Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Crown Electrokinetics Corp. | |
Trading Symbol | CRKN | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 15,037,408 | |
Amendment Flag | false | |
Entity Central Index Key | 0001761696 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-232426 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5423944 | |
Entity Address, Address Line One | 1110 NE Circle Blvd | |
Entity Address, City or Town | Corvallis | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97330 | |
City Area Code | (800) | |
Local Phone Number | 674-3612 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash | $ 12,478 | $ 15,297 |
Prepaid & other current assets | 255 | 346 |
Total current assets | 12,733 | 15,643 |
Property and equipment, net | 275 | 209 |
Intangible assets, net | 1,603 | 1,650 |
Other assets | 29 | 20 |
TOTAL ASSETS | 14,640 | 17,522 |
Current liabilities: | ||
Accounts payable | 321 | 285 |
Accrued expenses | 104 | 211 |
Notes payable | 439 | 439 |
Total current liabilities | 864 | 935 |
Total liabilities | 864 | 935 |
Commitments and Contingencies (Note 10) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, par value $0.0001; 50,000,000 shares authorized, no shares outstanding | ||
Series A preferred stock, par value $0.0001; 300 shares authorized, 251 shares outstanding as of June 30, 2021 and March 31, 2021, respectively | ||
Series B preferred stock, par value $0.0001; 1,500 shares authorized, 1,443 shares outstanding as of June 30, 2021 and March 31, 2021, respectively | ||
Series C preferred stock, par value $0.0001; 600,000 shares authorized, 500,756 shares outstanding as of June 30, 2021 and March 31, 2021, respectively | ||
Common stock, par value $0.0001; 200,000,000 shares authorized; 14,920,741 and 14,856,480 shares outstanding as of June 30, 2021 and March 31, 2021, respectively | 1 | 1 |
Additional paid-in capital | 76,376 | 73,789 |
Accumulated deficit | (62,601) | (57,203) |
Total stockholders’ equity | 13,776 | 16,587 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 14,640 | $ 17,522 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 14,920,741 | 14,856,480 |
Series A Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 300 | 300 |
Preferred stock, shares outstanding | 251 | 251 |
Series B Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,500 | 1,500 |
Preferred stock, shares outstanding | 1,443 | 1,443 |
Series C Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 600,000 | 600,000 |
Preferred stock, shares outstanding | 500,756 | 500,756 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||
Research and development | $ 435 | $ 1,373 |
Selling, general and administrative | 4,961 | 7,938 |
Total operating expenses | 5,396 | 9,311 |
Loss from operations | (5,396) | (9,311) |
Other income (expense): | ||
Interest expense | (2) | (1,234) |
Loss on coversion of notes | (22) | |
Loss on extinguishment of debt | (18) | |
Change in fair value of warrant liability | 123 | |
Total other expense | (2) | (1,151) |
Net loss | $ (5,398) | $ (10,462) |
Net loss per share, basic and diluted: (in Dollars per share) | $ (0.38) | $ (1.81) |
Weighted average shares outstanding, basic and diluted: (in Shares) | 14,315,142 | 5,780,844 |
Condensed Statements of Stockho
Condensed Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Series APreferred Stock | Series BPreferred Stock | Series CPreferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2020 | $ 1 | $ 9,486 | $ (16,448) | $ (6,961) | |||
Balance (in Shares) at Mar. 31, 2020 | 5,774,778 | ||||||
Issuance of common stock in satisfaction of accounts payable | 122 | 122 | |||||
Issuance of common stock in satisfaction of accounts payable (in Shares) | 54,149 | ||||||
Issuance of common stock in connection with notes payable | 751 | 751 | |||||
Issuance of common stock in connection with notes payable (in Shares) | 275,000 | ||||||
Issuance of common stock in connection with conversion of notes | 2,151 | 2,151 | |||||
Issuance of common stock in connection with conversion of notes (in Shares) | 788,081 | ||||||
Exercise of common stock warrants | |||||||
Exercise of common stock warrants (in Shares) | 97,222 | ||||||
Beneficial conversion feature in connection with notes payable | 619 | 619 | |||||
Issuance of common stock to consultants | 282 | 282 | |||||
Issuance of common stock to consultants (in Shares) | 103,337 | ||||||
Stock-based compensation | 8,079 | 8,079 | |||||
Stock-based compensation (in Shares) | 1,333,334 | ||||||
Common stock repurchased and subsequently canceled | (225) | (225) | |||||
Common stock repurchased and subsequently canceled (in Shares) | (166,667) | ||||||
Net loss | (10,462) | (10,462) | |||||
Balance at Jun. 30, 2020 | $ 1 | 21,265 | (26,910) | (5,644) | |||
Balance (in Shares) at Jun. 30, 2020 | 8,259,234 | ||||||
Balance at Mar. 31, 2021 | $ 1 | 73,789 | (57,203) | 16,587 | |||
Balance (in Shares) at Mar. 31, 2021 | 251 | 1,443 | 500,756 | 14,856,480 | |||
Issuance of common stock in connection with consulting agreements | 244 | 244 | |||||
Issuance of common stock in connection with consulting agreements (in Shares) | 64,261 | ||||||
Stock option exercises | 4 | 4 | |||||
Stock option exercises (in Shares) | |||||||
Stock-based compensation | 2,339 | 2,339 | |||||
Stock-based compensation (in Shares) | |||||||
Net loss | (5,398) | (5,398) | |||||
Balance at Jun. 30, 2021 | $ 1 | $ 76,376 | $ (62,601) | $ 13,776 | |||
Balance (in Shares) at Jun. 30, 2021 | 251 | 1,443 | 500,756 | 14,920,741 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,398) | $ (10,462) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,339 | 8,079 |
Issuance of common stock to consultants | 244 | 282 |
Depreciation and amortization | 66 | 15 |
Loss on extinguishment of debt | 18 | |
Loss on conversion of notes | 22 | |
Amortization of debt discount | 1,052 | |
Change in fair value of warrant liability | (123) | |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 82 | 6 |
Account payable | 36 | (112) |
Accrued expenses | (107) | (190) |
Accrued interest | 127 | |
Net cash used in operating activities | (2,738) | (1,286) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (85) | |
Net cash used in investing activities | (85) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the exercise of stock options | 4 | |
Repayment of senior secured promissory note | (200) | |
Proceeds from PPP loan | 205 | |
Proceeds from issuance of senior secured convertible notes and common stock warrants | 2,050 | |
Common stock repurchased and subsequently canceled | (225) | |
Net cash provided by financing activities | 4 | 1,830 |
Net (decrease) increase in cash | (2,819) | 544 |
Cash — beginning of period | 15,297 | 48 |
Cash — end of period | 12,478 | 592 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unpaid research and development license included in accounts payable | 100 | |
Beneficial conversion feature in connection with notes payable | 619 | |
Issuance of common stock in connection with conversion of notes | 2,151 | |
Issuance of common stock in connection with notes payable | 751 | |
Issuance of common stock in satisfaction of accounts payable | 122 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 2 | 56 |
Cash paid income taxes |
Organization and Description of
Organization and Description of Business Operations | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business Operations | Note 1 – Organization and Description of Business Operations Crown Electrokinetics Corp. (the “Company”) was incorporated in the State of Delaware on April 20, 2015. Effective October 6, 2017, the Company’s name was changed to Crown Electrokinetics Corp. from 3D Nanocolor Corp. (“3D Nanocolor”). On January 26, 2021, the Company completed its public offering and its common stock began trading on the Nasdaq Capital Market (Nasdaq) under the symbol CRKN. The Company is commercializing technology for smart or dynamic glass. The Company’s electrokinetic glass technology is an advancement on microfluidic technology that was originally developed by HP Inc. Reverse Stock Split On January 22, 2021, the Company’s Board of Directors authorized a reverse stock split at an exchange ratio of one (1) share of common stock for every three (3) shares of common stock. The reverse stock split was effective on January 25, 2021, such that every three (3) shares of common stock have been automatically converted into one (1) share of common stock. The Company did not issue fractional certificates for post-reverse split shares in connection with the reverse stock split. Rather, all shares of common stock that are held by a stockholder were aggregated and each stockholder received the number of whole shares resulting from the combination of the shares so aggregated. Any fractions resulting from the reverse stock split computation were rounded up to the next whole share. All of the Company’s share and per share amounts of common stock included in this Form 10-Q have been retroactively adjusted to reflect the reverse stock split. |
Liquidity, Management Plans and
Liquidity, Management Plans and Risks & Uncertainties | 3 Months Ended |
Jun. 30, 2021 | |
Liquidity And Financial Condition [Abstract] | |
Liquidity, Management Plans and Risks & Uncertainties | Note 2 – Liquidity, Management Plans and Risks & Uncertainties The Company has incurred substantial operating losses since its inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As reflected in the condensed financial statements, the Company had an accumulated deficit of approximately $62.6 million at June 30, 2021, a net loss of approximately $5.4 million, and approximately $2.7 million of net cash used in operating activities for the three months ended June 30, 2021. The Company expects to continue to incur ongoing administrative and other expenses, including public company expenses. Although it is difficult to predict the Company’s liquidity requirements as of June 30, 2021, based upon the Company’s current operating plan and completion of its public offering, management believes that the Company will have sufficient cash to meet its projected operating requirements for at least the next 12 months following the issuance of these condensed financial statements. Management is constantly monitoring the impact of the COVID-19 pandemic on operations and financials of the Company. To date the main impact has been the delayed evaluation of potential manufacturing partnerships. These delays have been caused by Covid lockdowns i) restricting site tour opportunities by potential partners and ii) driving strong demand for potential partners existing product lines, limiting their capacity to assess new partnership opportunities. The Company has concluded that while it is reasonably possible that the virus could still have a negative effect on the Company’s financial position, the specific impact is not readily determinable as of the date of these condensed financial statements. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see the Company’s financial statements included in its Annual Report for the fiscal year ended March 31, 2021. Basis of Presentation The Company’s condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results for the full year or the results for any future periods. These condensed financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended March 31, 2021 included in the Company’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on June 21, 2021. Use of Estimates The preparation of financial statements in conformity with 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. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Net Loss per Share ASC 260, Earnings Per Share, requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share of common stock excludes dilution and is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2021 and 2020 are as follows (unaudited): June 30, 2021 2020 Series A preferred stock 188,311 - Series B preferred stock 2,019,038 - Series C preferred stock 560,757 - Warrants to purchase common stock (excluding penny warrants) 3,883,083 1,921,452 Options to purchase common stock 10,538,708 4,683,389 Unvested restricted stock awards 711,112 1,000,004 Restricted stock units 1,061,905 - Convertible notes - 2,805,941 18,962,914 10,410,786 JOBS Act Transition Period The Company is considered to be an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Securities and Exchange Act of 1934. Recent Issued and Adopted Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s unaudited condensed financial statements properly reflect the change. |
Property & Equipment, Net
Property & Equipment, Net | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property & Equipment, Net | Note 4 – Property & Equipment, Net Property and equipment, net, consists of the following (in thousands): June 30, March 31, 2021 2021 (Unaudited) Equipment $ 345 $ 295 Computers 15 11 Leasehold improvements 20 14 Construction in progress 25 - Total 405 320 Less accumulated depreciation and amortization (130 ) (111 ) Property and equipment, net $ 275 $ 209 Depreciation expense for the three months ended June 30, 2021 and 2020 was approximately $19,000 and $5,000 respectively. |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 5 – Intangible Assets, Net Intangible assets, net, consists of the following (in thousands): June 30, March 31, 2021 2020 (Unaudited) Patents $ 1,475 $ 1,475 Research license 375 375 Total 1,850 1,850 Accumulated amortization (247 ) (200 ) Research license, net $ 1,603 $ 1,650 The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter as of June 30, 2021 (in thousands): Estimated (Unaudited) 2022 $ 141 2023 188 2024 188 2025 188 2026 and thereafter 898 Total $ 1,603 For the three months ended June 30, 2021 and 2020, amortization expense was approximately $47,000 and $10,000, respectively. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 6 – Accrued Expenses As of June 30, 2021 and March 31, 2021, the Company’s accrued expenses consisted of the following (in thousands): June 30, March 31, (Unaudited) Directors and officers insurance financing $ - $ 160 General liability insurance 29 - Professional fees - 49 Rent 73 - Other 2 2 Total $ 104 $ 211 |
Notes Payable
Notes Payable | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 7 – Notes Payable: Notes payable was approximately $0.4 million as of June 30, 2021 and March 31, 2021, respectively, and primarily consisted of its Paycheck Protection Loan. Paycheck Protection Loan On April 24, 2020 and March 3, 2021, the Company entered into Promissory Notes (the “PPP Notes”) with Newtek Corp AVB as the lender (the “Lender”), pursuant to which the Lender agreed to make loans to the Company under the Paycheck Protection Program (the “PPP Loan”) offered by the U.S. Small Business Administration (the “SBA”) in principal amounts of $197,200 and $233,300 pursuant to Title 1 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The PPP Loan proceeds are available to be used to pay for payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leaves; rent; utilities; and interest on certain other outstanding debt. The Loan is subject to forgiveness to the extent proceeds are used for payroll costs, including payments required to continue group health care benefits, and certain rent, utility, and mortgage interest expenses (collectively, “Qualifying Expenses”), pursuant to the terms and limitations of the PPP Loan. The Company used the PPP Loan amounts against Qualifying Expenses and has initiated the process of loan forgiveness for the first tranche of $197,200. The Company anticipates that both loan principals will be fully forgiven. The interest rate on the PPP Notes is a fixed rate of 1% per annum and the PPP Notes mature in two years. The PPP Notes include events of default. Upon the occurrence of an event of default, the Lender will have the right to exercise remedies against the Company, including the right to require immediate payment of all amounts due under the PPP Notes. On June 17, 2020, the Company received an Economic Injury Disaster Loan totaling $8,000 from the U.S. Small Business Administration. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Note 8 – Stockholders’ Deficit Preferred Stock As of June 30, 2021 and March 31, 2021, there were 50,000,000 authorized shares of the Company’s preferred stock, par value $0.0001 . Series A Preferred Sock As of June 30, 2021 and March 31, 2021, the Company had 251 shares of its Series A preferred stock issued and outstanding. Series B Preferred Stock As of June 30, 2021 and March 31, 2021, the Company had 1,443 shares of its Series B preferred stock issued and outstanding. Series C Preferred Stock As of June 30, 2021 and March 31, 2021, the Company had 500,756 shares of its Series C preferred stock issued and outstanding. Common Stock Stock Issued for Services During the three months ended June 30, 2021, the Company issued 64,261 shares of its common stock with a fair value of approximately $0.2 million in exchange for consulting services. Stock Options During the year ended March 31, 2021, the Company issued 25,000 shares of its common stock in connection with the exercise of stock options, with an exercise price of $0.15 per share. During April 2021, the Company received the related proceeds of $3,750. |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock and Stock Options: | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation, Restricted Stock and Stock Options | Note 9 – Stock-Based Compensation, Restricted Stock and Stock Options: Equity Compensation Plan Information: On December 16, 2020, the Company adopted its 2020 Long-Term Incentive Plan ( the “2020 Plan”). Under the 2020 Plan, there are 5,333,333 shares of the Company’s common stock available for issuance and the 2020 Plan has a term of 10 years. The available shares in the 2020 Plan will automatically increase on the first trading day in January of each calendar year during the term of this Plan, commencing with January 2021, by an amount equal to the lesser of (i) five percent (5%) of the total number of shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year, (ii) 1,000,000 shares of common stock or (iii) such number of shares of common stock as may be established by the Company’s Board of Directors. The Company grants equity-based compensation under its 2020 Plan and its 2016 Equity Incentive Plan (the “2016 Plan”). The 2020 Plan and 2016 Plan allows the Company to grant incentive and nonqualified stock options, and shares of restricted stock to its employees, directors and consultants. As of June 30, 2021, there is a total of 7,333,333 shares of the Company’s common stock available under the 2016 Plan. Stock-based compensation: The Company recognized total expenses for stock-based compensation (including the issuance of common stock to consultants) during the three months ended June 30, 2021 and 2020, which are included in the accompanying statements of operations, as follows (in thousands): Three months ended 2021 2020 (Unaudited) (Unaudited) Research and development expenses $ 32 $ 1,152 Selling, general and administrative expenses 2,551 7,209 Total stock-based compensation $ 2,583 $ 8,361 Restricted stock units: Upon the Company’s uplisting to Nasdaq in January 2021, the Company granted 1,061,905 restricted stock units with a fair value of approximately $4.7 million to the Company’s Chief Executive Officer. As a result of this grant to the Company’s Chief Executive Officer, during the three months ended June 30, 2021, the Company recognized stock-based compensation of approximately $1.2 million, and as of June 30, 2021, unrecognized stock-based compensation totaled approximately $2.7 million. Restricted stock awards: A summary of the Company’s restricted stock activity during the three months ended June 30, 2021 is as follows: Number of Weighted Unvested at March 31, 2021 777,778 $ 5.12 Vested (66,666 ) $ 5.12 Unvested at June 30, 2021 (unaudited) 711,112 $ 5.12 The fair value of restricted stock awards is measured based on their fair value at the grant date and amortized over the vesting period, which is generally 2 to 3 years. As of June 30, 2021, the unrecognized stock-based compensation expense related to restricted stock awards was approximately $3.1 million, which is expected to be recognized over a weighted-average period of 1.4 years. Stock Options: The Company provides stock-based compensation to employees, directors and consultants under the Plan. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The risk-free interest rate is determined by referencing the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. During the three months ended June 30, 2021, the Company granted 198,149 options to purchase shares of the Company’s common stock to employees of the Company. The options have a fair value of approximately $0.3 million. On April 1, 2021, the Company granted 49,998 options to purchase shares of its common stock with a fair value of approximately $0.1 million to members of the Company’s Board of Directors. The following was used in determining the fair value of stock options granted during the three months ended June 30, 2021 and 2020 (unaudited). Three Months Ended 2021 2020 Dividend yield 0 % 0 % Expected price volatility 50 % 50 % Risk free interest rate 0.35% - 0.90 % 0.16% - 0.44 % Expected term 3-5 years 5-6 years A summary of activity under the Plan for the three months ended June 30, 2021 is as follows (in thousands except share and per share amounts): Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Value Outstanding at March 31, 2021 10,861,940 $ 2.73 8.2 $ 17,524 Granted 248,147 $ 4.41 6.2 Canceled (571,379 ) $ 3.32 - Outstanding at June 30, 2021 (unaudited) 10,538,708 $ 2.74 7.8 $ 16,098 Exercisable at June 30, 2021 (unaudited) 10,025,932 $ 2.63 7.8 $ 16,093 As of June 30, 2021, the Company had approximately $0.7 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plan, which is expected to be recognized over a weighted-average period of 1.1 years. Warrants: A summary of the Company’s warrant activity during the three months ended June 30, 2021 is as follows (in thousands except share and per share amounts): Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Value Outstanding at March 31, 2021 3,883,083 $ 2.49 4.6 $ 7,763 Outstanding at June 30, 2021 (unaudited) 3,883,083 $ 2.49 4.3 $ 7,502 Exercisable at June 30, 2021 (unaudited) 3,267,698 $ 1.93 4.1 $ 6,320 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 – Commitments and Contingencies Leases Oregon State University On March 8, 2016, the Company entered into a lease agreement with Oregon State University, to lease office and laboratory space located at HP Campus Building 11, 1110 NE Circle Blvd, Corvallis, Oregon, for approximately $400 monthly. On July 1, 2016, the Company entered into the first amendment to the lease agreement which increased the monthly lease expense to approximately $1,200. On October 1, 2017, the Company entered into a sublease agreement, which provides for additional office space and the monthly lease payment increased to approximately $1,800. The lease expired on June 30, 2018 and the Company extended the lease through June 30, 2019. The monthly lease payment increased to approximately $4,500 for the months ended June 30 2018 through November 30, 2018, and increased to approximately $7,550 for the months ended December 31, 2018 through June 30, 2019. On July 1, 2019, the Company entered into the fourth amendment to its lease with Oregon State University, which extends the lease expiration date to June 30, 2022. Beginning on July 1, 2020, and each July 1 thereafter, the monthly Operating Expense Reimbursement, as defined will be increased by no more than three percent. On July 1, 2020, the Company entered into the fifth amendment to its lease with Oregon State University which adjusts the Operating Expense Reimbursement payment due dates from monthly to quarterly, with the payments due in advance on the first of July, October, January and April. Effective July 1, 2020, the quarterly operating expense will be $23,097. Hudson 11601 Wilshire, LLC On March 4, 2021, the Company entered into a lease agreement with Hudson 11601 Wilshire, LLC, to lease 3,500 square feet of office space located in Los Angeles, California. The lease term is 39 months and expires on June 30, 2024. The monthly lease expense is as follows: ● Months 1-12 - $18,375 ● Months 13-24 - $19,018 ● Months 25-36 - $19,684 ● Months 37-39 - $20,373 The Company paid a security deposit totaling $20,373 at the lease inception date. HP Inc. On May 4, 2021, the Company entered into a lease agreement with HP Inc. to lease office and lab space located in Corvallis, Oregon. The lease term is 5 years and the lease commencement date was April 1, 2021. The monthly lease expense is $7,388 and increases 3% on each anniversary of the lease commencement date. The Company paid a security deposit totaling $8,315. The Company has the option to extend the lease for an additional 5 years. During the three months ended June 30, 2021 and 2020, the Company recognized rent expense of approximately $0.1 million and $24,000, respectively. As of June 30, 2021, future minimum payments are as follows (in thousands): (Unaudited) Nine months ended March 31, 2022 $ 289 Year ended March 31, 2023 326 Year ended March 31, 2024 314 Year ended March 31, 2025 144 Year ended March 31, 2026 99 Total $ 1,172 Litigation In August 2019, Spencer Clarke LLC (“Spencer Clarke”) filed a lawsuit against the Company in the Supreme Court of the State of New York, County of New York, Index No. 654592/2019. Spencer Clarke has asserted claims arising from a 2018 Placement Agent Agreement (the “Placement Agent Agreement”) under which Spencer Clarke agreed to assist the Company in raising money for a potential public offering. Spencer Clarke claims that the Company failed to make certain payments under that Placement Agent Agreement. On September 27, 2019, the Company filed a motion to dismiss the complaint. On October 7, 2019, Spencer Clarke amended the complaint. On November 8, 2019, the Company filed an Answer and asserted Counterclaims against Spencer Clarke alleging breach of contract, anticipatory repudiation, and tortious interference with prospective business relations. The Company disputes that it owes any money to Spencer Clarke and is vigorously defending the claims against it. From time to time, the Company is also involved in various other claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe that the ultimate resolution of these actions will have a material adverse effect on its financial position, results of operations, liquidity or capital resources. Future litigation may be necessary to defend ourselves and our partners by determining the scope, enforceability and validity of third party proprietary rights or to establish the Company’s proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events The Company has evaluated all events that occurred after the balance sheet date of June 30, 2021, through August 13, 2021, the date when condensed financial statements were issued to determine if they must be reported. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results for the full year or the results for any future periods. These condensed financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended March 31, 2021 included in the Company’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on June 21, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. |
Net Loss per Share | Net Loss per Share ASC 260, Earnings Per Share, requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share of common stock excludes dilution and is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2021 and 2020 are as follows (unaudited): June 30, 2021 2020 Series A preferred stock 188,311 - Series B preferred stock 2,019,038 - Series C preferred stock 560,757 - Warrants to purchase common stock (excluding penny warrants) 3,883,083 1,921,452 Options to purchase common stock 10,538,708 4,683,389 Unvested restricted stock awards 711,112 1,000,004 Restricted stock units 1,061,905 - Convertible notes - 2,805,941 18,962,914 10,410,786 |
JOBS Act Transition Period | JOBS Act Transition Period The Company is considered to be an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Securities and Exchange Act of 1934. |
Recent Issued and Adopted Accounting Pronouncements | Recent Issued and Adopted Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s unaudited condensed financial statements properly reflect the change. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of were not included in the computation of diluted loss per share | June 30, 2021 2020 Series A preferred stock 188,311 - Series B preferred stock 2,019,038 - Series C preferred stock 560,757 - Warrants to purchase common stock (excluding penny warrants) 3,883,083 1,921,452 Options to purchase common stock 10,538,708 4,683,389 Unvested restricted stock awards 711,112 1,000,004 Restricted stock units 1,061,905 - Convertible notes - 2,805,941 18,962,914 10,410,786 |
Property & Equipment, Net (Tabl
Property & Equipment, Net (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | June 30, March 31, 2021 2021 (Unaudited) Equipment $ 345 $ 295 Computers 15 11 Leasehold improvements 20 14 Construction in progress 25 - Total 405 320 Less accumulated depreciation and amortization (130 ) (111 ) Property and equipment, net $ 275 $ 209 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets, net | June 30, March 31, 2021 2020 (Unaudited) Patents $ 1,475 $ 1,475 Research license 375 375 Total 1,850 1,850 Accumulated amortization (247 ) (200 ) Research license, net $ 1,603 $ 1,650 |
Schedule of estimated amortization of intangible assets | Estimated (Unaudited) 2022 $ 141 2023 188 2024 188 2025 188 2026 and thereafter 898 Total $ 1,603 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | June 30, March 31, (Unaudited) Directors and officers insurance financing $ - $ 160 General liability insurance 29 - Professional fees - 49 Rent 73 - Other 2 2 Total $ 104 $ 211 |
Stock-Based Compensation, Res_2
Stock-Based Compensation, Restricted Stock and Stock Options: (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock based compensation expenses | Three months ended 2021 2020 (Unaudited) (Unaudited) Research and development expenses $ 32 $ 1,152 Selling, general and administrative expenses 2,551 7,209 Total stock-based compensation $ 2,583 $ 8,361 |
Schedule of restricted stock awards | Number of Weighted Unvested at March 31, 2021 777,778 $ 5.12 Vested (66,666 ) $ 5.12 Unvested at June 30, 2021 (unaudited) 711,112 $ 5.12 |
Schedule of stock options granted | Three Months Ended 2021 2020 Dividend yield 0 % 0 % Expected price volatility 50 % 50 % Risk free interest rate 0.35% - 0.90 % 0.16% - 0.44 % Expected term 3-5 years 5-6 years |
Schedule of stock options activity | Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Value Outstanding at March 31, 2021 10,861,940 $ 2.73 8.2 $ 17,524 Granted 248,147 $ 4.41 6.2 Canceled (571,379 ) $ 3.32 - Outstanding at June 30, 2021 (unaudited) 10,538,708 $ 2.74 7.8 $ 16,098 Exercisable at June 30, 2021 (unaudited) 10,025,932 $ 2.63 7.8 $ 16,093 |
Schedule of warrant activity | Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Value Outstanding at March 31, 2021 3,883,083 $ 2.49 4.6 $ 7,763 Outstanding at June 30, 2021 (unaudited) 3,883,083 $ 2.49 4.3 $ 7,502 Exercisable at June 30, 2021 (unaudited) 3,267,698 $ 1.93 4.1 $ 6,320 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum payments | (Unaudited) Nine months ended March 31, 2022 $ 289 Year ended March 31, 2023 326 Year ended March 31, 2024 314 Year ended March 31, 2025 144 Year ended March 31, 2026 99 Total $ 1,172 |
Liquidity, Management Plans a_2
Liquidity, Management Plans and Risks & Uncertainties (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Liquidity And Financial Condition [Abstract] | |
Accumulated deficit | $ 62.6 |
Working capital | 5.4 |
Net loss | $ 2.7 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of were not included in the computation of diluted loss per share - shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 18,962,914 | 10,410,786 |
Warrants to purchase common stock (excluding penny warrants) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 3,883,083 | 1,921,452 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 10,538,708 | 4,683,389 |
Unvested restricted stock awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 711,112 | 1,000,004 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 1,061,905 | |
Convertible notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Totals | 2,805,941 | |
Series A preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Series of preferred stock | 188,311 | |
Series B preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Series of preferred stock | 2,019,038 | |
Series C preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Series of preferred stock | 560,757 |
Property & Equipment, Net (Deta
Property & Equipment, Net (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 19,000 | $ 5,000 |
Property & Equipment, Net (De_2
Property & Equipment, Net (Details) - Schedule of property and equipment, net - Property and Equipment [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 405 | $ 320 |
Construction in progress | 25 | |
Less accumulated depreciation and amortization | (130) | (111) |
Property and equipment, net | 275 | 209 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 345 | 295 |
Computers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 15 | 11 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 20 | $ 14 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 47,000 | $ 10,000 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of intangible assets, net - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2020 |
Schedule of intangible assets, net [Abstract] | ||
Patents | $ 1,475 | $ 1,475 |
Research license | 375 | 375 |
Total | 1,850 | 1,850 |
Accumulated amortization | (247) | (200) |
Research license, net | $ 1,603 | $ 1,650 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of estimated amortization of intangible assets $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of estimated amortization of intangible assets [Abstract] | |
2022 | $ 141 |
2023 | 188 |
2024 | 188 |
2025 | 188 |
2026 and thereafter | 898 |
Total | $ 1,603 |
Accrued Expenses (Details) - Sc
Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of accrued expenses [Abstract] | ||
Directors and Officers insurance financing | $ 160 | |
General liability insurance | 29 | |
Professional fees | 49 | |
Rent | 73 | |
Other | 2 | 2 |
Total | $ 104 | $ 211 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2021 | Mar. 03, 2021 | Jun. 17, 2020 | Apr. 24, 2020 | Mar. 31, 2020 | |
Notes Payable (Details) [Line Items] | |||||
Economic injury disaster loan | $ 400,000 | $ 8,000 | $ 400,000 | ||
Securities purchase agreement description | The interest rate on the PPP Notes is a fixed rate of 1% per annum and the PPP Notes mature in two years. | ||||
Notes Payable [Member] | |||||
Notes Payable (Details) [Line Items] | |||||
Net proceeds | $ 197,200 | ||||
PPP Loan [Member] | |||||
Notes Payable (Details) [Line Items] | |||||
Aggregate principal amount | $ 233,300 | $ 197,200 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Stockholders' Deficit (Details) [Line Items] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Fair value warrants (in Dollars) | $ 64,261 | |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings (in Dollars) | $ 200,000 | |
Equity Option [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Stock option description | During the year ended March 31, 2021, the Company issued 25,000 shares of its common stock in connection with the exercise of stock options, with an exercise price of $0.15 per share. During April 2021, the Company received the related proceeds of $3,750. | |
Series A Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred stock, shares authorized | 300 | 300 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, share issued | 251 | 251 |
Preferred stock, share outstanding | 251 | 251 |
Series B Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred stock, shares authorized | 1,500 | 1,500 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, share issued | 1,443 | 1,443 |
Preferred stock, share outstanding | 1,443 | 1,443 |
Series C Preferred Stock [Member] | ||
Stockholders' Deficit (Details) [Line Items] | ||
Preferred stock, shares authorized | 600,000 | 600,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, share issued | 500,756 | 500,756 |
Preferred stock, share outstanding | 500,756 | 500,756 |
Stock-Based Compensation, Res_3
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - USD ($) $ in Millions | Apr. 02, 2021 | Dec. 16, 2020 | Jun. 30, 2021 | Jan. 31, 2021 |
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Common stock shares issued (in Shares) | 5,333,333 | |||
Expire term | 10 years | |||
Equity compensation plan information, description | The available shares in the 2020 Plan will automatically increase on the first trading day in January of each calendar year during the term of this Plan, commencing with January 2021, by an amount equal to the lesser of (i) five percent (5%) of the total number of shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year, (ii) 1,000,000 shares of common stock or (iii) such number of shares of common stock as may be established by the Company’s Board of Directors. | |||
Number of shares allocated (in Shares) | 7,333,333 | |||
Fair value | $ 4.7 | |||
Recognized stock-based compensations | $ 1.2 | |||
Unrecognized stock-based compensation | $ 2.7 | |||
Recognized over a period | 1 year 4 months 24 days | |||
Options [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Vesting period | 1 year 1 month 6 days | |||
Stock-based compensation expense | $ 0.7 | |||
Chief Executive Officer [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Common stock shares issued (in Shares) | 1,061,905 | |||
Chief Executive Officer [Member] | Minimum [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Vesting period | 2 years | |||
Chief Executive Officer [Member] | Maximum [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Vesting period | 3 years | |||
Chief Operating Officer [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Stock-based compensation expense | $ 3.1 | |||
Board of Directors [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Options granted (in Shares) | 198,149 | |||
Fair value | $ 0.3 | |||
Officers and Employees [Member] | ||||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) [Line Items] | ||||
Options granted (in Shares) | 49,998 | |||
Fair value | $ 0.1 |
Stock-Based Compensation, Res_4
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock based compensation expenses - Stock-Based Compensation [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Research and development expenses | $ 32 | $ 1,152 |
Selling, general and administrative expenses | 2,551 | 7,209 |
Total stock-based compensation | $ 2,583 | $ 8,361 |
Stock-Based Compensation, Res_5
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of restricted stock awards | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Schedule of restricted stock awards [Abstract] | |
Number of Shares Unvested, beginning | shares | 777,778 |
Weighted Average Grant-Date Fair Value Unvested, beginning | $ / shares | $ 5.12 |
Number of Shares Vested | shares | (66,666) |
Weighted Average Grant-Date Fair Value Vested | $ / shares | $ 5.12 |
Number of Shares Unvested, ending | shares | 711,112 |
Weighted Average Grant-Date Fair Value Unvested, ending | $ / shares | $ 5.12 |
Stock-Based Compensation, Res_6
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options granted | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options granted [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected price volatility | 50.00% | 50.00% |
Minimum [Member] | ||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options granted [Line Items] | ||
Risk free interest rate | 0.35% | 0.16% |
Expected term | 3 years | 5 years |
Maximum [Member] | ||
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options granted [Line Items] | ||
Risk free interest rate | 0.90% | 0.44% |
Expected term | 5 years | 6 years |
Stock-Based Compensation, Res_7
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options activity - Stock Options [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of stock options activity [Line Items] | |
Shares Underlying Options Outstanding | shares | 10,861,940 |
Weighted Average Exercise Price Outstanding | $ / shares | $ 2.73 |
Weighted Average Remaining Contractual Term (Years) Outstanding | 8 years 2 months 12 days |
Aggregate Intrinsic Value Outstanding | $ | $ 17,524 |
Shares Underlying Options Granted | shares | 248,147 |
Weighted Average Exercise Price Granted | $ / shares | $ 4.41 |
Weighted Average Remaining Contractual Term (Years) Granted | 6 years 2 months 12 days |
Aggregate Intrinsic Value Granted | $ | |
Shares Underlying Options Canceled | shares | (571,379) |
Weighted Average Exercise Price Canceled | $ / shares | $ 3.32 |
Weighted Average Remaining Contractual Term (Years) Canceled | |
Aggregate Intrinsic Value Canceled | $ | |
Shares Underlying Options Outstanding | shares | 10,538,708 |
Weighted Average Exercise Price Outstanding | $ / shares | $ 2.74 |
Weighted Average Remaining Contractual Term (Years) Outstanding | 7 years 9 months 18 days |
Aggregate Intrinsic Value Outstanding | $ | $ 16,098 |
Shares Underlying Options Exercisable | shares | 10,025,932 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 2.63 |
Weighted Average Remaining Contractual Term (Years) Exercisable | 7 years 9 months 18 days |
Aggregate Intrinsic Value Exercisable | $ | $ 16,093 |
Stock-Based Compensation, Res_8
Stock-Based Compensation, Restricted Stock and Stock Options: (Details) - Schedule of warrant activity - Warrant [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Shares Underlying Options Outstanding | shares | 3,883,083 |
Weighted Average Exercise Price Outstanding | $ / shares | $ 2,490 |
Weighted Average Remaining Contractual Term (Years) Outstanding | 4 years 7 months 6 days |
Aggregate Intrinsic Value Outstanding | $ | $ 7,763 |
Shares Underlying Options Outstanding | shares | 3,883,083 |
Weighted Average Exercise Price Outstanding | $ / shares | $ 2,490 |
Weighted Average Remaining Contractual Term (Years) Outstanding | 4 years 3 months 18 days |
Aggregate Intrinsic Value Outstanding | $ | $ 7,502 |
Shares Underlying Warrants Exercisable | shares | 3,267,698 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 1.93 |
Weighted Average Remaining Contractual Term (Years) Exercisable | 4 years 1 month 6 days |
Aggregate Intrinsic Value Exercisable | $ | $ 6,320 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | May 04, 2021 | Mar. 04, 2021 | Jul. 01, 2019 | Oct. 01, 2017 | Jul. 01, 2016 | Mar. 08, 2016 | Jun. 30, 2021 | Jun. 30, 2020 | Nov. 30, 2018 | Jun. 30, 2019 |
Commitments and Contingencies (Details) [Line Items] | ||||||||||
Operating leases rent expense | $ 1,800 | $ 1,200 | $ 400 | $ 4,500 | $ 7,550 | |||||
Lease expiration, description | The lease expired on June 30, 2018 and the Company extended the lease through June 30, 2019. | |||||||||
Lease expiration date | Jul. 1, 2019 | |||||||||
Operating expenses | $ 23,097 | |||||||||
Recognized rent expense | $ 100,000 | $ 24,000 | ||||||||
Hudson 11601 Wilshire LLC [Member] | ||||||||||
Commitments and Contingencies (Details) [Line Items] | ||||||||||
Lease agreement description | On March 4, 2021, the Company entered into a lease agreement with Hudson 11601 Wilshire, LLC, to lease 3,500 square feet of office space located in Los Angeles, California. The lease term is 39 months and expires on June 30, 2024. The monthly lease expense is as follows: ● Months 1-12 - $18,375 ● Months 13-24 - $19,018 ● Months 25-36 - $19,684 ● Months 37-39 - $20,373 The Company paid a security deposit totaling $20,373 at the lease inception date. | |||||||||
HP Inc. [Member] | ||||||||||
Commitments and Contingencies (Details) [Line Items] | ||||||||||
Lease agreement description | The lease term is 5 years and the lease commencement date was April 1, 2021. The monthly lease expense is $7,388 and increases 3% on each anniversary of the lease commencement date. The Company paid a security deposit totaling $8,315. The Company has the option to extend the lease for an additional 5 years |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of future minimum payments $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of future minimum payments [Abstract] | |
Nine months ended March 31, 2022 | $ 289 |
Year ended March 31, 2023 | 326 |
Year ended March 31, 2024 | 314 |
Year ended March 31, 2025 | 144 |
Year ended March 31, 2026 | 99 |
Total | $ 1,172 |