Alzamend Neuro (ALZN) 10-Q 15 Dec 23 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2023	Dec. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
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	3480 Peachtree Road NE
Entity Address, Address Line Two	Second Floor
Entity Address, Address Line Three	Suite 103
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		7,120,703

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
CURRENT ASSETS
Cash	$ 200,079	$ 5,140,859
Prepaid expenses and other current assets	581,802	447,589
Prepaid expenses - related party		247,334
TOTAL CURRENT ASSETS	781,881	5,835,782
Property, plant and equipment, net	201,716	79,843
TOTAL ASSETS	983,597	5,915,625
CURRENT LIABILITIES
Accounts payable and accrued liabilities	3,666,090	2,870,122
TOTAL LIABILITIES, ALL CURRENT	3,666,090	2,870,122
STOCKHOLDERS’ (DEFICIT) 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 0 issued and outstanding as of October 31, 2023 and April 30, 2023
Common stock, $0.0001 par value: 300,000,000 shares authorized; 6,469,657 and 6,462,675 issued and outstanding as of October 31, 2023 and April 30, 2023, respectively	647	646
Additional paid-in capital	62,699,614	62,000,814
Note receivable for common stock – related party	(14,876,293)	(14,883,295)
Accumulated deficit	(50,506,461)	(44,072,662)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY	(2,682,493)	3,045,503
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	$ 983,597	$ 5,915,625

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2023	Apr. 30, 2023
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	6,469,657	6,462,675
Common stock, shares outstanding	6,469,657	6,462,675
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, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
OPERATING EXPENSES
Research and development	$ 1,996,783	$ 1,532,985	$ 4,362,920	$ 2,908,940
General and administrative	904,939	1,573,418	2,064,732	3,233,005
Total operating expenses	2,901,722	3,106,403	6,427,652	6,141,945
Loss from operations	(2,901,722)	(3,106,403)	(6,427,652)	(6,141,945)
OTHER EXPENSE, NET
Interest expense	(4,311)	(3,588)	(6,147)	(5,120)
Total other expense, net	(4,311)	(3,588)	(6,147)	(5,120)
NET LOSS	$ (2,906,033)	$ (3,109,991)	$ (6,433,799)	$ (6,147,065)
Basic net loss per common share	$ (0.44)	$ (0.48)	$ (0.98)	$ (0.95)
Diluted net loss per common share	$ (0.44)	$ (0.48)	$ (0.98)	$ (0.95)
Basic weighted average common shares outstanding	6,563,784	6,499,230	6,563,230	6,499,008
Diluted weighted average common shares outstanding	6,563,784	6,499,230	6,563,230	6,499,008

Condensed Statements of Stockho

Condensed Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($)	Series A Convertible 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, 2022		$ 637	$ 57,428,664	$ (14,883,295)	$ (29,194,495)	$ 13,351,511
Beginning balance (in shares) at Apr. 30, 2022		6,365,453
Issuance of common stock for restricted stock awards		$ 1	(1)
Issuance of common stock for restricted stock awards, shares		833
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		$ 638	59,011,640	(14,883,295)	(35,341,560)	8,787,423
Ending balance (in shares) at Oct. 31, 2022		6,366,286
Beginning balance, value at Jul. 31, 2022		$ 637	58,296,002	(14,883,295)	(32,231,569)	11,181,775
Beginning balance (in shares) at Jul. 31, 2022		6,365,453
Issuance of common stock for restricted stock awards		$ 1	(1)
Issuance of common stock for restricted stock awards, shares		833
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		$ 638	59,011,640	(14,883,295)	(35,341,560)	8,787,423
Ending balance (in shares) at Oct. 31, 2022		6,366,286
Beginning balance, value at Apr. 30, 2023		$ 646	62,000,814	(14,883,295)	(44,072,662)	3,045,503
Beginning balance (in shares) at Apr. 30, 2023		6,462,675
Issuance of common stock for cash, net of issuance costs		$ 1	18,086			18,087
Issuance of common stock for cash, net of issuance costs, shares		6,149
Issuance of common stock for restricted stock awards
Issuance of common stock for restricted stock awards, shares		833
Subscription receivable payment received			(7,002)	7,002
Stock-based compensation to employees and consultants			687,716			687,716
Net loss					(6,433,799)	(6,433,799)
Ending balance, value at Oct. 31, 2023		$ 647	62,699,614	(14,876,293)	(50,506,461)	(2,682,493)
Ending balance (in shares) at Oct. 31, 2023		6,469,657
Beginning balance, value at Jul. 31, 2023		$ 646	62,370,194	(14,883,295)	(47,600,428)	(112,883)
Beginning balance (in shares) at Jul. 31, 2023		6,462,675
Issuance of common stock for cash, net of issuance costs		$ 1	18,086			18,087
Issuance of common stock for cash, net of issuance costs, shares		6,149
Issuance of common stock for restricted stock awards
Issuance of common stock for restricted stock awards, shares		833
Subscription receivable payment received			(7,002)	7,002
Stock-based compensation to employees and consultants			318,336			318,336
Net loss					(2,906,033)	(2,906,033)
Ending balance, value at Oct. 31, 2023		$ 647	$ 62,699,614	$ (14,876,293)	$ (50,506,461)	$ (2,682,493)
Ending balance (in shares) at Oct. 31, 2023		6,469,657

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,433,799)	$ (6,147,065)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	25,370	12,420
Stock-based compensation to employees and consultants	687,716	1,582,977
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(134,213)	(59,851)
Prepaid expenses - related party	247,334	245,251
Accounts payable and accrued liabilities	795,968	(514,731)
Net cash used in operating activities	(4,811,624)	(4,880,999)
Cash flows from investing activities:
Purchase of equipment	(147,243)
Net cash used in investing activities	(147,243)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	18,087
Net cash provided by financing activities	18,087
Net decrease in cash	(4,940,780)	(4,880,999)
Cash at beginning of period	5,140,859	14,063,811
Cash at end of period	$ 200,079	$ 9,182,812

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Organization Alzamend Neuro, Inc. (the “Company” or “Alzamend”), is a 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 two current product candidates, Alzamend aims to bring treatments or cures to market at a reasonable cost as quickly as possible. The Company’s current pipeline consists of two novel therapeutic drug candidates: (i) a patented ionic cocrystal technology delivering a therapeutic combination of lithium, proline and salicylate, 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 two product candidates 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 Reverse Stock Split On October 27, 2023, pursuant to the authorization provided by the Company’s stockholders at a special meeting of stockholders, the Company filed an amendment to the Certificate of Incorporation to effectuate a reverse stock split of the Company’s issued and outstanding Common Stock by a ratio of one-for-fifteen (the “Reverse Split”). The Reverse Split did not affect the number of authorized shares of Common Stock, preferred stock or their respective par value per share. As a result of the Reverse Split, each fifteen shares of Common Stock issued and outstanding prior to the Reverse Split were converted into one share of common stock. The Reverse Split became effective in the State of Delaware on October 31, 2023. All share amounts in these condensed financial statements have been updated for all periods presented to reflect the Reverse Split.

LIQUIDITY AND GOING CONCERN

LIQUIDITY AND GOING CONCERN	6 Months Ended
	Oct. 31, 2023
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, 2023, the Company had cash of $200,000, an accumulated deficit of $50.5 million and stockholders’ deficit of $2.7 million. For the three and six months ended October 31, 2023, the Company had net losses of $2.9 million and $6.4 million, respectively. For the six months ended October 31, 2023, cash used in operating activities was $4.8 million. Historically, the Company has financed its operations principally through issuances of equity and debt instruments. The Company believes its current cash on hand is not sufficient to fund its planned operations through one year after the date the condensed financial statements are issued. These factors create substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date that these condensed financial statements are issued. The Company’s inability to continue as a going concern could have a negative impact on the company, including our ability to obtain needed financing. The Company’s condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should it be unable to continue as a going concern. In order to continue as a going concern, the Company will need to raise additional funds. The Company has raised funds subsequent to the quarter end through an “at-the-market” offering, and plans to seek additional funding through public equity, including the “at-the-market” offering, private equity and debt financings. Additional funds may also be received from the exercise of warrants (Note 7) and the receipt of funds from the note receivable (Note 4). The terms of any additional financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain funding, it could be required to delay, reduce or eliminate research and development programs and planned clinical trials which could adversely affect the Company’s business operations.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Oct. 31, 2023
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 condensed 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, 2023, filed with the SEC on July 27, 2023. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the condensed 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 condensed 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, 2023 has been derived from the audited balance sheet at April 30, 2023 contained in such Form 10-K. Accounting Estimates The preparation of condensed 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 condensed financial statements and the reported amounts of expenses during the reporting period. The Company’s significant 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, 2023 and April 30, 2023, the Company had no 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 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, clinical trial 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 stock units 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 FASB 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 stock options, restricted stock units and warrants 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 stock options, restricted stock units and warrants that have been excluded from the computation of loss per common share: Schedule of antidilutive securities excluded from computation of earnings per share For the Six Months Ended October 31, 2023 2022 Stock options (1) 1,210,554 1,687,209 Restricted stock units 2,500 4,167 Warrants 676,649 676,649 1,889,703 2,368,025 (1) The Company has excluded 100,000 and 333,333 stock options for the six months ended October 31, 2023 and 2022, respectively, with an exercise price of $0.006, from its anti-dilutive securities as these shares have been included in our determination of basic loss per share as they represent shares issuable for little or no cash consideration upon the satisfaction of certain conditions pursuant to FASB ASC 260-10-45-14. 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 condensed financial statements.

NOTE RECEIVABLE FOR COMMON STOC

NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY	6 Months Ended
	Oct. 31, 2023
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 666,666 15,000,000 333,333 5 45.00 14,876,293 14,883,295

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Oct. 31, 2023
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: Schedule of prepaid expenses and other current assets October 31, 2023 April 30, 2023 Prepaid clinical trial fees $ 326,211 $ 352,635 Prepaid insurance 235,576 92,154 Other prepaid expenses 20,015 2,800 Total prepaid expenses and other current assets $ 581,802 $ 447,589 Prepaid clinical trial fees at October 31, 2023 and April 30, 2023 represented the unused portion of the prepaid clinical trial fees. On June 14, 2023, the Company purchased directors’ and officers’ insurance for 12 months in the amount of $ 337,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Oct. 31, 2023
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 833,333 500,000 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, 2023 is presented below: Schedule of share-based payment arrangement, option, activity Outstanding Options Shares Number of Weighted Weighted Aggregate Intrinsic Balance at April 30, 2023 612,778 987,222 $ 18.96 6.18 $ 819,900 Options granted - - $ - - Options exercised - - $ - - Options expired 7,222 (7,222 ) $ 75.00 - Balance at October 31, 2023 620,000 980,000 $ 18.96 5.72 $ 174,500 Options vested and expected to vest at October 31, 2023 913,334 $ 17.83 5.47 $ 174,500 Options exercisable at October 31, 2023 895,679 $ 17.39 4.37 $ 174,500 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. Restricted stock unit activity for the six months ended October 31, 2023 is presented below: Shares Weighted Average Grant Date Fair Value Unvested at April 30, 2023 3,333 $ 2.50 Granted - - Vested (833 ) 2.50 Cancelled - - Unvested at October 31, 2023 2,500 $ 2.50 Performance Contingent Stock Options Granted to Employee On November 26, 2019, the Board granted 283,333 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 $150 per share to $300 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 performance options will be reduced by 25%. Due to the significant risks and uncertainties associated with achieving the market-contingent awards, as of October 31, 2023, the Company believed that the achievement of the requisite performance conditions was not probable and, as a result, no compensation cost has been recognized for these awards. On November 29, 2022, the Compensation Committee of the Board granted 133,333 performance-based stock option to the Chief Executive Officer at an exercise price of $17.55 per share, of which 50% vest upon the completion and announcement of topline data from the Company’s Phase II clinical trial of AL001 within three years from grant date and the remaining 50% vest upon the completion and announcement of topline data from the Company’s Phase I/IIA clinical trial of ALZN002 within four years from the grant date. During the three months ended January 31, 2023, the Company believed that it was probable that the performance condition of the completion and announcement of topline data from the Company’s Phase II clinical trial of AL001 would be achieved and had recognized the related stock-based compensation. As of October 31, 2023, the Company believed that the achievement of the second performance condition was not probable and, as a result, no compensation cost has been recognized related to Phase I/IIA of ALZN002. Performance Contingent Stock Options Granted to TAMM Net On March 23, 2021, the Company issued performance-based stock options to certain team members at TAMM Net, Inc. (“TAMM Net”) to purchase an aggregate of 30,000 shares of Common Stock at a per share exercise price of $22.50 per share, of which 50% would vest upon the completion of Phase I of AL001 by March 31, 2022, and the remaining 50% would vest upon completion of Phase I/IIA of ALZN002 by December 31, 2022. The performance goal of completing Phase I of AL001 was achieved on March 22, 2022, and the Company recognized stock-based compensation related to the completion of Phase I of AL001 over the implied service period to complete this milestone. On January 19, 2023, the Board modified the performance criteria for these awards. The remaining 50% of the grant will now vest upon the completion and announcement of topline data of the first cohort from a Phase I/IIA clinical trial of ALZN002 on/or before March 31, 2024. Due to the significant risks and uncertainties associated with achieving the completion of Phase I/IIA for ALZN002, as of October 31, 2023, the Company believed that the achievement of the requisite performance conditions was 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 13,333 On January 19, 2023, the Board modified the performance criteria for these awards. The revised grant will vest 25% if the Company (a) completes and announces topline data from a Phase II clinical trial of AL001 and ALZN002, as applicable, that would support a new drug application for the drug candidate and the indication listed below, and (b) obtained a “Study May Proceed” letter from the U.S. Food and Drug Administration (“FDA”) for the additional Investigational New Drug (“IND”) on/or before December 31, 2023, as follows: (i) AL001 – bipolar disorder; (ii) AL001- major depressive disorder; (iii) AL001 – post-traumatic stress disorder; and (iv) ALZN002 – Alzheimer’s disease. During the three months ended October 31, 2023, the Company filed INDs for BD and MDD and received “Study May Proceed” letter for BD in October 2023 and MDD in November 2023. As a result, 50% of the performance grant vested and the Company recognized stock-based compensation related to the vesting and the probability of achieving the MDD criteria. As of October 31, 2023, the Company believed that the achievement of the remaining requisite performance conditions was not probable and, as a result, no compensation cost has been recognized for these awards related to Phase II of AL001 – post-traumatic stress disorder and ALZN002 – Alzheimer’s disease. Stock-Based Compensation Expense The Company’s results of operations included expenses relating to stock-based compensation for three and six months ended October 31, 2023 and 2022 comprised as follows: Schedule of stock-based compensation For the Three Months Ended October 31, For the Six Months Ended October 31, 2023 2022 2023 2022 Research and development $ 142,603 $ - $ 142,603 $ - General and administrative 175,733 715,639 545,113 1,582,977 Total stock-based compensation $ 318,336 $ 715,639 $ 687,716 $ 1,582,977

WARRANTS

WARRANTS	6 Months Ended
	Oct. 31, 2023
Warrants
WARRANTS	As of October 31, 2023, total unamortized stock-based compensation expense related to unvested employee and non-employee awards that are expected to vest was $ 518,000 1.7 7. WARRANTS The following table summarizes information about Common Stock warrants outstanding and exercisable at October 31, 2023: Schedule of common stock warrants outstanding Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (years) Price Exercisable Price $ 15.00 33,333 0.3 $ 15.00 33,333 $ 15.00 $ 26.25 10,756 1.0 $ 26.25 10,756 $ 26.25 $ 45.00 628,477 1.4 $ 45.00 628,477 $ 45.00 $ 93.75 4,083 2.6 $ 93.75 4,083 $ 93.75 $ 15.00 93.75 676,649 1.4 $ 43.52 676,649 $ 43.52

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Contractual Obligations On July 2, 2018, the Company entered into two Standard Exclusive License Agreements with Sublicensing Terms for AL001 with the Licensor and its affiliate, the University of South Florida (the “AL001 Licenses”), pursuant to which the Licensor granted the Company a royalty bearing exclusive worldwide licenses limited to the field of Alzheimer’s, under United States Patent Nos. (i) 9,840,521, entitled “Organic Anion Lithium Ionic Cocrystal Compounds and Compositions”, filed September 24, 2015 and granted December 12, 2017, and (ii) 9,603,869, entitled “Lithium Co-Crystals for Treatment of Neuropsychiatric Disorders”, filed May 21, 2016 and granted March 28, 2017. On February 1, 2019, the Company entered into the First Amendments to the AL001 Licenses, on March 30, 2021, the Company entered into the Second Amendments to the AL001 Licenses and on June 8, 2023, the Company entered into the Third Amendments to the AL001 Licenses (collectively, the “AL001 License Agreements”). The Third Amendments to the AL001 Licenses modified the timing of the payments for the license fees. The AL001 License Agreements require that the Company pay combined royalty payments of 4.5% on net sales of products developed from the licensed technology for AL001. The Company has already paid an initial license fee of $200,000 for AL001. As an additional licensing fee for the license of the AL001 technologies, the Licensor received 148,528 shares of Common Stock. Minimum royalties for AL001 License Agreements are $40,000 on the first anniversary of the first commercial sale, $80,000 on the second anniversary of the first commercial sale and $100,000 on the third anniversary of the first commercial sale and every year thereafter, for the life of the AL001 License Agreements. On May 1, 2016, the Company entered into a Standard Exclusive License Agreement with Sublicensing Terms for ALZN002 with the Licensor (the “ALZN002 License”), pursuant to which the 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. On August 18, 2017, the Company entered into the First Amendment to the ALZN002 License, on May 7, 2018, the Company entered into the Second Amendment to the ALZN002 License, on January 31, 2019, the Company entered into the Third Amendment to the ALZN002 License, on January 24, 2020, the Company entered into the Fourth Amendment to the ALZN002 License, on March 30, 2021, the Company entered into the Fifth Amendment to the ALZN002 License, on April 17, 2023, the Company entered into the Sixth Amendment to the ALZN002 License and on December 11, 2023, the Company entered into the Seventh Amendment to the ALZN002 License (collectively, the “ALZN002 License Agreement”). The Seventh Amendment to the ALZN002 License modified the timing of the payments for the license fees. The ALZN002 License Agreement requires the Company to pay royalty payments of 4% on net sales of products developed from the licensed technology for ALZN002. The Company has already paid an initial license fee of $200,000 for ALZN002. As an additional licensing fee for the license of ALZN002, the Licensor received 240,120 shares of Common Stock. Minimum royalties for ALZN002 are $20,000 on the first anniversary of the first commercial sale, $40,000 on the second anniversary of the first commercial sale and $50,000 on the third anniversary of the first commercial sale and every year thereafter, for the life of the ALZN002 License Agreement. On November 19, 2019, the Company entered into two Standard Exclusive License Agreements with Sublicensing Terms for two additional indications of AL001 with the Licensor (the “November AL001 License”), pursuant to which the Licensor granted the Company a royalty bearing exclusive worldwide licenses limited to the fields of (i) neurodegenerative diseases excluding Alzheimer’s and (ii) psychiatric diseases and disorders. On March 30, 2021, the Company entered into the First Amendments to the November AL001 License and on April 17, 2023, the Company entered into the Second Amendments to the November AL001 License (collectively, the “November AL001 License Agreements”). The Second Amendments to the November AL001 License modified the timing of the payments for the license fees. The November AL001 License Agreements require the Company to pay royalty payments of 3% on net sales of products developed from the licensed technology for AL001 in those fields. The Company paid an initial license fee of $20,000 for the additional indications. Minimum royalties for November AL001 License Agreements are $40,000 on the first anniversary of the first commercial sale, $80,000 on the second anniversary of the first commercial sale and $100,000 on the third anniversary of the first commercial sale and every year thereafter, for the life of the November AL001 License Agreements. These license agreements have an indefinite term that continue until the later of the date no licensed patent under the applicable agreement remains a pending application or enforceable patent, the end date of any period of market exclusivity granted by a governmental regulatory body, or the date on which the Company’s obligations to pay royalties expire under the applicable license agreement. Under the various license agreements, if the Company fails to meet a milestone by its specified date, Licensor may terminate the license agreement. The 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 the Licensor remains the owner of any equity securities of the Company. Additionally, the Company is required to pay milestone payments on the due dates to the Licensor for the license of the AL001 technologies and for the ALZN002 technology, as follows: Original AL001 Licenses: Schedule of contractual obligation, fiscal year maturity 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 March 2025 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 $ 50,000 * Completed January 2022 $ 50,000 Upon first dosing of patient in first Phase I clinical trial $ 500,000 Upon completion of first Phase IIb clinical trial $ 1,000,000 Upon first patient treated in a Phase III clinical trial $ 10,000,000 Upon first commercial sale * Milestone met and completed Additional AL001 Licenses: Payment Due Date Event $ 2,000,000 March 2026 Upon first patient treated in a Phase III clinical trial $ 16,000,000 August 1, 2029 First commercial sale

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	6 Months Ended
	Oct. 31, 2023
Equity [Abstract]
EQUITY TRANSACTIONS	9. EQUITY TRANSACTIONS The Company is authorized to issue 10,000,000 0.0001 1,360,000 8,640,000 Series A Convertible Preferred Stock As of October 31, 2023, there were no shares of Series A Convertible Preferred Stock issued or outstanding. Common Stock ALSF Investment On April 30, 2019, the Company and ALSF entered into a securities purchase agreement (the “SPA”) for the purchase of 666,667 15,000,000 22.50 333,333 5 45.00 15,000,000 12 At-the-Market Offering On September 8, 2023, the Company entered into an At-the-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC, as sales agent to sell shares of its Common stock, having an aggregate offering price of up to approximately $9.8 million (the “Shares”) from time to time, through an “at the market offering” (the “ATM Offering”) as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On September 8, 2023, the Company filed a prospectus supplement with the SEC relating to the offer and sale of up to approximately $9.8 million in shares of Common Stock in the ATM Offering. The offer and sale of the Shares will be made pursuant to the Company’s effective “shelf” registration statement on Form S-3 and an accompanying base prospectus contained therein (Registration Statement No. 333-273610) filed with the SEC on August 2, 2023 and declared effective by the SEC on August 10, 2023. During the six months ended October 31, 2023, the Company sold an aggregate of 6,149 shares of Common Stock pursuant to the ATM Offering for gross proceeds of $19,000.

OTHER RELATED PARTY TRANSACTION

OTHER RELATED PARTY TRANSACTIONS	6 Months Ended
	Oct. 31, 2023
Related Party Transactions [Abstract]
OTHER RELATED PARTY TRANSACTIONS	10. OTHER RELATED PARTY TRANSACTIONS In November 2022, the Company entered into a marketing and brand development agreement with Ault Alliance, Inc. (“AULT”), effective August 1, 2022, whereby AULT 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 $22.50 per share. On November 11, 2022, the Company elected to pay the fee with 62,222 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 amortizes the expense over twelve months beginning in August 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Oct. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS During the period between November 1, 2023 through December 14, 2023, the Company sold an aggregate of 651,046 849,000 On December 11, 2023, the Company

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2023
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 condensed 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, 2023, filed with the SEC on July 27, 2023. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the condensed 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 condensed 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, 2023 has been derived from the audited balance sheet at April 30, 2023 contained in such Form 10-K.
Accounting Estimates	Accounting Estimates The preparation of condensed 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 condensed financial statements and the reported amounts of expenses during the reporting period. The Company’s significant 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, 2023 and April 30, 2023, the Company had no
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 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, clinical trial 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 stock units 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 FASB 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 stock options, restricted stock units and warrants 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 stock options, restricted stock units and warrants that have been excluded from the computation of loss per common share: Schedule of antidilutive securities excluded from computation of earnings per share For the Six Months Ended October 31, 2023 2022 Stock options (1) 1,210,554 1,687,209 Restricted stock units 2,500 4,167 Warrants 676,649 676,649 1,889,703 2,368,025 (1) The Company has excluded 100,000 and 333,333 stock options for the six months ended October 31, 2023 and 2022, respectively, with an exercise price of $0.006, from its anti-dilutive securities as these shares have been included in our determination of basic loss per share as they represent shares issuable for little or no cash consideration upon the satisfaction of certain conditions pursuant to FASB ASC 260-10-45-14.
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 condensed financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Schedule of antidilutive securities excluded from computation of earnings per share	Schedule of antidilutive securities excluded from computation of earnings per share For the Six Months Ended October 31, 2023 2022 Stock options (1) 1,210,554 1,687,209 Restricted stock units 2,500 4,167 Warrants 676,649 676,649 1,889,703 2,368,025 (1) The Company has excluded 100,000 and 333,333 stock options for the six months ended October 31, 2023 and 2022, respectively, with an exercise price of $0.006, from its anti-dilutive securities as these shares have been included in our determination of basic loss per share as they represent shares issuable for little or no cash consideration upon the satisfaction of certain conditions pursuant to FASB ASC 260-10-45-14.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Oct. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current assets	Schedule of prepaid expenses and other current assets October 31, 2023 April 30, 2023 Prepaid clinical trial fees $ 326,211 $ 352,635 Prepaid insurance 235,576 92,154 Other prepaid expenses 20,015 2,800 Total prepaid expenses and other current assets $ 581,802 $ 447,589

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of share-based payment arrangement, option, activity	Schedule of share-based payment arrangement, option, activity Outstanding Options Shares Number of Weighted Weighted Aggregate Intrinsic Balance at April 30, 2023 612,778 987,222 $ 18.96 6.18 $ 819,900 Options granted - - $ - - Options exercised - - $ - - Options expired 7,222 (7,222 ) $ 75.00 - Balance at October 31, 2023 620,000 980,000 $ 18.96 5.72 $ 174,500 Options vested and expected to vest at October 31, 2023 913,334 $ 17.83 5.47 $ 174,500 Options exercisable at October 31, 2023 895,679 $ 17.39 4.37 $ 174,500
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Shares Weighted Average Grant Date Fair Value Unvested at April 30, 2023 3,333 $ 2.50 Granted - - Vested (833 ) 2.50 Cancelled - - Unvested at October 31, 2023 2,500 $ 2.50
Schedule of stock-based compensation	Schedule of stock-based compensation For the Three Months Ended October 31, For the Six Months Ended October 31, 2023 2022 2023 2022 Research and development $ 142,603 $ - $ 142,603 $ - General and administrative 175,733 715,639 545,113 1,582,977 Total stock-based compensation $ 318,336 $ 715,639 $ 687,716 $ 1,582,977

WARRANTS (Tables)

WARRANTS (Tables)	6 Months Ended
	Oct. 31, 2023
Warrants
Schedule of common stock warrants outstanding	Schedule of common stock warrants outstanding Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (years) Price Exercisable Price $ 15.00 33,333 0.3 $ 15.00 33,333 $ 15.00 $ 26.25 10,756 1.0 $ 26.25 10,756 $ 26.25 $ 45.00 628,477 1.4 $ 45.00 628,477 $ 45.00 $ 93.75 4,083 2.6 $ 93.75 4,083 $ 93.75 $ 15.00 93.75 676,649 1.4 $ 43.52 676,649 $ 43.52

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual obligation, fiscal year maturity	Schedule of contractual obligation, fiscal year maturity 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 March 2025 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 $ 50,000 * Completed January 2022 $ 50,000 Upon first dosing of patient in first Phase I clinical trial $ 500,000 Upon completion of first Phase IIb clinical trial $ 1,000,000 Upon first patient treated in a Phase III clinical trial $ 10,000,000 Upon first commercial sale * Milestone met and completed Additional AL001 Licenses: Payment Due Date Event $ 2,000,000 March 2026 Upon first patient treated in a Phase III clinical trial $ 16,000,000 August 1, 2029 First commercial sale

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares	Oct. 31, 2023	Apr. 30, 2023
Accounting Policies [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - shares		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		1,889,703	2,368,025
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]	1,210,554	1,687,209
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		2,500	4,167
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		676,649	676,649
[1]The Company has excluded 100,000 and 333,333 stock options for the six months ended October 31, 2023 and 2022, respectively, with an exercise price of $0.006, from its anti-dilutive securities as these shares have been included in our determination of basic loss per share as they represent shares issuable for little or no cash consideration upon the satisfaction of certain conditions pursuant to FASB ASC 260-10-45-14.

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Oct. 31, 2023	Apr. 30, 2022
Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0

NOTE RECEIVABLE FOR COMMON ST_2

NOTE RECEIVABLE FOR COMMON STOCK, RELATED PARTY (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 30, 2019	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Number of shares purchase
Warrant terms		1 year 4 months 24 days		1 year 4 months 24 days
Outstanding receivable amount		$ 14,876,293		$ 14,876,293		$ 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)	666,666
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	333,333
Warrant terms	5 years
Exercise price (in dollars per share)	$ 45

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical trial fees	$ 326,211	$ 352,635
Prepaid insurance	235,576	92,154
Other prepaid expenses	20,015	2,800
Total prepaid expenses and other current assets	$ 581,802	$ 447,589

PREPAID EXPENSES AND OTHER CU_4

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative)	Jun. 14, 2023 USD ($)
Directors and Officers Liability Insurance [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Insurance purchased	$ 337,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	6 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares available for grant begining (in shares)	612,778
Number of shares begining (in shares)	987,222
Weighted average exercise price begining (in dollars per share) | $ / shares	$ 18.96
Weighted average remaining contractual life begining (years)	6 years 2 months 4 days
Aggregate intrinsic value begining | $	$ 819,900
Shares available for grant, Options granted
Number of shares, Options granted
Weighted average exercise price, Options granted | $ / shares
Shares available for grant, Options exercised
Number of shares, Options exercised
Weighted average exercise price, Options exercised | $ / shares
Shares available for grant, Options expired	7,222
Number of shares, Options expired	(7,222)
Weighted average exercise price, Options expired | $ / shares	$ 75
Shares available for grant end (in shares)	620,000
Number of shares end (in shares)	980,000
Weighted average exercise price end (in dollars per share) | $ / shares	$ 18.96
Weighted average remaining contractual life end (years)	5 years 8 months 19 days
Aggregate intrinsic value end | $	$ 174,500
Number of shares, Options vested and expected to vest at end	913,334
Weighted average exercise price, Options vested and expected to vest at end | $ / shares	$ 17.83
Weighted average remaining contractual life, Options vested and expected to vest at end	5 years 5 months 19 days
Aggregate intrinsic value, Options vested and expected to vest at end | $	$ 174,500
Number of shares, Options exercisable at end	895,679
Weighted average exercise price, Options exercisable at end | $ / shares	$ 17.39
Weighted average remaining contractual life, Options exercisable at end	4 years 4 months 13 days
Aggregate intrinsic value, Options exercisable at end | $	$ 174,500

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 1)	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Unvested shares, Beginning balance | shares	3,333
Unvested Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 2.50
Unvested shares, Granted | shares
Unvested Weighted Average Grant Date Fair Value, Granted | $ / shares
Unvested shares, Vested | shares	(833)
Unvested Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 2.50
Unvested shares, Cancelled | shares
Unvested Weighted Average Grant Date Fair Value, Cancelled | $ / shares
Unvested shares, Ending balance | shares	2,500
Unvested Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 2.50

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 318,336	$ 715,639	$ 687,716	$ 1,582,977
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	142,603		142,603
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 175,733	$ 715,639	$ 545,113	$ 1,582,977

STOCK-BASED COMPENSATION (Det_4

STOCK-BASED COMPENSATION (Details Narrative) - shares					6 Months Ended
	Oct. 14, 2021	Nov. 26, 2019	Mar. 01, 2019	Apr. 30, 2016	Oct. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted
Perfromance Contingent Stock Options [Member] | Key Employees and Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted		283,333
Terms of award		In the event any of the stock price milestones are not achieved within three years
Perfromance Contingent Stock Options [Member] | Two Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted	13,333
Stock Incentive Plan2016 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized				833,333
Share-based compensation arrangement by share-based payment award, number of additional shares authorized			500,000
Stock Incentive Plan2016 [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period				10 years

WARRANTS (Details)

WARRANTS (Details)	Oct. 31, 2023 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number warrant outstanding | shares	676,649
Weighted average remaining contractual life (years)	1 year 4 months 24 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 43.52
Number of warrant exercisable | shares	676,649
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 43.52
Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	15
Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	93.75
15.00 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 15
Number warrant outstanding | shares	33,333
Weighted average remaining contractual life (years)	3 months 18 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 15
Number of warrant exercisable | shares	33,333
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 15
26.25 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 26.25
Number warrant outstanding | shares	10,756
Weighted average remaining contractual life (years)	1 year
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 26.25
Number of warrant exercisable | shares	10,756
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 26.25
45.00 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 45
Number warrant outstanding | shares	628,477
Weighted average remaining contractual life (years)	1 year 4 months 24 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 45
Number of warrant exercisable | shares	628,477
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 45
93.75 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercse price (in dollars per share)	$ 93.75
Number warrant outstanding | shares	4,083
Weighted average remaining contractual life (years)	2 years 7 months 6 days
Warrant outstanding, weighted average exercise price (in dollars per share)	$ 93.75
Number of warrant exercisable | shares	4,083
Warrant exercisable, weighted average exercise price (in dollars per share)	$ 93.75

WARRANTS (Details Narrative)

WARRANTS (Details Narrative)	6 Months Ended
	Oct. 31, 2023 USD ($)
Unamortized Stock Based Compensation [Member]
Unamortized stock-based compensation expense related to unvested employee and non-employee awards	$ 518,000
Stock Based Compensation [Member]
Weighted-average period	1 year 8 months 12 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Oct. 31, 2023 USD ($)
Pre Ind Meeting [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Completed September 2019	[1]
Ind Application Filing [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 65,000
Due date	Completed June 2021	[1]
Upon First Dosing of Patient in Clinical Trial [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 190,000
Due date	Completed December 2021	[1]
Upon Completion of First Clinical Trial [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 500,000
Due date	Completed March 2022	[1]
Upon First Patient Treated In A Phase III Clinical [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 1,250,000
Due date	March 2025
Upon First Patient Treated In A Phase III Clinical [Member] | Additional A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 2,000,000
Due date	March 2026
Upon Fda Approval [Member] | A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 10,000,000
Due date	8 years from the effective date of the agreement
Upon IND Application Filing [Member] | ALZN002 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Completed January 2022	[2]
Upon First Dosing Of Patient In First Phase I Clinical Trial [Member] | ALZN002 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 50,000
Due date	Upon first dosing of patient in first Phase I clinical trial
Upon Completion Of First Phase II Clinical Trial [Member] | ALZN002 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 500,000
Due date	Upon completion of first Phase IIb clinical trial
Upon First Patient Treated In Phase III Clinical Trial [Member] | ALZN002 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 1,000,000
Due date	Upon first patient treated in a Phase III clinical trial
Upon FDA BLA Approval [Member] | ALZN002 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 10,000,000
Due date	Upon first commercial sale
First Commercial Sale [Member] | Additional A L001 License [Member]
Product Liability Contingency [Line Items]
Payment	$ 16,000,000
Due date	August 1, 2029
[1]Milestone met and completed[2]Milestone met and completed

EQUITY TRANSACTIONS (Details Na

EQUITY TRANSACTIONS (Details Narrative) - USD ($)	Apr. 30, 2019	Oct. 31, 2023	Apr. 30, 2023
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		1 year 4 months 24 days
ALSF [Member]
Class of Stock [Line Items]
Shares purchase price	$ 15,000,000
Warrant terms	12 months
Securities Purchase Agreements [Member] | ALSF [Member]
Class of Stock [Line Items]
Number of shares purchase	666,667
Shares purchase price	$ 15,000,000
Shares purchase price (in dollars per share)	$ 22.50
Securities Purchase Agreements [Member] | ALSF [Member] | Warrant [Member]
Class of Stock [Line Items]
Number of shares purchase	333,333
Warrant terms	5 years
Exercise price (in dollars per share)	$ 45
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

OTHER RELATED PARTY TRANSACTI_2

OTHER RELATED PARTY TRANSACTIONS (Details Narrative)	Nov. 30, 2022
Bitnile [Member] | Brand Development Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	In November 2022, the Company entered into a marketing and brand development agreement with Ault Alliance, Inc. (“AULT”), effective August 1, 2022, whereby AULT 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 $22.50 per share. On November 11, 2022, the Company elected to pay the fee with 62,222 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 amortizes the expense over twelve months beginning in August 2022.

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Dec. 14, 2023	Oct. 31, 2023	Oct. 31, 2022
Subsequent Event [Line Items]
Proceeds from sale of common stock		$ 18,087
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of common stock sold	651,046
Proceeds from sale of common stock	$ 849,000