Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 22, 2022 | Sep. 30, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 536,809,889 | ||
Entity Common Stock, Shares Outstanding | 206,640,955 | ||
Auditor Name | WithumSmith+Brown, PC | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 68,135,300 | $ 103,108,300 |
Prepaid expenses and other current assets | 2,745,800 | 875,700 |
Deferred contract acquisition costs - current portion | 116,900 | 133,500 |
Total current assets | 70,998,000 | 104,117,500 |
Property and equipment, net | 414,300 | 367,400 |
Right-of-use asset – operating lease | 2,662,000 | 3,219,600 |
Deferred offering costs | 321,800 | 294,900 |
Deferred contract acquisition costs - non-current portion | 146,400 | 234,100 |
Security deposits | 100,900 | 47,800 |
Total assets | 74,643,400 | 108,281,300 |
Current liabilities: | ||
Accounts payable | 2,758,600 | 838,300 |
Accrued expenses | 1,329,200 | 1,562,700 |
Deferred revenue - current portion | 1,244,000 | 1,420,200 |
Operating lease obligation - current portion | 433,300 | 364,800 |
Financing lease obligation - current portion | 0 | 3,000 |
Total current liabilities | 5,765,100 | 4,189,000 |
Non-current liabilities: | ||
Accrued dividends on Series B Preferred Stock | 0 | 6,272,700 |
Deferred revenue - non-current portion | 1,557,600 | 2,490,300 |
Operating lease obligation - non-current portion | 2,605,400 | 3,350,800 |
Total non-current liabilities | 4,163,000 | 12,113,800 |
Total liabilities | 9,928,100 | 16,302,800 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 325,000,000 shares authorized at March 31, 2022 and 2021; 206,676,620 shares and 180,751,234 shares issued at March 31, 2022 and March 31, 2021, respectively | 206,700 | 180,800 |
Additional paid-in capital | 336,080,700 | 315,603,100 |
Treasury stock, at cost, 135,665 shares of common stock held at March 31, 2022 and 2021 | (3,968,100) | (3,968,100) |
Accumulated deficit | (267,604,000) | (219,841,600) |
Total stockholders’ equity | 64,715,300 | 91,978,500 |
Total liabilities and stockholders’ equity | 74,643,400 | 108,281,300 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 500 |
Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 1,100 |
Series C Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 2,300 |
Series D Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 400 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
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 |
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) | 206,676,620 | 180,751,234 |
Treasury stock, shares (in shares) | 135,665 | 135,665 |
Series A Preferred Stock [Member] | ||
Preferred Stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred Stock, shares issued (in shares) | 0 | 500,000 |
Preferred Stock, shares outstanding (in shares) | 0 | 500,000 |
Series B Preferred Stock [Member] | ||
Preferred Stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 1,131,669 |
Preferred Stock, shares outstanding (in shares) | 0 | 1,131,669 |
Series C Preferred Stock [Member] | ||
Preferred Stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 2,318,012 |
Preferred Stock, shares outstanding (in shares) | 0 | 2,318,012 |
Series D Preferred Stock [Member] | ||
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 402,149 |
Preferred Stock, shares outstanding (in shares) | 0 | 402,149 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 1,108,900 | $ 1,089,500 |
Operating expenses: | ||
Research and development | 35,407,800 | 11,925,700 |
General and administrative | 13,480,000 | 7,097,600 |
Total operating expenses | 48,887,800 | 19,023,300 |
Loss from operations | (47,778,900) | (17,933,800) |
Other income, net: | ||
Interest income, net | 19,900 | 1,600 |
Other income | 0 | 600 |
Loss before income taxes | (47,759,000) | (17,931,600) |
Income taxes | (3,400) | (2,600) |
Net loss and comprehensive loss | (47,762,400) | (17,934,200) |
Accrued dividends on Series B Preferred stock | (945,100) | (1,385,600) |
Beneficial conversion feature on Series D Preferred | 0 | (23,000,000) |
Net loss attributable to common stockholders | $ (48,707,500) | $ (42,319,800) |
Basic and diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (0.25) | $ (0.49) |
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share (in shares) | 197,978,592 | 86,133,644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (47,762,400) | $ (17,934,200) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 153,500 | 117,600 |
Stock-based compensation | 3,480,700 | 2,306,100 |
Amortization of operating lease right of use asset | 557,600 | 360,000 |
Expense related to write-off of deferred offering costs | 232,000 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,870,100) | (328,400) |
Security deposits | (53,100) | 0 |
Operating lease liability | (677,000) | (313,500) |
Accounts payable and accrued expenses | 1,686,900 | 51,000 |
Net cash used in operating activities | (45,256,500) | (12,073,500) |
Cash flows from property and investing activities: | ||
Purchases of laboratory and other equipment | (200,400) | (275,400) |
Net cash used in investing activities | (200,400) | (275,400) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock and Series D Preferred stock | 0 | 93,675,200 |
Net proceeds from issuance of common stock and warrants, including option exercises | 239,400 | 12,957,800 |
Net proceeds from exercise of warrants | 6,207,400 | 5,009,500 |
Proceeds from issuance of note under Payroll Protection Plan | 0 | 224,400 |
Repayment of financing lease obligations | (3,000) | (3,300) |
Repayment of notes payable, including Payroll Protection Plan note | 0 | (603,100) |
Net cash provided by financing activities | 10,483,900 | 114,102,100 |
Net increase (decrease) in cash and cash equivalents | (34,973,000) | 101,753,200 |
Cash and cash equivalents at beginning of period | 103,108,300 | 1,355,100 |
Cash and cash equivalents at end of period | 68,135,300 | 103,108,300 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 300 | 13,300 |
Cash paid for income taxes | 3,400 | 2,600 |
Supplemental disclosure of noncash activities: | ||
Insurance premiums settled by issuing note payable | 0 | 322,200 |
Accrued dividends on Series B Preferred settled upon conversion by issuance of common stock | 7,217,800 | 124,600 |
Series B Preferred Stock [Member] | ||
Supplemental disclosure of noncash activities: | ||
Accrued dividends on Series B Preferred | 945,100 | 1,036,600 |
ATM Facility [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from sale of common stock | 4,040,100 | 0 |
Equity Line [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from sale of common stock | 0 | 2,841,600 |
License [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred sublicense revenue, net of deferred contract acquisition costs | $ (1,004,600) | $ 3,667,900 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Equity Line [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Equity Line [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Equity Line [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | Equity Line [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | Equity Line [Member] Common Stock [Member] | Equity Line [Member] Additional Paid-in Capital [Member] | Equity Line [Member] Treasury Stock [Member] | Equity Line [Member] Retained Earnings [Member] | Equity Line [Member] | The August 2020 Public Offering [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | The August 2020 Public Offering [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | The August 2020 Public Offering [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | The August 2020 Public Offering [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | The August 2020 Public Offering [Member] Common Stock [Member] | The August 2020 Public Offering [Member] Additional Paid-in Capital [Member] | The August 2020 Public Offering [Member] Treasury Stock [Member] | The August 2020 Public Offering [Member] Retained Earnings [Member] | The August 2020 Public Offering [Member] | The December 2020 Public Offering [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | The December 2020 Public Offering [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | The December 2020 Public Offering [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | The December 2020 Public Offering [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | The December 2020 Public Offering [Member] Common Stock [Member] | The December 2020 Public Offering [Member] Additional Paid-in Capital [Member] | The December 2020 Public Offering [Member] Treasury Stock [Member] | The December 2020 Public Offering [Member] Retained Earnings [Member] | The December 2020 Public Offering [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Common Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Treasury Stock [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] Retained Earnings [Member] | Conversion of Series D Preferred Stock Into Common Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Common Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Treasury Stock [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] Retained Earnings [Member] | Conversion of Series B Preferred Stock Into Common Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Common Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Series A Preferred into Common Stock [Member] Treasury Stock [Member] | Conversion of Series A Preferred into Common Stock [Member] Retained Earnings [Member] | Conversion of Series A Preferred into Common Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Common Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Treasury Stock [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] Retained Earnings [Member] | Conversion of Series C Preferred Stock to Common Stock [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Mar. 31, 2020 | 500,000 | 1,160,240 | 2,318,012 | 0 | 49,348,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Mar. 31, 2020 | $ 500 | $ 1,200 | $ 2,300 | $ 0 | $ 49,300 | $ 200,092,800 | $ (3,968,100) | $ (201,907,400) | $ (5,729,400) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of units of common stock and warrants for cash in private placements (in shares) | 0 | 0 | 0 | 0 | 125,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of units of common stock and warrants for cash in private placements | $ 0 | $ 0 | $ 0 | $ 0 | $ 200 | 49,800 | 0 | 0 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 0 | 0 | 0 | 0 | 6,301,995 | 0 | 0 | 0 | 0 | 17,868,250 | 0 | 0 | 0 | 2,000,000 | 63,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,300 | $ 2,790,500 | $ 0 | $ 0 | $ 2,796,800 | $ 0 | $ 0 | $ 0 | $ 0 | $ 17,900 | $ 12,887,200 | $ 0 | $ 0 | $ 12,905,100 | $ 0 | $ 0 | $ 0 | $ 2,000 | $ 63,000 | $ 93,582,900 | $ 0 | $ 0 | $ 93,647,900 | |||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of warrants (in shares) | 0 | 0 | 0 | 0 | 6,624,302 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of warrants | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,600 | 5,002,900 | 0 | 0 | 5,009,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of stock (in shares) | 0 | 0 | 0 | (1,597,851) | 36,750,573 | 0 | (28,571) | 0 | 0 | 188,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of stock | $ 0 | $ 0 | $ 0 | $ (1,600) | $ 36,800 | $ (35,200) | $ 0 | $ 0 | $ 0 | $ 0 | $ (100) | $ 0 | $ 0 | $ 200 | $ 124,500 | $ 0 | $ 0 | $ 124,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued dividends on Series B Preferred stock | 0 | 0 | 0 | 0 | 0 | (1,385,600) | 0 | 0 | (1,385,600) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 2,306,100 | 0 | 0 | 2,306,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares) | 0 | 0 | 0 | 0 | 58,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 26,100 | 0 | 0 | $ 26,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options (in shares) | 0 | 0 | 0 | 0 | 222,004 | 355,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options | $ 0 | $ 0 | $ 0 | $ 0 | $ 200 | (200) | 0 | 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of stock options for cash (in shares) | 0 | 0 | 0 | 0 | 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of stock options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 36,500 | 0 | 0 | 36,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock at fair value for professional services (in shares) | 0 | 0 | 0 | 0 | 233,645 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock at fair value for professional services | $ 0 | $ 0 | $ 0 | $ 0 | $ 200 | 124,800 | 0 | 0 | 125,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on Series D Preferred stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 23,000,000 | 0 | 0 | 23,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend from beneficial conversion feature of Series D Preferred stock | 0 | 0 | 0 | 0 | 0 | (23,000,000) | 0 | 0 | (23,000,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | 0 | (17,934,200) | (17,934,200) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options | $ 0 | $ 0 | $ 0 | $ 0 | $ (200) | 200 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances (in shares) at Mar. 31, 2021 | 500,000 | 1,131,669 | 2,318,012 | 402,149 | 180,751,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Mar. 31, 2021 | $ 500 | $ 1,100 | $ 2,300 | $ 400 | $ 180,800 | 315,603,100 | (3,968,100) | (219,841,600) | 91,978,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 1,517,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | $ 1,500 | 4,297,600 | 0 | 0 | 4,299,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of warrants (in shares) | 0 | 0 | 0 | 0 | 7,298,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of warrants | $ 0 | $ 0 | $ 0 | $ 0 | $ 7,300 | 6,200,100 | 0 | 0 | 6,207,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of stock (in shares) | 0 | 0 | 0 | (402,149) | 9,249,427 | 0 | (1,131,669) | 0 | 0 | 4,427,447 | (500,000) | 0 | 0 | 0 | 750,000 | 0 | 0 | (2,318,012) | 0 | 2,318,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of stock | $ 0 | $ 0 | $ 0 | $ (400) | $ 9,200 | $ (8,800) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,100) | $ 0 | $ 0 | $ 4,400 | $ 7,214,500 | $ 0 | $ 0 | $ 7,217,800 | $ (500) | $ 0 | $ 0 | $ 0 | $ 800 | $ (300) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,300) | $ 0 | $ 2,300 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||
Accrued dividends on Series B Preferred stock | 0 | 0 | 0 | 0 | 0 | (945,100) | 0 | 0 | (945,100) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 3,480,700 | 0 | 0 | 3,480,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares) | 0 | 0 | 0 | 0 | 57,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | 99,200 | 0 | 0 | $ 99,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options (in shares) | 0 | 0 | 0 | 0 | 126,126 | 356,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | (100) | 0 | 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of stock options for cash (in shares) | 0 | 0 | 0 | 0 | 180,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of stock options for cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 200 | 139,800 | 0 | 0 | 140,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (47,762,400) | (47,762,400) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon cashless exercise of stock options | $ 0 | $ 0 | $ 0 | $ 0 | $ (100) | 100 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 206,676,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 206,700 | $ 336,080,700 | $ (3,968,100) | $ (267,604,000) | $ 64,715,300 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business Overview VistaGen Therapeutics, Inc., a Nevada corporation (which may VistaGen Company we our us CNS PH94B, 3 two 3 2022. 3 PH94B first PH94B 3 PH94B 1 2, 3 PH94B SAD 3 two NDA PH94B FDA 3 2A PH94B, PH94B 2A AjDA PH94B 2022 2A PH94B’s PH94B 1 first PH94B PH10 MDD 2A PH10 PH10 not 2B Exploratory Phase 1B 101 Our goal is to become a biopharmaceutical company that develops and commercializes innovative CNS therapies for highly prevalent neuropsychiatric and neurological indications where current treatment options are inadequate to meet the needs of millions of patients worldwide. Our Product Candidates PH94B PH94B first 15 MOA 2 PH94B two 3 1 2, PH94B PH94B not PH94B’s PH94B Our ongoing PALISADE Phase 3 PH94B PH94B PH10 PH10 PH10, PH94B, PH10’s ADs KBT PH10 not PH10 not may 2B PH10 PH10 AV- 101 Abnormal function of the NMDAR (N-methyl-D-aspartate receptor), an ionotropic glutamate receptor in the brain, is associated with numerous CNS disorders. AV- 101 7 7 7 not 101 not 101, 1B 101. Subsidiaries VistaGen Therapeutics, Inc., a California corporation d/b/a VistaStem ( VistaStem 10 Annual Report Artemis VistaStem Canada 15, Subsequent Events |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Going Concern | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation and Going Concern The accompanying Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles ( U.S. GAAP two 15, Subsequent Events, not May 1998) March 31, 2022. PH94B, PH10 101. Since our inception in May 1998 March 31, 2022, Recent Developments During the fiscal year ended March 31, 2022 ( Fiscal 2022 December 2020 March 31, 2021, In May 2021, SM Sales Agreement ATM may September 2021 October 1, 2021, not October 2, 2021 10 Annual Report 8, Capital Stock In December 2020, December 2020 Series D Preferred Securities June 30, 2021. December 2020 In August 2020, August 2020 August 2020 As more completely described in Note 11, Licensing, Sublicensing and Collaboration Agreements June 2020, PH94B AffaMed Agreement August 2020. Pherin PH94B Liquidity, Capital Resources and Going Concern During our fiscal year ended March 31, 2021 ( Fiscal 2021 2022, March 31, 2022, 3 PH94B not PH94B twelve not During the next twelve 3 PH94B PH94B 2B PH10 1B 101 PH94B, PH10 101, PH94B 3 When necessary and advantageous, we will seek additional financial resources to fund our planned operations through (i) the potential issuance of debt securities, (ii) sales of our equity securities in one one 3 S- 3 one may 3 not In addition to the potential issuance of debt securities or sale of our equity securities, we may may no Our future working capital requirements will depend on many factors, including, without limitation, potential impacts related to the on-going COVID- 19 PH94B, PH10, 101, Notwithstanding the foregoing, there can be no may may may may not not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP not Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of laboratory, information technology and office equipment range from three seven five ten Impairment of Long-Lived Assets Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not not Deferred Offering Costs Deferred offering costs include registration expenses related to our current S- 3 Shelf Registration March 26, 2021, 8, Capital Stock Revenue Recognition The AffaMed Agreement, involving clinical development and commercialization of PH94B 2022 2021. August 2020, Under ASC Topic 606, 606, five five Once a contract is determined to be within the scope of Topic 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 Topic 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. Research and Development Expenses Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and nonclinical development of PH94B, PH10 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 the product or technology licensed has not no September 2018, PH94B PH10 October 2018, PH10 March 31, 2019. Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees 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 Income Taxes We account for income taxes using the asset and liability approach promulgated by ASC 740, Income Taxes Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update 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. 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 quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may Fair Value Measurements We do not not three • Level 1 1 • Level 2 1 not • Level 3 i.e., no 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 not 3 March 31, 2022 2021, 1 March 31, 2022 March 31, 2021. 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, March 31, 2022 2021, Comprehensive Loss We have no Loss per Common Share Attributable to Common Stockholders Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual of dividends on shares of our Series B 10% Convertible Preferred Stock ( Series B Preferred March 30, 2022 2021 March 31, 2021, Series D Preferred 8, Capital Stock not As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Fiscal Years ended March 31, 2022 2021 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (48,707,500 ) $ (42,319,800 ) Denominator: Weighted average basic and diluted common shares outstanding 197,978,592 86,133,644 Basic and diluted net loss attributable to common stockholders per common share $ (0.25 ) $ (0.49 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2022 2021 At March 31, At March 31, 2022 2021 Series A Preferred stock issued and outstanding (1) - 750,000 Series B Preferred stock issued and outstanding (2) - 1,131,669 Series C Preferred stock issued and outstanding (3) - 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan 19,386,389 14,638,088 Outstanding warrants to purchase common stock 9,275,858 19,362,532 Total 28,662,247 47,449,728 ( 1 November 2021 October 11, 2012 ( 2 November 2021 10% May 5, 2015. March 31, 2021 ( 3 October 2021 January 25, 2016 ( 4 April 2021 December 21, 2020. Reclassifications In our fiscal year ended March 31, 2022, 16, Supplemental Financial Information March 31, 2022 2021 Recent Accounting Pronouncements We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company. In August 2020, FASB 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity 815 40 ASU 2020 06 The guidance in ASU 2020 06 470 20, 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, may The amendments in ASU 2020 06 April 1, 2024. not 2020 06 In December 2019, No. 2019 12, Income Taxes (Topic 740 740, not not April 1, 2021. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not not |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets Disclosure [Text Block] | 4. Prepaid expenses and other current assets consists of the following: March 31, March 31, 2022 2021 Clinical and nonclinical materials and contract services $ 2,139,600 $ 686,900 Receivable from CRO for cancelled project 337,900 - Receivable from collaboration partner - 40,600 Insurance 196,500 121,800 All other 71,800 26,400 $ 2,745,800 $ 875,700 The amount reported as receivable from CRO for cancelled project at March 31, 2022 not March 31, 2021 May 2021. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment consists of the following: March 31, March 31, 2022 2021 Laboratory equipment $ 1,181,300 $ 1,003,800 Tenant improvements 214,400 214,400 Office furniture and equipment 76,200 92,100 Manufacturing equipment 211,200 211,200 1,683,100 1,521,500 Accumulated depreciation and amortization (1,268,800 ) (1,154,100 ) Property and equipment, net $ 414,300 $ 367,400 The following table summarizes depreciation and amortization expense attributable to owned and leased property and equipment for the fiscal years ended March 31, 2022 2021: Fiscal Years Ended March 31, 2022 2021 Owned assets $ 151,200 $ 114,600 Leased assets 2,300 3,000 Total depreciation and amortization $ 153,500 $ 117,600 The amount reported above for manufacturing equipment at March 31, 2022 2021 PH94B fourth 2021. March 31, 2022 2021 March 31, March 31, 2022 2021 Office equipment subject to financing lease $ 14,700 $ 14,700 Accumulated depreciation (14,700 ) (12,400 ) Net book value of office equipment subject to financing lease $ - $ 2,300 Our financing lease expired in January 2022. none third March 31, 2022 2021. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued Expenses Accrued expenses consist of: March 31, March 31, 2022 2021 Accrued expenses for clinical and nonclinical materials, development and contract services $ 1,070,800 $ 1,449,400 Accrued compensation 66,200 - Accrued professional services 159,500 85,500 All other 32,700 27,800 $ 1,329,200 $ 1,562,700 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Notes Payable In February 2020, December 2020 March 31, 2021. May 2020, March 2021, March 31, 2021. In April 2020, PPP Loan Agreement Lender SBA PPP CARES Act PPP Loan April 22, 2022. 1.00% December 2020 December 23, 2020, |
Note 8 - Capital Stock
Note 8 - Capital Stock | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Capital Stock Common Stock At our Special Meeting of Stockholders on March 5, 2021, may March 5, 2021, May 2016, May 11, 2016. Series A Preferred Stock In December 2011, Series A Preferred one one The Series A Preferred had no one Except with respect to transactions upon which the Series A Preferred was entitled to vote separately as a class, the Series A Preferred had no At March 31, 2021, November 2021, October 11, 2012 Series B Preferred Stock In July 2014, Series B Preferred May 2015, Series B Certificate of Designation Except with respect to transactions upon which the Series B Preferred was entitled to vote separately as a class, the Series B Preferred had no Each share of Series B Preferred was convertible, at the option of the holder ( Voluntary Conversion one May 2016, Automatic Conversion Conversion Prior to Conversion, shares of Series B Preferred accrued in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10% per annum ( Accrued Dividends March 31, 2021, March 31, 2021, March 31, 2022 2021, In December 2020, March 31, 2021 November 2021, May 2015 November 2021, Series C Preferred Stock In January 2016, Series C Preferred Certificate of Designation Series C Preferred Each share of Series C Preferred was convertible, at the option of the holder into one share of our common stock, subject to certain beneficial ownership limitations as set forth in the Series C Preferred Certificate of Designation. Shares of the Series C Preferred do not no March 31, 2021, one October 2021, Series D Preferred Stock On December 17, 2020, December 2020 Series D Preferred Series D Certificate of Designation December 21, 2020. Each share of our Series D Preferred was initially convertible into 23 shares of our common stock at any time at the option of the holder, provided not Approval Date Prior to the Approval Date, in the event of our liquidation, dissolution, or winding up of the Company’s affairs, holders of Series D Preferred would have received a payment equal to $0.001 per share before any proceeds were distributed to the holders of our common stock. On and after the Approval Date, the Series D Preferred had no Prior to the Approval Date, holders of shares of our Series D Preferred had one no At the time of its issuance in connection with the December 2020 not March 5, 2021, Special Meeting Charter Amendment Following the Special Meeting, between March 12, 2021 March 31, 2021, March 31, 2021, April 2021, December 2020 As a result of the conversion transactions described above, at March 31, 2022, During our fiscal years ended March 31, 2021 2022, Common Stock Purchase Agreement with Lincoln Park Capital Fund In March 2020, Lincoln Park LPC Agreement March 24, 2020, Initial Purchase Shares Initial Purchase Commitment Shares 1 LPC Registration Statement March 31, 2020, April 14, 2020 ( Commencement Date March 24, 2020, July 2020, July 2020 June 2021, Sale of Common Stock and Warrants in the Spring 2020 In April 2020, four Spring 2020 August 2020 On August 2, 2020, Underwriting Agreement Maxim August 2020 Shares August 2020 August 5, 2020. August 5, 2020 Exercised Option Shares August 7, 2020 August 2020 December 2020 On December 18, 2020, December 2020 Jefferies Willian Blair) Underwriters December 2020 Securities December 2020 December 22, 2020 December 2020 The Series D Preferred that we issued in the December 2020 BCF Commitment Date 470 20, Debt- Debt with Conversion and Other Options ASC 470 20 470 20 Conversion Price not December 31, 2020 not March 2021, March 31, 2021 $0 no Open Market Sale Agreement In May 2021, SM Sales Agreement Jefferies ATM may, Shares three may 415 4 1933, may may not may 3 March 15, 2021 March 26, 2021. In transactions occurring during September 2021 October 1, 2021, not October 2, 2021 May 2021 December 31, 2021, Stock Option Exercises During Fiscal 2022, March 31, 2021, two Warrants Exercised and Outstanding In December 2019, two Winter 2019 two 2019 On May 1, 2020, 3 No. 333 237968 2020 2019 2019 2020 May 13, 2020 ( Warrant Registration Statement During July 2020, December 2020 March 31, 2021, 2022, 2019 two The following table summarizes outstanding and exercisable warrants to purchase shares of our common stock as of March 31, 2022. March 31, 2022 Warrants Exercisable and Exercise Outstanding at Price Expiration March 31, per Share Date 2022 $ 0.50 12/9/2022 1,000,000 $ 0.73 7/25/2025 370,544 $ 0.805 12/31/2022 76,859 $ 1.50 12/13/2022 6,789,243 $ 1.70 10/5/2022 12,162 $ 1.82 3/7/2023 880,050 $ 7.00 3/3/2023 147,000 9,275,858 Based on the effectiveness of the Warrant Registration Statement, at March 31, 2022, No Reserved Shares At March 31, 2022, Pursuant to warrants to purchase common stock: Subject to outstanding warrants 9,325,858 Pursuant to stock incentive plans: Subject to outstanding options under the Amended and Restated 2016 Stock Incentive Plan and the Amended and Restated 2019 Omnibus Equity Incentive Plan 19,386,389 Available for future grants under the Amended and Restated 2019 Omnibus Equity Incentive Plan 7,288,157 Available for future issuance under the 2019 Employee Stock Purchase Plan 884,664 27,559,210 Reserved for issuance under the Sales Agreement 25,754,929 Total 62,639,997 At March 31, 2022, not |
Note 9 - Research and Developme
Note 9 - Research and Development Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 9. Research and Development Expenses We recorded research and development expenses of approximately $35.4 million and $11.9 million in Fiscal 2022 2021, 2022 2021, 3 PH94B 2022 PH94B, PH10 101 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The provision for income taxes for the periods presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise tax, North Carolina and Utah income tax. Income tax expense (benefit) differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income (loss) as a result of the following: Fiscal Years Ended March 31, 2022 2021 Computed expected tax benefit (21.00 )% (21.00 )% State income taxes, net of federal benefit 0.01 % 0.01 % Tax effect of warrant modifications 0.00 % 0.00 % Tax effect of research and development credits (0.73 )% (1.45 )% Tax effect of stock compensation 0.59 % 4.71 % Tax effect of other non-deductible items 0.11 % 0.00 % Expired net operating loss carryforwards 0.74 % 1.99 % Change in valuation allowance (federal only) 20.40 % 15.74 % Income tax expense 0.12 % 0.00 % Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows: March 31, 2022 2021 Deferred tax assets: Net operating loss carryovers $ 41,924,800 $ 33,587,300 Basis differences in property and equipment 47,000 12,500 Research and development credit carryforwards 3,032,800 2,589,000 Stock based compensation 3,469,300 3,515,500 Operating lease Right-of-Use asset 79,700 105,300 Accruals and reserves 66,700 67,000 Total deferred tax assets 48,620,300 39,876,600 Valuation allowance (48,620,300 ) (39,876,600 ) Net deferred tax assets $ - $ - Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $8,743,700 and $2,921,800 during the fiscal years ended March 31, 2022 2021, As of March 31, 2022, March 31, 2018 March 31, 2023 March 31, 2038. March 31, 2018 March 31, 2022, 2029 2042. March 31, 2029, not On March 27, 2020 CARES Act five may may not March 31, 2022 2021. On February 9, 2022 113 113 2022 January 1, 2022, not U.S. federal and state tax laws include substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation. We have not 1998 may not We file income tax returns in the U.S. federal, Canada and various U.S. state jurisdictions. We are subject to U.S. federal and state income tax examinations by tax authorities for tax years 2003 2022 not Uncertain Tax Positions Our unrecognized tax benefits at March 31, 2022 2021 March 31, 2022 2021 none Fiscal Years Ended March 31, 2022 2021 Unrecognized benefit - beginning of period $ 931,900 $ 814,600 Current period tax position increases 156,200 117,300 Unrecognized benefit - end of period $ 1,088,100 $ 931,900 Our policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively. We incurred no March 31, 2022 2021. not twelve |
Note 11 - Licensing, Sublicensi
Note 11 - Licensing, Sublicensing and Collaborative Agreements | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 11. Licensing, Sublicensing and Collaborative Agreements PH94B On June 24, 2020, EverInsight October 2020, PH94B Territory PH94B Under the terms of the AffaMed Agreement, AffaMed is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing PH94B PH94B We are responsible for pursuing clinical development and regulatory submissions of PH94B no 3 PH94B PH94B 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 August 2020. PH94B ten no may We have determined that we have one PH94B 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 sublicense of PH94B. may 2024. The difference between the revenue recognized to-date under the AffaMed Agreement, $2,198,400, and the consideration received to-date, $5,000,000, is recorded as a contract liability/deferred revenue (cash received exceeds revenue earned). At March 31, 2022, 2021 2022: Balance at Balance at March 31, 2020 Additions Deductions March 31, 2021 Deferred Revenue – current portion $ - $ 1,420,200 $ - $ 1,420,200 Deferred Revenue – non-current portion - 3,579,800 (1,089,500 ) 2,490,300 Total $ - $ 5,000,000 $ (1,089,500 ) $ 3,910,500 Balance at Balance at March 31, 2021 Additions Deductions March 31, 2022 Deferred Revenue – current portion $ 1,420,200 $ - $ (176,200 ) $ 1,244,000 Deferred Revenue – non-current portion 2,490,300 - (932,700 ) 1,557,600 Total $ 3,910,500 $ - $ (1,108,900 ) $ 2,801,600 Contract Acquisition Costs During the quarter ended September 30, 2020, PH94B June 24, 2020, March 31, 2021. 2022 2021, 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 the expiration of the last valid claim under a licensed patent of PH94B ten first PH94B License Agreements with Pherin Pharmaceuticals, Inc. (Pherin) In September 2018, PH94B PH10 October 2018, PH10 PH10 PH94B PH10 PH94B PH10 18 no 18 PH10 PH94B PH94B March 2020 April 2020 PH10 PH10 2021. |
Note 12 - Stock Option Plans, E
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Stock Option Plans, Employee Stock Purchase Plan, and 401 At March 31, 2022, ● Amended and Restated 2016 2016 ● Amended and Restated 2019 2019 Description of the 2016 Our Board unanimously approved the Company’s Amended and Restated 2016 2008 2016 July 26, 2016, 2016 2016 September 26, 2016, 2017 September 15, 2017. 2016 2016 422 1986, Code 2016 March 31, 2022. 2019 no 2016 2019 2016 Description of the Amended 2019 Our Board approved the VistaGen Therapeutics, Inc. 2019 2019 May 27, 2019, September 5, 2019. June 28, 2021 September 17, 2021, 2019 Amended 2019 2019 Awards and Eligible Participants The Amended 2019 may 2019 The Amended 2019 SARs may 2019 may one Plan Administration The Amended 2019 may may The Compensation Committee sets stock option exercise prices and terms, except that stock options must be granted with an exercise price not 100% may 422 ten The Compensation Committee may 2019 The Compensation Committee may may may may The Compensation Committee may may may may March 31, 2022, not Authorized Shares A total of 7.5 million shares of common stock was initially authorized for issuance under the 2019 2019 2019 In the event any award under the Amended 2019 2019 2019 Vesting No 2019 may This requirement does not not not may no Option Repricing The Amended 2019 not Change of Control In the event of a change in control of the Company, the Compensation Committee may may 2019 Termination Unless earlier terminated by the Board, the Amended 2019 no may September 5, 2029, ten 2019 may 2019 2019 2019 may not, During Fiscal 2022, 2019 ● Options to purchase 4,090,000 shares of our common stock were granted to our officers and employees, of which options to purchase 1,650,000 shares were granted to newly-hired employees upon commencement of their employment. Options granted to newly-hired employees vest 25% on the first three March 2022, may 2022, two ● Options to purchase 725,000 shares of our common stock were granted to the independent members of our Board, of which 225,000 of which were granted to three one ● Options to purchase 390,000 shares of our common stock were granted to certain consultants, which options were vested 25% upon grant with the balance generally vesting over one two During Fiscal 2021, 2019 ● options to purchase an aggregate of 1,580,000 shares of our common stock to independent members of our Board, our officers and employees and certain consultants and advisors in April 2020. two ● options to purchase an aggregate of 365,000 shares of our common stock to various investor and public relations and scientific consultants in May June 2020. one ● options to purchase an aggregate of 195,000 shares of our common stock to various investor and public relations and scientific consultants in August October 2020. one three one two ● options to purchase 200,000 shares of our common stock to a new research and development employee in December 2020. first four ● options to purchase an aggregate of 1,375,000 shares of our common stock to independent members of our Board, our officers and employees in December 2020 December 2020 two ● options to purchase 1,275,000 shares of our common stock to new employees during February March 2021. first three The following table summarizes stock-based compensation expense related to option grants to our officers, independent directors, consultants and service providers included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2022 2021. Fiscal Years Ended March 31, 2022 2021 Research and development expense $ 1,457,600 $ 746,900 General and administrative expense 2,023,100 1,559,200 Total stock-based compensation expense $ 3,480,700 $ 2,306,100 Expense amounts reported above include $47,000 and $7,500 in research and development expense for the fiscal years ended March 31, 2022 2021, March 31, 2022 2021, 2019 2019 We used the Black-Scholes Option Pricing model with the following weighted average assumptions to determine stock-based compensation expense related to option grants during the fiscal years ended March 31, 2022 2021: Fiscal Years Ended March 31, 2022 2021 (weighted average) (weighted average) Exercise price $ 1.78 $ 1.27 Market price on date of grant $ 1.78 $ 1.27 Risk-free interest rate 1.42 % 0.53 % Expected term (years) 5.60 5.58 Volatility 80.27 % 83.79 % Expected dividend yield 0.00 % 0.00 % Fair value per share at grant date $ 1.20 $ 0.87 The expected term of options represents the period that our stock-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins No. 107 No. 110 SAB No. 107 110 No. 107 110 not not The following table summarizes stock option activity for the fiscal years ended March 31, 2022 2021 2019 2016 Fiscal Years Ended March 31, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 14,638,088 $ 1.34 10,003,088 $ 1.36 Options granted 5,205,000 $ 1.78 4,990,000 $ 1.27 Options exercised (356,199 ) $ 0.81 (355,000 ) $ 0.89 Options forfeited (100,000 ) $ 1.99 - $ - Options expired (500 ) $ 8.00 - $ - Options outstanding at end of period 19,386,389 $ 1.47 14,638,088 $ 1.34 Options exercisable at end of period 13,569,261 $ 1.32 10,732,059 $ 1.29 Weighted average grant-date fair value of options granted during the period $ 1.20 $ 0.87 The following table summarizes information on stock options outstanding and exercisable under the Amended 2019 2016 March 31, 2022: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $0.398 to $0.99 2,454,176 8.12 $ 0.48 2,237,095 $ 0.46 $1.00 to $1.20 3,145,625 6.49 $ 1.10 3,007,295 $ 1.10 $1.21 to $1.36 885,000 6.34 $ 1.27 885,000 $ 1.27 $1.37 3,140,000 9.92 $ 1.37 660,000 $ 1.37 $1.38 to $1.50 3,951,253 5.88 $ 1.46 3,876,253 $ 1.46 $1.51 to $2.00 2,910,000 7.61 $ 1.73 2,265,992 $ 1.70 $2.01 to $3.00 2,640,000 9.16 $ 2.40 502,291 $ 2.42 $3.01 to $15.00 260,335 7.21 $ 4.87 135,335 $ 6.44 19,386,389 7.66 $ 1.47 13,569,261 $ 1.32 At March 31, 2022, 2019 Aggregate intrinsic value is the sum of the amount by which the fair value of the underlying common stock exceeds the aggregate exercise price of the outstanding options ( in-the-money-options March 31, 2022, As of March 31, 2022, 2019 2016 March 2026. 2019 Our Board approved the VistaGen Therapeutics, Inc. 2019 2019 June 13, 2019. 2019 September 5, 2019. 2019 The 2019 423 2019 2019 may 2019 The 2019 first January 1, 2020 June 30, 2020, first January July June December, may not 423 5 27 On the first Grant Date 2019 may Each participant’s payroll deductions under the 2019 2019 March 31, 2022 2021 Each option granted under the 2019 Exercise Date 2019 85% 85% 2019 No 2019 Participation in the 2019 ● A participant cannot contribute less than 1% or more than 15% of his or her compensation to the purchase of stock under the 2019 one ● A participant cannot accrue rights to purchase more than $25,000 ● A participant will not 2019 5.0% one The $25,000 5% As is customary, the number of shares of stock available under the 2019 2019 2019 may not The Board generally may 2019 2019 No 2019 may 2019 Our 2019 January 1, 2020 2019 December 31, 2030, 2022, 2019 2021, 401 Through a third 401 may not |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions Consulting Agreement During Fiscal 2022, one PH94B, PH10 101. December 31, 2021 no March 31, 2022. Consulting Agreement During Fiscal 2022, March 31, 2022 Consulting Agreement During Fiscal 2021, one May 2021, not 2022 March 31, 2022 2021. |
Note 14 - Commitments, Continge
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments, Contingencies, Guarantees and Indemnifications From time to time, we may not We indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. We will indemnify the officers or directors against any and all expenses incurred by the officers or directors because of their status as one may no March 31, 2022 2021. In the normal course of business, we provide indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third not March 31, 2022 2021. Leases Financing Lease At March 31, 2022 2021, March 31, 2022 2021 Office equipment $ 14,700 $ 14,700 Accumulated depreciation (14,700 ) (12,400 ) Net book value $ - $ 2,300 Amortization expense for assets recorded under financing leases is included in depreciation expense. Our financing lease expired in January 2022; no March 31, 2022. Operating Lease 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 Sheet at March 31, 2022 2021: As of March 31, 2022 As of March 31, 2021 Assets Right-of-use asset – operating lease $ 2,662,000 $ 3,219,600 Liabilities Current operating lease obligation $ 433,300 $ 364,800 Non-current operating lease obligation 2,605,400 3,350,800 Total operating lease liability $ 3,038,700 $ 3,715,600 The following table summarizes the effect of operating lease costs in our consolidated statements of operations: For the Fiscal Year Ended For the Fiscal Year Ended March 31, 2022 March 31, 2021 Operating lease cost $ 725,000 $ 838,200 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, 2023 $ 676,000 2024 689,500 2025 710,200 2026 731,500 2027 753,500 Thereafter 253,600 Total lease expense 3,814,300 Less imputed interest (775,600 ) Present value of operating lease liabilities $ 3,038,700 The remaining lease term, in accordance with the Lease Amendment, and the discount rate assumption for our South San Francisco operating lease is as follows: As of March 31, 2022 Assumed remaining lease term in years 5.33 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 leases included in cash flows used by operating activities in the consolidated statements of cash flows is as follows: For the Fiscal Year Ended For the Fiscal Year Ended March 31, 2022 March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 844,300 $ 791,600 During Fiscal 2022 2021, no 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 2022 2021 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events We have evaluated subsequent events through the date of this Annual Report and have identified the following material events and transactions that occurred after March 31, 2022: Dissolution of Subsidiaries VistaStem Canada and Artemis, the two April 2022 June 2022, Grant of Options from 2019 From April 1, 2022 2019 one three ten first three |
Note 16 - Supplemental Financia
Note 16 - Supplemental Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16. The following table presents the unaudited statements of operations data for each of the eight March 31, 2022. not Quarterly Results of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Total Fiscal Year 2022 Sublicense revenue $ 354 $ 358 $ 358 $ 39 $ 1,109 Total revenue 354 358 358 39 1,109 Operating expenses: Research and development 5,458 9,937 7,779 12,234 35,408 General and administrative 2,643 3,221 3,118 4,498 13,480 Total operating expenses 8,101 13,158 10,897 16,732 48,888 Loss from operations (7,747 ) (12,800 ) (10,539 ) (16,693 ) (47,779 ) Other income, net: Interest income, net 5 5 5 5 20 Loss before income taxes (7,742 ) (12,795 ) (10,534 ) (16,688 ) (47,759 ) Income taxes (3 ) - - - (3 ) Net loss and comprehensive loss (7,745 ) (12,795 ) (10,534 ) (16,688 ) (47,762 ) Accrued dividend on Series B Preferred stock (362 ) (375 ) (208 ) - (945 ) Net loss attributable to common stockholders $ (8,107 ) $ (13,170 ) $ (10,742 ) $ (16,688 ) $ (48,707 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.04 ) $ (0.07 ) $ (0.05 ) $ (0.08 ) $ (0.25 ) Weighted average shares used in computing basic and diluted net loss per common share attributable to common stockholders 189,924,158 193,227,841 202,328,683 206,532,083 197,978,592 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP not |
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 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of laboratory, information technology and office equipment range from three seven five ten |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not not |
Stockholders' Equity, Policy [Policy Text Block] | Deferred Offering Costs Deferred offering costs include registration expenses related to our current S- 3 Shelf Registration March 26, 2021, 8, Capital Stock |
Revenue [Policy Text Block] | Revenue Recognition The AffaMed Agreement, involving clinical development and commercialization of PH94B 2022 2021. August 2020, Under ASC Topic 606, 606, five five Once a contract is determined to be within the scope of Topic 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 Topic 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. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and nonclinical development of PH94B, PH10 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 the product or technology licensed has not no September 2018, PH94B PH10 October 2018, PH10 March 31, 2019. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees 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 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the asset and liability approach promulgated by ASC 740, Income Taxes |
Lessee, Leases [Policy Text Block] | Right-of-use Assets and Operating Lease Obligations We account for our leases following the guidance of Accounting Standards Update 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. |
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 quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We do not not three • Level 1 1 • Level 2 1 not • Level 3 i.e., no 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 not 3 March 31, 2022 2021, 1 March 31, 2022 March 31, 2021. |
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, March 31, 2022 2021, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss We have no |
Earnings Per Share, Policy [Policy Text Block] | Loss per Common Share Attributable to Common Stockholders Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual of dividends on shares of our Series B 10% Convertible Preferred Stock ( Series B Preferred March 30, 2022 2021 March 31, 2021, Series D Preferred 8, Capital Stock not As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Fiscal Years ended March 31, 2022 2021 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (48,707,500 ) $ (42,319,800 ) Denominator: Weighted average basic and diluted common shares outstanding 197,978,592 86,133,644 Basic and diluted net loss attributable to common stockholders per common share $ (0.25 ) $ (0.49 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2022 2021 At March 31, At March 31, 2022 2021 Series A Preferred stock issued and outstanding (1) - 750,000 Series B Preferred stock issued and outstanding (2) - 1,131,669 Series C Preferred stock issued and outstanding (3) - 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan 19,386,389 14,638,088 Outstanding warrants to purchase common stock 9,275,858 19,362,532 Total 28,662,247 47,449,728 ( 1 November 2021 October 11, 2012 ( 2 November 2021 10% May 5, 2015. March 31, 2021 ( 3 October 2021 January 25, 2016 ( 4 April 2021 December 21, 2020. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications In our fiscal year ended March 31, 2022, 16, Supplemental Financial Information March 31, 2022 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company. In August 2020, FASB 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity 815 40 ASU 2020 06 The guidance in ASU 2020 06 470 20, 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, may The amendments in ASU 2020 06 April 1, 2024. not 2020 06 In December 2019, No. 2019 12, Income Taxes (Topic 740 740, not not April 1, 2021. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Years ended March 31, 2022 2021 Numerator: Net loss attributable to common stockholders for basic and diluted earnings per share $ (48,707,500 ) $ (42,319,800 ) Denominator: Weighted average basic and diluted common shares outstanding 197,978,592 86,133,644 Basic and diluted net loss attributable to common stockholders per common share $ (0.25 ) $ (0.49 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | At March 31, At March 31, 2022 2021 Series A Preferred stock issued and outstanding (1) - 750,000 Series B Preferred stock issued and outstanding (2) - 1,131,669 Series C Preferred stock issued and outstanding (3) - 2,318,012 Series D Preferred stock issued and outstanding (4) - 9,249,427 Outstanding options under the Company's Amended and Restated 2016 Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan 19,386,389 14,638,088 Outstanding warrants to purchase common stock 9,275,858 19,362,532 Total 28,662,247 47,449,728 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, March 31, 2022 2021 Clinical and nonclinical materials and contract services $ 2,139,600 $ 686,900 Receivable from CRO for cancelled project 337,900 - Receivable from collaboration partner - 40,600 Insurance 196,500 121,800 All other 71,800 26,400 $ 2,745,800 $ 875,700 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, March 31, 2022 2021 Laboratory equipment $ 1,181,300 $ 1,003,800 Tenant improvements 214,400 214,400 Office furniture and equipment 76,200 92,100 Manufacturing equipment 211,200 211,200 1,683,100 1,521,500 Accumulated depreciation and amortization (1,268,800 ) (1,154,100 ) Property and equipment, net $ 414,300 $ 367,400 |
Depreciation and Amortization, Property, Plant and Equipment [Tabe Text Block] | Fiscal Years Ended March 31, 2022 2021 Owned assets $ 151,200 $ 114,600 Leased assets 2,300 3,000 Total depreciation and amortization $ 153,500 $ 117,600 |
Schedule of Finance Leased Assets [Table Text Block] | March 31, March 31, 2022 2021 Office equipment subject to financing lease $ 14,700 $ 14,700 Accumulated depreciation (14,700 ) (12,400 ) Net book value of office equipment subject to financing lease $ - $ 2,300 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, March 31, 2022 2021 Accrued expenses for clinical and nonclinical materials, development and contract services $ 1,070,800 $ 1,449,400 Accrued compensation 66,200 - Accrued professional services 159,500 85,500 All other 32,700 27,800 $ 1,329,200 $ 1,562,700 |
Note 8 - Capital Stock (Tables)
Note 8 - Capital Stock (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Exercisable and Exercise Outstanding at Price Expiration March 31, per Share Date 2022 $ 0.50 12/9/2022 1,000,000 $ 0.73 7/25/2025 370,544 $ 0.805 12/31/2022 76,859 $ 1.50 12/13/2022 6,789,243 $ 1.70 10/5/2022 12,162 $ 1.82 3/7/2023 880,050 $ 7.00 3/3/2023 147,000 9,275,858 |
Schedule of Stock by Class [Table Text Block] | Pursuant to warrants to purchase common stock: Subject to outstanding warrants 9,325,858 Pursuant to stock incentive plans: Subject to outstanding options under the Amended and Restated 2016 Stock Incentive Plan and the Amended and Restated 2019 Omnibus Equity Incentive Plan 19,386,389 Available for future grants under the Amended and Restated 2019 Omnibus Equity Incentive Plan 7,288,157 Available for future issuance under the 2019 Employee Stock Purchase Plan 884,664 27,559,210 Reserved for issuance under the Sales Agreement 25,754,929 Total 62,639,997 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Years Ended March 31, 2022 2021 Computed expected tax benefit (21.00 )% (21.00 )% State income taxes, net of federal benefit 0.01 % 0.01 % Tax effect of warrant modifications 0.00 % 0.00 % Tax effect of research and development credits (0.73 )% (1.45 )% Tax effect of stock compensation 0.59 % 4.71 % Tax effect of other non-deductible items 0.11 % 0.00 % Expired net operating loss carryforwards 0.74 % 1.99 % Change in valuation allowance (federal only) 20.40 % 15.74 % Income tax expense 0.12 % 0.00 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2022 2021 Deferred tax assets: Net operating loss carryovers $ 41,924,800 $ 33,587,300 Basis differences in property and equipment 47,000 12,500 Research and development credit carryforwards 3,032,800 2,589,000 Stock based compensation 3,469,300 3,515,500 Operating lease Right-of-Use asset 79,700 105,300 Accruals and reserves 66,700 67,000 Total deferred tax assets 48,620,300 39,876,600 Valuation allowance (48,620,300 ) (39,876,600 ) Net deferred tax assets $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Fiscal Years Ended March 31, 2022 2021 Unrecognized benefit - beginning of period $ 931,900 $ 814,600 Current period tax position increases 156,200 117,300 Unrecognized benefit - end of period $ 1,088,100 $ 931,900 |
Note 11 - Licensing, Sublicen_2
Note 11 - Licensing, Sublicensing and Collaborative Agreements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance at Balance at March 31, 2020 Additions Deductions March 31, 2021 Deferred Revenue – current portion $ - $ 1,420,200 $ - $ 1,420,200 Deferred Revenue – non-current portion - 3,579,800 (1,089,500 ) 2,490,300 Total $ - $ 5,000,000 $ (1,089,500 ) $ 3,910,500 Balance at Balance at March 31, 2021 Additions Deductions March 31, 2022 Deferred Revenue – current portion $ 1,420,200 $ - $ (176,200 ) $ 1,244,000 Deferred Revenue – non-current portion 2,490,300 - (932,700 ) 1,557,600 Total $ 3,910,500 $ - $ (1,108,900 ) $ 2,801,600 |
Note 12 - Stock Option Plans,_2
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Years Ended March 31, 2022 2021 Research and development expense $ 1,457,600 $ 746,900 General and administrative expense 2,023,100 1,559,200 Total stock-based compensation expense $ 3,480,700 $ 2,306,100 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Years Ended March 31, 2022 2021 (weighted average) (weighted average) Exercise price $ 1.78 $ 1.27 Market price on date of grant $ 1.78 $ 1.27 Risk-free interest rate 1.42 % 0.53 % Expected term (years) 5.60 5.58 Volatility 80.27 % 83.79 % Expected dividend yield 0.00 % 0.00 % Fair value per share at grant date $ 1.20 $ 0.87 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Fiscal Years Ended March 31, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 14,638,088 $ 1.34 10,003,088 $ 1.36 Options granted 5,205,000 $ 1.78 4,990,000 $ 1.27 Options exercised (356,199 ) $ 0.81 (355,000 ) $ 0.89 Options forfeited (100,000 ) $ 1.99 - $ - Options expired (500 ) $ 8.00 - $ - Options outstanding at end of period 19,386,389 $ 1.47 14,638,088 $ 1.34 Options exercisable at end of period 13,569,261 $ 1.32 10,732,059 $ 1.29 Weighted average grant-date fair value of options granted during the period $ 1.20 $ 0.87 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $0.398 to $0.99 2,454,176 8.12 $ 0.48 2,237,095 $ 0.46 $1.00 to $1.20 3,145,625 6.49 $ 1.10 3,007,295 $ 1.10 $1.21 to $1.36 885,000 6.34 $ 1.27 885,000 $ 1.27 $1.37 3,140,000 9.92 $ 1.37 660,000 $ 1.37 $1.38 to $1.50 3,951,253 5.88 $ 1.46 3,876,253 $ 1.46 $1.51 to $2.00 2,910,000 7.61 $ 1.73 2,265,992 $ 1.70 $2.01 to $3.00 2,640,000 9.16 $ 2.40 502,291 $ 2.42 $3.01 to $15.00 260,335 7.21 $ 4.87 135,335 $ 6.44 19,386,389 7.66 $ 1.47 13,569,261 $ 1.32 |
Note 14 - Commitments, Contin_2
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Finance Lease, Assets and Liabilities [Table Text Bock] | March 31, 2022 2021 Office equipment $ 14,700 $ 14,700 Accumulated depreciation (14,700 ) (12,400 ) Net book value $ - $ 2,300 |
Assets and Liabilities, Lessee [Table Text Block] | As of March 31, 2022 As of March 31, 2021 Assets Right-of-use asset – operating lease $ 2,662,000 $ 3,219,600 Liabilities Current operating lease obligation $ 433,300 $ 364,800 Non-current operating lease obligation 2,605,400 3,350,800 Total operating lease liability $ 3,038,700 $ 3,715,600 |
Lease, Cost [Table Text Block] | For the Fiscal Year Ended For the Fiscal Year Ended March 31, 2022 March 31, 2021 Operating lease cost $ 725,000 $ 838,200 As of March 31, 2022 Assumed remaining lease term in years 5.33 Assumed discount rate 8.54 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Years Ending March 31, 2023 $ 676,000 2024 689,500 2025 710,200 2026 731,500 2027 753,500 Thereafter 253,600 Total lease expense 3,814,300 Less imputed interest (775,600 ) Present value of operating lease liabilities $ 3,038,700 |
Schedule Of Operating Leaser For Cash Flow Disclosures [Table Text Block] | For the Fiscal Year Ended For the Fiscal Year Ended March 31, 2022 March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 844,300 $ 791,600 |
Note 16 - Supplemental Financ_2
Note 16 - Supplemental Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Total Fiscal Year 2022 Sublicense revenue $ 354 $ 358 $ 358 $ 39 $ 1,109 Total revenue 354 358 358 39 1,109 Operating expenses: Research and development 5,458 9,937 7,779 12,234 35,408 General and administrative 2,643 3,221 3,118 4,498 13,480 Total operating expenses 8,101 13,158 10,897 16,732 48,888 Loss from operations (7,747 ) (12,800 ) (10,539 ) (16,693 ) (47,779 ) Other income, net: Interest income, net 5 5 5 5 20 Loss before income taxes (7,742 ) (12,795 ) (10,534 ) (16,688 ) (47,759 ) Income taxes (3 ) - - - (3 ) Net loss and comprehensive loss (7,745 ) (12,795 ) (10,534 ) (16,688 ) (47,762 ) Accrued dividend on Series B Preferred stock (362 ) (375 ) (208 ) - (945 ) Net loss attributable to common stockholders $ (8,107 ) $ (13,170 ) $ (10,742 ) $ (16,688 ) $ (48,707 ) Basic and diluted net loss per common share attributable to common stockholders $ (0.04 ) $ (0.07 ) $ (0.05 ) $ (0.08 ) $ (0.25 ) Weighted average shares used in computing basic and diluted net loss per common share attributable to common stockholders 189,924,158 193,227,841 202,328,683 206,532,083 197,978,592 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Mar. 31, 2022 |
Number of Subsidiaries | 2 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Going Concern (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 287 Months Ended | ||||||||||
Dec. 31, 2020 | Aug. 31, 2020 | Aug. 30, 2020 | Jun. 24, 2020 | May 31, 2021 | Jul. 31, 2020 | Oct. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 10, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 17, 2020 | Dec. 16, 2020 | |
Retained Earnings (Accumulated Deficit), Total | $ (219,841,600) | $ (219,841,600) | $ (267,604,000) | $ (219,841,600) | $ (267,604,000) | |||||||||||
Proceeds from Issuance of Debt and Equity Securities | $ 119,000,000 | 208,600,000 | ||||||||||||||
Proceeds from Government Research Grant Awards | 22,700,000 | |||||||||||||||
Stock Issued During Period, Value, Settlement of Liabilities | $ 38,200,000 | |||||||||||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 228,000 | 6,396,302 | 6,396,302 | 7,298,791 | ||||||||||||
Proceeds from Warrant Exercises | $ 114,000 | $ 4,900,000 | $ 4,900,000 | $ 6,200,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 63,000,000 | 15,625,000 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 12,500,000 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.92 | $ 0.80 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 100,000,000 | |||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 46,000,000 | |||||||||||||||
Proceeds from Sale of Equity, Net of Expenses | $ 93,600,000 | $ 12,900,000 | ||||||||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 103,108,300 | $ 103,108,300 | $ 68,135,300 | $ 103,108,300 | $ 68,135,300 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 9,275,858 | 9,275,858 | ||||||||||||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | ||||||||||||||||
Upfront License Payment | 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||||||||||||
Proceeds From Upfront License Payment | $ 4,655,000 | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | 2,000,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21.16 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
ATM Facility [Member] | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,040,100 | $ 0 | ||||||||||||||
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) | 1,517,798 | 0 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,450,000 | |||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,243,250 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,800,000 | |||||||||||||||
Open Market Sale Agreement [Member] | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,450,000 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021 | Aug. 31, 2020 | Aug. 30, 2020 | Jun. 24, 2020 | Nov. 30, 2021 | Dec. 31, 2020 | Oct. 31, 2018 | Sep. 30, 2018 | Jul. 31, 2014 | Mar. 31, 2022 | |
Conversion of Accrued Dividends on Series B Preferred Stock into Common Stock [Member] | ||||||||||
Conversion of Stock, Shares Issued (in shares) | 3,295,778 | 160,062 | 3,295,778 | |||||||
Fair Value, Recurring [Member] | ||||||||||
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 | ||||||||
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 90,074,700 | $ 65,094,900 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 0 | |||||||||
Unregistered Shares [Member] | ||||||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 925,926 | 1,630,435 | ||||||||
Stock Issued During Period, Value, Acquisitions | $ 2,000,000 | $ 2,250,000 | ||||||||
Series B Preferred Stock [Member] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 10% | 10% | 10% | |||||||
Collaborative Arrangement, AffaMed Agreement [Member] | License [Member] | ||||||||||
Upfront License Payment | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||||||
Technology Equipment [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||||
Technology Equipment [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||||
Manufacturing Facility [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
Manufacturing Facility [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Basic and Diluted Net Loss (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss attributable to common stockholders for basic and diluted earnings per share | $ (16,688,000) | $ (10,742,000) | $ (13,170,000) | $ (8,107,000) | $ (48,707,500) | $ (42,319,800) |
Weighted average basic and diluted common shares outstanding (in shares) | 206,532,083 | 202,328,683 | 193,227,841 | 189,924,158 | 197,978,592 | 86,133,644 |
Basic and diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (0.08) | $ (0.05) | $ (0.07) | $ (0.04) | $ (0.25) | $ (0.49) |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded From Earnings Per Share Computation (Details) - shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Antidilutive Securities (in shares) | 28,662,247 | 47,449,728 | |
Share-Based Payment Arrangement, Option [Member] | The 2019 Omnibus Equity Incentive Plan [Member] | |||
Antidilutive Securities (in shares) | 19,386,389 | 14,638,088 | |
Warrant [Member] | |||
Antidilutive Securities (in shares) | 9,275,858 | 19,362,532 | |
Series A Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [1] | 0 | 750,000 |
Series B Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [2] | 0 | 1,131,669 |
Series C Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [3] | 0 | 2,318,012 |
Series D Preferred Stock [Member] | |||
Antidilutive Securities (in shares) | [4] | 0 | 9,249,427 |
[1]Based on exchange in November 2021 under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended[2]Based on exchange in November 2021 under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015. March 31, 2021 figure excludes shares of unregistered common stock issuable in payment of dividends on Series B Preferred upon conversion; 3,295,778 unregistered shares of common stock were issued in payment of accrued dividends upon conversion.[3]Based on exchange in October 2021 under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016[4]Based on exchanges during April 2021 under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020. |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Prepaid Expense and Other Assets, Current | $ 2,745,800 | $ 875,700 |
Prepaid Expenses and Other Current Assets [Member] | ||
Clinical and nonclinical materials and contract services | 2,139,600 | 686,900 |
Receivable from CRO for cancelled project | 337,900 | 0 |
Receivable from collaboration partner | 0 | 40,600 |
Insurance | 196,500 | 121,800 |
Other Assets | 71,800 | 26,400 |
Prepaid Expense and Other Assets, Current | $ 2,745,800 | $ 875,700 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Property, plant and equipment | $ 1,683,100 | $ 1,521,500 |
Accumulated depreciation and amortization | (1,268,800) | (1,154,100) |
Property and equipment, net | 414,300 | 367,400 |
Laboratory Equipment [Member] | ||
Property, plant and equipment | 1,181,300 | 1,003,800 |
Tenant Improvements [Member] | ||
Property, plant and equipment | 214,400 | 214,400 |
Office Furniture And Equipment [Member] | ||
Property, plant and equipment | 76,200 | 92,100 |
Manufacturing Equipment [Member] | ||
Property, plant and equipment | $ 211,200 | $ 211,200 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation and amortization | $ 153,500 | $ 117,600 |
Owned Assets [Member] | ||
Depreciation and amortization | 151,200 | 114,600 |
Leased Assets [Member] | ||
Depreciation and amortization | $ 2,300 | $ 3,000 |
Note 5 - Property and Equipme_5
Note 5 - Property and Equipment - Schedule of Assets Subject to Financing Lease (Details) - Office Furniture And Equipment [Member] - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Office equipment subject to financing lease | $ 14,700 | $ 14,700 |
Accumulated depreciation | (14,700) | (12,400) |
Net book value of office equipment subject to financing lease | $ 0 | $ 2,300 |
Note 6 - Accrued Expenses - Sch
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Accrued expenses for clinical and nonclinical materials, development and contract services | $ 1,070,800 | $ 1,449,400 |
Accrued compensation | 66,200 | 0 |
Accrued professional services | 159,500 | 85,500 |
Other Accrued Liabilities | 32,700 | 27,800 |
Accrued Liabilities, Current, Total | $ 1,329,200 | $ 1,562,700 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 23, 2020 | May 31, 2020 | Apr. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Proceeds from Notes Payable, Total | $ 0 | $ 224,400 | ||||
Repayments of Notes Payable | 0 | 603,100 | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 300 | $ 13,300 | ||||
Promissory Note [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 7.30% | 7.30% | |||
Debt Instrument, Face Amount | $ 322,200 | $ 62,600 | $ 62,600 | |||
Debt Instrument, Periodic Payment, Total | $ 33,200 | $ 6,500 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Notes Payable, Total | $ 224,400 | |||||
Repayments of Notes Payable | $ 224,400 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1,500 |
Note 8 - Capital Stock (Details
Note 8 - Capital Stock (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 22, 2020 | Dec. 17, 2020 | Aug. 31, 2020 | Aug. 07, 2020 | Aug. 05, 2020 | Aug. 02, 2020 | May 01, 2020 | Mar. 24, 2020 | Nov. 30, 2021 | Oct. 31, 2021 | May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | May 31, 2016 | Jul. 31, 2014 | Oct. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 10, 2022 | Mar. 31, 2021 | Jul. 31, 2020 | Jun. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 25, 2021 | Mar. 05, 2021 | Mar. 04, 2021 | Dec. 16, 2020 | Dec. 31, 2019 | Jan. 31, 2016 | May 31, 2015 | Dec. 31, 2011 | |
Common Stock, Shares Authorized (in shares) | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 175,000,000 | ||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||
Percentage of Common Shares Outstanding | 9.99% | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 63,000,000 | 15,625,000 | |||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.92 | ||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 4,299,100 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | |||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 50,000 | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,205,000 | 4,990,000 | |||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 356,199 | 355,000 | |||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 12,500,000 | ||||||||||||||||||||||||||||||||||||||
Deferred Offering Costs, Noncurrent | $ 294,900 | $ 294,900 | $ 294,900 | $ 294,900 | $ 321,800 | $ 294,900 | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.81 | $ 0.89 | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 9,275,858 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 228,000 | 6,396,302 | 6,396,302 | 7,298,791 | |||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 114,000 | $ 4,900,000 | $ 4,900,000 | $ 6,200,000 | |||||||||||||||||||||||||||||||||||
Common Stock, Shares, Issuable (in shares) | 55,819,048 | ||||||||||||||||||||||||||||||||||||||
Amended 2019 Plan [Member] | |||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 356,199 | 252,004 | |||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | $ 140,000 | $ 36,500 | |||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.81 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period Shares Stock Options Exercised, Net (in shares) | 306,700 | ||||||||||||||||||||||||||||||||||||||
The 2020 Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term (Year) | 4 years | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Issued in Period (in shares) | 125,000 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.50 | ||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 12,100,000 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 125,000 | ||||||||||||||||||||||||||||||||||||||
The Winter 2019 Warrant Modification [Member] | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term (Year) | 2 years | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.50 | $ 0.50 | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,600,000 | ||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 5,800,000 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Warrants, Exercised, Number (in shares) | 800,000 | ||||||||||||||||||||||||||||||||||||||
The 2019 Employee Stock Purchase Plan [Member] | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | 1.47 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right Outstanding, ExpirationPeriod, March 2023 [Member] | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7 | ||||||||||||||||||||||||||||||||||||||
The 2020 December Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 46,000,000 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 0.92 | ||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | 1.42 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Conversion Price, Difference Per Share (in dollars per share) | $ 0.50 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Beneficial Conversion Feature, Total | $ 23,000,000 | ||||||||||||||||||||||||||||||||||||||
Common Stock Purchase Agreement With Lincoln Park Capital Fund [Member] | Lincoln Park Capital Fund [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Purchase Agreement, Maximum Value of Committed Shares | $ 10,250,000 | ||||||||||||||||||||||||||||||||||||||
Stock Purchase Agreement, Purchase Period (Month) | 24 months | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,301,995 | 0 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 2,891,200 | ||||||||||||||||||||||||||||||||||||||
Deferred Offering Costs | $ 232,100 | ||||||||||||||||||||||||||||||||||||||
Common Stock Purchase Agreement With Lincoln Park Capital Fund, Initial Purchase [Member] | Lincoln Park Capital Fund [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 500,000 | ||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.50 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 250,000 | ||||||||||||||||||||||||||||||||||||||
Common Stock Purchase Agreement With Lincoln Park Capital Fund, Commitment Shares [Member] | Lincoln Park Capital Fund [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 750,000 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 284,400 | ||||||||||||||||||||||||||||||||||||||
The August 2020 Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 12,905,100 | ||||||||||||||||||||||||||||||||||||||
The August 2020 Public Offering [Member] | Maxim Group, LLC [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,625,000 | ||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.80 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 12,500,000 | ||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance of Common Stock, Net of Discount, Commissions and Offering | $ 12,900,000 | ||||||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,243,250 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,800,000 | ||||||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | Maxim Group, LLC [Member] | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.80 | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Day) | 45 days | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,343,750 | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 2,243,250 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | $ 1,794,600 | ||||||||||||||||||||||||||||||||||||||
The December 2020 Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 93,647,900 | ||||||||||||||||||||||||||||||||||||||
The December 2020 Public Offering [Member] | Jefferies L.L.C and William Blair & Company, L.L.C [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 100,280,000 | ||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance of Common Stock, Net of Discount, Commissions and Offering | $ 93,600,000 | ||||||||||||||||||||||||||||||||||||||
ATM Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,040,100 | $ 0 | |||||||||||||||||||||||||||||||||||||
ATM Facility [Member] | Jefferies LLC [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,517,798 | 0 | |||||||||||||||||||||||||||||||||||||
Stock Sales Agreement, Maximum Aggregate Offering Price | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||
Stock Sales Agreement, Commission on Shares Sold, Percentage | 3% | ||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,450,000 | ||||||||||||||||||||||||||||||||||||||
Deferred Offering Costs, Noncurrent | $ 276,500 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series A Preferred into Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1.5 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 750,000 | 750,000 | 750,000 | 750,000 | 750,000 | ||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 500,000 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 750,000 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock Into Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 1,131,669 | 2,400,000 | |||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,131,669 | 2,400,000 | |||||||||||||||||||||||||||||||||||||
Conversion of Accrued Dividends on Series B Preferred Stock into Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 3,295,778 | 160,062 | 3,295,778 | ||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ 6,272,700 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Amount Converted | $ 7,217,800 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock Into Unregistered Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 1,131,669 | 1,131,669 | 1,131,669 | 1,131,669 | 1,131,669 | ||||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 1,131,669 | 1,131,669 | 1,131,669 | 1,131,669 | 1,131,669 | ||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 28,571 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 737,146 | ||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ 124,600 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock Into Registered Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 394,523 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series C Preferred Stock to Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 2,318,012 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 2,318,012 | ||||||||||||||||||||||||||||||||||||||
Conversion of Series D Preferred Stock Into Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 23 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 1,597,851 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 36,750,573 | ||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 500,000 | 500,000 | 500,000 | 500,000 | 0 | 500,000 | |||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 500,000 | ||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 1,131,669 | 1,131,669 | 1,131,669 | 1,131,669 | 0 | 1,131,669 | |||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 10% | 10% | 10% | ||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Total | $ 945,100 | $ 1,385,600 | |||||||||||||||||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 2,318,012 | 2,318,012 | 2,318,012 | 2,318,012 | 0 | 2,318,012 | |||||||||||||||||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 402,149 | 402,149 | 402,149 | 402,149 | 0 | 402,149 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21.16 | $ 21.16 | |||||||||||||||||||||||||||||||||||||
Series D Preferred Stock [Member] | The 2020 December Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 402,149 | 402,149 | 402,149 | 402,149 | 0 | 402,149 | |||||||||||||||||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 9,249,427 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 402,149 | ||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 9,249,427 | ||||||||||||||||||||||||||||||||||||||
Series D Preferred Stock [Member] | The December 2020 Public Offering [Member] | Jefferies L.L.C and William Blair & Company, L.L.C [Member] | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21.16 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | The 2020 Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 125,000 | ||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | The December 2020 Public Offering [Member] | Jefferies L.L.C and William Blair & Company, L.L.C [Member] | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.92 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 63,000,000 |
Note 8 - Capital Stock - Schedu
Note 8 - Capital Stock - Schedule of Warrants (Details) | Mar. 31, 2022 $ / shares shares |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | |
Class of Warrant or Right, Outstanding (in shares) | shares | 9,275,858 |
Warrants Expiring December 9, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.50 |
Class of Warrant or Right, Outstanding (in shares) | shares | 1,000,000 |
Warrants Expiring July 25, 2025 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.73 |
Class of Warrant or Right, Outstanding (in shares) | shares | 370,544 |
Warrants Expiring December 31, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 0.805 |
Class of Warrant or Right, Outstanding (in shares) | shares | 76,859 |
Warrants Expiring December 13, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.50 |
Class of Warrant or Right, Outstanding (in shares) | shares | 6,789,243 |
Warrants Expiring October 5, 2022 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.70 |
Class of Warrant or Right, Outstanding (in shares) | shares | 12,162 |
Warrants Expiring March 7, 2023 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 1.82 |
Class of Warrant or Right, Outstanding (in shares) | shares | 880,050 |
Warrants Expiring March 3, 2023 [Member] | |
Class of Warrant or Right, Exercise Price (in dollars per share) | $ / shares | $ 7 |
Class of Warrant or Right, Outstanding (in shares) | shares | 147,000 |
Note 8 - Capital Stock - Reserv
Note 8 - Capital Stock - Reserves Shares (Details) | Mar. 31, 2022 shares |
Reserved for future issuance (in shares) | 62,639,997 |
The 2016 Equity Incentive Plan [Member] | |
Reserved for future issuance (in shares) | 19,386,389 |
Amended 2019 Plan [Member] | |
Reserved for future issuance (in shares) | 7,288,157 |
Employee Stock Purchase Plan 2019 [Member] | |
Reserved for future issuance (in shares) | 884,664 |
Stock Incentive Plans [Member] | |
Reserved for future issuance (in shares) | 27,559,210 |
Open Market Sale Agreement [Member] | |
Reserved for future issuance (in shares) | 25,754,929 |
Warrant [Member] | |
Reserved for future issuance (in shares) | 9,325,858 |
Note 9 - Research and Develop_2
Note 9 - Research and Development Expenses (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Research and Development Expense, Total | $ 12,234,000 | $ 7,779,000 | $ 9,937,000 | $ 5,458,000 | $ 35,407,800 | $ 11,925,700 |
Research and Development Expense, Noncash | $ 1,500,000 | $ 800,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 8,743,700 | $ 2,921,800 | |
Deferred Tax Assets, Taxable Income Limitation | 80% | ||
Open Tax Year | 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 | ||
Unrecognized Tax Benefits, Ending Balance | $ 1,088,100 | 931,900 | $ 814,600 |
Research Tax Credit Carryforward [Member] | |||
Unrecognized Tax Benefits, Ending Balance | 1,088,100 | $ 931,900 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | 182,217,800 | ||
Operating Loss Carryforwards, Subject to Expiration | 84,601,600 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 97,616,200 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 2,883,400 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Subject to Expiration | 65,512,000 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 1,468,700 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Computed expected tax benefit | (21.00%) | (21.00%) | (21.00%) |
State income taxes, net of federal benefit | 0.01% | 0.01% | |
Tax effect of warrant modifications | 0% | 0% | |
Tax effect of research and development credits | (0.73%) | (1.45%) | |
Tax effect of stock compensation | 0.59% | 4.71% | |
Tax effect of other non-deductible items | 0.11% | 0% | |
Expired net operating loss carryforwards | 0.74% | 1.99% | |
Change in valuation allowance (federal only) | 20.40% | 15.74% | |
Income tax expense | 0.12% | 0% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Net operating loss carryovers | $ 41,924,800 | $ 33,587,300 |
Basis differences in property and equipment | 47,000 | 12,500 |
Research and development credit carryforwards | 3,032,800 | 2,589,000 |
Stock based compensation | 3,469,300 | 3,515,500 |
Operating lease Right-of-Use asset | 79,700 | 105,300 |
Accruals and reserves | 66,700 | 67,000 |
Total deferred tax assets | 48,620,300 | 39,876,600 |
Valuation allowance | (48,620,300) | (39,876,600) |
Net deferred tax assets | $ 0 | $ 0 |
Note 10 - Income Taxes - Uncert
Note 10 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrecognized benefit - beginning of period | $ 931,900 | $ 814,600 |
Current period tax position increases | 156,200 | 117,300 |
Unrecognized benefit - end of period | $ 1,088,100 | $ 931,900 |
Note 11 - Licensing, Sublicen_3
Note 11 - Licensing, Sublicensing and Collaborative Agreements (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 shares | Aug. 31, 2020 USD ($) shares | Aug. 30, 2020 USD ($) | Jun. 24, 2020 USD ($) shares | Oct. 31, 2018 USD ($) shares | Sep. 30, 2018 USD ($) shares | Sep. 30, 2020 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Deferred Revenue, Total | $ 2,801,600 | $ 3,910,500 | |||||||
Professional Fees | $ 345,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | 125,000 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 63,000,000 | 15,625,000 | |||||||
Stock Issued During Period, Value, New Issues | 4,299,100 | ||||||||
Collaborative Arrangement, AffaMed Agreement [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | 2,198,400 | ||||||||
Contract with Customer, Liability, Total | 5,000,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | shares | 233,645 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 125,000 | ||||||||
Capitalized Contract Cost, Net, Total | 470,000 | ||||||||
Capitalized Contract Cost, Amortization | 104,100 | 102,400 | |||||||
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 | ||||||
Revenue from Contract with Customer, Payment Period (Day) | 30 days | ||||||||
Revenue Recognition, Milestone Method, Maximum Milestone Payments Permitted | $ 172,000,000 | ||||||||
Revenue, Remaining Number of Combined Performance Obligations | 1 | ||||||||
Collaborative Arrangement, License Agreements With Pherin Pharmaceuticals, Inc [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 925,926 | 1,630,435 | |||||||
Stock Issued During Period, Value, New Issues | $ 2,000,000 | $ 2,250,000 | |||||||
Support Payments | $ 10,000 |
Note 11 - Licensing, Sublicen_4
Note 11 - Licensing, Sublicensing and Collaborative Agreements - Changes in Contract Liabilities (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Deferred Revenue – current portion | $ 1,244,000 | $ 1,420,200 |
Deferred Revenue – non-current portion | 1,557,600 | 2,490,300 |
Total | 2,801,600 | 3,910,500 |
Additions [Member] | ||
Deferred Revenue – current portion | 0 | 1,420,200 |
Deferred Revenue – non-current portion | 0 | 3,579,800 |
Total | 0 | 5,000,000 |
Deductions [Member] | ||
Deferred Revenue – current portion | (176,200) | |
Deferred Revenue – non-current portion | (932,700) | (1,089,500) |
Total | $ (1,108,900) | $ (1,089,500) |
Note 12 - Stock Option Plans,_3
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 25, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 19,386,389 | 14,638,088 | 19,386,389 | 19,386,389 | 14,638,088 | 10,003,088 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,205,000 | 4,990,000 | |||||||||||||
Research and Development Expense, Total | $ 12,234,000 | $ 7,779,000 | $ 9,937,000 | $ 5,458,000 | $ 35,407,800 | $ 11,925,700 | |||||||||
General and Administrative Expense, Total | $ 4,498,000 | $ 3,118,000 | $ 3,221,000 | $ 2,643,000 | 13,480,000 | $ 7,097,600 | |||||||||
Dividends, Total | $ 0 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 12,500,000 | ||||||||||||||
The 2016 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 7,400,000 | 7,400,000 | 7,400,000 | ||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 4,990,000 | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 7,500,000 | 7,500,000 | 7,500,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized, Transferred (in shares) | 1,400,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,580,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Newly Hired Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,275,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Investors, Public Relations, and Scientific Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 365,000 | 195,000 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | 2 years | |||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | New Research and Development Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 200,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Independent Members of the Board and Employees [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,375,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Newly Hired Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Investors, Public Relations, and Scientific Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% | |||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | New Research and Development Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Independent Members of the Board and Employees [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | Investors, Public Relations, and Scientific Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
The 2019 Omnibus Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | Investors, Public Relations, and Scientific Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Amended 2019 Plan [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 7,288,157 | 7,288,157 | 7,288,157 | ||||||||||||
Share Price (in dollars per share) | $ 1.24 | $ 1.24 | $ 1.24 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,313,900 | $ 2,313,900 | $ 2,313,900 | ||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 18,000,000 | 18,000,000 | 18,000,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,205,000 | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,440,000 | 4,090,000 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Newly Hired Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,650,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Independent Members of the Board [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 725,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | New Independent Members of the Board [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 225,000 | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 390,000 | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Newly Hired Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Amended 2019 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | Consultants [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Amended 2019 Plan [Member] | Performance Shares [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||||||||
Employee Stock Purchase Plan 2019 [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||
Research and Development Expense, Total | $ 47,000 | $ 7,500 | |||||||||||||
General and Administrative Expense, Total | 19,500 | 6,800 | |||||||||||||
Accrued Payroll Taxes | $ 66,200 | $ 18,600 | $ 66,200 | $ 66,200 | $ 18,600 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Purchased for Award (in shares) | 57,211 | 58,125 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 99,400 | $ 26,200 | |||||||||||||
Employee Stock Purchase Plan 2019 [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Limitation on Contribution of Compensation | 15% | 15% | 15% | ||||||||||||
Employee Stock Purchase Plan 2019 [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Limitation on Contribution of Compensation | 1% | 1% | 1% | ||||||||||||
Amended and Restated 2016 and 2019 Stock [Member] | |||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,568,500 | $ 6,568,500 | $ 6,568,500 |
Note 12 - Stock Option Plans,_4
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 3,480,700 | $ 2,306,100 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 1,457,600 | 746,900 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 2,023,100 | $ 1,559,200 |
Note 12 - Stock Option Plans,_5
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan - Black-Scholes Option Pricing (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair value per share at grant date (in dollars per share) | $ 1.20 | $ 0.87 |
Share-Based Payment Arrangement, Option [Member] | ||
Exercise price (in dollars per share) | 1.78 | 1.27 |
Market price on date of grant (in dollars per share) | $ 1.78 | $ 1.27 |
Risk-free interest rate | 1.42% | 0.53% |
Expected term (years) (Year) | 5 years 7 months 6 days | 5 years 6 months 29 days |
Volatility | 80.27% | 83.79% |
Expected dividend yield | 0% | 0% |
Fair value per share at grant date (in dollars per share) | $ 1.20 | $ 0.87 |
Note 12 - Stock Option Plans,_6
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Options outstanding at beginning of period (in shares) | 14,638,088 | 10,003,088 |
Options outstan, weighted average exercise price (in dollars per share) | $ 1.34 | $ 1.36 |
Options granted (in shares) | 5,205,000 | 4,990,000 |
Options granted, weighted average exercise price (in dollars per share) | $ 1.78 | $ 1.27 |
Options exercised (in shares) | (356,199) | (355,000) |
Options exercised, weighted average exercise price (in dollars per share) | $ 0.81 | $ 0.89 |
Options forfeited (in shares) | (100,000) | 0 |
Options forfeited, weighted average exercise price (in dollars per share) | $ 1.99 | $ 0 |
Options expired (in shares) | (500) | 0 |
Options expired, weighted average exercise price (in dollars per share) | $ 8 | $ 0 |
Options outstanding at end of period (in shares) | 19,386,389 | 14,638,088 |
Options outstan, weighted average exercise price (in dollars per share) | $ 1.47 | $ 1.34 |
Options exercisable at end of period (in shares) | 13,569,261 | 10,732,059 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 1.32 | $ 1.29 |
Fair value per share at grant date (in dollars per share) | $ 1.20 | $ 0.87 |
Note 12 - Stock Option Plans,_7
Note 12 - Stock Option Plans, Employee Stock Purchase Plan, and 401(k) Plan - Stock Option Outstanding and Exercisable (Details) | 12 Months Ended |
Mar. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 19,386,389 |
Weighted average remaining years until expiration (Year) | 7 years 7 months 28 days |
Weighted average exercise price (in dollars per share) | $ 1.47 |
Number exercisable shares (in shares) | shares | 13,569,261 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.32 |
Exercise Price Range 1 [Member] | |
Exercise price, lower limit (in dollars per share) | 0.398 |
Exercise price, higher limit (in dollars per share) | $ 0.99 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 2,454,176 |
Weighted average remaining years until expiration (Year) | 8 years 1 month 13 days |
Weighted average exercise price (in dollars per share) | $ 0.48 |
Number exercisable shares (in shares) | shares | 2,237,095 |
Exercisable weighted average exercise price (in dollars per share) | $ 0.46 |
Exercise Price Range 2 [Member] | |
Exercise price, lower limit (in dollars per share) | 1 |
Exercise price, higher limit (in dollars per share) | $ 1.20 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 3,145,625 |
Weighted average remaining years until expiration (Year) | 6 years 5 months 26 days |
Weighted average exercise price (in dollars per share) | $ 1.10 |
Number exercisable shares (in shares) | shares | 3,007,295 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.10 |
Exercise Price Range 3 [Member] | |
Exercise price, lower limit (in dollars per share) | 1.21 |
Exercise price, higher limit (in dollars per share) | $ 1.36 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 885,000 |
Weighted average remaining years until expiration (Year) | 6 years 4 months 2 days |
Weighted average exercise price (in dollars per share) | $ 1.27 |
Number exercisable shares (in shares) | shares | 885,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.27 |
Exercise Price Range 4 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 3,140,000 |
Weighted average remaining years until expiration (Year) | 9 years 11 months 1 day |
Weighted average exercise price (in dollars per share) | $ 1.37 |
Number exercisable shares (in shares) | shares | 660,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.37 |
Exercise Price Range 5 [Member] | |
Exercise price, lower limit (in dollars per share) | 1.38 |
Exercise price, higher limit (in dollars per share) | $ 1.50 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 3,951,253 |
Weighted average remaining years until expiration (Year) | 5 years 10 months 17 days |
Weighted average exercise price (in dollars per share) | $ 1.46 |
Number exercisable shares (in shares) | shares | 3,876,253 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.46 |
Exercise Price Range 6 [Member] | |
Exercise price, lower limit (in dollars per share) | 1.51 |
Exercise price, higher limit (in dollars per share) | $ 2 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 2,910,000 |
Weighted average remaining years until expiration (Year) | 7 years 7 months 9 days |
Weighted average exercise price (in dollars per share) | $ 1.73 |
Number exercisable shares (in shares) | shares | 2,265,992 |
Exercisable weighted average exercise price (in dollars per share) | $ 1.70 |
Exercise Price Range 7 [Member] | |
Exercise price, lower limit (in dollars per share) | 2.01 |
Exercise price, higher limit (in dollars per share) | $ 3 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 2,640,000 |
Weighted average remaining years until expiration (Year) | 9 years 1 month 28 days |
Weighted average exercise price (in dollars per share) | $ 2.40 |
Number exercisable shares (in shares) | shares | 502,291 |
Exercisable weighted average exercise price (in dollars per share) | $ 2.42 |
Exercise Price Range 8 [Member] | |
Exercise price, lower limit (in dollars per share) | 3.01 |
Exercise price, higher limit (in dollars per share) | $ 15 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | shares | 260,335 |
Weighted average remaining years until expiration (Year) | 7 years 2 months 15 days |
Weighted average exercise price (in dollars per share) | $ 4.87 |
Number exercisable shares (in shares) | shares | 135,335 |
Exercisable weighted average exercise price (in dollars per share) | $ 6.44 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Research and Development Expense, Total | $ 12,234,000 | $ 7,779,000 | $ 9,937,000 | $ 5,458,000 | $ 35,407,800 | $ 11,925,700 |
Consulting Firm [Member] | Support to Development of PH94B, PH10 and AV-101 [Member] | ||||||
Research and Development Expense, Total | $ 6,800 | |||||
Consulting Firm [Member] | Corporate Development and Public Relations Advisory Services [Member] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 45,000 | |||||
Consulting Firm [Member] | Projects for Certain CNS Pipeline Candidates [Member] | ||||||
Research and Development Expense, Total | 193,000 | |||||
Accounts Payable and Accrued Liabilities, Current, Total | $ 0 | $ 0 | $ 0 |
Note 14 - Commitments, Contin_3
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Expense | $ 14,200 | $ 14,200 |
Note 14 - Commitments, Contin_4
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications - Finance Lease Obligations (Details) - Office Equipment [Member] - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Office equipment subject to financing lease | $ 14,700 | $ 14,700 |
Accumulated depreciation | (14,700) | (12,400) |
Net book value | $ 0 | $ 2,300 |
Note 14 - Commitments, Contin_5
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications - Operating lease in Condensed Consolidated Balance Sheet (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Right-of-use asset – operating lease | $ 2,662,000 | $ 3,219,600 |
Current operating lease obligation | 433,300 | 364,800 |
Non-current operating lease obligation | 2,605,400 | 3,350,800 |
Total operating lease liability | $ 3,038,700 | $ 3,715,600 |
Note 14 - Commitments, Contin_6
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications - Operating Lease Cost (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 725,000 | $ 838,200 |
Assumed remaining lease term in years (Year) | 5 years 3 months 29 days | |
Assumed discount rate | 8.54% |
Note 14 - Commitments, Contin_7
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications - Minimum Lease Payments (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
2023 | $ 676,000 | |
2024 | 689,500 | |
2025 | 710,200 | |
2026 | 731,500 | |
2027 | 753,500 | |
Thereafter | 253,600 | |
Total lease expense | 3,814,300 | |
Less imputed interest | (775,600) | |
Present value of operating lease liabilities | $ 3,038,700 | $ 3,715,600 |
Note 14 - Commitments, Contin_8
Note 14 - Commitments, Contingencies, Guarantees and Indemnifications - Operating Activities in Cash flow Statements (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 844,300 | $ 791,600 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - shares | 2 Months Ended | 12 Months Ended | |
May 27, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,205,000 | 4,990,000 | |
Plan 2019 [Member] | Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 400,000 | ||
Plan 2019 [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Day) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Plan 2019 [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% |
Note 16 - Supplemental Financ_3
Note 16 - Supplemental Financial Information (Unaudited) - Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 1,108,900 | $ 1,089,500 | ||||
Total revenue | $ 39,000 | $ 358,000 | $ 358,000 | $ 354,000 | 1,109,000 | |
Research and development | 12,234,000 | 7,779,000 | 9,937,000 | 5,458,000 | 35,407,800 | 11,925,700 |
General and administrative | 4,498,000 | 3,118,000 | 3,221,000 | 2,643,000 | 13,480,000 | 7,097,600 |
Total operating expenses | 16,732,000 | 10,897,000 | 13,158,000 | 8,101,000 | 48,887,800 | 19,023,300 |
Loss from operations | (16,693,000) | (10,539,000) | (12,800,000) | (7,747,000) | (47,778,900) | (17,933,800) |
Interest income, net | 5,000 | 5,000 | 5,000 | 5,000 | 19,900 | 1,600 |
Loss before income taxes | (16,688,000) | (10,534,000) | (12,795,000) | (7,742,000) | (47,759,000) | (17,931,600) |
Income taxes | 0 | 0 | 0 | (3,000) | (3,400) | (2,600) |
Net loss and comprehensive loss | (16,688,000) | (10,534,000) | (12,795,000) | (7,745,000) | (47,762,400) | (17,934,200) |
Accrued dividends on Series B Preferred stock | 0 | (208,000) | (375,000) | (362,000) | (945,100) | (1,385,600) |
Net loss attributable to common stockholders | $ (16,688,000) | $ (10,742,000) | $ (13,170,000) | $ (8,107,000) | $ (48,707,500) | $ (42,319,800) |
Basic and diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (0.08) | $ (0.05) | $ (0.07) | $ (0.04) | $ (0.25) | $ (0.49) |
Weighted average basic and diluted common shares outstanding (in shares) | 206,532,083 | 202,328,683 | 193,227,841 | 189,924,158 | 197,978,592 | 86,133,644 |
License [Member] | ||||||
Revenue | $ 39,000 | $ 358,000 | $ 358,000 | $ 354,000 | $ 1,109,000 |