Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001411685 | |
Entity Registrant Name | VistaGen Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37761 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-5093315 | |
Entity Address, Address Line One | 343 Allerton Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 577-3600 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | VTGN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,362,444 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 9,622,300 | $ 16,637,600 |
Prepaid expenses and other current assets | 1,889,400 | 802,700 |
Deferred contract acquisition costs - current portion | 67,100 | 67,100 |
Total current assets | 11,578,800 | 17,507,400 |
Property and equipment, net | 475,800 | 507,300 |
Right-of-use asset – operating lease | 2,153,800 | 2,260,300 |
Deferred offering costs | 522,100 | 495,700 |
Deferred contract acquisition costs - non-current portion | 200,900 | 217,600 |
Security deposits | 100,900 | 100,900 |
Total assets | 15,032,300 | 21,089,200 |
Current liabilities: | ||
Accounts payable | 1,623,200 | 2,473,100 |
Accrued expenses | 424,700 | 787,400 |
Deferred revenue - current portion | 714,300 | 714,300 |
Operating lease obligation - current portion | 501,100 | 485,600 |
Financing lease obligation - current portion | 1,700 | 1,700 |
Total current liabilities | 4,049,200 | 4,567,400 |
Non-current liabilities: | ||
Deferred revenue - non-current portion | 2,137,000 | 2,314,600 |
Operating lease obligation - non-current portion | 1,990,100 | 2,119,800 |
Financing lease obligation - non-current portion | 7,000 | 7,400 |
Total non-current liabilities | 4,134,100 | 4,441,800 |
Total liabilities | 8,183,300 | 9,009,200 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2023 and March 31, 2023: no shares outstanding at June 30, 2023 and March 31, 2023 | 0 | 0 |
Common stock, $0.001 par value; 325,000,000 shares authorized at June 30, 2023 and March 31, 2023; 7,879,673 and 7,315,583 shares issued at June 30, 2023 and March 31, 2023, respectively | 7,900 | 7,300 |
Additional paid-in capital | 344,564,000 | 342,892,500 |
Treasury stock, at cost, 4,522 shares of common stock held at June 30, 2023 and March 31, 2023 | (3,968,100) | (3,968,100) |
Accumulated deficit | (333,754,800) | (326,851,700) |
Total stockholders’ equity | 6,849,000 | 12,080,000 |
Total liabilities and stockholders’ equity | 15,032,300 | 21,089,200 |
Collaborative Arrangement [Member] | ||
Current liabilities: | ||
Note payable | $ 784,200 | $ 105,300 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 325,000,000 | 325,000,000 |
Common Stock, Shares Issued (in shares) | 7,879,673 | 7,315,583 |
Treasury stock, shares (in shares) | 4,522 | 4,522 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue, derecognized | $ 177,600 | |
Revenue | $ 310,100 | |
Operating expenses: | ||
Research and development | 4,197,200 | 15,291,400 |
General and administrative | 2,978,200 | 4,791,800 |
Total operating expenses | 7,175,400 | 20,083,200 |
Loss from operations | (6,997,800) | (19,773,100) |
Other income, net: | ||
Interest income, net | 97,200 | 2,300 |
Loss before income taxes | (6,900,600) | (19,770,800) |
Income taxes | (2,500) | (5,500) |
Net loss and comprehensive loss | $ (6,903,100) | $ (19,776,300) |
Basic and diluted net loss (in dollars per share) | $ (0.94) | $ (2.87) |
Weighted average shares used in computing basic and diluted net loss (in shares) | 7,377,005 | 6,886,736 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (6,903,100) | $ (19,776,300) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 31,500 | 32,300 |
Stock-based compensation | 569,100 | 956,900 |
Amortization of operating lease right-of-use asset | 106,500 | 97,000 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (207,200) | 1,100,800 |
Operating lease liability | (114,200) | (104,900) |
Accounts payable and accrued expenses | (1,212,600) | 2,006,900 |
Net cash used in operating activities | (7,890,900) | (15,968,300) |
Cash flows from investing activities: | ||
Purchases of laboratory and other equipment | 0 | (175,100) |
Net cash used in investing activities | 0 | (175,100) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock, including option exercises | 0 | 104,500 |
Repayment of financing lease obligations | (400) | (300) |
Repayment of note payable | (200,500) | (101,900) |
Net cash provided by (used in) financing activities | 875,600 | (5,500) |
Net decrease in cash and cash equivalents | (7,015,300) | (16,148,900) |
Cash and cash equivalents at beginning of period | 16,637,600 | 68,135,300 |
Cash and cash equivalents at end of period | 9,622,300 | 51,986,400 |
Supplemental disclosure of noncash activities: | ||
Insurance premiums settled by issuing note payable | 879,500 | 1,139,700 |
Acquisition of office equipment subject to financing lease | 0 | 10,600 |
ATM Facility [Member] | ||
Cash flows from financing activities: | ||
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs | 1,072,300 | (59,400) |
Equity Line [Member] | ||
Cash flows from financing activities: | ||
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs | 4,200 | 51,600 |
License [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred sublicense revenue, net of deferred contract acquisition costs | $ (160,900) | $ (281,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Stockholders' Equity (unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Mar. 31, 2022 | 6,889,400 | ||||
Balances at Mar. 31, 2022 | $ 6,900 | $ 336,280,500 | $ (3,968,100) | $ (267,604,000) | $ 64,715,300 |
Share-based compensation expense | $ 0 | 956,900 | 0 | 0 | 956,900 |
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares) | 2,500 | ||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan | $ 0 | 56,100 | 0 | 0 | 56,100 |
Issuance of common stock upon exercise of options for cash (in shares) | 3,333 | ||||
Issuance of common stock upon exercise of options for cash | $ 0 | 100,000 | 0 | 0 | 100,000 |
Net loss | $ 0 | 0 | 0 | (19,776,300) | (19,776,300) |
Balances (in shares) at Jun. 30, 2022 | 6,895,233 | ||||
Balances at Jun. 30, 2022 | $ 6,900 | 337,393,500 | (3,968,100) | (287,380,300) | 46,052,000 |
Balances (in shares) at Mar. 31, 2023 | 7,315,583 | ||||
Balances at Mar. 31, 2023 | $ 7,300 | 342,892,500 | (3,968,100) | (326,851,700) | 12,080,000 |
Share-based compensation expense | $ 0 | 569,100 | 0 | 0 | 569,100 |
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares) | 2,672 | ||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan | $ 0 | 4,200 | 0 | 0 | 4,200 |
Net loss | $ 0 | 0 | 0 | (6,903,100) | (6,903,100) |
Issuance of common stock upon ATM purchase (in shares) | 561,418 | ||||
Issuance of common stock upon ATM purchase | $ 600 | 1,098,200 | 0 | 0 | 1,098,800 |
Balances (in shares) at Jun. 30, 2023 | 7,879,673 | ||||
Balances at Jun. 30, 2023 | $ 7,900 | $ 344,564,000 | $ (3,968,100) | $ (333,754,800) | $ 6,849,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Description of Business Vistagen Therapeutics, Inc., a Nevada corporation (which may Vistagen Company we our us CNS six five 101, NMDAR MOA 101 not Our goal is to develop and commercialize, on our own or with strategic partners, a broad range of innovative therapies for neuropsychiatric, neurological and neuroendocrine disorders where current treatment options are inadequate to meet the needs of millions of patients in the U.S. and worldwide. Our Product Candidates Pherine Product Candidates Five of our product candidates – fasedienol ( PH94B PH10 PH15, PH80 PH284 one PH15 PH80 PH284 Fasedienol Nasal Spray for Social Anxiety Disorder Fasedienol ( PH94B 3 SAD In August 2023, 2 3 SUDS two 3 3 LSAS Itruvone Nasal Spray for Major Depressive Disorder (MDD) Itruvone ( PH10 may June 2023, 1 no PH80 s Health Disorders and Migraine PH80 PH80 PMDD IND 2B PH80 PH15 PH15 PH15 PH15 PH284 PH284 PH15 AV- 101 AV- 101 4 101 2A 101, one Subsidiaries Our wholly-owned subsidiaries consist of Pherin Pharmaceuticals, Inc, a Delaware corporation ( Pherin 1998 Vistastem 10 Report Artemis April 2022, VistaStem Canada June 2022. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Going Concern | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. Basis of Presentation and Going Concern The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP 10 8 03 X. not March 31, 2023 not three June 30, 2023 not March 31, 2024, The accompanying unaudited Condensed Consolidated Financial Statements and notes to the Condensed Consolidated Financial Statements contained in this Report should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2023 10 SEC June 28, 2023 ( Form 10 On June 6, 2023, one thirty 1 Reverse Stock Split 2022 October 28, 2022, Board one one June 7, 2023. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming we will continue as a going concern. As a clinical-stage biopharmaceutical company having not May 1998) June 30, 2023. 101 Since our inception in May 1998 June 30, 2023, Liquidity, Capital Resources and Going Concern We did not 2023. June 30, 2023, SM Sales Agreement) ATM 12, Subsequent Events June 30, 2023, 2023 2023 We had cash and cash equivalents of approximately $9.6 million at June 30, 2023, not twelve June 30, 2023, 3 2B not During the next twelve 3 3 3 2B 2B PH80 2A PH15 PH284 2A 101 one When necessary and advantageous, we will seek additional financial resources to fund our planned operations through (i) sales of our equity and/or debt securities in one no 3 S- 3 one may 3 not Our future working capital requirements will depend on many factors, including, without limitation, potential impacts related to adjustments in the size of our staff, the scope and nature of opportunities related to our success or failure and the success or failure of certain other companies in nonclinical and clinical trials, including the development and commercialization of our current product candidates, and the availability of, and our ability to enter into financing transactions and research, development and commercialization collaborations on terms acceptable to us. In the future, to further advance the clinical development of our product candidates, as well as support our operating activities, we plan to seek additional financing, including both equity-based capital and funding from non-dilutive sources, and continue to carefully manage our operating costs, including, but not Notwithstanding the foregoing, there can be no |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three Revenue Recognition In June 2020, AffaMed AffaMed Agreement June 30, 2023 2022. August 2020, Under Accounting Standards Codification ( ASC 606, Revenue from Contracts with Customers (ASC 606 606, five five Once a contract is determined to be within the scope of ASC 606, may We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, not The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP not may If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not one We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of fasedienol. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Revenue related to performance obligation satisfied over time could be materially impacted as a result of changes in the estimated time or effort necessary to satisfy the performance obligation. The difference between revenue recognized to date and the consideration invoiced or received to date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). As described more completely in Note 11, Sublicensing and Collaborative Agreements 1 September 30, 2022, 606, June 30, 2023, three June 30, 2023: Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Revenue - current portion $ 714,300 $ - $ - $ 714,300 Deferred Revenue - non-current portion 2,314,600 - (177,600 ) 2,137,000 Total $ 3,028,900 $ - $ (177,600 ) $ 2,851,300 During the three June 30, 2022, September 30, 2022 Contract Acquisition Costs During the quarter ended September 30, 2020, June 24, 2020, September 2022, June 30, 2023, The following table summarizes our contract acquisition costs for the three June 30, 2023: Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Contract Acquisition Costs - current portion $ 67,100 $ - $ - $ 67,100 Deferred Contract Acquisition Costs - non-current portion 217,600 - (16,700 ) 200,900 Total $ 284,700 $ - $ (16,700 ) $ 268,000 During the three June 30, 2022, September 30, 2022 Research and Development Expense Research and development expense is composed of both internal and external costs. Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expense consists primarily of costs associated with clinical and nonclinical development of fasedienol, itruvone, AV- 101. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if, at acquisition, the product or technology licensed has not no February 2023 ( Pherin Acquisition three fourth 2023. Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees, independent directors and non-employee consultants based on the grant date fair value of the award. We record stock-based compensation expense over the period during which the employee or other grantee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have not The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended June 30, 2023 2022 Research and development expense $ 309,400 $ 329,600 General and administrative expense 259,700 627,300 Total stock-based compensation expense $ 569,100 $ 956,900 Expense amounts reported above include $2,100 and $15,900 in research and development expense for the three June 30, 2023 2022, three June 30, 2023 2022, 2019 ESPP During the three June 30, 2023, 2019 2019 30 five June 2023 Assumption: Weighted Average Market price per share at grant date $ 1.70 Exercise price per share $ 1.70 Risk-free interest rate 4.41 % Expected term in years 2.53 Volatility 128.95 % Dividend rate 0.0 % Shares 10,000 Fair Value per share $ 1.21 During the three June 30, 2023, 2019 June 30, 2023, 2016 2016 2019 2019 2016 Leases, Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update ( ASU No. 2016 02, Leases (Topic 842 ASU 2016 02 2016 02 Right-of-use assets not may Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, 842 Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may Comprehensive Loss We have no Loss per Common Share Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is generally computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. As a result of our net loss for both periods presented, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss per share at June 30, 2023 2022 At June 30, At June 30, 2023 2022 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 712,555 657,613 Outstanding warrants to purchase common stock 45,686 309,195 Total 758,241 966,808 Fair Value Measurements We do not June 30, 2023 March 31, 2023, 1 June 30, 2023 March 31, 2023. Warrants Issued in Connection with Equity Financing We evaluate the appropriate balance sheet classification of warrants we issue as either equity or as a derivative liability. In accordance with ASC 815 40, Derivatives and Hedging-Contracts in the Entity s Own Equity ASC 815 40 not not 480, Distinguishing Liabilities from Equity, 815 40, June 30, 2023 March 31, 2023, Recently Adopted Accounting Standards In June 2016, FASB ASU 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 CECL 326 20 326 30 2016 13 April 1, 2023. 2016 13 not Recent Accounting Pronouncements We believe the following recent accounting pronouncement is of significance or potential significance to the Company. In August 2020, FASB 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity ASU 2020 06 The guidance in ASU 2020 06 470 20, Debt: Debt with Conversion and Other Options 470 20 not In addition, the amendments revise the scope exception from derivative accounting in ASC 815 40 not The amendments in ASU 2020 06 260, Earnings Per Share EPS may The amendments in ASU 2020 06 April 1, 2024. not 2020 06 Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not not |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets Disclosure [Text Block] | Note 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are composed of the following: June 30, March 31, 2023 2023 Clinical and nonclinical materials and contract services $ 179,000 $ 166,700 Insurance 1,044,000 206,000 Receivable for insurance claim 380,000 - Receivable from collaboration partner 100,000 274,700 Software licenses and all other 186,400 155,300 $ 1,889,400 $ 802,700 The amounts reported as receivable from collaboration partner at June 30, 2023 March 31, 2023 May 2023. July 2023. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and equipment, net is composed of the following: June 30, March 31, 2023 2023 Laboratory equipment $ 1,234,800 $ 1,234,800 Tenant improvements 214,400 214,400 Office furniture and equipment 40,300 40,300 Manufacturing equipment 211,200 211,200 1,700,700 1,700,700 Accumulated depreciation and amortization (1,224,900 ) (1,193,400 ) Property and equipment, net $ 475,800 $ 507,300 We recorded depreciation and amortization expense of $31,500 and $32,300 for the three June 30, 2023 2022, June 30, March 31, 2023 2023 Office equipment subject to financing lease $ 10,600 $ 10,600 Accumulated depreciation (2,500 ) (2,000 ) Net book value of office equipment subject to financing lease $ 8,100 $ 8,600 The office equipment lease commenced in April 2022 June 2027. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 6. Accrued Expenses Accrued expenses are composed of the following: June 30, March 31, 2023 2023 Accrued expenses for clinical and nonclinical materials, development and contract services $ 364,700 $ 412,100 Accrued compensation 17,300 337,200 Accrued professional services 32,700 38,100 All other 10,000 - $ 424,700 $ 787,400 In both periods, accrued expenses for clinical and nonclinical services includes accrued clinical trial expenses and other amounts accrued for contract manufacturing and product development services. Accrued compensation at March 31, 2023 June 2023. |
Note 7 - Note Payable
Note 7 - Note Payable | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. The following table summarizes our outstanding note payable at June 30, 2023 March 31, 2023: June 30, 2023 March 31, 2023 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total Note payable to insurance premium financing company (current) $ 784,200 $ - $ 784,200 $ 105,300 $ - $ 105,300 In May 2022, 3.88% April 2023. May 2023, February 2024. |
Note 8 - Capital Stock
Note 8 - Capital Stock | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 8. Capital Stock Reverse Split of Common Stock On June 6, 2023, one thirty 1 ATM Agreement In May 2021, Jefferies may, June 2023, not 2023. 12, Subsequent Events June 30, 2023. We record transactions under the Sales Agreement on a settlement date basis. All legal fees and accounting expenses incurred in connection with the Sales Agreement are recorded as deferred offering costs and are amortized to additional paid-in capital as costs of the offering as sales of Shares are made under the Sales Agreement. Between execution of the Sales Agreement in May 2021 March 31, 2023, three June 30, 2023, not Stock Option Exercises and Employee Stock Purchase Plan Purchases There were no stock option exercises during the quarter ended June 30, 2023. June 30, 2022, June 30, 2023, June 30, 2022, Warrant Exercises and Expirations There were no warrant exercises or expirations during the quarters ended June 30, 2023 2022. Warrants Outstanding The following table summarizes warrants outstanding and exercisable as of June 30, 2023. June 30, 2023 Exercise Warrants Outstanding Price Expiration and Exercisable at per Share Date June 30, 2023 $ 15.00 12/9/2024 33,334 $ 21.90 7/25/2025 12,352 45,686 In May 2020, 3 Warrant Registration Statement May 13, 2020. No |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9. Related Party Transactions During the fourth 2022, December 2023. June 30, 2023 2022, June 30, 2023 June 30, 2022. On November 11, 2022, i3 March 31, 2024, i3 March 31, 2023. June 30, 2023, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. We lease our headquarters office and laboratory space in South San Francisco, California, under the terms of a lease that was set to expire on July 31, 2022, five August 2022 July 2027 842. October 14, 2021, Lease Amendment August 1, 2022 July 31, 2027 five five August 1, 2027. ASC 842 April 1, 2019, not 842. The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheets: As of June 30, 2023 As of March 31, 2023 Assets Right-of-use asset – operating lease $ 2,153,800 $ 2,260,300 Liabilities Current operating lease obligation $ 501,100 $ 485,600 Non-current operating lease obligation 1,990,100 2,119,800 Total operating lease liability $ 2,491,200 $ 2,605,400 The following table summarizes the effect of operating lease costs our Condensed Consolidated Statements of Operations: For the Three Months Ended June 30, 2023 2022 Operating lease cost $ 215,300 $ 197,200 The minimum (base rental) lease payments related to our South San Francisco operating lease are expected to be as follows: Fiscal Years Ending March 31, Amount 2024 $ 520,500 2025 710,200 2026 731,500 2027 753,500 2028 253,600 Total lease expense 2,969,300 Less imputed interest (478,100 ) Present value of operating lease liabilities $ 2,491,200 The remaining lease term, which does not five July 31, 2027, As of June 30, 2023 Assumed remaining lease term in years 4.08 Assumed discount rate 8.54% The interest rate implicit in lease contracts is typically not 842, Supplemental disclosure of cash flow information related to our operating lease included in cash flows used by operating activities in the Condensed Consolidated Statements of Cash Flows is as follows: For the Three Months Ended For the Three Months Ended June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 223,100 $ 205,000 During the three June 30, 2023, not We also lease a small office in the San Francisco Bay Area under a month-to-month arrangement at insignificant cost and have made an accounting policy election not 842 three June 30, 2023 2022, |
Note 11 - Sublicensing and Coll
Note 11 - Sublicensing and Collaborative Agreements | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 11. On June 24, 2020, Territory Under the terms of the AffaMed Agreement, AffaMed is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing fasedienol for treatment of SAD, and potentially other anxiety-related indications, in the Territory. A joint development committee has been established between us and AffaMed to coordinate and review the development and commercialization plans with respect to fasedienol in the Territory. We are responsible for pursuing clinical development and regulatory submissions of fasedienol for an as needed treatment of anxiety in adults with SAD, and potentially other anxiety-related indications, in the United States on a “best efforts” basis, with no 3 Under the terms of the AffaMed Agreement, AffaMed agreed to pay us a non-refundable upfront license payment of $5.0 million within 30 business days of the effective date of the AffaMed Agreement, and AffaMed paid the $5.0 million in August 2020. ten no may We have determined that we have one not Development and commercialization milestones were not We recognize revenue as the combined performance obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of fasedienol. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Significant management judgment is required to determine the level of effort attributable to the performance obligation included in the AffaMed Agreement and the period over which we expect to complete our performance obligation. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in subsequent reporting periods. This re-evaluation may 1 September 30, 2022, 2027 2024. not September 30, 2022, 3, Summary of Significant Accounting Policies September 30, 2022 June 30, 2023, June 30, 2023, Unless earlier terminated due to certain material breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis until the latest to occur of expiration of the last valid claim under a licensed patent of fasedienol in such jurisdiction, the expiration of regulatory exclusivity in such jurisdiction or ten first |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. Subsequent Events We have evaluated events subsequent to June 30, 2023 Sales of Common Stock under the Sales Agreement Since June 30, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three |
Revenue [Policy Text Block] | Revenue Recognition In June 2020, AffaMed AffaMed Agreement June 30, 2023 2022. August 2020, Under Accounting Standards Codification ( ASC 606, Revenue from Contracts with Customers (ASC 606 606, five five Once a contract is determined to be within the scope of ASC 606, may We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, not The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices ( SSP not may If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not one We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of fasedienol. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Revenue related to performance obligation satisfied over time could be materially impacted as a result of changes in the estimated time or effort necessary to satisfy the performance obligation. The difference between revenue recognized to date and the consideration invoiced or received to date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). As described more completely in Note 11, Sublicensing and Collaborative Agreements 1 September 30, 2022, 606, June 30, 2023, three June 30, 2023: Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Revenue - current portion $ 714,300 $ - $ - $ 714,300 Deferred Revenue - non-current portion 2,314,600 - (177,600 ) 2,137,000 Total $ 3,028,900 $ - $ (177,600 ) $ 2,851,300 During the three June 30, 2022, September 30, 2022 Contract Acquisition Costs During the quarter ended September 30, 2020, June 24, 2020, September 2022, June 30, 2023, The following table summarizes our contract acquisition costs for the three June 30, 2023: Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Contract Acquisition Costs - current portion $ 67,100 $ - $ - $ 67,100 Deferred Contract Acquisition Costs - non-current portion 217,600 - (16,700 ) 200,900 Total $ 284,700 $ - $ (16,700 ) $ 268,000 During the three June 30, 2022, September 30, 2022 |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Expense Research and development expense is composed of both internal and external costs. Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expense consists primarily of costs associated with clinical and nonclinical development of fasedienol, itruvone, AV- 101. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations ( CRO Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if, at acquisition, the product or technology licensed has not no February 2023 ( Pherin Acquisition three fourth 2023. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees, independent directors and non-employee consultants based on the grant date fair value of the award. We record stock-based compensation expense over the period during which the employee or other grantee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have not The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended June 30, 2023 2022 Research and development expense $ 309,400 $ 329,600 General and administrative expense 259,700 627,300 Total stock-based compensation expense $ 569,100 $ 956,900 Expense amounts reported above include $2,100 and $15,900 in research and development expense for the three June 30, 2023 2022, three June 30, 2023 2022, 2019 ESPP During the three June 30, 2023, 2019 2019 30 five June 2023 Assumption: Weighted Average Market price per share at grant date $ 1.70 Exercise price per share $ 1.70 Risk-free interest rate 4.41 % Expected term in years 2.53 Volatility 128.95 % Dividend rate 0.0 % Shares 10,000 Fair Value per share $ 1.21 During the three June 30, 2023, 2019 June 30, 2023, 2016 2016 2019 2019 2016 |
Lessee, Leases [Policy Text Block] | Leases, Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update ( ASU No. 2016 02, Leases (Topic 842 ASU 2016 02 2016 02 Right-of-use assets not may Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, 842 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss We have no |
Earnings Per Share, Policy [Policy Text Block] | Loss per Common Share Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is generally computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. As a result of our net loss for both periods presented, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss per share at June 30, 2023 2022 At June 30, At June 30, 2023 2022 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 712,555 657,613 Outstanding warrants to purchase common stock 45,686 309,195 Total 758,241 966,808 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We do not June 30, 2023 March 31, 2023, 1 June 30, 2023 March 31, 2023. |
Warrants Issued In Connection With Equity Financing [Policy Text Block] | Warrants Issued in Connection with Equity Financing We evaluate the appropriate balance sheet classification of warrants we issue as either equity or as a derivative liability. In accordance with ASC 815 40, Derivatives and Hedging-Contracts in the Entity s Own Equity ASC 815 40 not not 480, Distinguishing Liabilities from Equity, 815 40, June 30, 2023 March 31, 2023, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In June 2016, FASB ASU 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 CECL 326 20 326 30 2016 13 April 1, 2023. 2016 13 not Recent Accounting Pronouncements We believe the following recent accounting pronouncement is of significance or potential significance to the Company. In August 2020, FASB 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity ASU 2020 06 The guidance in ASU 2020 06 470 20, Debt: Debt with Conversion and Other Options 470 20 not In addition, the amendments revise the scope exception from derivative accounting in ASC 815 40 not The amendments in ASU 2020 06 260, Earnings Per Share EPS may The amendments in ASU 2020 06 April 1, 2024. not 2020 06 Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Revenue - current portion $ 714,300 $ - $ - $ 714,300 Deferred Revenue - non-current portion 2,314,600 - (177,600 ) 2,137,000 Total $ 3,028,900 $ - $ (177,600 ) $ 2,851,300 |
Capitalized Contract Cost [Table Text Block] | Balance at Balance at March 31, 2023 Additions Deductions June 30, 2023 Deferred Contract Acquisition Costs - current portion $ 67,100 $ - $ - $ 67,100 Deferred Contract Acquisition Costs - non-current portion 217,600 - (16,700 ) 200,900 Total $ 284,700 $ - $ (16,700 ) $ 268,000 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, 2023 2022 Research and development expense $ 309,400 $ 329,600 General and administrative expense 259,700 627,300 Total stock-based compensation expense $ 569,100 $ 956,900 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumption: Weighted Average Market price per share at grant date $ 1.70 Exercise price per share $ 1.70 Risk-free interest rate 4.41 % Expected term in years 2.53 Volatility 128.95 % Dividend rate 0.0 % Shares 10,000 Fair Value per share $ 1.21 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | At June 30, At June 30, 2023 2022 Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan 712,555 657,613 Outstanding warrants to purchase common stock 45,686 309,195 Total 758,241 966,808 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, March 31, 2023 2023 Clinical and nonclinical materials and contract services $ 179,000 $ 166,700 Insurance 1,044,000 206,000 Receivable for insurance claim 380,000 - Receivable from collaboration partner 100,000 274,700 Software licenses and all other 186,400 155,300 $ 1,889,400 $ 802,700 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, March 31, 2023 2023 Laboratory equipment $ 1,234,800 $ 1,234,800 Tenant improvements 214,400 214,400 Office furniture and equipment 40,300 40,300 Manufacturing equipment 211,200 211,200 1,700,700 1,700,700 Accumulated depreciation and amortization (1,224,900 ) (1,193,400 ) Property and equipment, net $ 475,800 $ 507,300 |
Schedule of Finance Leased Assets [Table Text Block] | June 30, March 31, 2023 2023 Office equipment subject to financing lease $ 10,600 $ 10,600 Accumulated depreciation (2,500 ) (2,000 ) Net book value of office equipment subject to financing lease $ 8,100 $ 8,600 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, March 31, 2023 2023 Accrued expenses for clinical and nonclinical materials, development and contract services $ 364,700 $ 412,100 Accrued compensation 17,300 337,200 Accrued professional services 32,700 38,100 All other 10,000 - $ 424,700 $ 787,400 |
Note 7 - Note Payable (Tables)
Note 7 - Note Payable (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2023 March 31, 2023 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total Note payable to insurance premium financing company (current) $ 784,200 $ - $ 784,200 $ 105,300 $ - $ 105,300 |
Note 8 - Capital Stock (Tables)
Note 8 - Capital Stock (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Exercise Warrants Outstanding Price Expiration and Exercisable at per Share Date June 30, 2023 $ 15.00 12/9/2024 33,334 $ 21.90 7/25/2025 12,352 45,686 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | As of June 30, 2023 As of March 31, 2023 Assets Right-of-use asset – operating lease $ 2,153,800 $ 2,260,300 Liabilities Current operating lease obligation $ 501,100 $ 485,600 Non-current operating lease obligation 1,990,100 2,119,800 Total operating lease liability $ 2,491,200 $ 2,605,400 |
Lease, Cost [Table Text Block] | For the Three Months Ended June 30, 2023 2022 Operating lease cost $ 215,300 $ 197,200 As of June 30, 2023 Assumed remaining lease term in years 4.08 Assumed discount rate 8.54% |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Years Ending March 31, Amount 2024 $ 520,500 2025 710,200 2026 731,500 2027 753,500 2028 253,600 Total lease expense 2,969,300 Less imputed interest (478,100 ) Present value of operating lease liabilities $ 2,491,200 |
Schedule Of Operating Leaser For Cash Flow Disclosures [Table Text Block] | For the Three Months Ended For the Three Months Ended June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 223,100 $ 205,000 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Jun. 30, 2023 |
Number of Subsidiaries | 2 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Going Concern (Details Textual) | 1 Months Ended | 3 Months Ended | 302 Months Ended | ||||
Jun. 12, 2023 USD ($) shares | Jun. 06, 2023 $ / shares shares | Aug. 10, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | |
Common Stock, Shares Authorized (in shares) | shares | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | |||
Preferred Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Retained Earnings (Accumulated Deficit) | $ (333,754,800) | $ (333,754,800) | $ (326,851,700) | ||||
Proceeds from Issuance of Debt and Equity Securities | 209,900,000 | ||||||
Proceeds from Government Research Grant Awards | 22,700,000 | ||||||
Stock Issued During Period, Value, Settlement of Liabilities | 41,300,000 | ||||||
Cash and Cash Equivalents, at Carrying Value | 9,622,300 | $ 9,622,300 | $ 16,637,600 | ||||
ATM Facility [Member] | |||||||
Proceeds from Issuance of Common Stock | $ 1,072,300 | $ (59,400) | |||||
ATM Facility [Member] | Jefferies LLC [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 561,418 | 561,418 | |||||
Proceeds from Issuance of Common Stock | $ 1,150,000 | $ 1,117,300 | |||||
Sales Agreement [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,487,293 | ||||||
Proceeds from Issuance of Common Stock | $ 16,893,700 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 11.36 | ||||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Aug. 30, 2020 | Jun. 24, 2020 | Aug. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2020 | Mar. 31, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 310,100 | ||||||
Research and Development Expense | $ 4,197,200 | 15,291,400 | |||||
General and Administrative Expense | 2,978,200 | 4,791,800 | |||||
Fair Value, Recurring [Member] | |||||||
Financial Liabilities Fair Value Disclosure | 0 | $ 0 | |||||
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Cash and Cash Equivalents, Fair Value Disclosure | 9,110,300 | 5,010,800 | |||||
The 2019 Employee Stock Purchase Plan [Member] | |||||||
Research and Development Expense | 2,100 | 15,900 | |||||
General and Administrative Expense | $ 1,400 | 4,900 | |||||
The 2019 Omnibus Equity Incentive Plan [Member] | Former Employee [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 0 | ||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 136 | ||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | Former Employee [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | Former Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||
Share-Based Payment Arrangement, Option [Member] | The 2016 And 2019 Omnibus Equity Incentive Plans [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 712,555 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 37.23 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 169,240 | ||||||
Share-Based Payment Arrangement, Option [Member] | The 2016 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
License [Member] | |||||||
Contract with Customer, Liability | $ 2,851,300 | $ 3,028,900 | |||||
Collaborative Arrangement, AffaMed Agreement [Member] | |||||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 2,148,700 | ||||||
Contract with Customer, Liability | 2,851,300 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 310,100 | ||||||
Sublicense Fees | $ 345,000 | ||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 7,779 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 125,000 | ||||||
Capitalized Contract Cost, Gross | 470,000 | $ 29,100 | |||||
Capitalized Contract Cost, Amortization | 202,000 | ||||||
Capitalized Contract Cost, Deferred | 268,000 | ||||||
Capitalized Contract Cost, Impairment Loss | 0 | ||||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | |||||||
Upfront License Payment | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||
Contract with Customer, Liability | $ 2,851,300 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Schedule of Changes in Contract Liabilities (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Deferred Revenue, Current | $ 714,300 |
Deferred Revenue, Current | 714,300 |
Deferred Revenue, Non-current | 2,314,600 |
Deferred Revenue, Non-current | 2,137,000 |
License [Member] | |
Deferred Revenue, Additions | 0 |
Deferred Revenue, Deductions | (177,600) |
Deferred Revenue | 3,028,900 |
Deferred Revenue | 2,851,300 |
Contract with Customer, Liability, Current [Member] | License [Member] | |
Deferred Revenue, Current | 714,300 |
Deferred Revenue, Additions | 0 |
Deferred Revenue, Deductions | 0 |
Deferred Revenue, Current | 714,300 |
Contract with Customer, Liability, Non-current [Member] | License [Member] | |
Deferred Revenue, Additions | 0 |
Deferred Revenue, Deductions | (177,600) |
Deferred Revenue, Non-current | 2,314,600 |
Deferred Revenue, Non-current | $ 2,137,000 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Contract Acquisition Costs (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Deferred Contract Acquisition Costs - current portion | $ 67,100 |
Deferred Contract Acquisition Costs, Additions | 0 |
Deferred Contract Acquisition Costs, Deductions | 0 |
Deferred Contract Acquisition Costs - current portion | 67,100 |
Deferred Contract Acquisition Costs - non-current portion | 217,600 |
Deferred Contract Acquisition Costs, Additions | 0 |
Deferred Contract Acquisition Costs, Deductions | (16,700) |
Deferred Contract Acquisition Costs - non-current portion | 200,900 |
Deferred Contract Acquisition Costs | 284,700 |
Deferred Contract Acquisition Costs, Additions | 0 |
Deferred Contract Acquisition Costs, Deductions | (16,700) |
Deferred Contract Acquisition Costs | $ 268,000 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Schedule of Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expense | $ 569,100 | $ 956,900 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expense | 309,400 | 329,600 |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expense | $ 259,700 | $ 627,300 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Schedule of Fair Value of Options Granted - Black-Scholes Option Pricing Model (Details) - Share-Based Payment Arrangement, Option [Member] - Weighted Average [Member] | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Market price per share at grant date (in dollars per share) | $ 1.70 |
Exercise price per share (in dollars per share) | $ 1.70 |
Risk-free interest rate | 4.41% |
Expected term in years (Year) | 2 years 6 months 10 days |
Volatility | 128.95% |
Dividend rate | 0% |
Shares (in shares) | shares | 10,000 |
Fair Value per share (in dollars per share) | $ 1.21 |
Note 3 - Summary of Significa_8
Note 3 - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded From Earnings Per Share Computation (Details) - shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities (in shares) | 758,241 | 966,808 |
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | ||
Antidilutive Securities (in shares) | 712,555 | 657,613 |
Warrant [Member] | ||
Antidilutive Securities (in shares) | 45,686 | 309,195 |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets (Details Textual) | 1 Months Ended |
May 31, 2023 USD ($) | |
Reimbursement from Collaboration Partner | $ 174,700 |
Note 4 - Prepaid Expenses and_4
Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Prepaid Expense and Other Assets, Current | $ 1,889,400 | $ 802,700 |
Prepaid Expenses and Other Current Assets [Member] | ||
Clinical and nonclinical materials and contract services | 179,000 | 166,700 |
Insurance | 1,044,000 | 206,000 |
Receivable for insurance claim | 380,000 | 0 |
Receivable from collaboration partner | 100,000 | 274,700 |
Software licenses and all other | 186,400 | 155,300 |
Prepaid Expense and Other Assets, Current | $ 1,889,400 | $ 802,700 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation, Depletion and Amortization | $ 31,500 | $ 32,300 |
Lease for Office Equipment Fully-depreciated [Member] | ||
Lease, Monthly Payment | $ 200 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Property, plant and equipment | $ 1,700,700 | $ 1,700,700 |
Accumulated depreciation and amortization | (1,224,900) | (1,193,400) |
Property and equipment, net | 475,800 | 507,300 |
Laboratory Equipment [Member] | ||
Property, plant and equipment | 1,234,800 | 1,234,800 |
Tenant Improvements [Member] | ||
Property, plant and equipment | 214,400 | 214,400 |
Office Furniture And Equipment [Member] | ||
Property, plant and equipment | 40,300 | 40,300 |
Manufacturing Equipment [Member] | ||
Property, plant and equipment | $ 211,200 | $ 211,200 |
Note 5 - Property and Equipme_5
Note 5 - Property and Equipment, Net - Schedule of Assets Subject to Financing Lease (Details) - Office Furniture And Equipment [Member] - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Office equipment subject to financing lease | $ 10,600 | $ 10,600 |
Accumulated depreciation | (2,500) | (2,000) |
Net book value of office equipment subject to financing lease | $ 8,100 | $ 8,600 |
Note 6 - Accrued Expenses (Deta
Note 6 - Accrued Expenses (Details Textual) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Employee-related Liabilities, Current, Total | $ 17,300 | $ 337,200 |
Terminated Former Employee [Member] | ||
Employee-related Liabilities, Current, Total | $ 300,000 |
Note 6 - Accrued Expenses - Sch
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Accrued expenses for clinical and nonclinical materials, development and contract services | $ 364,700 | $ 412,100 |
Accrued compensation | 17,300 | 337,200 |
Accrued professional services | 32,700 | 38,100 |
Other Accrued Liabilities | 10,000 | 0 |
Accrued Liabilities, Current | $ 424,700 | $ 787,400 |
Note 7 - Note Payable (Details
Note 7 - Note Payable (Details Textual) - Promissory Note [Member] - USD ($) | 1 Months Ended | 2 Months Ended | |
May 31, 2022 | Jun. 30, 2023 | May 31, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | 7.43% | |
Debt Instrument, Face Amount | $ 1,139,700 | $ 879,500 | |
Debt Instrument, Periodic Payment | $ 105,600 | $ 100,800 |
Note 7 - Note Payable - Summary
Note 7 - Note Payable - Summary of Notes Payable (Details) - Promissory Note 3.88% [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Principal balance | $ 784,200 | $ 105,300 |
Accrued Interest | 0 | 0 |
Total balance | $ 784,200 | $ 105,300 |
Note 8 - Capital Stock (Details
Note 8 - Capital Stock (Details Textual) | 1 Months Ended | 3 Months Ended | ||||
Jun. 12, 2023 USD ($) shares | Jun. 06, 2023 $ / shares shares | May 31, 2021 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | |
Common Stock, Shares Authorized (in shares) | shares | 325,000,000 | 325,000,000 | 325,000,000 | |||
Preferred Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | 10,000,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Deferred Offering Costs, Noncurrent | $ 522,100 | $ 495,700 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 4,200 | $ 56,100 | ||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | shares | 0 | 0 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
The 2019 Employee Stock Purchase Plan [Member] | ||||||
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 16.87 | |||||
Amended 2019 Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares | 0 | 3,334 | ||||
Proceeds from Stock Options Exercised | $ 100,000 | |||||
The 2019 Employee Stock Purchase Plan [Member] | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | shares | 2,672 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 4,200 | $ 56,100 | ||||
Stock Issued During Period Shares Stock Options Exercised, Net (in shares) | shares | 2,500 | |||||
ATM Facility [Member] | ||||||
Proceeds from Issuance of Common Stock | $ 1,072,300 | $ (59,400) | ||||
ATM Facility [Member] | Jefferies LLC [Member] | ||||||
Stock Sales Agreement, Maximum Aggregate Offering Price | $ 75,000,000 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 561,418 | 561,418 | ||||
Proceeds from Issuance of Common Stock | $ 1,150,000 | $ 1,117,300 | ||||
Deferred Offering Costs, Noncurrent | $ 450,300 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 17,300 | |||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 |
Note 8 - Capital Stock - Schedu
Note 8 - Capital Stock - Schedule of Warrants (Details) | Jun. 30, 2023 $ / shares shares |
Class of Warrant or Right, Outstanding (in shares) | 45,686 |
Warrants Expiring December 9, 2024 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 15 |
Class of Warrant or Right, Outstanding (in shares) | 33,334 |
Warrants Expiring July 25, 2025 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 21.90 |
Class of Warrant or Right, Outstanding (in shares) | 12,352 |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 5 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Consulting Firm [Member] | Corporate Development and Public Relations Advisory Services [Member] | |||
Operating Costs and Expenses | $ 30,000 | $ 45,000 | |
Accounts Payable and Accrued Liabilities, Current | $ 15,000 | ||
i3 Strategy Partners [Member] | Advisory Services [Member] | |||
Operating Costs and Expenses | $ 34,600 | ||
Related Party Transaction, Amounts of Transaction | $ 120,000 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Lease, Expense | $ 3,500 | $ 3,500 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Operating lease in Condensed Consolidated Balance Sheet (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Right-of-use asset – operating lease | $ 2,153,800 | $ 2,260,300 |
Current operating lease obligation | 501,100 | 485,600 |
Non-current operating lease obligation | 1,990,100 | 2,119,800 |
Total operating lease liability | $ 2,491,200 | $ 2,605,400 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Operating Lease Cost (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease cost | $ 215,300 | $ 197,200 |
Assumed remaining lease term in years (Year) | 4 years 29 days | |
Assumed discount rate | 8.54% |
Note 10 - Commitments and Con_6
Note 10 - Commitments and Contingencies - Minimum Lease Payments (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
2024 | $ 520,500 | |
2025 | 710,200 | |
2026 | 731,500 | |
2027 | 753,500 | |
2028 | 253,600 | |
Total lease expense | 2,969,300 | |
Less imputed interest | (478,100) | |
Present value of operating lease liabilities | $ 2,491,200 | $ 2,605,400 |
Note 10 - Commitments and Con_7
Note 10 - Commitments and Contingencies - Operating Activities in Cash flow Statements (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 223,100 | $ 205,000 |
Note 11 - Sublicensing and Co_2
Note 11 - Sublicensing and Collaborative Agreements (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Aug. 30, 2020 | Jun. 24, 2020 | Aug. 31, 2020 | Jun. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ (177,600) | |||||
License [Member] | ||||||
Contract with Customer, Liability | 2,851,300 | $ 3,028,900 | ||||
Collaborative Arrangement, AffaMed Agreement [Member] | ||||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 2,148,700 | |||||
Contract with Customer, Liability | 2,851,300 | |||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | ||||||
Upfront License Payment | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||
Revenue from Contract with Customer, Payment Period (Year) | 30 years | |||||
Revenue Recognition, Milestone Method, Maximum Milestone Payments Permitted | $ 172,000,000 | |||||
Revenue from Contract with Customer Including Assessed Tax, Derecognized | $ 892,500 | |||||
Contract with Customer, Liability | $ 2,851,300 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Sales Agreement [Member] | 1 Months Ended |
Aug. 10, 2023 USD ($) $ / shares shares | |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,487,293 |
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 11.36 |
Proceeds from Issuance of Common Stock | $ | $ 16,893,700 |