Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | May 20, 2022 | Sep. 30, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TYME | ||
Entity Registrant Name | TYME TECHNOLOGIES, INC. | ||
Entity Central Index Key | 0001537917 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 172,206,894 | ||
Entity Public Float | $ 153,482,658 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-38169 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3864597 | ||
City Area Code | 212 | ||
Local Phone Number | 461-2315 | ||
Entity Address, Address Line One | 1 Pluckemin Way – Suite 103 | ||
Entity Address, City or Town | Bedminster | ||
Entity Address, Postal Zip Code | 07921 | ||
Entity Address, State or Province | NJ | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Security Exchange Name | NASDAQ | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | New York, New York | ||
Documents Incorporated by Reference | Certain information required by Items 10, 11, 12, 13 and 14 is incorporated by reference into Part III hereof from portions of the Proxy Statement for the registrant’s 2022 Annual Meeting of Stockholders. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 13,738,931 | $ 107,516,420 |
Marketable securities | 60,611,961 | |
Prepaid clinical costs | 480,623 | 987,470 |
Prepaid expenses and other current assets | 4,064,770 | 1,152,970 |
Total current assets | 78,896,285 | 109,656,860 |
Prepaid clinical costs, net of current portion | 530,989 | |
Operating lease right-of-use asset | 38,229 | 75,471 |
Marketable securities | 9,080,671 | |
Total assets | 88,015,185 | 110,263,320 |
Current liabilities | ||
Accounts payable and other current liabilities (including $153,000 and $87,000 of related party accounts payable, respectively) | 3,803,427 | 3,842,390 |
Severance payable | 2,611,857 | 726,027 |
Accrued bonuses | 933,082 | 1,040,710 |
Operating lease liability | 37,332 | 34,658 |
Total current liabilities | 7,385,698 | 5,643,785 |
Long-term liabilities | ||
Severance payable, net of current portion | 421,575 | 850,709 |
Operating lease liability, net of current portion | 41,256 | |
Warrant liability | 124,480 | 1,931,921 |
Total liabilities | 7,931,753 | 8,467,671 |
Commitments and contingencies (See Note 9) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized, 172,206,894 issued and outstanding at March 31, 2022, and 300,000,000 authorized, 172,200,644 issued and outstanding at March 31, 2021 | 17,223 | 17,222 |
Additional paid in capital | 241,030,535 | 238,572,442 |
Accumulated other comprehensive loss | (544,264) | |
Accumulated deficit | (160,420,062) | (136,794,015) |
Total stockholders’ equity | 80,083,432 | 101,795,649 |
Total liabilities and stockholders’ equity | $ 88,015,185 | $ 110,263,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 172,206,894 | 172,200,644 |
Common stock, outstanding | 172,206,894 | 172,200,644 |
Drinker, Biddle & Reath LLP ("DBR") [Member] | ||
Related party accounts payable | $ 153,000 | $ 87,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 13,444,101 | $ 16,709,649 |
General and administrative (including $507,000 and $517,000 of related party legal expenses, respectively) | 9,632,103 | 10,185,537 |
Severance expense | 2,437,379 | 321,825 |
Total operating expenses | 25,513,583 | 27,217,011 |
Loss from operations | (25,513,583) | (27,217,011) |
Other income (expense): | ||
Change in fair value of warrant liability | 1,807,441 | (3,915,393) |
Gain on warrant exchange | 2,228,697 | |
Other income | 150,339 | 22,077 |
Interest expense | (70,244) | (97,133) |
Total other income (expense) | 1,887,536 | (1,761,752) |
Loss before income taxes | (23,626,047) | (28,978,763) |
Net loss | $ (23,626,047) | $ (28,978,763) |
Basic and diluted loss per common share | $ (0.14) | $ (0.22) |
Basic and diluted weighted average shares outstanding | 172,206,534 | 134,250,722 |
Statements of Comprehensive Loss | ||
Net loss | $ (23,626,047) | $ (28,978,763) |
Other comprehensive loss | ||
Unrealized loss on marketable securities, net of tax | (544,264) | |
Comprehensive loss | $ (24,170,311) | $ (28,978,763) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Related party legal expenses | $ 507,000 | $ 517,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Securities Purchase Agreement [Member] | At-the-Market Financing Facility [Member] | Common Stock [Member] | Common Stock [Member]Securities Purchase Agreement [Member] | Common Stock [Member]At-the-Market Financing Facility [Member] | Additional Paid-in capital [Member] | Additional Paid-in capital [Member]Securities Purchase Agreement [Member] | Additional Paid-in capital [Member]At-the-Market Financing Facility [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance, at beginning at Mar. 31, 2020 | $ 19,025,136 | $ 12,333 | $ 126,828,055 | $ (107,815,252) | |||||||
Balance, at beginning (in shares) at Mar. 31, 2020 | 123,312,252 | ||||||||||
Issuance of common stock | $ 93,771,865 | $ 5,775,418 | $ 4,000 | $ 445 | $ 93,767,865 | $ 5,774,973 | |||||
Issuance of common stock (in shares) | 40,000,000 | 4,453,939 | |||||||||
Proceeds from the exercise of stock options | $ 5,351,323 | $ 203 | 5,351,120 | ||||||||
Proceeds from the exercise of stock options (in shares) | 2,028,203 | 2,028,203 | |||||||||
Warrant to share exchange | $ 3,393,775 | $ 241 | 3,393,534 | ||||||||
Warrant to share exchange (in shares) | 2,406,250 | ||||||||||
Stock based compensation | 3,456,895 | 3,456,895 | |||||||||
Net loss | (28,978,763) | (28,978,763) | |||||||||
Balance, at end at Mar. 31, 2021 | $ 101,795,649 | $ 17,222 | 238,572,442 | (136,794,015) | |||||||
Balance, at end (in shares) at Mar. 31, 2021 | 172,200,644 | 172,200,644 | |||||||||
Proceeds from the exercise of stock options | $ 6,188 | $ 1 | 6,187 | ||||||||
Proceeds from the exercise of stock options (in shares) | 6,250 | 6,250 | |||||||||
Stock based compensation | $ 2,451,906 | 2,451,906 | |||||||||
Unrealized gain (loss) on available-for-sale securities | (544,264) | $ (544,264) | |||||||||
Net loss | (23,626,047) | (23,626,047) | |||||||||
Balance, at end at Mar. 31, 2022 | $ 80,083,432 | $ 17,223 | $ 241,030,535 | $ (160,420,062) | $ (544,264) | ||||||
Balance, at end (in shares) at Mar. 31, 2022 | 172,206,894 | 172,206,894 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Securities Purchase Agreement [Member] | |
Offering expense | $ 6,228,135 |
At-the-Market Financing Facility [Member] | |
Offering expense | $ 318,425 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (23,626,047) | $ (28,978,763) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 5,181 | |
Amortization of employees, directors and consultants stock options | 2,451,906 | 3,456,895 |
Change in fair value of warrant liability | (1,807,441) | 3,915,393 |
Gain on warrant exchange | (2,228,697) | |
Net amortization of premiums and discounts on marketable securities | 1,615,332 | |
Loss on call redemption of marketable securities | 1,416 | |
Change in operating assets and liabilities: | ||
Prepaid clinical costs | 1,037,836 | 144,528 |
Prepaid expenses and other assets | (2,224,512) | (171,021) |
Operating lease right-of-use asset | 37,242 | 150,269 |
Accounts payable and other current liabilities | (38,963) | 1,015,088 |
Severance payable | 1,456,696 | (58,896) |
Accrued bonuses | (107,628) | (760,269) |
Operating lease liability | (38,582) | (54,186) |
Net cash used in operating activities | (21,242,745) | (23,564,478) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (95,244,730) | |
Proceeds from maturities of marketable securities | 22,703,798 | |
Net cash used in investing activities | (72,540,932) | |
Cash flows from financing activities: | ||
Insurance note payments | (518,124) | |
Proceeds from registered offerings, net of issuance costs | 99,547,283 | |
Proceeds from exercise of stock options | 6,188 | 5,351,323 |
Net cash provided by financing activities | 6,188 | 104,380,482 |
Net (decrease) increase in cash | (93,777,489) | 80,816,004 |
Cash and cash equivalents — beginning of year | 107,516,420 | 26,700,416 |
Cash and cash equivalents — end of year | 13,738,931 | 107,516,420 |
Cash paid for interest and income taxes are as follows: | ||
Interest | $ 70,244 | 97,133 |
Noncash investing and financing activities: | ||
Operating lease right-of-use asset obtained in exchange for lease liabilities | $ 75,439 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) | 12 Months Ended |
Mar. 31, 2022shares | |
Share Exchange Agreements [Member] | |
Cashless exchange of warrants to purchase | 5,833,333 |
Cashless exchange of shares of common stock | 2,166,667 |
Warrant Exchange Agreements [Member] | |
Cashless exchange of warrants to purchase | 2,406,250 |
Nature of Business
Nature of Business | 12 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Tyme Technologies, Inc. is a Delaware corporation headquartered in Bedminster, New Jersey, with a wholly owned subsidiary, Tyme Inc. (together, “TYME” or the “Company”). The majority of the Company’s research, development and other business activities are conducted by Tyme Inc., which was incorporated in Delaware in 2013. TYME is an emerging biotechnology company developing CMBTs that are intended to be effective across a broad range of solid tumors and hematologic cancers, while also maintaining patients’ quality of life through relatively low toxicity profiles. Unlike targeted therapies that attempt to regulate specific mutations within cancer, the Company’s therapeutic approach is designed to take advantage of a cancer cell’s innate metabolic requirements to cause cancer cell death. The Company is currently focused on developing its novel compound, SM-88, its preclinical pipeline of novel CMBT TM TM Ongoing Studies OASIS Trial in metastatic HR+/HER2- breast cancer The Company is collaborating with Georgetown University to support a Phase II trial, OASIS, for SM-88 in patients with metastatic breast cancer who have HR+ and HER2- disease (“HR+/HER2-”). This represents approximately 68% of the annual breast cancer diagnoses in the US each year. The OASIS trial is an investigator-initiated prospective open-label Phase II trial evaluating the efficacy and safety of SM-88 with MPS for the treatment of metastatic HR+/HER2- breast cancer after treatment with a CDK4/6 inhibitor. This trial is designed as a two-stage trial, enrolling up to 50 patients who have failed or progressed after receiving two hormonal agents and a CDK4/6 inhibitor to receive SM-88 with MPS without additional cancer therapies. The primary endpoint of this trial is ORR, with secondary endpoints including DOR, CBR at >24 weeks, PFS, and safety. The trial is being conducted at Georgetown University at a total of five sites within the Georgetown/MEDSTAR system located in Washington DC, Maryland, and New Jersey. Patient enrollment began in 2021 with the first patient dosed in September. HoPES Trial in sarcoma In early 2020, the open-label Phase 2 investigator-sponsored trial of SM-88 therapy in sarcoma, HoPES, opened. This trial has two cohorts, each expecting to enroll 12 patients. The first is SM-88 with MPS as salvage treatment in patients with mixed rare sarcomas, and the other is SM-88 with MPS as maintenance treatment for patients with metastatic Ewing’s sarcoma who had not progressed on prior therapy. The primary objectives are to measure ORR and PFS. Secondary objectives include DOR, OS, CBR using RECIST, and incidence of treatment-emergent AEs. The Joseph Ahmed Foundation is sponsoring this trial, which is being conducted by Principal Investigator Dr. Chawla at the Sarcoma Oncology Center in Santa Monica, CA. Preclinical Pipeline Programs The Company has begun a comprehensive translational preclinical program focused on SM-88 MOA and Biomarker Identification/Validation. We have engaged Evotec, a leading global research and development company, to aid in the execution of these activities and we are also incorporating several complementary academic collaborations into this multi-faceted program. The overall goal of these activities is to potentially identify actionable biomarkers of sensitivity and activity to SM-88 in various cancers, complementary combination drugs strategies for SM-88, and other cancer metabolism targets that could benefit from treatment. TYME-18 is a CMBT TM TYME-19 is an oral synthetic member of the bile acid family. The Company also uses bile acids in its anti-cancer drug candidate, TYME-18. Because of its expertise in bile acids and their effects, the Company was able to identify TYME-19 as a well-characterized bile acid with potential antiviral properties. Bile acids have primarily been used for liver disease; however, like all steroids, they are messenger molecules that modulate a number of diverse critical cellular processes. Bile acids can modulate lipid and glucose metabolism and can remediate dysregulated protein folding, with potentially therapeutic effects on cardiovascular, neurologic, immune, and other metabolic systems. Some agents in this class have also previously shown antiviral properties. The Company has retained virology experts at Evotec to assess the MOAs of TYME-19 to assist the Company in assessing the path forward for the TYME-19 program. Evotec is a global drug development company with the capability to access the multiple existing and emerging variants of the COVID-19 virus. TYME and Evotec are testing the ability of TYME-19 to interrupt the cellular pathways commonly used by viruses to produce viral proteins as well as cellular responses to viral infection that cause local inflammation. Prolonged inflammation from SARS-CoV-2 can lead to some of the severe outcomes experienced by infected patients. Tumor Targeting Technology TYME has developed a technology (“Tumor Targeting Technology”) by which the tyrosine isomer L metyrosine (L-α-methylparatyrosine) can be fused with a second therapeutic agent in a manner that creates a fusion compound that may allow targeted accumulation of the treatment by the cancer cells in a novel manner. The Company is assessing potential development paths forward for this technology. Discontinuing Programs Precision Promise Trial- SM-88 with MPS as 2nd line therapy in metastatic pancreatic cancer In October 2018 the Company partnered with PanCAN to study SM-88 in an adaptive randomized Phase II/III trial with registration intent known as Precision Promise SM On January 26, 2022, the Company announced the discontinuation of SM-88 with MPS in the Precision Promise trial in mPDAC upon learning from PanCAN, the trial sponsor, that it terminated the arm due to futility compared to the control of standard of care chemotherapy in second-line mPDAC. Based on the information provided by PanCAN, the OS for SM-88 with MPS in monotherapy was lower compared to standard of care chemotherapies with either Gemcitabine and Abraxane or modified FOLFIRINOX. As of March 31, 2022, remaining estimated costs to close out the trial have been expensed. TYME-88-PANC (Part 2) (third-line Metastatic Pancreatic Cancer) In fiscal year 2020, we launched our pivotal study for SM-88 in the third-line treatment of pancreatic cancer through an amendment to our ongoing TYME-88-Panc trial (Part 2), with the first patient dosed in the third quarter of the fiscal year. As described previously, the COVID-19 pandemic significantly impacted enrollment of this trial such that it appears it is likely to complete enrollment in a similar timeline to the second-line Precision Promise pancreatic cancer trial. There was also a higher than expected dropout of patients randomized to the chemotherapy control arm, which could have potentially impacted the interpretative and regulatory utility of the data. Following the strategic review, considering, in part, the timeline and regulatory utility for this trial compared to the parallel Precision Promise trial and concentration of investment in this specific cancer, management concluded that it would be best to focus on the second-line Precision Promise trial which offers treatment options to patients earlier in their disease and includes tumor biopsy and biomarker analyses that align with the Company’s overall strategic focus on identifying targeted therapies. Therefore, the Company decided to stop enrollment and begin the process of closing down the trial. Patients currently on therapy are allowed to continue treatment until progression or unacceptable toxicity. The closing of this trial is expected to require several months to complete. During the year ended March 31, 2022, the Company expensed $723,000 of estimated close out costs. The trial’s remaining ongoing expense to the Company is approximately $400,000 and is expected to be incurred over the five months following March 31, 2022. Liquidity The consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has historically funded its operations primarily through equity offerings. On October 18, 2019, TYME entered into an Open Market Sale Agreement SM The proceeds of the aforementioned offerings are being used by the Company for continued clinical studies, drug commercialization and development activities and other general corporate and operating expenses. For the year ended March 31, 2022, the Company had negative cash flow from operations of $21.2 million and net loss of $23.6 million, which included Management has concluded that substantial doubt does not exist regarding the Company’s ability to satisfy its obligations as they come due during the twelve-month period following the issuance of these financial statements. This conclusion is based on the Company’s assessment of qualitative and quantitative conditions and events, considered in aggregate as of the date of issuance of these financial statements that are known and reasonably knowable. Among other relevant conditions and events, the Company has considered its operational plans, liquidity sources, obligations due or expected, funds necessary to maintain the Company’s operations, and potential adverse conditions or events as of the issuance date of these financial statements. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and ASU of the FASB. Significant Accounting Policies Principles of Consolidation The Company’s consolidated financial statements include the accounts of Tyme Technologies, Inc. and its subsidiary, Tyme, Inc. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain prior year amounts, primarily severance expense which was broken out to a separate line item on the Consolidated Statements of Operations and Comprehensive Loss, have been reclassified to conform to the current year presentation. These reclassifications have no effect on the previously reported net loss or cash flows . Risks and Uncertainties The Company is subject to those risks associated with any biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants, as well as third party contractors. Current Economic Conditions Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant items subject to such estimation include the calculation of the stock-based compensation and warrant valuation. Actual results could differ from such estimates. Cash and Cash Equivalents The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents are stated at fair value. The Company’s cash and cash equivalents consisted of $13.7 million at March 31, 2022 and $107.5 million at March 31, 2021. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and marketable securities. Cash is deposited with major banks and, at times, such balances with any one financial institution may be in excess of FDIC insurance limits. The Company exceeded the FDIC limit of $250,000 by $10.1 million at March 31, 2022 and $107.3 million at March 31, 2021. Although the Company has exceeded the federally insured limit, it has not incurred losses related to these deposits. Management monitors the Company’s accounts with these institutions to minimize credit risk. Marketable Securities In the first quarter of fiscal year 2022, the Company established an investment policy and invested in a portfolio of highly liquid investments and marketable securities. The primary objectives of the Company’s policy are to preserve capital and diversify risk, while maintaining sufficient liquidity to meet cash flow requirements. All of the Company's marketable securities are debt securities and are classified as available-for-sale in accordance with the ASC Topic 320, “Investments - Debt and Equity Securities.” Available for sale securities are carried at fair value and reported in cash equivalents and marketable securities. Marketable securities are further classified as short-term or long-term based on maturity dates and the Company’s intent in line with its investment policy to hold the securities to scheduled maturity. Unrealized gains and losses on available-for-sale securities are excluded from net loss and reported in accumulated other comprehensive loss as a separate component of stockholders' equity. Other income includes interest, dividends, amortization of purchase premiums and discounts, gain and losses on sale (or redemptions) of securities and other-than-temporary declines in the fair value of securities, if any. For individual debt securities classified as available-for-sale securities where there has been a decline in fair value below amortized cost, the Company determines whether the decline resulted from a credit loss or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for a credit loss is recorded on our consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive loss, net of applicable taxes. Fair Value of Financial Instruments The Company records certain financial assets and liabilities at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value should be based on the assumptions that market participants would use when pricing an asset or liability and is based on a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets (observable inputs) and the lowest priority to the Company’s assumptions (unobservable inputs). Fair value measurements should be disclosed separately by level within the fair value hierarchy. For assets and liabilities recorded at fair value, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with established fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data are based primarily upon estimates, and often are calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as assets held for sale and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 valuations are for instruments that are not traded in active markets or are subject to transfer restrictions and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The carrying amounts of the Company’s financial instruments, including cash, accounts payable and other current liabilities approximates fair value given their short-term nature. The fair value of the severance payable approximates the carrying value, which represents the present value of future severance payments. Cash equivalents, marketable securities and the derivative warrant liability are recorded at fair value. See Note 7. Prepaid Expenses and Other Current Assets Prepaid expenses represent expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time. As of March 31, 2022, prepaid expenses and other current assets includes $1.1 million of prepaid insurance, $0.6 million accrued interest receivable on marketable securities and a $2.1 million deposit with our payroll vendor to satisfy the Chief Science Officer severance payment. As of March 31, 2021, prepaid expenses and other current assets includes $1.0 million of prepaid insurance. Property and Equipment, Net Property and equipment are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives. The Company estimates a life of three years for equipment and furniture and fixtures. Upon sale or retirement, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in results of operations. Repairs and maintenance costs are expensed as incurred. Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets, which include fixed assets and operating lease right of use assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended March 31, 2022 and 2021, the Company determined that there were no triggering events requiring an impairment analysis. Research and Development Research and development costs are expensed as incurred and are primarily comprised of, but not limited to, external research and development expenses incurred under arrangements with third parties, such as CROs, CMOs and consultants that conduct clinical and preclinical studies, costs associated with preclinical and development activities, costs associated with regulatory operations, depreciation expense for assets used in research and development activities and employee related expenses, including salaries and benefits for research and development personnel. Costs for certain development activities, such as clinical studies, are accrued, over the service period specified in the contract and recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations or information provided to us by our vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued expense. Income Taxes Income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. The Company is subject to income taxes in the United States, for federal and various state jurisdictions. Significant judgments and estimates are required in the determination of the income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when, after consideration of available positive and negative evidence that it is not more likely than not that the benefit from deferred tax assets will be realizable. In recognition of this risk, we have provided a full valuation allowance against the net deferred tax assets. The assumptions about future taxable income require the use of significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income (loss). The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in various jurisdictions. ASC 740 “Income Taxes” states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. When and if the Company were to recognize interest and penalties related to unrecognized tax benefits, they would be reported in tax expense. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment. Derivative Warrant Liability Certain freestanding common stock warrants that are related to the issuance of common stock are classified as liabilities and recorded at fair value due to characteristics that require liability accounting, primarily the obligation to issue registered shares of common stock upon notification of exercise and certain price protection provisions. Warrants of this type are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense) in the consolidated statement of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. The Company utilizes Level 3 fair value criteria to measure the fair value of the warrants. As noted in Note 8 , Stockholders’ Equity, the Company classifies a warrant to purchase shares of its c ommon s tock as a liability on its consolidated balance sheet if the warrant is a free-standing financial instrument that contains certain price protection features or requires issuance of registered common shares upon exercise which cause the warrants to be treated as derivatives . Each warrant of this type is initially recorded at fair value on date of grant using the Monte Carlo simulation model or the Black-Sholes model and is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense) in the consolidated statement of operations. Basic and Diluted Loss Per Share The Company calculates net loss per share in accordance with Earning per Share (Topic 260) Stock-based Compensation The Company follows the authoritative guidance for accounting for stock-based compensation in ASC 718, Compensation-Stock Compensation. The guidance requires that stock-based payment transactions be recognized in the financial statements based on their fair value at the grant date and recognized as compensation expense over the vesting period as services are being provided. (See Note 12, Equity Incentive Plan.) The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down of the security. Early adoption is permitted. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the pronouncement as of April 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements and disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) The Company adopted the pronouncement as of April 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements and disclosures |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Note 3. Net Loss Per Common Share. The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Year Ended March 31, 2022 2021 Basic and diluted net loss per common share calculation Net loss $ (23,626,047 ) $ (28,978,763 ) Weighted average common shares outstanding — basic and diluted 172,206,534 134,250,722 Net loss per share of common stock — basic and diluted $ (0.14 ) $ (0.22 ) The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Warrants issued in April 2019, discussed further in Note 8, participated on a one-for-one basis with common stock in the distribution of dividends, if and when declared by the Board of Directors (the “Board”) on the Company’s Common Stock. For purposes of computing EPS, these warrants were, when outstanding, considered to participate with common stock in the earnings of the Company and, therefore, the Company calculates basic and diluted EPS using the two-class method. Under the two-class method, net income for the period is allocated between common stockholders and participating securities according to dividends declared and participation rights in undistributed earnings. No income was allocated to the warrants for the year ended March 31, 2021 as results of operations was a loss for the period. In May 2020, these warrants were all exchanged for Common Stock or new warrants without such participation rights and are no longer outstanding (see Note 8). The following outstanding securities at March 31, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive: Year Ended March 31, 2022 2021 Stock options 14,504,271 12,588,068 Warrants 3,104,318 3,104,318 Total 17,608,589 15,692,386 |
Available-for-Sale-Securities
Available-for-Sale-Securities | 12 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale-Securities | Note 4. Available-for-Sale-Securities. The following table summarizes available-for-sale securities recorded in cash and cash equivalents or marketable securities as of March 31, 2022: March 31, 2022 Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Money market funds $ 3,409,178 $ — $ — $ 3,409,178 Corporate debt securities 32,831,174 — (343,134 ) 32,488,040 Municipal debt securities 37,405,722 — (201,130 ) 37,204,592 Total $ 73,646,074 $ $ (544,264 ) $ 73,101,810 The following table summarizes the classification of available-for-sale securities: March 31, 2022 March 31, 2021 Cash and cash equivalents $ 3,409,178 $ — Marketable securities 69,692,632 — Total $ 73,101,810 $ — The following table summarizes our portfolio of available-for-sale securities by contractual maturity: Less than 12 months 12 months or Longer Total Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Money market funds $ 3,409,178 $ — $ — $ — $ 3,409,178 $ — Corporate debt securities 26,195,025 (227,300 ) 6,293,015 (115,834 ) 32,488,040 (343,134 ) Municipal debt securities 34,416,936 (153,855 ) 2,787,656 (47,275 ) 37,204,592 (201,130 ) Total $ 64,021,139 $ (381,155 ) $ 9,080,671 $ (163,109 ) $ 73,101,810 $ (544,264 ) |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Other Current Liabilities | Note 5. Accounts Payable and Other Current Liabilities. Accounts payable (including accounts payable to a related party – see Note 11) and other current liabilities consisted of the following: March 31, 2022 March 31, 2021 Legal $ 263,111 $ 454,139 Consultant and professional services 300,051 176,957 Accounting and auditing 14,410 55,349 Research and development 2,776,594 2,657,202 Board of Directors and Scientific Advisory Board Compensation 418,389 435,594 Other 30,872 63,149 $ 3,803,427 $ 3,842,390 |
Severance Payable
Severance Payable | 12 Months Ended |
Mar. 31, 2022 | |
Severance Payable [Abstract] | |
Severance Payable | Note 6. Severance Payable. The Company entered into a Release Agreement, dated March 24, 2022, pursuant to which the Chief Science Officer resigned and will receive severance that would be payable under his employment agreement in a lump sum payment of $2.1 million. The Company also entered into Separation and General Release Agreement with three other employees. The agreements provide separation benefits which the Company recorded as severance expense. In April 2021, the Company entered into a Separation and General Release Agreement related to the separation of employment of its Chief Medical Officer as of March 31, 2021. The agreement provides for separation benefits which the Company recorded as severance expense for the year ended March 31, 2021. On March 15, 2019 the Company entered into a Release Agreement related to the separation of employment of their Chief Operating Officer, which provides for salary continuance for five years, reimbursement of health benefits for three years and a modification to his outstanding stock options to extend the post-termination exercise period for his vested options from three months to five years. The Company recorded severance expense at its present value of $2.5 million, (using a discount rate of 6%) for the year ended March 31, 2019, including $0.4 million relating to the stock option modification. The aggregate severance liability payable was $3.0 million and $1.6 million as of March 31, 2022 and March 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7. Fair Value Measurements . The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. Transfers are calculated on values as of the transfer date. There were no transfers between Levels 1, 2 and 3 during the years ended March 31, 2022 and March 31, 2021. The Company’s financial instruments measured at fair value on a recurring basis are as follows: Total Quoted prices in active markets Significant other observable inputs Significant unobservable inputs March 31, 2022 (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 3,409,178 $ 3,409,178 $ — $ — Marketable Securities Short-term Corporate debt securities 26,195,025 — 26,195,025 — Municipal debt securities 34,416,936 — 34,416,936 — Long-term Corporate debt securities 6,293,015 — 6,293,015 — Municipal debt securities 2,787,656 — 2,787,656 — $ 73,101,810 $ 3,409,178 $ 69,692,632 $ — Financial liability Warrant liability $ 124,480 $ — $ — $ 124,480 March 31, 2021 Warrant liability $ 1,931,921 — — $ 1,931,921 Fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The fair value of cash equivalents held in money market funds is determined based on “Level 1” inputs. Marketable securities classified as Level 2 within the valuation hierarchy consist of corporate debt securities and municipal debt securities. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The fair value measurement for the warrant issued in conjunction with the Exchange Agreements (see Note 8 for transaction details) (the “May 2020 Warrant”) is based on significant inputs not observable in the market and is classified as Level 3 liability as of March 31, 2022 and March 31, 2021.The fair value of the May 2020 Warrant was determined using a Black Scholes model and included significant unobservable inputs such as volatility. The model also incorporated several observable assumptions at each valuation date including: the price of the Company’s common stock on the date of valuation, the remaining contractual term of the warrant and the risk free interest rate over the term. The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of March 31, 2022 and March 31, 2021 using a Black Scholes model : May 2020 Warrant May 2020 Warrant March 31, 2022 March 31, 2021 Stock price $ 0.35 $ 1.78 Volatility 98 % 78 % Remaining term (years) 2.01 3.01 Expected dividend yield — — Risk-free rate 2.28 % 0.35 % The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs: Warrant liability Beginning balance, March 31, 2021 $ 1,931,921 Change in fair value of May 2020 Warrant liability (1,807,441 ) Ending balance, March 31, 2022 $ 124,480 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8. Stockholders’ Equity. Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $0.0001. Shares of Company preferred stock may be issued from time to time in one or more series and/or classes, each of which will have such distinctive designation or title as shall be determined by the Company’s Board prior to the issuance of any shares of such series or class. The Company preferred stock will have such voting powers, full or limited or no voting powers and such preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated in such resolution or resolutions providing for the issue of such series or class of Company preferred stock as may be adopted from time to time by the Company’s Board prior to the issuance of any shares thereof. No shares of Company preferred stock are currently issued or outstanding. In connection with the Securities Purchase Agreement, dated January 7, 2020, between the Company and Eagle (the “Eagle SPA”), the Company designated and reserved 10,000 shares as Series A Preferred Stock. The Series A Preferred Stock shares rank senior to the Company’s common stock and have no voting rights. The shares, if issued, would be convertible into common stock and will have a conversion ratio equal to the quotient of $1,000 divided by an amount equal to 1.15 times the average of the volume weighted average price of the Company’s Common Stock for the seven trading days immediately following announcement of the Milestone Event (as defined in the SPA). Common Stock Voting Each holder of Company common stock is entitled to one vote for each share thereof held by such holder at all meetings of stockholders (and written action in lieu of meetings). The number of authorized shares of Company common stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of majority of the combined number of issued and outstanding shares of the Company. In connection with the Release Agreement, dated March 24, 2022, the Company and Mr. Hoffman also entered into a Voting Agreement, pursuant to which Mr. Hoffman agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the Board’s recommendation with respect to any matter presented to the stockholders for a period of one year. The Company and Michael Demurjian entered into a Voting Agreement, dated April 18, 2022, pursuant to which Mr. Demurjian agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the board of directors of the Company’s recommendation with respect to any matter presented to the Company’s stockholders for a period of two years from the date of the agreement. Dividends Dividends may be declared and paid on the Company common stock from funds lawfully available therefore, as and when determined by the Board. Liquidation In the event of the liquidation, dissolution, or winding-up of the Company, holders of Company common stock will be entitled to receive all assets of the Company available for distribution to its stockholders. Exchange Agreements On May 20, 2020, the Company entered into exchange agreements with holders (the “Holders”) of the warrants issued in April 2019 (the “April 2019 Warrants’). The April 2019 Warrants were offered and issued pursuant to the Company’s previous shelf registration statement on Form S-3 (File No. 333-211489). Pursuant to exchange agreements (the “Share Exchange Agreements”) with Holders of the April 2019 Warrants to purchase 5,833,333 shares of Common Stock in the aggregate, the Company issued an aggregate of 2,406,250 shares of common stock (the “Exchange Shares”) in exchange for such April 2019 Warrants. Concurrently therewith, each such Holder executed and delivered to the Company a leak-out agreement (a “Share Leak-Out Agreement”) that contained trading restrictions with respect to the Exchange Shares, which (i) for the first 90 days, prohibit any sales of Exchange Shares, (ii) for the subsequent 90 days, limit sales of Exchange Shares on any day to 2.5% of that day’s trading volume of Common Stock, and (iii) prohibit new short positions or short sales on Common Stock for the combined 180 day period. The Company also entered into an exchange agreement (the “Warrant Exchange Agreement”) with another Holder of April 2019 Warrants to purchase 2,166,667 shares of Common Stock in the aggregate. Pursuant to the Warrant Exchange Agreement, the Company issued such Holder a new warrant (the “May 2020 Warrant”) to purchase the same number of shares of Common Stock. The May 2020 Warrant has the same expiration date, April 2, 2024, as the April 2019 Warrants, but has an exercise price of $1.80 and does not include the price protection, anti-dilution provisions or other restrictions on Company action from the April 2019 Warrants. Concurrently therewith, such Holder executed and delivered to the Company a leak-out agreement that contained trading restrictions on sales of Common Stock issued upon exercise of the May 2020 Warrant that are substantially similar to the restrictions on Exchange Shares in the Share Leak-Out Agreement, provided that the leak-out restrictions will only apply to the first 893,750 shares of Common Stock issued pursuant to the May 2020 Warrant. The April 2019 Warrants were remeasured as of May 20, 2020, before the exchange, using the Monte Carlo pricing simulation resulting in a fair value of approximately $7.3 million, and the change in fair value from March 31, 2020 to the fair value before the exchange of approximately $3.7 million expense was recorded as a component of other income (expense) within the consolidated statement of operations for the year ended March 31, 2021. The key assumptions in applying the Monte Carlo simulation model were as follows: $1.70 stock price, 73% volatility, 3.87 years remaining term, 0.28% risk free rate and the probability of fundamental transactions occurring. At May 20, 2020, the fair value of the 2,406,250 shares issued under the Share Exchange Agreements was approximately $3.4 million, which resulted in a gain on exchange of approximately $1.9 million. The exercise price of the May 2020 Warrant is subject to adjustment upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications of the Company’s Common Stock . The Company determined that the May 2020 Warrant should be recorded as a derivative liability on the consolidated balance sheet due to the May 2020 Warrant’s contractual provisions requiring issuance of registered common shares upon exercise. At May 20, 2020, the May 2020 Warrant was recorded at the fair value of $1.7 million as determined using the Black Scholes model and the change in fair value before and after the exchange of $0.3 million was recorded as a gain on warrant exchange as a component of other income (expense) within the consolidated statement of operations. The key assumptions in applying the Black Scholes model were as follows: $1.64 stock price, 73% volatility, 3.87 years remaining term, 0.27% risk free rate and 7% discount for lack of marketability. The change in fair value of the May 2020 Warrant for the year ended March 31, 2022 of $1.8 million income and for the period from May 20, 2020 through March 31, 2021 of $0.3 million expense was recorded as a component of other income (expense) within the consolidated statement of operations. The following summarizes the common stock warrant activity for the years ended March 31, 2022 and March 31, 2021: Warrant Shares of Common Stock Weighted Average Exercise Price Outstanding at March 31, 2020 8,937,651 $ 2.31 Granted 2,166,667 1.80 Exchanged (8,000,000 ) 2.00 Outstanding at March 31, 2021 3,104,318 $ 2.77 Granted — — Exchanged — — Outstanding at March 31, 2022 3,104,318 $ 2.77 In May 2020, April 2019 Warrants to purchase 5,833,333 shares of common stock were exchanged on a cashless basis for 2,406,250 shares and April 2019 Warrants to purchase 2,166,667 of common stock were exchanged for a May 2020 Warrant to purchase the same number of shares. At March 31, 2022 and March 31, 2021, 3,074,551 of common stock purchase warrants relating to securities purchase agreements were outstanding and exercisable. Issued Classification Warrants Outstanding Exercise Price Expiration December 2015 Equity 446,500 $ 5.00 December 2025 February 2016 Equity 461,384 $ 5.00 February 2026 July 2016 Equity 29,767 $ 5.00 June 2026 May 2020 Liability 2,166,667 $ 1.80 April 2024 At-the-Market Financing Facility On October 18, 2019, the Company entered into the Sale Agreement with Jefferies, pursuant to which the Company may, from time to time, sell shares of Common Stock, having an aggregate offering price of up to $30 million through Jefferies, as the Company’s sales agent. Under the Sale Agreement the minimum share sales price (“Floor Price”) shall not be less than $1.00 without Jefferies prior written consent. As indicated in an amendment, the shares will be offered and sold by the Company pursuant to its currently effective Registration Statement on Form S-3, as amended (Reg. No. 333-245033). Any sales of common stock pursuant to the Sales Agreement will be made by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act, as amended. Jefferies will use commercially reasonable efforts to sell the shares from time to time, based on the instructions of the Company. The Company will pay Jefferies a commission rate of three percent (3%) of the gross proceeds from the sales of shares of Common Stock sold pursuant to the Sale Agreement. Under the Sale Agreement, the Company is not required to use the full available amount authorized and it may, by giving notice as specified in the Sale Agreement, terminate the Sale Agreement at any time. The Company did not sell any shares through the Jefferies ATM during the year ended March 31, 2022. During the year ended March 31, 2021, the Company raised approximately $6.1 million of gross proceeds via sale of 4,453,939 shares of Common Stock under the Jefferies ATM and incurred $0.3 million of related costs which offset the proceeds. At March 31, 2022, there remained approximately $22.2 Securities Purchase Agreement On January 7, 2020, the Company and Eagle entered into the Eagle SPA, pursuant to which the Company issued and sold to Eagle 10,000,000 shares of common stock, at a price of $2.00 per share. The Eagle SPA provides that Eagle will, subject to certain conditions, make an additional payment of $20 million upon the occurrence of a milestone event, which is defined as the earlier of ( i) achievement of the primary endpoint of overall survival in the TYME-88-Panc pivotal trial; (ii) achievement of the primary endpoint of overall survival in the PanCAN Precision Promise SM-88 registration arm; or (iii) FDA approval of SM-88 in any cancer indication. This payment would be split into a $ 10 million milestone cash payment and a $ 10 million investment in TYME at a 15 % premium to the then prevailing market price. Eagle’s shares will be restricted from sale until the earlier of three months following the milestone event or the three-year anniversary of the agreement . Registered Direct Offering On February 8, 2021, the Company closed on its registered direct offering with several healthcare-focused institutional and other institutional investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers, in a registered direct offering, an aggregate of 40,000,000 shares (the “Shares”) of common stock, $0.0001 par value per share. The Shares were sold at a purchase price of $2.50 per share for aggregate gross proceeds to the Company of $100 million, prior to deducting placement agent’s fees and other offering expenses payable by TYME. The Company incurred $6.2 million of related costs which offset such proceeds. The Shares were offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was originally filed with the Securities and Exchange Commission on August 12, 2020 and was declared effective on September 2, 2020 (Reg. No. 333-245033). H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies. Contract Service Providers In the course of the Company’s normal business operations, it enters into agreements and arrangements with contract service providers to assist in the performance of its research and development and clinical research activities. At March 31, 2022, the Company’s obligations to contract service providers were $0.2 million in the aggregate. On April 1, 2020, the Company amended the Clinical Research Funding and Drug Supply Agreement, dated October 9, 2018, with PanCAN, to enroll individuals diagnosed with pancreatic cancer in a platform style clinical research study. Stage 1 of the study was initiated in the fourth quarter of fiscal year 2020. On January 26, 2022, the Company announced the discontinuation of SM-88 with MPS in the Precision Promise trial in mPDAC upon learning from PanCAN, the trial sponsor, that it terminated the arm due to futility compared to the control of standard of care chemotherapy in second-line mPDAC. As of March 31, 2022, remaining estimated costs to close out the trial have been expensed. Purchase Commitments The Company has entered into Legal Proceedings The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against it that it believes could have a material adverse effect on the Company, its business, operating results or financial condition. From time to time, the Company may be involved in litigation, claims or other contingencies arising in the ordinary course of business. The Company would accrue a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company would not record a liability, but instead would disclose the nature and the amount of the claim, and an estimate of the loss or range of loss, if such estimate can be made. Legal fees are expensed as incurred. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 10. Leases. The Company has a lease for office space in New Jersey, which expires in February 2023. Total Company rent expense, including short term rentals, was approximately $62,000 and $165,000 for the years ended March 31, 2022 and 2021, respectively. Operating lease ROU assets and liabilities on the consolidated balance sheet represents the present value of the remaining lease payments over the remaining lease terms. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Payments for additional monthly fees to cover the Company's share of certain facility expenses are not included in operating lease ROU assets and liabilities. The Company used its estimated incremental borrowing rate of 11.0% to calculate the present value of its lease payments, as the implicit rate in the lease was not readily determinable. As of March 31, 2022, the future minimum lease payments under non-cancellable operating lease agreements for which the Company has recognized operating lease ROU assets and lease liabilities were as follows: March 31, 2022 Fiscal year 2023 $ 39,240 Total remaining lease payments 39,240 Less: present value adjustment (1,908 ) Total operating lease liabilities 37,332 Less: current portion 37,332 Operating lease liabilities, net of current portion $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions. Legal Faegre Drinker Biddle & Reath (“Faegre Drinker”), formerly Drinker Biddle & Reath LLP (“DBR”), has provided legal services to the Company. The Company’s Chief Legal Officer and Corporate Secretary held the consulting role “Senior Counsel” with the Faegre Drinker until December 31, 2021. During the years ended March 31, 2022 and 2021, approximately $0.5 million and $0.6 million ($0.1 million was capitalized into equity in prior year), respectively, have been incurred as legal expenses associated with Faegre Drinker, and the Company had approximately $153,000 and $87,000 in accounts payable and accrued expenses payable to Faegre Drinker at March 31, 2022 and March 31, 2021, respectively. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | Note 12. Equity Incentive Plan. On March 5, 2015, the Company’s Board adopted and the Company’s stockholders approved, the Company’s 2015 Equity Incentive Plan (the “2015 Plan”). Awards under the 2015 Plan may include, but need not be limited to, one or more of the following: options, stock appreciation rights, restricted stock, performance grants, stock bonuses, and any other type of award deemed by the administrator to be consistent with the purposes of the 2015 Plan. The exercise price of all options awarded under the 2015 Plan must be no less than 100% of the fair market value of the Company common stock as determined on the date of the grant and have a term of no greater than ten years from the date of grant. In February 2018, the 2015 Plan was amended making available 12.5% of shares of common stock issued and outstanding. As of March 31, 2022, there were 7,223,029 shares available for grant under the 2015 Plan. On August 24, 2021 the stockholders approved the Amended and Restated 2016 Option Plan for Non-Employee Directors (the “2016 Director Plan”), which increased the total number of shares of Common Stock authorized and reserved for issuance the 2016 Director Plan by 3,000,000 shares to 5,750,000 shares. On August 24, 2021 the Board of Directors approved: (i) “Initial Grants” upon a director’s initial appointment to the Board consisting of an immediate stock option grant of 176,000 shares at fair market value and the shares will vest in equal quarterly increments over a three-year one-year Stock Options As of March 31, 2022, and 2021, there was approximately $4.5 million and $3.6 million, respectively, of total unrecognized compensation related to non-vested stock options. The cost is expected to be recognized over the remaining weighted average remaining amortization period of 2.8 years. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees and non-employees, the compensation expense is amortized on a straight-line basis over the requisite service period, which approximates the vesting period. The Company accounts for forfeitures as they occur, rather than estimating forfeitures as of an award’s grant date. The expected volatility of options granted has been determined using the method described under ASC 718 using a blend of the Company’s expected volatility and those of similar companies. The expected term of options granted to employees, non-employees and consultants in the current fiscal period has been based on the term by using the simplified “plain-vanilla” method as allowed under SAB No. 110 and ASU 2018-7. The assumptions utilized to estimate the fair value of stock options granted are presented in the following table: Year Ended March 31, 2022 2021 Risk free interest rate 0.280% - 2.34% 0.174% - 0.527% Expected volatility 95.39% - 105.37% 88.02% - 101.67% Expected term 2.7 - 6.1 years 2.8 - 6.1 years Dividend yield 0.0% 0.0% The following is a summary of the activity of the Company’s stock options under the 2015 Plan and 2016 Director Plan as of March 31, 2022: Number of Options Weighted Average Exercise Price Outstanding at March 31, 2021 12,588,068 $ 2.92 Granted 3,862,388 1.30 Exercised (6,250 ) 0.99 Cancelled/Forfeited (1,939,935 ) 3.83 Outstanding at March 31, 2022 14,504,271 2.36 Options exercisable at March 31, 2022 9,329,798 $ 2.99 Weighted-average grant date fair value of options granted during the years ended March 31, 2022 and 2021 was $1.00 and $0.89, respectively. During the year ended March 31, 2022, holders of options issued under the equity incentive plans exercised their right to acquire an aggregate of 6,250 shares of common stock at a weighted average exercise price of $0.99 resulting in $6,000 total proceeds to the Company. During the year ended March 31, 2021, holders of options issued under the equity incentive plans exercised their rights to acquire an aggregate of 2,028,203 shares of common stock at a weighted average exercise price of $2.64 resulting in $5.4 million total proceeds to the Company. Stock Options Outstanding Stock Options Vested Range of Exercise Price Number Outstanding at March 31, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Number Vested at March 31, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value $0.29 - $8.75 14,504,271 $ 2.36 7 $ 4,610 9,329,798 $ 2.99 6 $ — The intrinsic value calculated as the excess of the market value as of March 31, 2022 over the exercise price of the options is $4,610. The market value as of March 31, 2022 was $0.35 as reported by the NASDAQ Capital Market. The total intrinsic value of options exercised during the year ended March 31, 2022 was $3,500. Options Weighted Average Grant Date Fair Value Per Share Non-vested options at March 31, 2021 4,355,171 $ 0.91 Granted 3,862,388 1.00 Vested (446,522 ) 0.95 Cancelled/Forfeited (2,596,564 ) 0.99 Non-vested options at March 31, 2022 5,174,473 $ 0.93 The fair value of options vested during the years ended March 31, 2022 and 2021 was $2.6 million and $3.7 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes. The Company provides for income taxes under ASC 740. Under ASC 740, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company has not recorded a current or deferred income tax expense or benefit since its inception. The Company’s loss before income taxes was $23.6 million and $29.0 million for the years ended March 31, 2022 and 2021, respectively, and was generated entirely in the United States. Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following: March 31, 2022 2021 Net operating loss carryforward $ 27,564,077 $ 20,123,621 Research and development credit carryforward 884,130 1,164,895 Orphan Drug Credit 4,157,360 2,002,559 Stock options - NQSOs 4,765,662 5,267,351 Accruals and other temporary differences 662,754 595,418 Gross deferred tax assets 38,033,983 29,153,844 Deferred tax valuation allowance (38,033,983 ) (29,153,844 ) Net deferred taxes $ — $ — Based on the Company’s history of operating losses since inception and consideration of available positive and negative evidence, the Company has concluded that it is not more likely than not that the benefit of its deferred tax assets will be realized. Accordingly, the Company continues to maintain a full valuation allowance against its net deferred tax assets as of March 31, 2022. The valuation allowance increased by $8.9 million for the year ended March 31, 2022 primarily due to the increase in the net operating loss carryforward and Orphan Drug credit. A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Year Ended March 31, 2022 2021 U.S. statutory income tax rate 21.00 % 21.00 % State taxes, net of federal benefit 11.59 % — Permanent differences — (0.02 )% Tax credit carryforwards 7.93 % 4.70 % Valuation allowance (37.08 )% (20.98 )% Stock compensation (5.05 )% (3.41 )% Warrants 1.61 % (1.29 )% Effective tax rate — % — % As of March 31, 2022, the Company had gross U.S. federal net operating loss carryforwards of approximately $119.1 million, which may be available to offset future income tax liabilities and will begin to expire at various dates starting in 2033. As of March 31, 2022, none of the Company’s state net operating losses have value due to the apportionment rule in the states where state income tax returns are currently filed. As permitted under the Protecting Americans Against Tax Hikes Act, which allows the Research and Development tax credit to be applied to Form 941 quarterly payroll tax returns, the Company reduced payroll taxes by $120 thousand and $177 thousand for the years ended March 31, 2022 and March 31, 2021, respectively. As of March 31, 2022, the Company had gross federal research and development tax credit carryforwards of $5.9 million, available to reduce future tax liabilities which will begin to expire at various dates starting in 2030. Under the provisions of the Internal Revenue Code, the NOL carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of a 50% cumulative change in the ownership interest of significant stockholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, as well as similar state tax provisions. This could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financing transactions since its inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended March 31, 2022 2021 Gross unrecognized tax benefits at beginning of year $ 558,962 $ 318,394 Increases (decreases) for tax positions in prior period — (99,063 ) Increase for tax positions in current period 330,712 339,631 Gross unrecognized tax benefits at end of year $ 889,674 $ 558,962 As of March 31, 2022, the Company had $890,000 of unrecognized tax benefits, which were offset with the net operating loss and valuation allowance on the consolidated balance sheets. None of the gross unrecognized tax benefits would affect the effective tax rate at March 31, 2022, if recognized. In addition, the Company did not record any penalties or interest related to uncertain tax positions for the periods presented in these consolidated financial statements. The Company does not have any positions for which it is reasonably possible that there will be significant increase or decrease in the amounts of unrecognized tax benefits within twelve months of the reporting date. The Company files income tax returns in the United States, and various state jurisdictions. The federal and state income tax returns are generally subject to tax examinations for the period January 1, 2017 through March 31, 2022. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service or state tax authorities to the extent utilized in a future period. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and ASU of the FASB. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include the accounts of Tyme Technologies, Inc. and its subsidiary, Tyme, Inc. All intercompany transactions and balances have been eliminated in consolidation. |
Reclassification | Certain prior year amounts, primarily severance expense which was broken out to a separate line item on the Consolidated Statements of Operations and Comprehensive Loss, have been reclassified to conform to the current year presentation. These reclassifications have no effect on the previously reported net loss or cash flows . |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to those risks associated with any biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants, as well as third party contractors. Current Economic Conditions |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant items subject to such estimation include the calculation of the stock-based compensation and warrant valuation. Actual results could differ from such estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents are stated at fair value. The Company’s cash and cash equivalents consisted of $13.7 million at March 31, 2022 and $107.5 million at March 31, 2021. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and marketable securities. Cash is deposited with major banks and, at times, such balances with any one financial institution may be in excess of FDIC insurance limits. The Company exceeded the FDIC limit of $250,000 by $10.1 million at March 31, 2022 and $107.3 million at March 31, 2021. Although the Company has exceeded the federally insured limit, it has not incurred losses related to these deposits. Management monitors the Company’s accounts with these institutions to minimize credit risk. |
Marketable Securities | Marketable Securities In the first quarter of fiscal year 2022, the Company established an investment policy and invested in a portfolio of highly liquid investments and marketable securities. The primary objectives of the Company’s policy are to preserve capital and diversify risk, while maintaining sufficient liquidity to meet cash flow requirements. All of the Company's marketable securities are debt securities and are classified as available-for-sale in accordance with the ASC Topic 320, “Investments - Debt and Equity Securities.” Available for sale securities are carried at fair value and reported in cash equivalents and marketable securities. Marketable securities are further classified as short-term or long-term based on maturity dates and the Company’s intent in line with its investment policy to hold the securities to scheduled maturity. Unrealized gains and losses on available-for-sale securities are excluded from net loss and reported in accumulated other comprehensive loss as a separate component of stockholders' equity. Other income includes interest, dividends, amortization of purchase premiums and discounts, gain and losses on sale (or redemptions) of securities and other-than-temporary declines in the fair value of securities, if any. For individual debt securities classified as available-for-sale securities where there has been a decline in fair value below amortized cost, the Company determines whether the decline resulted from a credit loss or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for a credit loss is recorded on our consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive loss, net of applicable taxes. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company records certain financial assets and liabilities at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value should be based on the assumptions that market participants would use when pricing an asset or liability and is based on a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets (observable inputs) and the lowest priority to the Company’s assumptions (unobservable inputs). Fair value measurements should be disclosed separately by level within the fair value hierarchy. For assets and liabilities recorded at fair value, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with established fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data are based primarily upon estimates, and often are calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as assets held for sale and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 valuations are for instruments that are not traded in active markets or are subject to transfer restrictions and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The carrying amounts of the Company’s financial instruments, including cash, accounts payable and other current liabilities approximates fair value given their short-term nature. The fair value of the severance payable approximates the carrying value, which represents the present value of future severance payments. Cash equivalents, marketable securities and the derivative warrant liability are recorded at fair value. See Note 7. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses represent expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time. As of March 31, 2022, prepaid expenses and other current assets includes $1.1 million of prepaid insurance, $0.6 million accrued interest receivable on marketable securities and a $2.1 million deposit with our payroll vendor to satisfy the Chief Science Officer severance payment. As of March 31, 2021, prepaid expenses and other current assets includes $1.0 million of prepaid insurance. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives. The Company estimates a life of three years for equipment and furniture and fixtures. Upon sale or retirement, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in results of operations. Repairs and maintenance costs are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets, which include fixed assets and operating lease right of use assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended March 31, 2022 and 2021, the Company determined that there were no triggering events requiring an impairment analysis. |
Research and Development | Research and Development Research and development costs are expensed as incurred and are primarily comprised of, but not limited to, external research and development expenses incurred under arrangements with third parties, such as CROs, CMOs and consultants that conduct clinical and preclinical studies, costs associated with preclinical and development activities, costs associated with regulatory operations, depreciation expense for assets used in research and development activities and employee related expenses, including salaries and benefits for research and development personnel. Costs for certain development activities, such as clinical studies, are accrued, over the service period specified in the contract and recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations or information provided to us by our vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued expense. |
Income Taxes | Income Taxes Income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. The Company is subject to income taxes in the United States, for federal and various state jurisdictions. Significant judgments and estimates are required in the determination of the income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when, after consideration of available positive and negative evidence that it is not more likely than not that the benefit from deferred tax assets will be realizable. In recognition of this risk, we have provided a full valuation allowance against the net deferred tax assets. The assumptions about future taxable income require the use of significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income (loss). The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in various jurisdictions. ASC 740 “Income Taxes” states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. When and if the Company were to recognize interest and penalties related to unrecognized tax benefits, they would be reported in tax expense. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment. |
Derivative Warrant Liability | Derivative Warrant Liability Certain freestanding common stock warrants that are related to the issuance of common stock are classified as liabilities and recorded at fair value due to characteristics that require liability accounting, primarily the obligation to issue registered shares of common stock upon notification of exercise and certain price protection provisions. Warrants of this type are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of other income (expense) in the consolidated statement of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. The Company utilizes Level 3 fair value criteria to measure the fair value of the warrants. As noted in Note 8 , Stockholders’ Equity, the Company classifies a warrant to purchase shares of its c ommon s tock as a liability on its consolidated balance sheet if the warrant is a free-standing financial instrument that contains certain price protection features or requires issuance of registered common shares upon exercise which cause the warrants to be treated as derivatives . Each warrant of this type is initially recorded at fair value on date of grant using the Monte Carlo simulation model or the Black-Sholes model and is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense) in the consolidated statement of operations. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share The Company calculates net loss per share in accordance with Earning per Share (Topic 260) |
Stock-based Compensation | Stock-based Compensation The Company follows the authoritative guidance for accounting for stock-based compensation in ASC 718, Compensation-Stock Compensation. The guidance requires that stock-based payment transactions be recognized in the financial statements based on their fair value at the grant date and recognized as compensation expense over the vesting period as services are being provided. (See Note 12, Equity Incentive Plan.) The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down of the security. Early adoption is permitted. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the pronouncement as of April 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements and disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) The Company adopted the pronouncement as of April 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements and disclosures |
Fair Value Measurements | The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. Transfers are calculated on values as of the transfer date. There were no transfers between Levels 1, 2 and 3 during the years ended March 31, 2022 and March 31, 2021. The Company’s financial instruments measured at fair value on a recurring basis are as follows: Total Quoted prices in active markets Significant other observable inputs Significant unobservable inputs March 31, 2022 (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 3,409,178 $ 3,409,178 $ — $ — Marketable Securities Short-term Corporate debt securities 26,195,025 — 26,195,025 — Municipal debt securities 34,416,936 — 34,416,936 — Long-term Corporate debt securities 6,293,015 — 6,293,015 — Municipal debt securities 2,787,656 — 2,787,656 — $ 73,101,810 $ 3,409,178 $ 69,692,632 $ — Financial liability Warrant liability $ 124,480 $ — $ — $ 124,480 March 31, 2021 Warrant liability $ 1,931,921 — — $ 1,931,921 Fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The fair value of cash equivalents held in money market funds is determined based on “Level 1” inputs. Marketable securities classified as Level 2 within the valuation hierarchy consist of corporate debt securities and municipal debt securities. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The fair value measurement for the warrant issued in conjunction with the Exchange Agreements (see Note 8 for transaction details) (the “May 2020 Warrant”) is based on significant inputs not observable in the market and is classified as Level 3 liability as of March 31, 2022 and March 31, 2021.The fair value of the May 2020 Warrant was determined using a Black Scholes model and included significant unobservable inputs such as volatility. The model also incorporated several observable assumptions at each valuation date including: the price of the Company’s common stock on the date of valuation, the remaining contractual term of the warrant and the risk free interest rate over the term. The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of March 31, 2022 and March 31, 2021 using a Black Scholes model : May 2020 Warrant May 2020 Warrant March 31, 2022 March 31, 2021 Stock price $ 0.35 $ 1.78 Volatility 98 % 78 % Remaining term (years) 2.01 3.01 Expected dividend yield — — Risk-free rate 2.28 % 0.35 % The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs: Warrant liability Beginning balance, March 31, 2021 $ 1,931,921 Change in fair value of May 2020 Warrant liability (1,807,441 ) Ending balance, March 31, 2022 $ 124,480 |
Stockholders' Equity | Stockholders’ Equity Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $0.0001. Shares of Company preferred stock may be issued from time to time in one or more series and/or classes, each of which will have such distinctive designation or title as shall be determined by the Company’s Board prior to the issuance of any shares of such series or class. The Company preferred stock will have such voting powers, full or limited or no voting powers and such preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated in such resolution or resolutions providing for the issue of such series or class of Company preferred stock as may be adopted from time to time by the Company’s Board prior to the issuance of any shares thereof. No shares of Company preferred stock are currently issued or outstanding. In connection with the Securities Purchase Agreement, dated January 7, 2020, between the Company and Eagle (the “Eagle SPA”), the Company designated and reserved 10,000 shares as Series A Preferred Stock. The Series A Preferred Stock shares rank senior to the Company’s common stock and have no voting rights. The shares, if issued, would be convertible into common stock and will have a conversion ratio equal to the quotient of $1,000 divided by an amount equal to 1.15 times the average of the volume weighted average price of the Company’s Common Stock for the seven trading days immediately following announcement of the Milestone Event (as defined in the SPA). Common Stock Voting Each holder of Company common stock is entitled to one vote for each share thereof held by such holder at all meetings of stockholders (and written action in lieu of meetings). The number of authorized shares of Company common stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of majority of the combined number of issued and outstanding shares of the Company. In connection with the Release Agreement, dated March 24, 2022, the Company and Mr. Hoffman also entered into a Voting Agreement, pursuant to which Mr. Hoffman agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the Board’s recommendation with respect to any matter presented to the stockholders for a period of one year. The Company and Michael Demurjian entered into a Voting Agreement, dated April 18, 2022, pursuant to which Mr. Demurjian agreed to vote all shares of TYME common stock beneficially owned by him in accordance with the board of directors of the Company’s recommendation with respect to any matter presented to the Company’s stockholders for a period of two years from the date of the agreement. Dividends Dividends may be declared and paid on the Company common stock from funds lawfully available therefore, as and when determined by the Board. Liquidation In the event of the liquidation, dissolution, or winding-up of the Company, holders of Company common stock will be entitled to receive all assets of the Company available for distribution to its stockholders. Exchange Agreements On May 20, 2020, the Company entered into exchange agreements with holders (the “Holders”) of the warrants issued in April 2019 (the “April 2019 Warrants’). The April 2019 Warrants were offered and issued pursuant to the Company’s previous shelf registration statement on Form S-3 (File No. 333-211489). Pursuant to exchange agreements (the “Share Exchange Agreements”) with Holders of the April 2019 Warrants to purchase 5,833,333 shares of Common Stock in the aggregate, the Company issued an aggregate of 2,406,250 shares of common stock (the “Exchange Shares”) in exchange for such April 2019 Warrants. Concurrently therewith, each such Holder executed and delivered to the Company a leak-out agreement (a “Share Leak-Out Agreement”) that contained trading restrictions with respect to the Exchange Shares, which (i) for the first 90 days, prohibit any sales of Exchange Shares, (ii) for the subsequent 90 days, limit sales of Exchange Shares on any day to 2.5% of that day’s trading volume of Common Stock, and (iii) prohibit new short positions or short sales on Common Stock for the combined 180 day period. The Company also entered into an exchange agreement (the “Warrant Exchange Agreement”) with another Holder of April 2019 Warrants to purchase 2,166,667 shares of Common Stock in the aggregate. Pursuant to the Warrant Exchange Agreement, the Company issued such Holder a new warrant (the “May 2020 Warrant”) to purchase the same number of shares of Common Stock. The May 2020 Warrant has the same expiration date, April 2, 2024, as the April 2019 Warrants, but has an exercise price of $1.80 and does not include the price protection, anti-dilution provisions or other restrictions on Company action from the April 2019 Warrants. Concurrently therewith, such Holder executed and delivered to the Company a leak-out agreement that contained trading restrictions on sales of Common Stock issued upon exercise of the May 2020 Warrant that are substantially similar to the restrictions on Exchange Shares in the Share Leak-Out Agreement, provided that the leak-out restrictions will only apply to the first 893,750 shares of Common Stock issued pursuant to the May 2020 Warrant. The April 2019 Warrants were remeasured as of May 20, 2020, before the exchange, using the Monte Carlo pricing simulation resulting in a fair value of approximately $7.3 million, and the change in fair value from March 31, 2020 to the fair value before the exchange of approximately $3.7 million expense was recorded as a component of other income (expense) within the consolidated statement of operations for the year ended March 31, 2021. The key assumptions in applying the Monte Carlo simulation model were as follows: $1.70 stock price, 73% volatility, 3.87 years remaining term, 0.28% risk free rate and the probability of fundamental transactions occurring. At May 20, 2020, the fair value of the 2,406,250 shares issued under the Share Exchange Agreements was approximately $3.4 million, which resulted in a gain on exchange of approximately $1.9 million. The exercise price of the May 2020 Warrant is subject to adjustment upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications of the Company’s Common Stock . The Company determined that the May 2020 Warrant should be recorded as a derivative liability on the consolidated balance sheet due to the May 2020 Warrant’s contractual provisions requiring issuance of registered common shares upon exercise. At May 20, 2020, the May 2020 Warrant was recorded at the fair value of $1.7 million as determined using the Black Scholes model and the change in fair value before and after the exchange of $0.3 million was recorded as a gain on warrant exchange as a component of other income (expense) within the consolidated statement of operations. The key assumptions in applying the Black Scholes model were as follows: $1.64 stock price, 73% volatility, 3.87 years remaining term, 0.27% risk free rate and 7% discount for lack of marketability. The change in fair value of the May 2020 Warrant for the year ended March 31, 2022 of $1.8 million income and for the period from May 20, 2020 through March 31, 2021 of $0.3 million expense was recorded as a component of other income (expense) within the consolidated statement of operations. The following summarizes the common stock warrant activity for the years ended March 31, 2022 and March 31, 2021: Warrant Shares of Common Stock Weighted Average Exercise Price Outstanding at March 31, 2020 8,937,651 $ 2.31 Granted 2,166,667 1.80 Exchanged (8,000,000 ) 2.00 Outstanding at March 31, 2021 3,104,318 $ 2.77 Granted — — Exchanged — — Outstanding at March 31, 2022 3,104,318 $ 2.77 In May 2020, April 2019 Warrants to purchase 5,833,333 shares of common stock were exchanged on a cashless basis for 2,406,250 shares and April 2019 Warrants to purchase 2,166,667 of common stock were exchanged for a May 2020 Warrant to purchase the same number of shares. At March 31, 2022 and March 31, 2021, 3,074,551 of common stock purchase warrants relating to securities purchase agreements were outstanding and exercisable. Issued Classification Warrants Outstanding Exercise Price Expiration December 2015 Equity 446,500 $ 5.00 December 2025 February 2016 Equity 461,384 $ 5.00 February 2026 July 2016 Equity 29,767 $ 5.00 June 2026 May 2020 Liability 2,166,667 $ 1.80 April 2024 At-the-Market Financing Facility On October 18, 2019, the Company entered into the Sale Agreement with Jefferies, pursuant to which the Company may, from time to time, sell shares of Common Stock, having an aggregate offering price of up to $30 million through Jefferies, as the Company’s sales agent. Under the Sale Agreement the minimum share sales price (“Floor Price”) shall not be less than $1.00 without Jefferies prior written consent. As indicated in an amendment, the shares will be offered and sold by the Company pursuant to its currently effective Registration Statement on Form S-3, as amended (Reg. No. 333-245033). Any sales of common stock pursuant to the Sales Agreement will be made by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act, as amended. Jefferies will use commercially reasonable efforts to sell the shares from time to time, based on the instructions of the Company. The Company will pay Jefferies a commission rate of three percent (3%) of the gross proceeds from the sales of shares of Common Stock sold pursuant to the Sale Agreement. Under the Sale Agreement, the Company is not required to use the full available amount authorized and it may, by giving notice as specified in the Sale Agreement, terminate the Sale Agreement at any time. The Company did not sell any shares through the Jefferies ATM during the year ended March 31, 2022. During the year ended March 31, 2021, the Company raised approximately $6.1 million of gross proceeds via sale of 4,453,939 shares of Common Stock under the Jefferies ATM and incurred $0.3 million of related costs which offset the proceeds. At March 31, 2022, there remained approximately $22.2 Securities Purchase Agreement On January 7, 2020, the Company and Eagle entered into the Eagle SPA, pursuant to which the Company issued and sold to Eagle 10,000,000 shares of common stock, at a price of $2.00 per share. The Eagle SPA provides that Eagle will, subject to certain conditions, make an additional payment of $20 million upon the occurrence of a milestone event, which is defined as the earlier of ( i) achievement of the primary endpoint of overall survival in the TYME-88-Panc pivotal trial; (ii) achievement of the primary endpoint of overall survival in the PanCAN Precision Promise SM-88 registration arm; or (iii) FDA approval of SM-88 in any cancer indication. This payment would be split into a $ 10 million milestone cash payment and a $ 10 million investment in TYME at a 15 % premium to the then prevailing market price. Eagle’s shares will be restricted from sale until the earlier of three months following the milestone event or the three-year anniversary of the agreement . Registered Direct Offering On February 8, 2021, the Company closed on its registered direct offering with several healthcare-focused institutional and other institutional investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers, in a registered direct offering, an aggregate of 40,000,000 shares (the “Shares”) of common stock, $0.0001 par value per share. The Shares were sold at a purchase price of $2.50 per share for aggregate gross proceeds to the Company of $100 million, prior to deducting placement agent’s fees and other offering expenses payable by TYME. The Company incurred $6.2 million of related costs which offset such proceeds. The Shares were offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was originally filed with the Securities and Exchange Commission on August 12, 2020 and was declared effective on September 2, 2020 (Reg. No. 333-245033). H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Year Ended March 31, 2022 2021 Basic and diluted net loss per common share calculation Net loss $ (23,626,047 ) $ (28,978,763 ) Weighted average common shares outstanding — basic and diluted 172,206,534 134,250,722 Net loss per share of common stock — basic and diluted $ (0.14 ) $ (0.22 ) |
Schedule of Anti-dilutive Shares Outstanding | The following outstanding securities at March 31, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive: Year Ended March 31, 2022 2021 Stock options 14,504,271 12,588,068 Warrants 3,104,318 3,104,318 Total 17,608,589 15,692,386 |
Available-for-Sale-Securities (
Available-for-Sale-Securities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Recorded In Cash and Cash Equivalents or Marketable Securities | The following table summarizes available-for-sale securities recorded in cash and cash equivalents or marketable securities as of March 31, 2022: March 31, 2022 Amortized cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Money market funds $ 3,409,178 $ — $ — $ 3,409,178 Corporate debt securities 32,831,174 — (343,134 ) 32,488,040 Municipal debt securities 37,405,722 — (201,130 ) 37,204,592 Total $ 73,646,074 $ $ (544,264 ) $ 73,101,810 |
Summary of Classification of Available-for-Sale Securities | The following table summarizes the classification of available-for-sale securities: March 31, 2022 March 31, 2021 Cash and cash equivalents $ 3,409,178 $ — Marketable securities 69,692,632 — Total $ 73,101,810 $ — |
Summary of Available-for-Sale Securities By Contractual Maturity | The following table summarizes our portfolio of available-for-sale securities by contractual maturity: Less than 12 months 12 months or Longer Total Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Fair Value Net Unrealized Losses Money market funds $ 3,409,178 $ — $ — $ — $ 3,409,178 $ — Corporate debt securities 26,195,025 (227,300 ) 6,293,015 (115,834 ) 32,488,040 (343,134 ) Municipal debt securities 34,416,936 (153,855 ) 2,787,656 (47,275 ) 37,204,592 (201,130 ) Total $ 64,021,139 $ (381,155 ) $ 9,080,671 $ (163,109 ) $ 73,101,810 $ (544,264 ) |
Accounts Payable and Other Cu_2
Accounts Payable and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Other Current Liabilities | Accounts payable (including accounts payable to a related party – see Note 11) and other current liabilities consisted of the following: March 31, 2022 March 31, 2021 Legal $ 263,111 $ 454,139 Consultant and professional services 300,051 176,957 Accounting and auditing 14,410 55,349 Research and development 2,776,594 2,657,202 Board of Directors and Scientific Advisory Board Compensation 418,389 435,594 Other 30,872 63,149 $ 3,803,427 $ 3,842,390 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are as follows: Total Quoted prices in active markets Significant other observable inputs Significant unobservable inputs March 31, 2022 (Level 1) (Level 2) (Level 3) Financial assets Cash equivalents Money market funds $ 3,409,178 $ 3,409,178 $ — $ — Marketable Securities Short-term Corporate debt securities 26,195,025 — 26,195,025 — Municipal debt securities 34,416,936 — 34,416,936 — Long-term Corporate debt securities 6,293,015 — 6,293,015 — Municipal debt securities 2,787,656 — 2,787,656 — $ 73,101,810 $ 3,409,178 $ 69,692,632 $ — Financial liability Warrant liability $ 124,480 $ — $ — $ 124,480 March 31, 2021 Warrant liability $ 1,931,921 — — $ 1,931,921 |
Schedule of Key Inputs and Assumptions to Estimate the Fair Value of Warrant | The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of March 31, 2022 and March 31, 2021 using a Black Scholes model : May 2020 Warrant May 2020 Warrant March 31, 2022 March 31, 2021 Stock price $ 0.35 $ 1.78 Volatility 98 % 78 % Remaining term (years) 2.01 3.01 Expected dividend yield — — Risk-free rate 2.28 % 0.35 % |
Summary of Activity for Liabilities Measured at Fair Value using Level 3 Significant Unobservable Inputs | The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs: Warrant liability Beginning balance, March 31, 2021 $ 1,931,921 Change in fair value of May 2020 Warrant liability (1,807,441 ) Ending balance, March 31, 2022 $ 124,480 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Warrant Activity | The following summarizes the common stock warrant activity for the years ended March 31, 2022 and March 31, 2021: Warrant Shares of Common Stock Weighted Average Exercise Price Outstanding at March 31, 2020 8,937,651 $ 2.31 Granted 2,166,667 1.80 Exchanged (8,000,000 ) 2.00 Outstanding at March 31, 2021 3,104,318 $ 2.77 Granted — — Exchanged — — Outstanding at March 31, 2022 3,104,318 $ 2.77 |
Schedule of Warrants to Purchase Common Stock Outstanding | At March 31, 2022 and March 31, 2021, 3,074,551 of common stock purchase warrants relating to securities purchase agreements were outstanding and exercisable. Issued Classification Warrants Outstanding Exercise Price Expiration December 2015 Equity 446,500 $ 5.00 December 2025 February 2016 Equity 461,384 $ 5.00 February 2026 July 2016 Equity 29,767 $ 5.00 June 2026 May 2020 Liability 2,166,667 $ 1.80 April 2024 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements | As of March 31, 2022, the future minimum lease payments under non-cancellable operating lease agreements for which the Company has recognized operating lease ROU assets and lease liabilities were as follows: March 31, 2022 Fiscal year 2023 $ 39,240 Total remaining lease payments 39,240 Less: present value adjustment (1,908 ) Total operating lease liabilities 37,332 Less: current portion 37,332 Operating lease liabilities, net of current portion $ — |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Assumptions Utilized to Estimate the Fair Value of Stock Options Granted | The assumptions utilized to estimate the fair value of stock options granted are presented in the following table: Year Ended March 31, 2022 2021 Risk free interest rate 0.280% - 2.34% 0.174% - 0.527% Expected volatility 95.39% - 105.37% 88.02% - 101.67% Expected term 2.7 - 6.1 years 2.8 - 6.1 years Dividend yield 0.0% 0.0% |
Schedule of Stock Options | The following is a summary of the activity of the Company’s stock options under the 2015 Plan and 2016 Director Plan as of March 31, 2022: Number of Options Weighted Average Exercise Price Outstanding at March 31, 2021 12,588,068 $ 2.92 Granted 3,862,388 1.30 Exercised (6,250 ) 0.99 Cancelled/Forfeited (1,939,935 ) 3.83 Outstanding at March 31, 2022 14,504,271 2.36 Options exercisable at March 31, 2022 9,329,798 $ 2.99 |
Schedule of Stock Option by Exercise Price Range | Stock Options Outstanding Stock Options Vested Range of Exercise Price Number Outstanding at March 31, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Number Vested at March 31, 2022 Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value $0.29 - $8.75 14,504,271 $ 2.36 7 $ 4,610 9,329,798 $ 2.99 6 $ — |
Schedule of Non-vested Options | Options Weighted Average Grant Date Fair Value Per Share Non-vested options at March 31, 2021 4,355,171 $ 0.91 Granted 3,862,388 1.00 Vested (446,522 ) 0.95 Cancelled/Forfeited (2,596,564 ) 0.99 Non-vested options at March 31, 2022 5,174,473 $ 0.93 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The significant components of the Company’s deferred tax assets are comprised of the following: March 31, 2022 2021 Net operating loss carryforward $ 27,564,077 $ 20,123,621 Research and development credit carryforward 884,130 1,164,895 Orphan Drug Credit 4,157,360 2,002,559 Stock options - NQSOs 4,765,662 5,267,351 Accruals and other temporary differences 662,754 595,418 Gross deferred tax assets 38,033,983 29,153,844 Deferred tax valuation allowance (38,033,983 ) (29,153,844 ) Net deferred taxes $ — $ — |
Schedule of Reconciliation of Income Tax Benefit | A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Year Ended March 31, 2022 2021 U.S. statutory income tax rate 21.00 % 21.00 % State taxes, net of federal benefit 11.59 % — Permanent differences — (0.02 )% Tax credit carryforwards 7.93 % 4.70 % Valuation allowance (37.08 )% (20.98 )% Stock compensation (5.05 )% (3.41 )% Warrants 1.61 % (1.29 )% Effective tax rate — % — % |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended March 31, 2022 2021 Gross unrecognized tax benefits at beginning of year $ 558,962 $ 318,394 Increases (decreases) for tax positions in prior period — (99,063 ) Increase for tax positions in current period 330,712 339,631 Gross unrecognized tax benefits at end of year $ 889,674 $ 558,962 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) | Feb. 08, 2021 | Jan. 07, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Oct. 18, 2019 |
Nature Of Business [Line Items] | |||||
Estimated close out trial costs | $ 723,000 | ||||
Close out trial costs expected to be incurred over next five months | 400,000 | ||||
Net cash used in operating activities | (21,242,745) | $ (23,564,478) | |||
Net loss | (23,626,047) | (28,978,763) | |||
Change in fair value of warrant liability | 1,807,441 | (3,915,393) | |||
Non-cash equity compensation | 2,451,906 | 3,456,895 | |||
Net amortization of premiums and discounts on marketable securities | 1,615,332 | ||||
Working capital | $ 71,500,000 | ||||
Registered Direct Offering [Member] | |||||
Nature Of Business [Line Items] | |||||
Proceeds from issuance of common stock | $ 100,000,000 | ||||
Related cost offset the proceeds | $ 6,200,000 | ||||
Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | |||||
Nature Of Business [Line Items] | |||||
Share price (in dollars per share) | $ 2 | ||||
Sale Agreement [Member] | Jefferies [Member] | |||||
Nature Of Business [Line Items] | |||||
Number of shares issued upon new issue | 0 | ||||
Proceeds from issuance of common stock | 6,100,000 | ||||
Offering expense | $ 300,000 | ||||
Available for offering | $ 22,200,000 | ||||
Sale Agreement [Member] | Jefferies [Member] | Maximum [Member] | |||||
Nature Of Business [Line Items] | |||||
Aggregate offering | $ 30,000,000 | ||||
Sale Agreement [Member] | Jefferies [Member] | Minimum [Member] | |||||
Nature Of Business [Line Items] | |||||
Share price (in dollars per share) | $ 1 | ||||
Common Stock [Member] | Registered Direct Offering [Member] | |||||
Nature Of Business [Line Items] | |||||
Number of shares issued upon new issue | 40,000,000 | ||||
Share price (in dollars per share) | $ 2.50 | ||||
Common Stock [Member] | Securities Purchase Agreement [Member] | |||||
Nature Of Business [Line Items] | |||||
Number of shares issued upon new issue | 40,000,000 | ||||
Common Stock [Member] | Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | |||||
Nature Of Business [Line Items] | |||||
Number of shares issued upon new issue | 10,000,000 | ||||
Share price (in dollars per share) | $ 2 | ||||
Proceeds from issuance of common stock | $ 20,000,000 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Mar. 31, 2022USD ($)Number | Mar. 31, 2021USD ($) | |
Significant Accounting Policies [Line Items] | ||
Cash and cash equivalents | $ 13,738,931 | $ 107,516,420 |
Cash in excess of FDIC insured limit of $250000 amount | $ 10,100,000 | 107,300,000 |
Number of operating segment | Number | 1 | |
Accounting Standards Update 2019-12 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Apr. 1, 2021 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
Accounting Standards Update 2016-13 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Apr. 1, 2021 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
Accounting Standards Update 2020-06 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Apr. 1, 2021 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
Equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life | 3 years | |
Furniture and Fixtures [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life | 3 years | |
Prepaid and Other Current Assets [Member] | ||
Significant Accounting Policies [Line Items] | ||
Prepaid insurance | $ 1,100,000 | $ 1,000,000 |
Accrued interest receivable on marketable securities | 600,000 | |
Deposit with payroll vendor | $ 2,100,000 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic and diluted net loss per common share calculation | ||
Net loss | $ (23,626,047) | $ (28,978,763) |
Weighted average common shares outstanding — basic and diluted | 172,206,534 | 134,250,722 |
Net loss per share of common stock — basic and diluted | $ (0.14) | $ (0.22) |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |||
Description of warrants issued | Warrants issued in April 2019, discussed further in Note 8, participated on a one-for-one basis with common stock in the distribution of dividends, if and when declared by the Board of Directors (the “Board”) on the Company’s Common Stock | ||
Warrants issued for common stock dividends | 1 | ||
Income allocated to warrants | $ 0 | $ 0 |
Net Loss Per Common Share - S_2
Net Loss Per Common Share - Schedule of Anti-dilutive Shares Outstanding (Detail) - shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 17,608,589 | 15,692,386 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 14,504,271 | 12,588,068 |
Warrant [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 3,104,318 | 3,104,318 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-for-Sale Securities Recorded In Cash and Cash Equivalents or Marketable Securities (Detail) | Mar. 31, 2022USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized cost | $ 73,646,074 |
Gross Unrealized Loss | (544,264) |
Fair Value | 73,101,810 |
Money Market Funds [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized cost | 3,409,178 |
Fair Value | 3,409,178 |
Corporate Debt Securities [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized cost | 32,831,174 |
Gross Unrealized Loss | (343,134) |
Fair Value | 32,488,040 |
Municipal Debt Securities [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized cost | 37,405,722 |
Gross Unrealized Loss | (201,130) |
Fair Value | $ 37,204,592 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Summary of Classification of Available-for-Sale Securities (Detail) | Mar. 31, 2022USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Cash and cash equivalents | $ 3,409,178 |
Marketable securities | 69,692,632 |
Total | $ 73,101,810 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Summary of Available-for-Sale Securities By Contractual Maturity (Detail) | Mar. 31, 2022USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Less than 12 months, Fair Value | $ 64,021,139 |
Less than 12 months, Net Unrealized Losses | (381,155) |
12 months or Longer, Fair Value | 9,080,671 |
12 months or Longer, Net Unrealized Losses | (163,109) |
Total | 73,101,810 |
Total, Net Unrealized Losses | (544,264) |
Money Market Funds [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Less than 12 months, Fair Value | 3,409,178 |
Total | 3,409,178 |
Corporate Debt Securities [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Less than 12 months, Fair Value | 26,195,025 |
Less than 12 months, Net Unrealized Losses | (227,300) |
12 months or Longer, Fair Value | 6,293,015 |
12 months or Longer, Net Unrealized Losses | (115,834) |
Total | 32,488,040 |
Total, Net Unrealized Losses | (343,134) |
Municipal Debt Securities [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Less than 12 months, Fair Value | 34,416,936 |
Less than 12 months, Net Unrealized Losses | (153,855) |
12 months or Longer, Fair Value | 2,787,656 |
12 months or Longer, Net Unrealized Losses | (47,275) |
Total | 37,204,592 |
Total, Net Unrealized Losses | $ (201,130) |
Accounts Payable and Other Cu_3
Accounts Payable and Other Current Liabilities - Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Payables And Accruals [Abstract] | ||
Legal | $ 263,111 | $ 454,139 |
Consultant and professional services | 300,051 | 176,957 |
Accounting and auditing | 14,410 | 55,349 |
Research and development | 2,776,594 | 2,657,202 |
Board of Directors and Scientific Advisory Board Compensation | 418,389 | 435,594 |
Other | 30,872 | 63,149 |
Total | $ 3,803,427 | $ 3,842,390 |
Severance Payable - Additional
Severance Payable - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2022USD ($)Employee | Mar. 31, 2021USD ($) | Mar. 31, 2019USD ($) | |
Severance Payable [Line Items] | ||||
Severance expense | $ 2,437,379 | $ 321,825 | $ 2,500,000 | |
Number of employees entered into separation and general agreement | Employee | 3 | |||
Salary continuance term | 5 years | |||
Reimbursement of health benefits term | 3 years | |||
Discount rate | 6.00% | 6.00% | ||
Stock option modification expense | $ 400,000 | |||
Severance liability | $ 3,000,000 | $ 1,600,000 | ||
Chief Science Officer [Member] | ||||
Severance Payable [Line Items] | ||||
Severance expense | $ 2,100,000 | |||
Release Agreement, March 15, 2019 [Member] | Minimum [Member] | ||||
Severance Payable [Line Items] | ||||
Post-termination exercise period | 3 months | |||
Release Agreement, March 15, 2019 [Member] | Maximum [Member] | ||||
Severance Payable [Line Items] | ||||
Post-termination exercise period | 5 years |
Fair Value of Financial Instrum
Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 3,409,178 | |
Marketable securities | 60,611,961 | |
Marketable securities | 9,080,671 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 73,101,810 | |
Warrant liability | 124,480 | $ 1,931,921 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,195,025 | |
Marketable securities | 6,293,015 | |
Fair Value, Measurements, Recurring [Member] | Municipal Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 34,416,936 | |
Marketable securities | 2,787,656 | |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,409,178 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 3,409,178 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,409,178 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 69,692,632 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,195,025 | |
Marketable securities | 6,293,015 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Municipal Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 34,416,936 | |
Marketable securities | 2,787,656 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrant liability | $ 124,480 | $ 1,931,921 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Schedule of Key Inputs and Assumption to Estimate the Fair Value of Warrant (Detail) - Warrant [Member] - Class Of Warrant Or Right Issued on May 2020 [Member] | Mar. 31, 2022$ / shares | Mar. 31, 2021$ / shares |
Class Of Warrant Or Right [Line Items] | ||
Stock price | $ 0.35 | $ 1.78 |
Volatility [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 0.98 | 0.78 |
Remaining Term [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 2 years 3 days | 3 years 3 days |
Risk-free Interest Rate [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value assumptions | 0.0228 | 0.0035 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Activity for Liabilities Measured at Fair Value using Level 3 Significant Unobservable Inputs (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Change in fair value of warrant liability | $ (1,807,441) | $ 3,915,393 |
Level 3 [Member] | May 2020 Warrant Liability [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning balance, March 31, 2021 | 1,931,921 | |
Change in fair value of warrant liability | (1,807,441) | |
Ending balance, March 31, 2022 | $ 124,480 | $ 1,931,921 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Feb. 08, 2021USD ($)$ / sharesshares | May 20, 2020USD ($)$ / sharesshares | Jan. 07, 2020USD ($)TradingDay$ / sharesshares | Oct. 18, 2019USD ($)$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares |
Stockholders Equity [Line Items] | |||||||
Preferred stock, authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, issued | shares | 0 | 0 | 0 | ||||
Preferred stock, outstanding | shares | 0 | 0 | 0 | ||||
Change in fair value of warrant liability | $ (1,807,441) | $ 3,915,393 | |||||
Gain on warrant exchange | $ 2,228,697 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Exercise price | $ / shares | $ 1.80 | ||||||
Share Exchange Agreements [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares that can be purchased with warrants | shares | 5,833,333 | ||||||
Share leak-out agreement trading restrictions on exchange shares description | trading restrictions with respect to the Exchange Shares, which (i) for the first 90 days, prohibit any sales of Exchange Shares, (ii) for the subsequent 90 days, limit sales of Exchange Shares on any day to 2.5% of that day’s trading volume of Common Stock, and (iii) prohibit new short positions or short sales on Common Stock for the combined 180 day period. | ||||||
Fair value of warrants | $ 3,400,000 | ||||||
Gain on warrant exchange | $ 1,900,000 | ||||||
Share Exchange Agreements [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 2,406,250 | ||||||
Warrant Exchange Agreements [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares that can be purchased with warrants | shares | 2,166,667 | ||||||
Warrants expiration date | Apr. 2, 2024 | ||||||
Exercise price | $ / shares | $ 1.80 | ||||||
Number of common stock shares applicable for leak-out restrictions under leak-out agreement | shares | 893,750 | ||||||
Fair value of warrants | $ 7,300,000 | ||||||
Warrant Exchange Agreements [Member] | Other Income (Expense) [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Change in fair value of warrant liability | $ 300,000 | $ 3,700,000 | |||||
Gain on warrant exchange | $ 300,000 | ||||||
Warrant Exchange Agreements [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value of warrants | $ 1,700,000 | $ 1,800,000 | |||||
Warrant Exchange Agreements [Member] | Stock Price [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.0170 | ||||||
Warrant Exchange Agreements [Member] | Stock Price [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.0164 | ||||||
Warrant Exchange Agreements [Member] | Volatility [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.73 | ||||||
Warrant Exchange Agreements [Member] | Volatility [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.73 | ||||||
Warrant Exchange Agreements [Member] | Remaining Term [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 3 years 10 months 13 days | ||||||
Warrant Exchange Agreements [Member] | Remaining Term [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 3 years 10 months 13 days | ||||||
Warrant Exchange Agreements [Member] | Risk-free Interest Rate [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.0028 | ||||||
Warrant Exchange Agreements [Member] | Risk-free Interest Rate [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.0027 | ||||||
Warrant Exchange Agreements [Member] | Discount for Lack of Marketability [Member] | Class Of Warrant Or Right Issued on May 2020 [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Fair value assumptions | 0.07 | ||||||
Securities Purchase Agreement [Member] | Warrant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock purchase warrants outstanding and exercisable | shares | 3,074,551 | 3,074,551 | 3,074,551 | ||||
Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 40,000,000 | ||||||
Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock price per share | $ / shares | $ 2 | ||||||
Milestone payments upon occurrence of milestone event payable | $ 20,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in cash | 10,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in shares | $ 10,000,000 | ||||||
Milestone payments upon occurrence of milestone event payable in shares, Percentage of premium over share price | 15.00% | ||||||
Restricted period for Sale of shares description | shares will be restricted from sale until the earlier of three months following the milestone event or the three-year anniversary of the agreement | ||||||
Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 10,000,000 | ||||||
Common stock price per share | $ / shares | $ 2 | ||||||
Proceeds from issuance of common stock | $ 20,000,000 | ||||||
Securities Purchase Agreement [Member] | Eagle Pharmaceuticals, Inc [Member] | Series A Preferred Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Shares designated and reserved for future issuance | shares | 10,000 | ||||||
Stock conversion ratio equal to quotient of $1,000 | 1.15 | ||||||
Threshold trading days for computation of weighted average price on conversion of stock | TradingDay | 7 | ||||||
Sale Agreement [Member] | Jefferies [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 0 | ||||||
Payment of commission rate from gross proceeds | 3.00% | ||||||
Proceeds from issuance of common stock | $ 6,100,000 | ||||||
Available for offering | $ 22,200,000 | ||||||
Sale Agreement [Member] | Jefferies [Member] | Maximum [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Aggregate offering | $ 30,000,000 | ||||||
Sale Agreement [Member] | Jefferies [Member] | Minimum [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock price per share | $ / shares | $ 1 | ||||||
Sale Agreement [Member] | Jefferies [Member] | Minimum [Member] | Floor Price [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock price per share | $ / shares | $ 1 | ||||||
Jefferies [Member] | Sale Agreement [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 4,453,939 | ||||||
Proceeds from issuance of common stock | $ 6,100,000 | ||||||
Related cost offset the proceeds | $ 300,000 | ||||||
Available for offering | $ 22,200,000 | ||||||
Registered Direct Offering [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Proceeds from issuance of common stock | $ 100,000,000 | ||||||
Related cost offset the proceeds | $ 6,200,000 | ||||||
Registered Direct Offering [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Number of shares issued upon new issue | shares | 40,000,000 | ||||||
Common stock price per share | $ / shares | $ 2.50 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Warrant Activity (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Warrant Shares of Common Stock, Outstanding at beginning | 3,104,318 | 8,937,651 |
Warrant Shares of Common Stock, Granted | 0 | 2,166,667 |
Warrant Shares of Common Stock, Exchanged | 0 | (8,000,000) |
Warrant Shares of Common Stock, Outstanding at ending | 3,104,318 | 3,104,318 |
Weighted Average Exercise Price, Outstanding at beginning | $ 2.77 | $ 2.31 |
Weighted Average Exercise Price, Granted | 0 | 1.80 |
Weighted Average Exercise Price, Exchanged | 0 | 2 |
Weighted Average Exercise Price, Outstanding at ending | $ 2.77 | $ 2.77 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Warrants to Purchase Common Stock Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||
Warrants Outstanding | 3,104,318 | 3,104,318 | 8,937,651 |
Class Of Warrant Or Right Issued on December 2015 [Member] | Common Stock [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Issued | 2015-12 | ||
Classification | Equity | ||
Warrants Outstanding | 446,500 | ||
Exercise Price | $ 5 | ||
Expiration | 2025-12 | ||
Class Of Warrant Or Right Issued on February 2016 [Member] | Common Stock [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Issued | 2016-02 | ||
Classification | Equity | ||
Warrants Outstanding | 461,384 | ||
Exercise Price | $ 5 | ||
Expiration | 2026-02 | ||
Class Of Warrant Or Right Issued on July 2016 [Member] | Common Stock [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Issued | 2016-07 | ||
Classification | Equity | ||
Warrants Outstanding | 29,767 | ||
Exercise Price | $ 5 | ||
Expiration | 2026-06 | ||
Class Of Warrant Or Right Issued on May 2020 [Member] | Common Stock [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Issued | 2020-05 | ||
Classification | Liability | ||
Warrants Outstanding | 2,166,667 | ||
Exercise Price | $ 1.80 | ||
Expiration | 2024-04 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Commitment And Contingencies [Line Items] | |
Contractual obligation | $ 0.2 |
Ongoing Clinical Trials [Member] | |
Commitment And Contingencies [Line Items] | |
Contractual obligation | 0.9 |
Clinical Registration Activity [Member] | |
Commitment And Contingencies [Line Items] | |
Contractual obligation | $ 2.5 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Rent expense | $ 62,000 | $ 165,000 |
Estimated incremental borrowing rate to calculate present value of lease payments | 11.00% | |
New Jersey [Member] | Office Space [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease, expiration term | 2023-02 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements (Detail) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal year 2023 | $ 39,240 | |
Total remaining lease payments | 39,240 | |
Less: present value adjustment | (1,908) | |
Total operating lease liabilities | 37,332 | |
Less: current portion | $ 37,332 | $ 34,658 |
Operating lease liabilities, net of current portion | $ 41,256 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Faegre Drinker Biddle & Reath ("Faegre Drinker") [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Legal expenses | $ 500,000 | $ 600,000 |
Capitalized legal expenses | 100,000 | |
Accounts payable and accrued expenses payable | $ 153,000 | $ 87,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | Aug. 24, 2021 | Mar. 05, 2015 | Feb. 28, 2018 | Mar. 31, 2022 | Mar. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 4,500,000 | $ 3,600,000 | |||
Unrecognized compensation expense recognition period | 2 years 9 months 18 days | ||||
Allocated compensation expense | $ 2,500,000 | $ 3,500,000 | |||
Grant date fair value of options granted | $ 1 | $ 0.89 | |||
Options exercised | 6,250 | 2,028,203 | |||
Options exercised, weighted average exercise price | $ 0.99 | $ 2.64 | |||
Total proceeds from option exercises | $ 6,188 | $ 5,351,323 | |||
Fair value of options vested | 2,600,000 | 3,700,000 | |||
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated compensation expense | 1,900,000 | 2,100,000 | |||
Research and development expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated compensation expense | $ 600,000 | $ 1,400,000 | |||
2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of fair market value on date of grant | 100.00% | ||||
Award expiration period | 10 years | ||||
Equity incentive plan, available percentage of common stock share issued and outstanding | 12.50% | ||||
Number of shares available for grants | 7,223,029 | ||||
2016 Director Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grants | 3,411,279 | ||||
Increase in total number of common shares authorized | 3,000,000 | ||||
Number of common shares authorized | 5,750,000 | ||||
Number of shares available for initial grants | 176,000 | ||||
Annual grants stock option granted in future | 88,000 | ||||
Initial grants term | 10 years | ||||
Annual grants term | 10 years | ||||
Initial grants vesting period | 3 years | ||||
Annual grants vesting period | 1 year | ||||
Term of stock option awards | (i) “Initial Grants” upon a director’s initial appointment to the Board consisting of an immediate stock option grant of 176,000 shares at fair market value and the shares will vest in equal quarterly increments over a three-year period from the date of grant; and (ii) “Annual Grants” for members who continue in service as members of the Board subsequent to each annual meeting of stockholders occurring subsequent to an Initial Grant, an annual stock option grant of 88,000 shares at fair market value and the shares will vest in equal quarterly increments over a one-year period from the date of grant. The Initial Grants and Annual Grants have a ten year term, subject to applicable termination or forfeiture provisions. As of March 31, 2022, there were 3,411,279 shares available for grant under the 2016 Director Plan. | ||||
Equity Incentive Plan 2015 and 2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate intrinsic value, options | $ 4,610 | ||||
Stock price | $ 0.35 | ||||
Intrinsic value of the exercised option | $ 3,500 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Assumptions Utilized to Estimate the Fair Value of Stock Options Granted (Detail) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary Of Stock Option Activities [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Risk free interest rate | 0.28% | 0.174% |
Expected volatility | 95.39% | 88.02% |
Expected term | 2 years 8 months 12 days | 2 years 9 months 18 days |
Maximum [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Risk free interest rate | 2.34% | 0.527% |
Expected volatility | 105.37% | 101.67% |
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days |
Equity Incentive Plan - Sched_2
Equity Incentive Plan - Schedule of Stock Options (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning | 12,588,068 | |
Granted | 3,862,388 | |
Exercised | (6,250) | (2,028,203) |
Cancelled/Forfeited | (1,939,935) | |
Outstanding at ending | 14,504,271 | 12,588,068 |
Options exercisable | 9,329,798 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning | $ 2.92 | |
Granted | 1.30 | |
Exercised | 0.99 | $ 2.64 |
Cancelled/Forfeited | 3.83 | |
Outstanding at ending | 2.36 | $ 2.92 |
Options exercisable | $ 2.99 |
Equity Incentive Plan - Sched_3
Equity Incentive Plan - Schedule of Stock Option by Exercise Price Range (Detail) - Exercise Price $0.29 - $8.75 [Member] | 12 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Stock Options Outstanding | |
Range of Exercise Price, Lower Limit | $ 0.29 |
Range of Exercise Price, Upper Limit | $ 8.75 |
Number Outstanding | shares | 14,504,271 |
Weighted Average Exercise Price | $ 2.36 |
Weighted Average Remaining Life (Years) | 7 years |
Aggregate Intrinsic Value | $ | $ 4,610 |
Stock Options Vested | |
Number Vested | shares | 9,329,798 |
Weighted Average Exercise Price | $ 2.99 |
Weighted Average Remaining Life (Years) | 6 years |
Equity Incentive Plan - Sched_4
Equity Incentive Plan - Schedule of Non-vested Options (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested options at beginning | 4,355,171 | |
Granted | 3,862,388 | |
Vested | (446,522) | |
Cancelled/Forfeited | (2,596,564) | |
Non-vested options at ending | 5,174,473 | 4,355,171 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Non-vested options at beginning | $ 0.91 | |
Granted | 1 | $ 0.89 |
Vested | 0.95 | |
Cancelled/Forfeited | 0.99 | |
Non-vested options at ending | $ 0.93 | $ 0.91 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes | $ (23,626,047) | $ (28,978,763) | |
Increase (decrease) in valuation allowance | 8,900,000 | ||
Gross federal net operating loss carryforwards | 119,100,000 | ||
Reduction in payroll taxes | 120,000 | 177,000 | |
Gross federal research and development tax credit carryforwards | 5,900,000 | ||
Gross unrecognized tax benefits | $ 889,674 | $ 558,962 | $ 318,394 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Detail) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 27,564,077 | $ 20,123,621 |
Research and development credit carryforward | 884,130 | 1,164,895 |
Orphan drug credit | 4,157,360 | 2,002,559 |
Stock options - NQSOs | 4,765,662 | 5,267,351 |
Accruals and other temporary differences | 662,754 | 595,418 |
Gross deferred tax assets | 38,033,983 | 29,153,844 |
Deferred tax valuation allowance | (38,033,983) | (29,153,844) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Benefit (Detail) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory income tax rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 11.59% | 0.00% |
Permanent differences | 0.00% | (0.02%) |
Tax credit carryforwards | 7.93% | 4.70% |
Valuation allowance | (37.08%) | (20.98%) |
Stock compensation | (5.05%) | (3.41%) |
Warrants | 1.61% | (1.29%) |
Effective tax rate | 0.00% | 0.00% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at beginning of year | $ 558,962 | $ 318,394 |
Increases (decreases) for tax positions in prior period | (99,063) | |
Increase for tax positions in current period | 330,712 | 339,631 |
Gross unrecognized tax benefits at end of year | $ 889,674 | $ 558,962 |