Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2022 | Feb. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-37487 | |
Entity Registrant Name | AETHLON MEDICAL, INC. | |
Entity Central Index Key | 0000882291 | |
Entity Tax Identification Number | 13-3632859 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11555 SORRENTO VALLEY ROAD | |
Entity Address, Address Line Two | SUITE 203 | |
Entity Address, City or Town | SAN DIEGO | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | (619) | |
Local Phone Number | 941-0360 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AEMD | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,969,349 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash | $ 17,499,541 | $ 17,072,419 |
Accounts receivable | 0 | 127,965 |
Prepaid expenses and other current assets | 672,781 | 956,623 |
Total current assets | 18,172,322 | 18,157,007 |
Property and equipment, net | 1,212,120 | 441,238 |
Right-of-use lease asset | 1,217,458 | 696,698 |
Patents, net | 1,788 | 2,200 |
Restricted cash | 87,506 | 87,506 |
Deposits | 33,305 | 33,305 |
Total assets | 20,724,499 | 19,417,954 |
Current liabilities | ||
Accounts payable | 226,791 | 499,962 |
Due to related parties | 190,397 | 155,742 |
Deferred revenue | 574,245 | 344,547 |
Lease liability, current portion | 264,278 | 126,905 |
Other current liabilities | 1,180,312 | 696,893 |
Total current liabilities | 2,436,023 | 1,824,049 |
Lease liability, less current portion | 1,009,277 | 602,505 |
Total liabilities | 3,445,300 | 2,426,554 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 60,000,000 and 30,000,000 shares authorized as of December 31, 2022 and March 31, 2022, respectively; 22,969,349 and 15,419,163 shares issued and outstanding as of December 31, 2022 and March 31, 2022, respectively | 22,971 | 15,421 |
Additional paid-in capital | 157,148,260 | 147,446,868 |
Accumulated deficit | (139,892,032) | (130,329,181) |
Total Aethlon Medical, Inc. stockholders’ equity before noncontrolling interests | 17,279,199 | 17,133,108 |
Noncontrolling interests | 0 | (141,708) |
Total stockholders’ equity | 17,279,199 | 16,991,400 |
Total liabilities and stockholders’ equity | $ 20,724,499 | $ 19,417,954 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized | 60,000,000 | 30,000,000 |
Common stock issued | 22,969,349 | 15,419,163 |
Common stock outstanding | 22,969,349 | 15,419,163 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | ||||
Government contract revenue | $ 0 | $ 17,117 | $ 0 | $ 281,049 |
OPERATING EXPENSES | ||||
Professional fees | 729,665 | 433,404 | 2,575,496 | 1,666,333 |
Payroll and related expenses | 1,048,761 | 999,500 | 3,191,402 | 2,821,850 |
General and administrative | 1,071,327 | 1,112,159 | 3,653,832 | 2,428,053 |
Total operating expenses | 2,849,753 | 2,545,063 | 9,420,730 | 6,916,236 |
OPERATING LOSS | (2,849,753) | (2,527,946) | (9,420,730) | (6,635,187) |
OTHER EXPENSE | ||||
Loss on dissolution of subsidiary | 0 | 0 | 142,121 | 0 |
NET LOSS | (2,849,753) | (2,527,946) | (9,562,851) | (6,635,187) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | (2,214) | 0 | (4,174) |
NET LOSS ATTRIBUTABLE TO AETHLON MEDICAL, INC. | $ (2,849,753) | $ (2,525,732) | $ (9,562,851) | $ (6,631,013) |
BASIC LOSS PER SHARE | $ (0.12) | $ (0.16) | $ (0.48) | $ (0.46) |
DILUTED LOSS PER SHARE | $ (0.12) | $ (0.16) | $ (0.48) | $ (0.46) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC | 22,946,483 | 15,397,418 | 19,741,451 | 14,543,787 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED | 22,946,483 | 15,397,418 | 19,741,451 | 14,543,787 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
BALANCE – SEPTEMBER 30, 2021 at Mar. 31, 2021 | $ 12,152 | $ 129,331,542 | $ (119,913,090) | $ (136,914) | $ 9,293,690 |
Beginning balance, shares at Mar. 31, 2021 | 12,150,597 | ||||
Issuances of common stock for cash under at the market program | $ 626 | 4,947,159 | 4,947,785 | ||
Issuances of common stock for cash under at the market program, shares | 626,000 | ||||
Issuances of common stock for cash in registered direct financing | $ 1,381 | 11,657,663 | 11,659,044 | ||
Issuances of common stock for cash in registered direct financing, shares | 1,380,555 | ||||
Issuances of common stock for cash under warrant exercises | $ 531 | 820,407 | 820,938 | ||
Issuances of common stock for cash under warrant exercises, shares | 531,167 | ||||
Issuances of common stock for cash under stock option exercises | $ 11 | 28,314 | 28,325 | ||
Issuances of common stock for cash under stock option exercises, shares | 11,562 | ||||
Issuances of common stock under cashless warrant exercises | $ 676 | (676) | |||
Issuances of common stock under cashless warrant exercises, shares | 675,554 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 11 | (35,797) | (35,786) | ||
Issuance of common stock upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 120,154 | 120,154 | |||
Net Loss | (2,097,303) | (1,135) | (2,098,438) | ||
BALANCE – DECEMBER 31, 2021 at Jun. 30, 2021 | $ 15,388 | 146,868,766 | (122,010,393) | (138,049) | 24,735,712 |
Ending balance, shares at Jun. 30, 2021 | 15,386,367 | ||||
BALANCE – SEPTEMBER 30, 2021 at Mar. 31, 2021 | $ 12,152 | 129,331,542 | (119,913,090) | (136,914) | 9,293,690 |
Beginning balance, shares at Mar. 31, 2021 | 12,150,597 | ||||
Net Loss | (6,635,187) | ||||
BALANCE – DECEMBER 31, 2021 at Dec. 31, 2021 | $ 15,410 | 147,229,134 | (126,544,103) | (141,088) | 20,559,353 |
Ending balance, shares at Dec. 31, 2021 | 15,408,231 | ||||
BALANCE – SEPTEMBER 30, 2021 at Jun. 30, 2021 | $ 15,388 | 146,868,766 | (122,010,393) | (138,049) | 24,735,712 |
Beginning balance, shares at Jun. 30, 2021 | 15,386,367 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 11 | (28,145) | (28,134) | ||
Issuance of common stock upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 201,062 | 201,062 | |||
Net Loss | (2,007,978) | (825) | (2,008,803) | ||
BALANCE – DECEMBER 31, 2021 at Sep. 30, 2021 | $ 15,399 | 147,041,683 | (124,018,371) | (138,874) | 22,899,837 |
Ending balance, shares at Sep. 30, 2021 | 15,397,299 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 11 | (13,568) | (13,557) | ||
Issuance of common stock upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 201,019 | 201,019 | |||
Net Loss | (2,525,732) | (2,214) | (2,527,946) | ||
BALANCE – DECEMBER 31, 2021 at Dec. 31, 2021 | $ 15,410 | 147,229,134 | (126,544,103) | (141,088) | 20,559,353 |
Ending balance, shares at Dec. 31, 2021 | 15,408,231 | ||||
BALANCE – SEPTEMBER 30, 2021 at Mar. 31, 2022 | $ 15,421 | 147,446,868 | (130,329,181) | (141,708) | 16,991,400 |
Beginning balance, shares at Mar. 31, 2022 | 15,419,163 | ||||
Issuances of common stock for cash under at the market program | $ 575 | 618,867 | 619,442 | ||
Issuances of common stock for cash under at the market program, shares | 574,560 | ||||
Stock-based compensation expense | 215,437 | 215,437 | |||
Net Loss | (2,905,668) | (413) | (2,906,081) | ||
BALANCE – DECEMBER 31, 2021 at Jun. 30, 2022 | $ 15,996 | 148,281,172 | (133,234,849) | (142,121) | 14,920,198 |
Ending balance, shares at Jun. 30, 2022 | 15,993,723 | ||||
BALANCE – SEPTEMBER 30, 2021 at Mar. 31, 2022 | $ 15,421 | 147,446,868 | (130,329,181) | (141,708) | 16,991,400 |
Beginning balance, shares at Mar. 31, 2022 | 15,419,163 | ||||
Net Loss | (9,562,851) | ||||
BALANCE – DECEMBER 31, 2021 at Dec. 31, 2022 | $ 22,971 | 157,148,260 | (139,892,032) | 17,279,199 | |
Ending balance, shares at Dec. 31, 2022 | 22,969,349 | ||||
BALANCE – SEPTEMBER 30, 2021 at Jun. 30, 2022 | $ 15,996 | 148,281,172 | (133,234,849) | (142,121) | 14,920,198 |
Beginning balance, shares at Jun. 30, 2022 | 15,993,723 | ||||
Issuances of common stock for cash under at the market program | $ 6,906 | 8,300,863 | 8,307,769 | ||
Issuances of common stock for cash under at the market program, shares | 6,906,276 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 46 | (8,019) | (7,973) | ||
Issuance of common stock upon vesting of restricted stock units, shares | 46,233 | ||||
Stock-based compensation expense | 313,539 | 313,539 | |||
Loss on dissolution of subsidiary | 142,121 | 142,121 | |||
Net Loss | (3,807,430) | (3,807,430) | |||
BALANCE – DECEMBER 31, 2021 at Sep. 30, 2022 | $ 22,948 | 156,887,555 | (137,042,279) | 19,868,224 | |
Ending balance, shares at Sep. 30, 2022 | 22,946,232 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 23 | (1,908) | (1,885) | ||
Issuance of common stock upon vesting of restricted stock units, shares | 23,117 | ||||
Stock-based compensation expense | 262,613 | 262,613 | |||
Net Loss | (2,849,753) | (2,849,753) | |||
BALANCE – DECEMBER 31, 2021 at Dec. 31, 2022 | $ 22,971 | $ 157,148,260 | $ (139,892,032) | $ 17,279,199 | |
Ending balance, shares at Dec. 31, 2022 | 22,969,349 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows used in operating activities: | ||||
Net loss | $ (2,849,753) | $ (2,527,946) | $ (9,562,851) | $ (6,635,187) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 161,350 | 98,363 | ||
Stock based compensation | 262,613 | 201,019 | 791,588 | 522,234 |
Accretion of right-of-use lease asset | 23,385 | 9,717 | ||
Loss of dissolution of subsidiary | 0 | 0 | 142,121 | 0 |
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 283,645 | (342,641) | ||
Accounts receivable | 127,965 | 17,116 | ||
Deposits | (21,146) | |||
Accounts payable and other current liabilities | 210,032 | (443,239) | ||
Deferred revenue | 229,698 | 114,849 | ||
Due to related parties | 34,655 | 11,855 | ||
Net cash used in operating activities | (7,558,412) | (6,668,079) | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (931,820) | (136,795) | ||
Net cash used in investing activities | (931,820) | (136,795) | ||
Cash flows provided by financing activities: | ||||
Proceeds from the issuance of common stock, net | 8,927,211 | 17,456,092 | ||
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units and net stock option expense | (9,857) | (77,477) | ||
Net cash provided by financing activities | 8,917,354 | 17,378,615 | ||
Net increase in cash and restricted cash | 427,122 | 10,573,741 | ||
Cash and restricted cash at beginning of period | 17,159,925 | 9,908,301 | ||
Cash and restricted cash | 17,587,047 | 20,482,042 | 17,587,047 | 20,482,042 |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Issuance of common stock under cashless warrant exercises | 0 | 676 | ||
Par value of shares issued for vested restricted stock units and net stock option exercise | 69 | 33 | ||
Initial recognition of right-of-use lease asset and lease liability | 625,471 | 228,694 | ||
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||||
Cash and cash equivalents | 17,499,541 | 20,394,536 | 17,499,541 | 20,394,536 |
Restricted cash | $ 87,506 | $ 87,506 | $ 87,506 | $ 87,506 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION Aethlon Medical, Inc., or Aethlon, the Company, we or us, is a medical therapeutic company focused on developing products to diagnose and treat cancer and life-threatening infectious diseases. The Aethlon Hemopurifier is a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier is designed to deplete the presence of circulating tumor-derived exosomes that promote immune suppression, seed the spread of metastasis and inhibit the benefit of leading cancer therapies. The U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier as a “Breakthrough Device” for two independent indications: · the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease; and · the treatment of life-threatening viruses that are not addressed with approved therapies. We believe the Hemopurifier can be a substantial advance in the treatment of patients with advanced and metastatic cancer through the clearance of exosomes that promote the growth and spread of tumors through multiple mechanisms. We are currently working with our new contract research organization, or CRO, on preparations to conduct a clinical trial in Australia in patients with solid tumors, including head and neck cancer, gastrointestinal cancers and other cancers. On October 4, 2019, the FDA approved our Investigational Device Exemption, or IDE, application to initiate an Early Feasibility Study, or EFS, of the Hemopurifier in patients with head and neck cancer in combination with standard of care pembrolizumab (Keytruda). The primary endpoint for the EFS, designed to enroll 10 to 12 subjects at a single center, is safety, with secondary endpoints including measures of exosome clearance and characterization, as well as response and survival rates. This clinical trial, initially conducted at the UPMC Hillman Cancer Center in Pittsburgh, PA, or UPMC, treated two patients. Due to lack of further patient enrollment, we and UPMC terminated this trial. We are in the process of designing other clinical trials in oncology, to include additional solid tumors. These trials initially are planned to be conducted in Australia. We also believe the Hemopurifier can be part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed with an already approved treatment. In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to treat individuals infected with human immunodeficiency virus, or HIV, hepatitis-C and Ebola. Additionally, in vitro, On June 17, 2020, the FDA approved a supplement to our open IDE for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with SARS-CoV-2/COVID-19, or COVID-19, in a New Feasibility Study. That study was designed to enroll up to 40 subjects at up to 20 centers in the United States. Subjects will have established laboratory diagnosis of COVID-19, be admitted to an intensive care unit, or ICU, and will have acute lung injury and/or severe or life-threatening disease, among other criteria. Endpoints for this study, in addition to safety, included reduction in circulating virus as well as clinical outcomes (NCT # 04595903). Under Single Patient Emergency Use regulations, the Company has treated two patients with COVID-19 with the Hemopurifier. We currently are experiencing a disruption in our Hemopurifier supply, as our existing supply of Hemopurifiers expired on September 30, 2022 and, as previously disclosed, we are dependent on FDA approval of qualified suppliers to manufacture our Hemopurifier. Our intended transition to a new supplier for Galanthus nivalis agglutinin, or GNA, is delayed as we work with the FDA for approval of our supplement to our IDE, which is required to make this manufacturing change. In October 2022, we launched a wholly owned subsidiary in Australia, formed to conduct clinical research, seek regulatory approval and commercialize our Hemopurifier in that country. The subsidiary will initially focus on the oncology market in Australia. There were only insignificant expenses in that subsidiary in the three months ended December 31, 2022. We also obtained ethics review board approval and entered into a clinical trial agreement with Medanta Medicity Hospital, a multi-specialty hospital in Delhi NCR, India, for a COVID-19 clinical trial at that location. One patient has completed participation in the Indian COVID-19 study. The relevant authorities in India have accepted the use of the Hemopurifiers made with the GNA from our new supplier. Previously, we were the majority owner of Exosome Sciences, Inc., or ESI, a company formed to focus on the discovery of exosomal biomarkers to diagnose and monitor life-threatening diseases, and thus consolidated ESI in our consolidated financial statements. For more than four years, the primary activities of ESI were limited to the payment of patent maintenance fees and applications. In September 2022, the Board of Directors of ESI and the Company, as the majority stockholder of ESI, approved the dissolution of ESI. Accordingly, ESI is eliminated from our December 31, 2022 balance sheet. Successful outcomes of human trials will also be required by the regulatory agencies of certain foreign countries where we plan to sell the Hemopurifier. Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained. However, we believe that certain patent applications and/or other patents issued more recently will help protect the proprietary nature of the Hemopurifier treatment technology. In addition to the foregoing, we are monitoring closely the impact of the COVID-19 global pandemic, inflation and the war in Ukraine on our business. Given the level of uncertainty regarding the duration and impact of these events on capital markets and the U.S. economy, we are unable to assess the impact on our timelines and future access to capital. The full extent to which the COVID-19 pandemic, inflation and the war in Ukraine will impact our business, results of operations, financial condition, clinical trials and preclinical research will depend on future developments, as well as the economic impact on national and international markets that are highly uncertain. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address is www.aethlonmedical.com. Our common stock is listed on the Nasdaq Capital Market under the symbol “AEMD.” SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the three months ended December 31, 2022, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2022. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its wholly owned subsidiary, Aethlon Medical Australia Pty Ltd, as well as its previously majority-owned subsidiary, ESI, which dissolved in September 2022. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the nine months ended December 31, 2022, and the condensed consolidated statement of cash flows for the nine months ended December 31, 2022. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2022 has been derived from the audited consolidated balance sheet at March 31, 2022, contained in the above referenced 10-K. The results of operations for the nine months ended December 31, 2022 are not necessarily indicative of the results to be expected for the full year or any future interim periods. Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. LIQUIDITY AND GOING CONCERN Management expects existing cash as of December 31, 2022 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. Restricted Cash To comply with the terms of our laboratory and office lease and our lease for our manufacturing space, see Note 11, we caused our bank to issue two standby letters of credit, or L/Cs, in the aggregate amount of $ 87,506 |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 9 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | 2. LOSS PER COMMON SHARE Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period of computation. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional dilutive common shares that would have been outstanding if potential common shares had been issued, if such additional common shares were dilutive. Since we had net losses for all periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be antidilutive. As of December 31, 2022 and 2021, an aggregate of 2,068,252 1,587,759 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 9 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOPMENT EXPENSES | 3. RESEARCH AND DEVELOPMENT EXPENSES Our research and development costs are expensed as incurred. We incurred research and development expenses during the three and nine month periods ended December 31, 2022 and 2021, which are included in various operating expense line items in the accompanying condensed consolidated statements of operations. Our research and development expenses in those periods were as follows: Research and Development expenses December 31, December 31, 2022 2021 Three months ended $ 558,223 $ 354,571 Nine months ended $ 2,129,376 $ 1,403,891 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 4. RECENT ACCOUNTING PRONOUNCEMENTS None. |
EQUITY TRANSACTIONS IN THE NINE
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2022 | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2022 | 5. EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2022 2022 At The Market Offering Agreement with H.C. Wainwright & Co., LLC On March 24, 2022, we entered into an At The Market Offering Agreement, or the 2022 ATM Agreement, with H.C. Wainwright & Co., LLC, or Wainwright, which established an at-the-market equity program pursuant to which we may offer and sell shares of our common stock from time to time as set forth in the 2022 ATM Agreement. The offering was registered under the Securities Act of 1933, as amended, or the Securities Act, pursuant to our shelf registration statement on S-3 (Registration Statement No. 333-259909), as previously filed with the SEC and declared effective on October 21, 2021. We filed a prospectus supplement, dated March 24, 2022, with the SEC that provides for the sale of shares of our common stock having an aggregate offering price of up to $15,000,000, or the 2022 ATM Shares. Under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market, or on any other existing trading market for the 2022 ATM Shares. In addition, under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares in privately negotiated transactions with our consent and in block transactions. Under certain circumstances, we may instruct Wainwright not to sell the 2022 ATM Shares if the sales cannot be effected at or above the price designated by us from time to time. We are not obligated to make any sales of the 2022 ATM Shares under the 2022 ATM Agreement. The offering of the 2022 ATM Shares pursuant to the 2022 ATM Agreement will terminate upon the termination of the 2022 ATM Agreement by Wainwright or us, as permitted therein. The 2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary indemnification and contribution rights and obligations of the parties. We agreed to pay Wainwright a placement fee of up to 3.0% of the aggregate gross proceeds from each sale of the 2022 ATM Shares. We also agreed to reimburse Wainwright for certain specified expenses in connection with entering into the 2022 ATM Agreement. In the nine months ended December 31, 2022, we raised net proceeds of $ 8,927,211 229,610 27,153 7,480,836 Restricted Stock Unit Grants The Compensation Committee of the Board of Directors of the Company approved, effective as of April 1, 2022, pursuant to the terms of the Company’s Amended and Restated Non-Employee Directors Compensation Policy, or the Directors Compensation Policy, the grant of the annual Restricted Stock Unit awards, or RSUs, to each of the two non-employee directors of the Company then serving on the Board of Directors of the Company, or Board, and the grant of an RSU for the then newly appointed director. The RSU grants were made subject to stockholder approval of an increase of 1,800,000 34,247 51,370 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS During the three months ended December 31, 2022, we accrued unpaid fees of $ 57,000 Due to related parties December 31, March 31, Accrued Board fees $ 57,000 $ 55,750 Accrued vacation to all employees 133,397 99,992 Total due to related parties $ 190,397 $ 155,742 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 9 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | 7. OTHER CURRENT LIABILITIES Other current liabilities were comprised of the following items: Other Current Liabilities December 31, March 31, 2022 2022 Accrued professional fees $ 1,180,312 $ 696,893 Total other current liabilities $ 1,180,312 $ 696,893 |
STOCK COMPENSATION
STOCK COMPENSATION | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCK COMPENSATION | 8. STOCK COMPENSATION The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three and nine month periods ended December 31, 2022 and 2021: Schedule of share-based compensation expense Three Months Three Months Nine Months Nine Months Vesting of stock options and restricted stock units $ 262,613 $ 201,019 $ 791,588 $ 522,234 Total stock-based compensation expense $ 262,613 $ 201,019 $ 791,588 $ 522,234 Weighted average number of common shares outstanding – basic and diluted 22,946,483 15,397,418 19,741,451 14,543,787 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.04 ) All of the stock-based compensation expense recorded during the nine months ended December 31, 2022 and 2021, an aggregate of $ 791,588 522,234 We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the nine months ended December 31, 2022 was insignificant. Stock Option Activity During the nine months ended December 31, 2022, we recognized a stock option grant made in the fiscal year ended March 31, 2022 to purchase 61,600 During the nine months ended December 31, 2021, we issued a stock option grant to Charles J. Fisher, Jr., MD, our Chief Executive Officer, or CEO, for the purchase of 266,888 Stock options outstanding that have vested as of December 31, 2022 and stock options that are expected to vest subsequent to December 31, 2022 are as follows: Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 501,985 $ 2.83 7.83 Expected to vest 1,201,848 $ 2.03 8.21 Total 1,703,833 A summary of stock option activity during the nine months ended December 31, 2022 is presented below: Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2022 1,665,948 $ 1.28 - 142.50 $ 2.31 Exercised – $ – $ – Granted 61,600 $ 1.21 $ 1.21 Cancelled/Expired (23,715 ) $ 1.41 - 57 $ 2.85 Stock options outstanding at December 31, 2022 1,703,833 $ 1.21 - 142.50 $ 2.26 Stock options exercisable at December 31, 2022 501,985 $ 1.28 - 142.50 $ 2.83 On December 31, 2022, our outstanding stock options had no intrinsic value since the closing share price on that date of $ 0.28 At December 31, 2022, there was approximately $ 2,151,000 2.51 |
WARRANTS
WARRANTS | 9 Months Ended |
Dec. 31, 2022 | |
Warrants | |
WARRANTS | 9. WARRANTS During the nine months ended December 31, 2022 and 2021, we did not issue any warrants. A summary of warrant activity during the nine months ended December 31, 2022 is presented below: Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Exercised – $ – $ – Cancelled/Expired (249,985 ) $ 20.63 – 59.25 $ 23.24 Warrants outstanding at December 31, 2022 326,753 $ 1.50 – 2.75 $ 2.01 Warrants exercisable at December 31, 2022 326,753 $ 1.50 – 2.75 $ 2.01 |
GOVERNMENT CONTRACTS AND RELATE
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 9 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 10. GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION We entered into the following contract with the National Cancer Institute, or NCI, part of the National Institutes of Health, or NIH, in September 2019: Phase 2 Melanoma Cancer Contract On September 12, 2019, the NCI awarded to us an SBIR Phase II Award Contract, for NIH/NCI Topic 359, entitled “A Device Prototype for Isolation of Melanoma Exosomes for Diagnostics and Treatment Monitoring”, or the Award Contract. The Award Contract amount is $ 1,860,561 The work performed pursuant to this Award Contract was focused on melanoma exosomes. This work followed from our completion of a Phase I contract for the Topic 359 solicitation that ran from September 2017 through June 2018, as described below. Following on the Phase I work, the deliverables in the Phase II program involved the design and testing of a pre-commercial prototype of a more advanced version of the exosome isolation platform. We did not record government contract revenue on the Phase 2 Melanoma Cancer Contract in the three and nine month periods ended December 31, 2022. We recorded $ 114,849 229,698 The contract ended on September 15, 2022 and we presented the required final report to the NCI. Once the NCI completes the close out review of the contract, we expect to recognize as revenue the $ 574,245 Subaward with University of Pittsburgh In December 2020, we entered into a cost reimbursable subaward arrangement with the University of Pittsburgh in connection with an NIH contract entitled “Depleting Exosomes to Improve Responses to Immune Therapy in HNNCC.” Our share of the award was $ 256,750 17,117 51,351 In October 2022, we agreed with the University of Pittsburgh to terminate the subaward arrangement, effective as of November 10, 2022, since it related to our clinical trial in head and neck cancer in which the University of Pittsburgh was unable to recruit patients. There are no provisions in the subaward arrangement requiring repayment of cash received for work completed through November 10, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES LEASE COMMITMENTS Office, Lab and Manufacturing Space Leases In December 2020, we entered into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121 and 11575 Sorrento Valley Road, Suite 200, San Diego, California 92121, respectively. The agreement carries a term of 63 months and we took possession of the office space effective October 1, 2021. We took possession of the lab space effective January 1, 2022. In October 2021, we entered into another lease for (i) approximately 22,260 square feet of space located at 11588 Sorrento Valley Road, San Diego, California 92121, or the Building, and (ii) 2,655 square feet of space located in the Building and commonly known as Suite 18 to house our manufacturing operations. The term is for 55 months and we took possession of the manufacturing space in August 2022. During the nine months ended December 31, 2022, we recorded a $ 625,471 55 4.25 12,540 The office, lab and manufacturing leases are coterminous with a remaining term of 54 4.25 As of our December 31, 2022 balance sheet, we have a right-of-use lease asset of $ 1,217,458 In addition, the lease agreements for the new office, lab and manufacturing space required us to post a standby L/C in favor of the landlord in the aggregate amount of $ 87,506 46,726 40,780 87,506 Mobile Clean Room In addition, we rented a mobile clean room on a short term, month-to-month basis, where we housed our manufacturing operations until our permanent manufacturing space was completed. The mobile clean room was located on leased land near our office and lab and we paid $2,000 per month for the right to locate it there. We paid approximately $ 167,615 Overall, our rent expense, which is included in general and administrative expenses, approximated $ 411,000 288,000 LEGAL MATTERS From time to time, claims are made against us in the ordinary course of business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur, such as monetary damages, fines, penalties or injunctions prohibiting us from selling one or more products or engaging in other activities. The occurrence of an unfavorable outcome in any specific period could have a material adverse effect on our results of operations for that period or future periods. We are not presently a party to any pending or threatened legal proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS Management has evaluated events subsequent to December 31, 2022 through the date that the accompanying condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements. In January 2023, we entered into an agreement with North American Science Associates, LLC, or NAMSA, a world leading MedTech CRO offering global end-to-end development services, to oversee the Company’s clinical trials investigating the Hemopurifier for oncology indications. Pursuant to the agreement, NAMSA will manage our clinical trials of the Hemopurifier for patients in the United States and Australia with various types of cancer tumors. We anticipate that the initial clinical trials will begin in Australia. In February 2023, we entered into an executive employment agreement with a new Chief Scientific Officer, Dr. Lee Arnold, effective February 1, 2023. Dr. Arnold initially will serve as our Chief Scientific Offer on a part-time, three days per week basis. Previously, Dr. LaRosa served as interim Chief Scientific Officer, as well as our Chief Medical Officer. Dr. LaRosa will continue as our Chief Medical Officer. |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Policies) | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2022. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its wholly owned subsidiary, Aethlon Medical Australia Pty Ltd, as well as its previously majority-owned subsidiary, ESI, which dissolved in September 2022. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the nine months ended December 31, 2022, and the condensed consolidated statement of cash flows for the nine months ended December 31, 2022. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2022 has been derived from the audited consolidated balance sheet at March 31, 2022, contained in the above referenced 10-K. The results of operations for the nine months ended December 31, 2022 are not necessarily indicative of the results to be expected for the full year or any future interim periods. |
Reclassifications | Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. |
LIQUIDITY AND GOING CONCERN | LIQUIDITY AND GOING CONCERN Management expects existing cash as of December 31, 2022 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. |
Restricted Cash | Restricted Cash To comply with the terms of our laboratory and office lease and our lease for our manufacturing space, see Note 11, we caused our bank to issue two standby letters of credit, or L/Cs, in the aggregate amount of $ 87,506 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Research and Development expenses | Research and Development expenses December 31, December 31, 2022 2021 Three months ended $ 558,223 $ 354,571 Nine months ended $ 2,129,376 $ 1,403,891 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Due to related parties | Due to related parties December 31, March 31, Accrued Board fees $ 57,000 $ 55,750 Accrued vacation to all employees 133,397 99,992 Total due to related parties $ 190,397 $ 155,742 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities December 31, March 31, 2022 2022 Accrued professional fees $ 1,180,312 $ 696,893 Total other current liabilities $ 1,180,312 $ 696,893 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of share-based compensation expense | Schedule of share-based compensation expense Three Months Three Months Nine Months Nine Months Vesting of stock options and restricted stock units $ 262,613 $ 201,019 $ 791,588 $ 522,234 Total stock-based compensation expense $ 262,613 $ 201,019 $ 791,588 $ 522,234 Weighted average number of common shares outstanding – basic and diluted 22,946,483 15,397,418 19,741,451 14,543,787 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.04 ) |
Options outstanding that have vested and are expected to vest | Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 501,985 $ 2.83 7.83 Expected to vest 1,201,848 $ 2.03 8.21 Total 1,703,833 |
Schedule of stock option activity | Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2022 1,665,948 $ 1.28 - 142.50 $ 2.31 Exercised – $ – $ – Granted 61,600 $ 1.21 $ 1.21 Cancelled/Expired (23,715 ) $ 1.41 - 57 $ 2.85 Stock options outstanding at December 31, 2022 1,703,833 $ 1.21 - 142.50 $ 2.26 Stock options exercisable at December 31, 2022 501,985 $ 1.28 - 142.50 $ 2.83 |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Warrants | |
Schedule of Warrant Activity | Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Exercised – $ – $ – Cancelled/Expired (249,985 ) $ 20.63 – 59.25 $ 23.24 Warrants outstanding at December 31, 2022 326,753 $ 1.50 – 2.75 $ 2.01 Warrants exercisable at December 31, 2022 326,753 $ 1.50 – 2.75 $ 2.01 |
NATURE OF BUSINESS AND BASIS _3
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Details Narrative) | Dec. 31, 2022 USD ($) |
Restricted Cash [Member] | |
Security deposit | $ 87,506 |
LOSS PER COMMON SHARE (Details
LOSS PER COMMON SHARE (Details Narrative) - shares | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 2,068,252 | 1,587,759 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development [Abstract] | ||||
Research and development expense | $ 558,223 | $ 354,571 | $ 2,129,376 | $ 1,403,891 |
EQUITY TRANSACTIONS IN THE NI_2
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2022 (Details Narrative) | 9 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Restricted Stock Units (RSUs) [Member] | |
Securities Financing Transaction [Line Items] | |
Number of shares authorized | 1,800,000 |
Eligible Directors Each [Member] | Restricted Stock Units (RSUs) [Member] | |
Securities Financing Transaction [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,247 |
Newly Appointed Director [Member] | Restricted Stock Units (RSUs) [Member] | |
Securities Financing Transaction [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,370 |
Offering Agreement [Member] | |
Securities Financing Transaction [Line Items] | |
Proceeds from issuance of equity | $ | $ 8,927,211 |
Stock issued new, shares issued | 7,480,836 |
Offering Agreement [Member] | Other Offering Expense [Member] | |
Securities Financing Transaction [Line Items] | |
Payment of stock issuance costs | $ | $ 27,153 |
Offering Agreement [Member] | Hc Wainwright [Member] | |
Securities Financing Transaction [Line Items] | |
Payment of commissions | $ | $ 229,610 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 190,397 | $ 155,742 |
Accrued Board Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 57,000 | 55,750 |
Accrued Vacation [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 133,397 | $ 99,992 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2022 USD ($) |
Related Party Transactions [Abstract] | |
Accrued director fees | $ 57,000 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Accrued professional fees | $ 1,180,312 | $ 696,893 |
Total other current liabilities | $ 1,180,312 | $ 696,893 |
STOCK COMPENSATION (Details - S
STOCK COMPENSATION (Details - Stock compensation) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Offsetting Assets [Line Items] | ||||
Vesting of stock options and restricted stock units | $ 262,613 | $ 201,019 | $ 791,588 | $ 522,234 |
Total stock-based compensation expense | $ 262,613 | $ 201,019 | $ 791,588 | $ 522,234 |
Weighted Average Number of Shares Outstanding, Basic | 22,946,483 | 15,397,418 | 19,741,451 | 14,543,787 |
Weighted Average Number of Shares Outstanding, Diluted | 22,946,483 | 15,397,418 | 19,741,451 | 14,543,787 |
Earnings Per Share, Basic | $ (0.12) | $ (0.16) | $ (0.48) | $ (0.46) |
Earnings Per Share, Diluted | (0.12) | (0.16) | (0.48) | (0.46) |
Stock Based Compensation [Member] | ||||
Offsetting Assets [Line Items] | ||||
Earnings Per Share, Basic | (0.01) | (0.01) | (0.04) | (0.04) |
Earnings Per Share, Diluted | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.04) |
STOCK COMPENSATION (Details - O
STOCK COMPENSATION (Details - Options vested and expected to vest) - Equity Option [Member] | 9 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options vested | 501,985 |
Weighted average exercise price options vested | $ / shares | $ 2.83 |
Weighted average remaining contractual term options vested | 7 years 9 months 29 days |
Options expected to vest | 1,201,848 |
Weighted average exercise price options expected to vest | $ / shares | $ 2.03 |
Weighted average remaining contractual term options expected to vest | 8 years 2 months 15 days |
Total options outstanding | 1,703,833 |
STOCK COMPENSATION (Details -_2
STOCK COMPENSATION (Details - Option activity) - Options Held [Member] | 9 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock options Outstanding, beginning balance | shares | 1,665,948 |
Range of exercise prices, Option beginning | 1.28 - 142.50 |
Outstanding, Weighted Average Exercise Price, beginning price | $ / shares | $ 2.31 |
Stock options exercised | shares | 0 |
Exercised, Weighted Average Exercise Price | $ / shares | $ 0 |
Stock options granted | shares | 61,600 |
Range of exercise prices, Option Granted | 1.21 |
Granted, Weighted Average Exercise Price | $ / shares | $ 1.21 |
Stock options cancelled/forfeited | shares | (23,715) |
Range of exercise prices, Option cancelled/expired | 1.41 - 57 |
Cancelled/Forfeited, Weighted Average Exercise Price | $ / shares | $ 2.85 |
Stock options outstanding, ending balance | shares | 1,703,833 |
Range of exercise prices, Option ending | 1.21 - 142.50 |
Outstanding Weighted Average Exercise Price, ending price | $ / shares | $ 2.26 |
Stock options exercisable | shares | 501,985 |
Range of exercise prices, Option exercisable | 1.28 - 142.50 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 2.83 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock based compensation | $ 262,613 | $ 201,019 | $ 791,588 | $ 522,234 | |
Unrecognized compensation costs | $ 2,151,000 | $ 2,151,000 | |||
Unrecognized compensation cost amortization period | 2 years 6 months 3 days | ||||
Options Held [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share price | $ 0.28 | $ 0.28 | |||
Equity 2020 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Options granted | 61,600 | ||||
Equity 2020 Plan [Member] | C E O [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Options granted | 266,888 |
WARRANTS (Details)
WARRANTS (Details) - Warrant [Member] | 9 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants Outstanding, Beginning | shares | 576,738 |
Range of Exercise Price Outstanding, Beginning | 1.50 – 59.25 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 11.21 |
Number of Warrants Exercised | shares | 0 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 0 |
Number of Warrants Cancelled/Expired | shares | (249,985) |
Range of Exercise Price Cancelled Expired | 20.63 – 59.25 |
Weighted Average Exercise Price Cancelled/Expired | $ / shares | $ 23.24 |
Number of Warrants Outstanding, Ending | shares | 326,753 |
Range of Exercise Price Outstanding, Ending | 1.50 – 2.75 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 2.01 |
Number of Warrants Exercisable, Ending | shares | 326,753 |
Range of Exercise Price Exercisable | 1.50 – 2.75 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 2.01 |
GOVERNMENT CONTRACTS AND RELA_2
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 36 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2021 | Sep. 15, 2022 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Deferred revenue | $ 574,245 | $ 344,547 | ||||
Melanoma Cancer Contract Phase 2 [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Award Contract amount | $ 1,860,561 | |||||
Contract revenue | $ 114,849 | $ 229,698 | ||||
Subaward With University Of Pittsburgh [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Award Contract amount | $ 256,750 | |||||
Revenue | $ 17,117 | $ 51,351 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Right of use lease asset | $ 1,217,458 | $ 696,698 | ||
Restricted cash | 87,506 | $ 87,506 | 87,506 | |
Rent expense | 411,000 | $ 288,000 | ||
Manufacturing Space [Member] | ||||
Right of use lease asset | 625,471 | |||
Operating Lease, Liability | $ 625,471 | |||
Lease term | 55 months | |||
Borrowing rate | 4.25% | |||
Payments for rent | $ 12,540 | |||
Line of credit | $ 40,780 | |||
Office Lab And Manufacturing Leases [Member] | ||||
Lease term | 54 months | |||
Borrowing rate | 4.25% | |||
New Office And Lab Space [Member] | ||||
Line of credit | $ 87,506 | $ 46,726 | ||
Mobile Clean Room [Member] | ||||
Rent expense | $ 167,615 |