common Stock warrants outstanding and exercisable at October 31, 2022: Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (years) Price Exercisable Price $ 1.00 500,000 1.3 $ 1.00 500,000 $ 1.00 $ 1.75 161,342 2.0 $ 1.75 161,342 $ 1.75 $ 3.00 9,427,196 2.4 $ 3.00 9,427,196 $ 3.00 $ 6.25 61,250 3.6 $ 6.25 61,250 $ 6.25 $ 1.00 6.25 10,149,788 2.4 $ 2.90 10,149,788 $ 2.90
The estimated fair value of warrants granted during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions:	The estimated fair value of warrants granted during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: For the Six Months Ended October 31, 2022 2021 Expected term (in years) - 5.00 Volatility - 86.31% Risk-free interest rate - 0.87 0.90 Dividend yield - 0.0%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Oct. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Original AL001 License	Original AL001 License Payment Due Date Event $ 50,000 * Completed September 2019 Pre-IND meeting $ 65,000 * Completed June 2021 IND application filing $ 190,000 * Completed December 2021 Upon first dosing of patient in a clinical trial $ 500,000 * Completed March 2022 Upon Completion of first clinical trial $ 1,250,000 12 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 10,000,000 8 years from the effective date of the agreement Upon FDA approval * Milestone met and completed ALZN002 License: Payment Due Date Event $ 50,000 * Completed September 2022 Upon IND application filing $ 50,000 12 months from IND application filing date Upon first dosing of patient in first Phase I clinical trial $ 175,000 12 months from first patient dosed in Phase I Upon completion of first Phase I clinical trial $ 500,000 24 months from completion of first Phase I clinical trial Upon completion of first Phase II clinical trial $ 1,000,000 12 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 10,000,000 7 years from the effective date of the agreement Upon FDA BLA approval * Milestone met and completed The Company has met the pre-IND meeting, IND application filing, and successfully completed the Phase I clinical trial milestones encompassing AL001 and the IND application filing milestone for ALZN002. If the Company fails to meet a milestone by its specified date, the Licensor may terminate the license agreement. Licensor was also granted a preemptive right to acquire such shares or other equity securities that may be issued from time to time by the Company while Licensor remains the owner of any equity securities of the Company. On June 10, 2020, the Company obtained two (2) additional royalty-bearing exclusive worldwide licenses from the Licensor to a therapy named AL001. One of the additional licenses is for the treatment of neurodegenerative diseases excluding Alzheimer’s and the other license is for the treatment of psychiatric diseases and disorders. There are certain license fees and milestone payments required to be paid pursuant to the terms of the Standard Exclusive License Agreements with Sublicensing Terms, both dated June 10, 2020 and effective as of November 1, 2019, with the Licensor and the University of South Florida (the “June AL001 License Agreements”). Under each of the June AL001 License Agreements, a royalty payment of 3 20,000 Additionally, under each of the June AL001 License Agreements, the Company is required to pay milestone payments on the due dates to the Licensor for the license of the technology, as follows: Additional AL001 Licenses: Payment Due Date Event $ 50,000 Upon IND application filing IND application filing $ 150,000 12 months from IND filing date Upon first dosing of patient in a clinical trial $ 400,000 12 months from first patient dosing Upon Completion of first clinical trial $ 1,000,000 36 months from completion of the first Phase II clinical trial Upon first patient treated in a Phase III clinical trial $ 8,000,000 8 years from the effective date of the agreement First commercial sale

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares	Oct. 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

LIQUIDITY AND GOING CONCERN (De

LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 9,200,000		$ 9,200,000
Accumulated deficit	(35,341,560)		(35,341,560)		$ (29,194,495)
Net loss	$ (3,109,991)	$ (3,599,929)	$ (6,147,065)	$ (5,919,796)

The following sets forth the nu

The following sets forth the number of shares of Common Stock underlying outstanding convertible preferred stock, options, warrants, and convertible notes that have been excluded from the computation of loss per common share: (Details) - $ / shares		6 Months Ended
		Oct. 31, 2022	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		27,308,117	22,562,834
Exercise price (in dollars per share)
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	[1]	17,158,329	13,500,000
Number of stock excluded		2,000,000	5,500,000
Exercise price (in dollars per share)		$ 0.0004
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		10,149,788	8,830,785
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			232,049
[1]The Company has excluded 2,000,000 5,500,000 0.0004

NOTE RECEIVABLE FOR COMMON ST_2

NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY (Details Narrative) - USD ($)				3 Months Ended		6 Months Ended
	Oct. 31, 2022	Apr. 30, 2022	Apr. 30, 2019	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Number of shares purchase
Warrant terms	2 years 4 months 24 days			2 years 4 months 24 days		2 years 4 months 24 days
Outstanding receivable amount	$ 14,883,295	$ 14,883,295
Ault Life Sciences Fund L L C [Member] | Securities Purchase Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of shares purchase (in shares)			10,000,000
Number of shares purchase			$ 15,000,000
Ault Life Sciences Fund L L C [Member] | Securities Purchase Agreement [Member] | Warrant [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of warrants granted			5,000,000
Warrant terms			5 years
Exercise price (in dollars per share)			$ 3

Prepaid expenses and other cu_3

Prepaid expenses and other current assets were as follows: (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid consulting fees	$ 46,667	$ 186,667
Prepaid insurance	353,330	155,880
Other prepaid expenses	9,577	7,176
Total prepaid expenses and other current assets	$ 409,574	$ 349,723

PREPAID EXPENSES AND OTHER CU_4

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)	Oct. 31, 2022	Jun. 16, 2022	Apr. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Purchase D&O Insurance		$ 492,000
Unamortized prepaid expense	$ 353,000
Prepaid consulting fees	46,667		$ 186,667
Spartan Capital Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Prepaid consulting fees	$ 47,000

A summary of stock option activ

A summary of stock option activity for the six months ended October 31, 2022 is presented below: (Details)	6 Months Ended
	Oct. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Balance at begining (in shares)	8,800,000
Balance at begining (in shares)	15,700,000
Balance at begining (in dollars per share) | $ / shares	$ 1.16
Weighted average remaining contractual life (years)	6 years 1 month 6 days
Balance at begining | $	$ 2,219,700
Options granted
Options granted | $ / shares
Options exercised
Options exercised | $ / shares
Options cnacelled/forfieted	1,391,671
Options cancelled/forfeited	(1,391,671)
Options cancelled/forfeited | $ / shares	$ 1.59
Balance at end (in shares)	10,191,671
Balance at end (in shares)	14,308,329
Balance at end (in dollars per share) | $ / shares	$ 1.16
Weighted average remaining contractual life (years)	5 years 7 months 13 days
Balance at end | $	$ 1,777,200
Options vested and expected to vest at end	13,308,329
Options vested and expected to vest at end | $ / shares	$ 1.18
Options vested and expected to vest at end	6 years 15 days
Options vested and expected to vest at end | $	$ 1,777,200
Options exercisable at end	11,582,230
Options exercisable at end | $ / shares	$ 1.08
Options exercisable at end	5 years 9 months 7 days
Options exercisable at end | $	$ 1,777,200

The estimated fair value of sto

The estimated fair value of stock options granted to employees and consultants during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: (Details)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield		0%
Employees and Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility		86.31%
Risk-free interest rate
Minimum [Member] | Employees and Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		2 years 6 months
Risk-free interest rate		1.01%
Maximum [Member] | Employees and Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years
Risk-free interest rate		1.07%

The Company_s results of operat

The Company’s results of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2022 and 2021, that were comprised as follows: (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 715,639	$ 1,280,384	$ 1,582,977	$ 2,020,006
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		111,267		253,184
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 715,639	$ 1,169,117	$ 1,582,977	$ 1,766,822

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)					3 Months Ended		6 Months Ended
	Mar. 23, 2021	Nov. 26, 2019	Mar. 01, 2019	Apr. 30, 2016	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation					$ 715,639	$ 1,280,384	$ 1,582,977	$ 2,020,006
Options granted
Options vested and expected to vest					13,308,329		13,308,329
Weighted-average period vested and expected to vest at end							6 years 15 days
Unamortized Stock Based Compensation [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options vested and expected to vest					2,800,000		2,800,000
Weighted-average period vested and expected to vest at end							2 years 1 month 6 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation							$ 1,600,000	$ 2,000,000
Perfromance Contingent Stock Options [Member] | Key Employees and Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted	450,000	4,250,000
Terms of award		In the event any of the stock price milestones are not achieved within three years
Stock Incentive Plan2016 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance				12,500,000
Additional number of shares available for issuance			7,500,000
Stock Incentive Plan2016 [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				5 years
Stock Incentive Plan2016 [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				10 years

The following table summarizes

The following table summarizes information about Common Stock warrants outstanding and exercisable at October 31, 2022: (Details)	Oct. 31, 2022 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number warrant outstanding | shares	10,149,788
Weighted average remaining contractual life (years)	2 years 4 months 24 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 2.90
Number of warrant exercisable | shares	10,149,788
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 2.90
Exercise Price1 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 1
Number warrant outstanding | shares	500,000
Weighted average remaining contractual life (years)	1 year 3 months 19 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 1
Number of warrant exercisable | shares	500,000
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 1
Exercise Price2 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 1.75
Number warrant outstanding | shares	161,342
Weighted average remaining contractual life (years)	2 years
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 1.75
Number of warrant exercisable | shares	161,342
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 1.75
Exercise Price3 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 3
Exercise Price Fifty Six [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number warrant outstanding | shares	9,427,196
Weighted average remaining contractual life (years)	2 years 4 months 24 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 3
Number of warrant exercisable | shares	9,427,196
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 3
Exercise Price4 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	6.25
Exercise Price4 [Member] | Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	1
Exercise Price4 [Member] | Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 6.25
Exercise Price Fifty Seven [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number warrant outstanding | shares	61,250
Weighted average remaining contractual life (years)	3 years 7 months 6 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 6.25
Number of warrant exercisable | shares	61,250
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 6.25

The estimated fair value of war

The estimated fair value of warrants granted during the six months ended October 31, 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions: (Details) - $ / shares	Oct. 31, 2022	Oct. 31, 2021
Expected term (in years)	2 years 4 months 24 days
Warrant [Member]
Expected term (in years)		5 years
Warrant [Member] | Measurement Input, Option Volatility [Member]
Warrants measurement input		86.31
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Warrants measurement input		0.87
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Warrants measurement input		0.90
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | Minimum [Member]
Warrants measurement input		0

OTHER RELATED PARTY TRANSACTI_2

OTHER RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)				1 Months Ended
	Nov. 30, 2022	Mar. 09, 2021	Mar. 09, 2021	Mar. 31, 2021	Oct. 31, 2022
Related Party Transaction [Line Items]
Related party prepaid expenses					$ 742,000
Related party payable					$ 989,000
Securities Purchase Agreement [Member] | Digital Power Lending [Member]
Related Party Transaction [Line Items]
Number of shares sold (in shares)				6,666,667
Description of related party transaction		$ 4,000,000		$ 10,000,000
Description of related party transaction			the surrender for cancellation of a $50,000 convertible promissory note held by BitNile Holdings, Inc. (“BitNile”), the parent company of AL, for an aggregate of 2,666,667 shares of Common Stock. Under the terms of the securities purchase agreement, AL (i) purchased an additional 1,333,333 shares of Common Stock upon approval of the IND for Phase IA clinical trials for AL001 for a purchase price of $2 million, and (ii) purchased 2,666,667 shares of Common Stock upon the completion of Phase IA clinical trials for AL001 for a purchase price of $4 million.
Description of milestones			The Company issued to AL warrants to purchase 3,333,333 shares of Common Stock at an exercise price of $3.00 per share. Finally, the Company agreed that for a period of 18 months following the date of the payment of the final tranche of $4 million, AL will have the right to invest an additional $10 million on the same terms, except that no specific milestones have been determined with respect to the additional $10 million as of the date of this Quarterly Report.
Brand Development Agreement [Member] | Bitnile [Member]
Related Party Transaction [Line Items]
Description of related party transaction	In November 2022, the Company entered into a marketing and brand development agreement with BitNile, effective August 1, 2022, whereby BitNile will provide various marketing services over twelve months valued at $1.4 million. The Company had the right to pay the fee in cash or shares of its Common Stock with a value of $1.50 per share. On November 11, 2022, the Company elected to pay the fee with 933,334 shares of its Common Stock. The Company recorded the value of the agreement using the closing price of the Company’s Common Stock on November 11, 2022, and will amortize the expense over twelve months beginning in August 2022. At October 31, 2022, the balance of related party prepaid expenses was $742,000 and the balance of related party payable was $989,000.

Original AL001 License (Details

Original AL001 License (Details)	6 Months Ended
	Oct. 31, 2022 USD ($)
A L001 License [Member] | Pre Ind Meeting [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Completed September 2019
A L001 License [Member] | Ind Application Filing [Member]
Product Liability Contingency [Line Items]
Payment	$ 65,000
Due date	Completed June 2021
A L001 License [Member] | Upon First Dosing of Patient in Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 190,000
Due date	Completed December 2021
A L001 License [Member] | Upon Completion of First Patient Dosing [Member]
Product Liability Contingency [Line Items]
Payment	$ 500,000
Due date	Completed March 2022
A L001 License [Member] | Upon Completion of First Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 1,250,000
Due date	12 months from completion of the first Phase II clinical trial
A L001 License [Member] | Upon Fda Approval [Member]
Product Liability Contingency [Line Items]
Payment	$ 10,000,000
Due date	8 years from the effective date of the agreement
A L002 License [Member] | Pre Ind Meeting [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Completed September 2022
A L002 License [Member] | Ind Application Filing [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	12 months from IND application filing date
A L002 License [Member] | Upon First Dosing of Patient in Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 175,000
Due date	12 months from first patient dosed in Phase I
A L002 License [Member] | Upon Completion of First Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 500,000
Due date	24 months from completion of first Phase I clinical trial
A L002 License [Member] | Upon Fda Approval [Member]
Product Liability Contingency [Line Items]
Payment	$ 10,000,000
Due date	7 years from the effective date of the agreement
A L002 License [Member] | Upon First Patient Treated in Phase3 Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 1,000,000
Due date	12 months from completion of the first Phase II clinical trial
Additional A L001 License [Member] | Ind Application Filing [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Upon IND application filing
Additional A L001 License [Member] | Upon First Dosing of Patient in Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 150,000
Due date	12 months from IND filing date
Additional A L001 License [Member] | Upon Completion of First Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 400,000
Due date	12 months from first patient dosing
Additional A L001 License [Member] | Upon Fda Approval [Member]
Product Liability Contingency [Line Items]
Payment	$ 8,000,000
Due date	8 years from the effective date of the agreement
Additional A L001 License [Member] | Upon First Patient Treated in Phase3 Clinical Trial [Member]
Product Liability Contingency [Line Items]
Payment	$ 1,000,000
Due date	36 months from completion of the first Phase II clinical trial

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)	6 Months Ended
	Oct. 31, 2022 USD ($)
A L002 License [Member]
Product Liability Contingency [Line Items]
Percentage of royalty payments on net sales of product	4%
A L001 License [Member]
Product Liability Contingency [Line Items]
Percentage of royalty payments on net sales of product	4.50%
Description of licenses aggregate	Additionally, under each of the June AL001 License Agreements, the Company is required to pay milestone payments on the due dates to the Licensor for the license of the technology, as follows:
Additional A L001 License [Member]
Product Liability Contingency [Line Items]
Percentage of royalty payments on net sales of product	3%
Description of licenses agreements	The Company has already paid an initial license fee of $200,000 for ALZN002 and an initial license fee of $200,000 for AL001. As an additional licensing fee for the license of ALZN002, the Licensor received 3,601,809 shares of common stock. As an additional licensing fee for the license of the AL001 technologies, the Licensor received 2,227,923 shares of common stock. Minimum royalties for AL001 are $25,000 in 2023, $45,000 in 2024 and $70,000 in 2025 and every year thereafter, for the life of the agreement. Minimum royalties for ALZN002 are $20,000 in 2022, $40,000 in 2023 and $50,000 in 2024 and every year thereafter, for the life of the respective agreement.
Initial license fees	$ 200

EQUITY TRANSACTIONS (Details Na

EQUITY TRANSACTIONS (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended
	Mar. 09, 2021	Apr. 30, 2019	Mar. 31, 2021	Oct. 31, 2021	Oct. 31, 2022	Apr. 30, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized					10,000,000	10,000,000
Preferred stock, par value (in dollars per share)					$ 0.0001	$ 0.0001
Warrant terms					2 years 4 months 24 days
Warrant [Member]
Class of Stock [Line Items]
Warrant terms				5 years
A L S F [Member]
Class of Stock [Line Items]
Shares purchase price		$ 15,000,000
Warrant terms		12 months
Securities Purchase Agreements [Member] | A L S F [Member]
Class of Stock [Line Items]
Number of shares purchase		10,000,000
Shares purchase price		$ 15,000,000
Shares purchase price (in dollars per share)		$ 1.50
Securities Purchase Agreements [Member] | A L S F [Member] | Warrant [Member]
Class of Stock [Line Items]
Number of shares purchase		5,000,000
Warrant terms		5 years
Exercise price (in dollars per share)		$ 3
Securities Purchase Agreements [Member] | Digital Power Lending [Member]
Class of Stock [Line Items]
Number of shares issued			6,666,667
Proceeds from sale of equity			$ 10,000,000
Shares issued price per share			$ 1.50
Proceeds from related party	$ 4,000,000
Advance from related parties	$ 1,800,000
Description of purchase agreement terms			AL (i) purchased an additional 1,333,333 shares of Common Stock upon approval by the FDA of the Company’s IND for its Phase IA clinical trials for AL001 for a purchase price of $2 million, and (ii) purchased 2,666,667 shares of Common Stock upon the completion of these Phase IA clinical trials for AL001 for a purchase price of $4 million. The Company further agreed to issue to AL warrants to purchase 3,333,333 shares of Common Stock at an exercise price of $3.00 per share.
Securities Purchase Agreements [Member] | Digital Power Lending [Member] | Final Tranche [Member]
Class of Stock [Line Items]
Additional right to invest			$ 10,000,000	$ 10,000,000
Securities Purchase Agreements [Member] | Ault Global [Member] | Convertible Promissory Note [Member]
Class of Stock [Line Items]
Number of shares issued	2,666,667
Shares value surrender for cancellation	$ 50,000,000,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized					8,640,000
Preferred stock, par value (in dollars per share)					$ 0.0001	$ 0.0001
Preferred stock shares designated					1,360,000	1,360,000