Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-37487 | |
Entity Registrant Name | Aethlon Medical, Inc. | |
Entity Central Index Key | 0000882291 | |
Entity Tax Identification Number | 13-3632859 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11555 SORRENTO VALLEY ROAD | |
Entity Address, Address Line Two | SUITE 203 | |
Entity Address, City or Town | SAN DIEGO | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | (619) | |
Local Phone Number | 941-0360 | |
Title of 12(b) Security | COMMON STOCK, $0.001 PAR VALUE | |
Trading Symbol | AEMD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,492,908 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash | $ 10,175,920 | $ 14,532,943 |
Prepaid expenses and other current assets | 311,397 | 557,623 |
Total current assets | 10,487,317 | 15,090,566 |
Property and equipment, net | 1,199,681 | 1,144,004 |
Right-of-use lease asset, net | 1,019,145 | 1,151,909 |
Patents, net | 1,375 | 1,650 |
Restricted cash | 87,506 | 87,506 |
Deposits | 33,305 | 33,305 |
Total assets | 12,828,329 | 17,508,940 |
Current liabilities | ||
Accounts payable | 684,942 | 432,890 |
Due to related parties | 249,781 | 214,221 |
Lease liability, current portion | 279,737 | 269,386 |
Other current liabilities | 496,074 | 588,592 |
Total current liabilities | 1,710,534 | 1,505,089 |
Lease liability, less current portion | 798,451 | 939,642 |
Total liabilities | 2,508,985 | 2,444,731 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 60,000,000 shares authorized as of September 30, 2023 and March 31, 2023; 2,492,908 and 2,299,259 shares issued and outstanding as of September 30, 2023 and March 31, 2023, respectively | 2,493 | 2,299 |
Additional paid-in capital | 159,001,611 | 157,426,606 |
Accumulated other comprehensive loss | (9,570) | (6,141) |
Accumulated deficit | (148,675,190) | (142,358,555) |
Total stockholders’ equity | 10,319,344 | 15,064,209 |
Total liabilities and stockholders’ equity | $ 12,828,329 | $ 17,508,940 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 2,492,908 | 2,299,259 |
Common stock, shares outstanding | 2,492,908 | 2,299,259 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING EXPENSES | ||||
Professional fees | $ 1,133,111 | $ 1,003,870 | $ 2,109,749 | $ 1,847,899 |
Payroll and related expenses | 1,191,426 | 1,112,955 | 2,314,665 | 2,142,641 |
General and administrative | 850,809 | 1,548,484 | 2,159,092 | 2,582,505 |
Total operating expenses | 3,175,346 | 3,665,309 | 6,583,506 | 6,573,045 |
OPERATING LOSS | (3,175,346) | (3,665,309) | (6,583,506) | (6,573,045) |
OTHER EXPENSE/(INCOME) | ||||
Loss on dissolution of subsidiary | 0 | 142,121 | 0 | 142,121 |
Interest and Other Income | (140,890) | 0 | (266,871) | 0 |
NET LOSS | (3,034,456) | (3,807,430) | (6,316,635) | (6,715,166) |
OTHER COMPREHENSIVE LOSS | (2,435) | 0 | (3,429) | 0 |
COMPREHENSIVE LOSS | $ (3,036,891) | $ (3,807,430) | $ (6,320,064) | $ (6,715,166) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Basic loss per share attributable to common stockholders | $ (1.22) | $ (1.84) | $ (2.57) | $ (3.70) |
Diluted loss per share attributable to common stockholders | $ (1.22) | $ (1.84) | $ (2.57) | $ (3.70) |
Weighted average number of common shares outstanding - basic | 2,483,649 | 2,074,500 | 2,457,711 | 1,813,018 |
Weighted average number of common shares outstanding - diluted | 2,483,649 | 2,074,500 | 2,457,711 | 1,813,018 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Mar. 31, 2022 | $ 1,542 | $ 147,460,747 | $ (130,329,181) | $ (141,708) | $ 16,991,400 | |
Beginning balance, shares at Mar. 31, 2022 | 1,541,917 | |||||
Issuance of common stock for cash under at the market program | $ 58 | 619,384 | 619,442 | |||
Issuances of common stock for cash under at the market program, shares | 57,456 | |||||
Stock-based compensation expense | 215,437 | 215,437 | ||||
Net Loss | (2,905,668) | (413) | (2,906,081) | |||
Ending balance at Jun. 30, 2022 | $ 1,600 | 148,295,568 | (133,234,849) | (142,121) | 14,920,198 | |
Ending balance, shares at Jun. 30, 2022 | 1,599,373 | |||||
Issuance of common stock for cash under at the market program | $ 691 | 8,307,078 | 8,307,078 | |||
Issuances of common stock for cash under at the market program, shares | 690,628 | |||||
Issuance of common shares upon vesting of restricted stock units and net stock option exercises | $ 5 | (7,978) | (7,973) | |||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise, shares | 4,624 | |||||
Stock-based compensation expense | 313,539 | 313,539 | ||||
Net Loss | (3,807,430) | (3,807,430) | ||||
Other Comprehensive Loss | ||||||
Ending balance at Sep. 30, 2022 | $ 2,296 | 156,908,207 | (137,042,279) | (142,121) | 19,868,224 | |
Ending balance, shares at Sep. 30, 2022 | 2,294,625 | |||||
Beginning balance at Mar. 31, 2023 | $ 2,299 | 157,426,606 | (142,358,555) | (6,141) | 15,064,209 | |
Beginning balance, shares at Mar. 31, 2023 | 2,299,259 | |||||
Issuance of common stock for cash under at the market program | $ 178 | 1,085,941 | 1,086,119 | |||
Issuances of common stock for cash under at the market program, shares | 177,891 | |||||
Issuance of common shares upon vesting of restricted stock units and net stock option exercises | $ 7 | (8,379) | (8,372) | |||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise, shares | 6,397 | |||||
Stock-based compensation expense | 250,114 | 250,114 | ||||
Net Loss | (3,282,179) | (3,282,179) | ||||
Other Comprehensive Loss | (994) | (994) | ||||
Ending balance at Jun. 30, 2023 | $ 2,484 | 158,754,282 | (145,640,734) | (7,135) | 13,108,897 | |
Ending balance, shares at Jun. 30, 2023 | 2,483,547 | |||||
Beginning balance at Mar. 31, 2023 | $ 2,299 | 157,426,606 | (142,358,555) | (6,141) | 15,064,209 | |
Beginning balance, shares at Mar. 31, 2023 | 2,299,259 | |||||
Ending balance at Sep. 30, 2023 | $ 2,493 | 159,001,611 | (148,675,190) | (9,570) | 10,319,344 | |
Ending balance, shares at Sep. 30, 2023 | 2,492,908 | |||||
Beginning balance at Jun. 30, 2023 | $ 2,484 | 158,754,282 | (145,640,734) | (7,135) | 13,108,897 | |
Beginning balance, shares at Jun. 30, 2023 | 2,483,547 | |||||
Issuance of common shares upon vesting of restricted stock units and net stock option exercises | $ 9 | (9,852) | (9,843) | |||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise, shares | 9,329 | |||||
Stock-based compensation expense | 257,181 | 257,181 | ||||
Rounding for reverse split | ||||||
Rounding for reverse split, shares | 32 | |||||
Net Loss | (3,034,456) | (3,034,456) | ||||
Other Comprehensive Loss | (2,435) | (2,435) | ||||
Ending balance at Sep. 30, 2023 | $ 2,493 | $ 159,001,611 | $ (148,675,190) | $ (9,570) | $ 10,319,344 | |
Ending balance, shares at Sep. 30, 2023 | 2,492,908 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows used in operating activities: | ||||
Net loss | $ (3,034,456) | $ (3,807,430) | $ (6,316,635) | $ (6,715,166) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 181,752 | 83,224 | ||
Stock based compensation | 257,181 | 313,538 | 507,295 | 528,975 |
Loss on dissolution of subsidiary | 0 | 142,121 | 0 | 142,121 |
Accretion of right-of-use lease asset | 1,924 | 9,633 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 241,411 | 173,856 | ||
Accounts receivable | 0 | 13,116 | ||
Accounts payable and other current liabilities | 162,160 | (94,540) | ||
Deferred revenue | 0 | 229,698 | ||
Due to related parties | 35,560 | 21,785 | ||
Net cash used in operating activities | (5,186,533) | (5,607,298) | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (237,153) | (780,334) | ||
Net cash used in investing activities | (237,153) | (780,334) | ||
Cash flows provided by financing activities: | ||||
Proceeds from the issuance of common stock, net | 1,086,119 | 8,927,211 | ||
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units and net stock option expense | (18,215) | (7,973) | ||
Net cash provided by financing activities | 1,067,904 | 8,919,238 | ||
Effect of exchange rate on changes on cash | (1,241) | 0 | ||
Net change in cash and restricted cash | (4,357,023) | 2,531,606 | ||
Cash and restricted cash at beginning of period | 14,620,449 | 17,159,925 | ||
Cash and restricted cash | 10,263,426 | 19,691,531 | 10,263,426 | 19,691,531 |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Par value of shares issued for vested restricted stock units and net stock option exercise | 16 | 46 | ||
Initial recognition of right-of-use lease asset and lease liability | 0 | 625,471 | ||
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||||
Cash and cash equivalents | 10,175,920 | 19,604,025 | 10,175,920 | 19,604,025 |
Restricted cash | $ 87,506 | $ 87,506 | $ 87,506 | $ 87,506 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION Aethlon Medical, Inc., or Aethlon, the Company, we or us, is a medical therapeutic company focused on developing products to treat cancer and life-threatening infectious diseases. The Aethlon Hemopurifier is a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier is designed to deplete the presence of circulating tumor-derived exosomes that promote immune suppression, seed the spread of metastasis and inhibit the benefit of leading cancer therapies. The U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier as a “Breakthrough Device” for two independent indications: · the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease; and · the treatment of life-threatening viruses that are not addressed with approved therapies. We believe the Hemopurifier can be a substantial advance in the treatment of patients with advanced and metastatic cancer through the clearance of exosomes that promote the growth and spread of tumors through multiple mechanisms. We are currently working with our new contract research organization, or CRO, on preparations to conduct a clinical trial in Australia in patients with solid tumors, including head and neck cancer, gastrointestinal cancers and other cancers. In January 2023, we entered into an agreement with North American Science Associates, LLC, or NAMSA, a world leading MedTech CRO offering global end-to-end development services, to oversee our clinical trials investigating the Hemopurifier for oncology indications. Pursuant to the agreement, NAMSA will manage our clinical trials of the Hemopurifier for patients in the United States and Australia with various types of cancer tumors. We anticipate that the initial clinical trials will begin in Australia. We also believe the Hemopurifier can be part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed with an already approved treatment. In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to treat individuals infected with human immunodeficiency virus, or HIV, hepatitis-C and Ebola. Additionally, in vitro, On June 17, 2020, the FDA approved a supplement to our open Investigational Device Exemption, or IDE, for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with SARS-CoV-2/COVID-19, or COVID-19, in a New Feasibility Study. That study was designed to enroll up to 40 subjects at up to 20 centers in the United States. Subjects were to have established laboratory diagnosis of COVID-19, be admitted to an intensive care unit, or ICU, and have acute lung injury and/or severe or life-threatening disease, among other criteria. Endpoints for this study, in addition to safety, included reduction in circulating virus as well as clinical outcomes (NCT # 04595903). Under Single Patient Emergency Use regulations, the Company has treated two patients with COVID-19 with the Hemopurifier, in addition to the COVID-19 patient treated with our Hemopurifier in our COVID-19 clinical trial discussed above. We previously reported a disruption in our Hemopurifier supply, as our then existing supply of Hemopurifiers expired on September 30, 2022, and also as previously disclosed, we are dependent on FDA approval of qualified suppliers to manufacture our Hemopurifier. Our intended transition to a new supplier for galanthus nivalis agglutinin, or GNA, a component of our Hemopurifier, was delayed as we work with the FDA for approval of our supplement to our IDE, which is required to make this manufacturing change. We are continuing to work with the FDA to qualify this second supplier of our GNA. We also are in the process of completing final testing in order to begin manufacturing Hemopurifiers at our new manufacturing facility in San Diego for use in U.S. clinical trials, using GNA from our current supplier. We expect the first manufacturing lot that incorporates the GNA from our original supplier to be approved and released by the end of December 2023. We also have sufficient Hemopurifiers on hand for use in our planned Australia and India oncology trials. In October 2022, we launched a wholly owned subsidiary in Australia, formed to conduct clinical research, seek regulatory approval and commercialize our Hemopurifier in that country. The subsidiary will initially focus on the oncology trials in Australia. We also obtained ethics review board, or ERB approval, from and entered into a clinical trial agreement with Medanta Medicity Hospital, a multi-specialty hospital in Delhi NCR, India, for a COVID-19 clinical trial at that location. One patient has completed participation in the Indian COVID-19 study. The relevant authorities in India have accepted the use of our Hemopurifiers made with the GNA from our new supplier. In May 2023, we also received ERB approval from the Maulana Azad Medical College, or MAMC, for a second site for our clinical trial in India to treat severe COVID-19. MAMC was established in 1958 and is located in New Delhi, India. MMAC is affiliated with the University of Delhi and is operated by the Delhi government. In October 2023, we announced that we received clearance from the Drug Controller General of India, or DCGI, the central drug authority in India, to conduct a Phase 1 safety, feasibility and dose-finding trial of the Company's Hemopurifier in patients with solid tumors who have stable or progressive disease during anti-PD-1 monotherapy treatment, such as Keytruda ® ® Additionally, we recently announced that we also have begun investigating the use of our Hemopurifier in the organ transplant setting. Our objective is to confirm that the Hemopurifier, in our translational studies, when incorporated into a machine perfusion organ preservation circuit, can remove harmful viruses and exosomes from recovered organs. We initially are focused on recovered kidneys, in a research collaboration with 34 Lives, PBC. We have previously demonstrated the removal of multiple viruses and exosomes from buffer solutions, in vitro, utilizing a scaled-down version of our Hemopurifier. This process potentially may reduce complications following transplantation of the recovered organ, which can include viral infection, delayed graft function and rejection. We believe this new approach could be additive to existing technologies that currently are in place to increase the number of viable kidneys for transplant. Successful outcomes of human trials will also be required by the regulatory agencies of certain foreign countries where we plan to market and sell the Hemopurifier. Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained. However, we believe that certain patent applications and/or other patents issued to us more recently will help protect the proprietary nature of our Hemopurifier treatment technology. In addition to the foregoing, we are monitoring closely the impact of inflation, recent bank failures and the war in Ukraine on our business. Given the level of uncertainty regarding the duration and impact of these events on capital markets and the U.S. economy, we are unable to assess the impact on our timelines and future access to capital. The full extent to which inflation, recent bank failures and the war in Ukraine will impact our business, results of operations, financial condition, clinical trials and preclinical research will depend on future developments, as well as the economic impact on national and international markets that are highly uncertain. We incorporated in Nevada on March 10, 1999. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address is www.aethlonmedical.com. Our common stock is listed on the Nasdaq Capital Market under the symbol “AEMD.” SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the six months ended September 30, 2023, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023. REVERSE STOCK SPLIT On October 4, 2023, the Company effected a 1-for-10 60,000,000 Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2023. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its wholly owned subsidiary, Aethlon Medical Australia Pty Ltd, as well as its previously majority-owned subsidiary, Exosome Sciences, Inc., which dissolved in September 2022. All significant inter-company transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the operating results, cash flows, and financial position of the Company as of and for the period ended September 30, 2023. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2023 has been derived from the audited consolidated balance sheet at March 31, 2023, contained in the above referenced 10-K. The results of operations for the three and six months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any future interim periods. Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation, including the impact of the reverse stock split. LIQUIDITY AND GOING CONCERN Management expects existing cash as of September 30, 2023 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. Restricted Cash To comply with the terms of our laboratory and office lease and our lease for our manufacturing space, see Note 10, we caused our bank to issue two standby letters of credit, or L/Cs, in the aggregate amount of $ 87,506 |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | 2. LOSS PER COMMON SHARE Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period of computation. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional dilutive common shares that would have been outstanding if potential common shares had been issued, if such additional common shares were dilutive. Since we had net losses for all periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be antidilutive. As of September 30, 2023 and 2022, an aggregate of 221,839 223,903 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 6 Months Ended |
Sep. 30, 2023 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOPMENT EXPENSES | 3. RESEARCH AND DEVELOPMENT EXPENSES Our research and development costs are expensed as incurred. We incurred research and development expenses during the three and six month periods ended September 30, 2023 and 2022, which are included in various operating expense line items in the accompanying condensed consolidated statements of operations. Our research and development expenses in those periods were as follows: Schedule of research and development expenses September 30, September 30, 2023 2022 Three months ended $ 628,447 $ 852,464 Six months ended $ 1,687,010 $ 1,570,654 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 4. RECENT ACCOUNTING PRONOUNCEMENTS None. |
EQUITY TRANSACTIONS IN THE SIX
EQUITY TRANSACTIONS IN THE SIX MONTHS ENDED SEPTEMBER 30, 2023 | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS IN THE SIX MONTHS ENDED SEPTEMBER 30, 2023 | 5. EQUITY TRANSACTIONS IN THE SIX MONTHS ENDED SEPTEMBER 30, 2023 2022 At The Market Offering Agreement with H.C. Wainwright & Co., LLC On March 24, 2022, we entered into an At The Market Offering Agreement, or the 2022 ATM Agreement, with H.C. Wainwright & Co., LLC, or Wainwright, which established an at-the-market equity program pursuant to which we may offer and sell shares of our common stock from time to time as set forth in the 2022 ATM Agreement. The offering was registered under the Securities Act of 1933, as amended, or the Securities Act, pursuant to our shelf registration statement on Form S-3 (Registration Statement No. 333-259909), as previously filed with the SEC and declared effective on October 21, 2021. We filed a prospectus supplement, dated March 24, 2022, with the SEC that provides for the sale of shares of our common stock having an aggregate offering price of up to $ 15,000,000 Under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market, or on any other existing trading market for the 2022 ATM Shares. In addition, under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares in privately negotiated transactions with our consent and in block transactions. Under certain circumstances, we may instruct Wainwright not to sell the 2022 ATM Shares if the sales cannot be effected at or above the price designated by us from time to time. We are not obligated to make any sales of the 2022 ATM Shares under the 2022 ATM Agreement. The offering of the 2022 ATM Shares pursuant to the 2022 ATM Agreement will terminate upon the termination of the 2022 ATM Agreement by Wainwright or us, as permitted therein. The 2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary indemnification and contribution rights and obligations of the parties. We agreed to pay Wainwright a placement fee of up to 3.0% of the aggregate gross proceeds from each sale of the 2022 ATM Shares. We also agreed to reimburse Wainwright for certain specified expenses in connection with entering into the 2022 ATM Agreement. During the three months ended September 30, 2023, no capital was raised under the 2022 ATM Agreement. During the six months ended September 30, 2023, we raised net proceeds of $ 1,086,119 27,999 5,846 177,891 Restricted Stock Unit Grants On April 28, 2023, the Board approved, pursuant to the terms of the Amended and Restated Non-Employee Director Compensation Policy, or the Director Compensation Policy, the grant of the annual restricted stock units, or RSUs, under the Director Compensation Policy to each of the three non-employee directors of the Company then serving on the Board. The Director Compensation Policy provides for a grant of stock options or $50,000 worth of RSUs at the beginning of each fiscal year for current directors then serving on the Board, and for a grant of stock options or $75,000 worth of RSUs for a newly elected director, with each RSU priced at the average for the closing prices for the five days preceding and including the date of grant, or $4.30 per share for the RSUs granted in April 2023. As a result, in April 2023 the three eligible directors each were granted an RSU in the amount of 11,628 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS During the six months ended September 30, 2023, we accrued unpaid fees of $ 68,250 Schedule of amounts due to related parties September 30, March 31, Accrued Board fees $ 68,250 $ 57,000 Accrued vacation to all employees 181,531 157,221 Total due to related parties $ 249,781 $ 214,221 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 6 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | 7. OTHER CURRENT LIABILITIES Other current liabilities were comprised of the following items: Schedule of other current liabilities September 30, March 31, 2023 2023 Accrued professional fees $ 496,074 $ 588,592 Total other current liabilities $ 496,074 $ 588,592 |
STOCK COMPENSATION
STOCK COMPENSATION | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCK COMPENSATION | 8. STOCK COMPENSATION The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three and six month periods ended September 30, 2023 and 2022: Schedule of share-based compensation expense Three Months Three Months Six Months Six Months Vesting of stock options and restricted stock units $ 257,181 $ 313,538 $ 507,295 $ 528,975 Total stock-based compensation expense $ 257,181 $ 313,538 $ 507,295 $ 528,975 Weighted average number of common shares outstanding – basic and diluted 2,483,649 2,074,500 2,457,711 1,813,018 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.10 ) $ (0.15 ) $ (0.21 ) $ (0.29 ) All of the stock-based compensation expense recorded during the six months ended September 30, 2023 and 2022, an aggregate of $ 507,295 528,975 We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the six months ended September 30, 2023 was insignificant. Stock Option Activity We did not issue any stock options during the six months ended September 30, 2023. During the six months ended September 30, 2022, we recognized a stock option grant made in the fiscal year ended March 31, 2022 to purchase 6,160 Stock options outstanding that have vested as of September 30, 2023 and stock options that are expected to vest subsequent to September 30, 2023 are as follows: Schedule of options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 86,180 $ 24.60 7.49 Expected to vest 70,884 $ 20.87 8.04 Total 157,064 A summary of stock option activity during the six months ended September 30, 2023 is presented below: Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2023 171,826 $ 6.90 – 1,425 $ 22.39 Exercised – $ – $ – Granted – $ – $ – Cancelled/Expired 14,762 $ 12.10 - 750 $ 13.80 Stock options outstanding at September 30, 2023 157,064 $ 6.90 – 1,425 $ 22.92 Stock options exercisable at September 30, 2023 86,180 $ 12.80 – 1,425 $ 24.60 On September 30, 2023, our outstanding stock options had no intrinsic value since the closing share price on that date of $ 2.30 At September 30, 2023, there was approximately $ 1,514,000 1.77 |
WARRANTS
WARRANTS | 6 Months Ended |
Sep. 30, 2023 | |
Warrants | |
WARRANTS | 9. WARRANTS During the six months ended September 30, 2023 and 2022, we did not issue any warrants. A summary of warrant activity during the six months ended September 30, 2023 is presented below: Schedule of warrant activity Amount Range of Weighted Warrants outstanding at March 31, 2023 32,676 $ 15.00 – 27.50 $ 20.09 Exercised – $ – $ – Cancelled/Expired – $ – $ – Warrants outstanding at September 30, 2023 32,676 $ 15.00 – 27.50 $ 20.09 Warrants exercisable at September 30, 2023 32,676 $ 15.00 – 27.50 $ 20.09 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES LEASE COMMITMENTS Office, Lab and Manufacturing Space Leases In December 2020, we entered into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121 and 11575 Sorrento Valley Road, Suite 200, San Diego, California 92121, respectively. The agreement carries a term of 63 months and we took possession of the office space effective October 1, 2021. We took possession of the laboratory space effective January 1, 2022. In October 2021, we entered into another lease for approximately 2,655 square feet of space to house our manufacturing operations located at 11588 Sorrento Valley Road, San Diego, California 92121. The term is for 55 13,772 12,080 The office, lab and manufacturing leases are coterminous with a remaining term of 45 4.25 As of our September 30, 2023 balance sheet, we have a right-of-use lease asset of $ 1,019,145 In addition, the lease agreements for the new office, lab and manufacturing space required us to post a standby L/C in favor of the landlord in the aggregate amount of $ 87,506 87,506 Mobile Clean Room In addition, we rented a mobile clean room on a short term, month-to-month basis, where we housed our manufacturing operations until our permanent manufacturing space was completed. The mobile clean room was located on leased land near our office and lab and we paid $ 2,000 Overall, our rent expense, which is included in general and administrative expenses, approximated $ 210,000 309,000 LEGAL MATTERS We may be involved from time to time in various claims, lawsuits, and/or disputes with third parties or breach of contract actions incidental to the normal course of our business operations. We are currently not involved in any litigation or any pending legal proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS Management has evaluated events subsequent to September 30, 2023 through the date that the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. Reverse Split – Following the approval of a reverse stock split at our Annual Stockholders’ Meeting held on September 15, 2023, our Board of Directors approved a 1-for-10 reverse stock split or our outstanding shares of Common Stock, effective as of the close of business on October 4, 2023. Accordingly, each 10 shares of outstanding common stock held by stockholders were combined into one share of common stock. Our authorized common stock remained at 60,000,000 shares following the stock split. As the result of the rounding up of fractional shares related to the reverse split, we have issued an additional 32 shares to our stockholders. Management/Board Changes Effective November 7, 2023, James B. Frakes, MBA, Chief Financial Officer of Aethlon, was appointed as Interim Chief Executive Officer of the Company, replacing Charles J. Fisher, Jr. M.D. Mr. Frakes also was appointed as a member of the Board of Directors. Mr. Frakes will additionally remain as Chief Financial Officer of the Company. Effective as of November 7, 2023, Guy Cipriani, MBA, formerly Chief Business Officer of the Company, was appointed as the Company’s Chief Operating Officer and resigned from the Company’s Board of Directors. |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
REVERSE STOCK SPLIT | REVERSE STOCK SPLIT On October 4, 2023, the Company effected a 1-for-10 60,000,000 |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2023. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its wholly owned subsidiary, Aethlon Medical Australia Pty Ltd, as well as its previously majority-owned subsidiary, Exosome Sciences, Inc., which dissolved in September 2022. All significant inter-company transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the operating results, cash flows, and financial position of the Company as of and for the period ended September 30, 2023. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2023 has been derived from the audited consolidated balance sheet at March 31, 2023, contained in the above referenced 10-K. The results of operations for the three and six months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any future interim periods. |
Reclassifications | Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation, including the impact of the reverse stock split. |
LIQUIDITY AND GOING CONCERN | LIQUIDITY AND GOING CONCERN Management expects existing cash as of September 30, 2023 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. |
Restricted Cash | Restricted Cash To comply with the terms of our laboratory and office lease and our lease for our manufacturing space, see Note 10, we caused our bank to issue two standby letters of credit, or L/Cs, in the aggregate amount of $ 87,506 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Research and Development [Abstract] | |
Schedule of research and development expenses | Schedule of research and development expenses September 30, September 30, 2023 2022 Three months ended $ 628,447 $ 852,464 Six months ended $ 1,687,010 $ 1,570,654 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of amounts due to related parties | Schedule of amounts due to related parties September 30, March 31, Accrued Board fees $ 68,250 $ 57,000 Accrued vacation to all employees 181,531 157,221 Total due to related parties $ 249,781 $ 214,221 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other current liabilities | Schedule of other current liabilities September 30, March 31, 2023 2023 Accrued professional fees $ 496,074 $ 588,592 Total other current liabilities $ 496,074 $ 588,592 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of share-based compensation expense | Schedule of share-based compensation expense Three Months Three Months Six Months Six Months Vesting of stock options and restricted stock units $ 257,181 $ 313,538 $ 507,295 $ 528,975 Total stock-based compensation expense $ 257,181 $ 313,538 $ 507,295 $ 528,975 Weighted average number of common shares outstanding – basic and diluted 2,483,649 2,074,500 2,457,711 1,813,018 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.10 ) $ (0.15 ) $ (0.21 ) $ (0.29 ) |
Schedule of options outstanding that have vested and are expected to vest | Schedule of options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 86,180 $ 24.60 7.49 Expected to vest 70,884 $ 20.87 8.04 Total 157,064 |
Schedule of stock option activity | Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2023 171,826 $ 6.90 – 1,425 $ 22.39 Exercised – $ – $ – Granted – $ – $ – Cancelled/Expired 14,762 $ 12.10 - 750 $ 13.80 Stock options outstanding at September 30, 2023 157,064 $ 6.90 – 1,425 $ 22.92 Stock options exercisable at September 30, 2023 86,180 $ 12.80 – 1,425 $ 24.60 |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Warrants | |
Schedule of warrant activity | Schedule of warrant activity Amount Range of Weighted Warrants outstanding at March 31, 2023 32,676 $ 15.00 – 27.50 $ 20.09 Exercised – $ – $ – Cancelled/Expired – $ – $ – Warrants outstanding at September 30, 2023 32,676 $ 15.00 – 27.50 $ 20.09 Warrants exercisable at September 30, 2023 32,676 $ 15.00 – 27.50 $ 20.09 |
NATURE OF BUSINESS AND BASIS _3
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Details Narrative) - USD ($) | Oct. 04, 2023 | Sep. 30, 2023 | Mar. 31, 2023 |
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 60,000,000 | 60,000,000 | |
Restricted Cash [Member] | |||
Subsequent Event [Line Items] | |||
Security deposit | $ 87,506 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Reverse stock split | 1-for-10 |
LOSS PER COMMON SHARE (Details
LOSS PER COMMON SHARE (Details Narrative) - shares | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 221,839 | 223,903 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Research and Development [Abstract] | ||||
Research and development expense | $ 628,447 | $ 852,464 | $ 1,687,010 | $ 1,570,654 |
EQUITY TRANSACTIONS IN THE SI_2
EQUITY TRANSACTIONS IN THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (Details Narrative) - USD ($) | 6 Months Ended | |
Mar. 24, 2022 | Sep. 30, 2023 | |
Securities Financing Transaction [Line Items] | ||
Aggregate offering price | $ 15,000,000 | |
Eligible Directors Each [Member] | Restricted Stock Units (RSUs) [Member] | ||
Securities Financing Transaction [Line Items] | ||
Number of RSU granted | 11,628 | |
Offering Agreement [Member] | ||
Securities Financing Transaction [Line Items] | ||
Proceeds from issuance of equity | $ 1,086,119 | |
Stock issued new, shares issued | 177,891 | |
Offering Agreement [Member] | Other Offering Expense [Member] | ||
Securities Financing Transaction [Line Items] | ||
Payment of stock issuance costs | $ 5,846 | |
Offering Agreement [Member] | Hc Wainwright [Member] | ||
Securities Financing Transaction [Line Items] | ||
Payment of commissions | $ 27,999 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 249,781 | $ 214,221 |
Accrued Board Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 68,250 | 57,000 |
Accrued Vacation [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 181,531 | $ 157,221 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 30, 2023 USD ($) |
Related Party Transactions [Abstract] | |
Accrued director fees | $ 68,250 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Accrued professional fees | $ 496,074 | $ 588,592 |
Total other current liabilities | $ 496,074 | $ 588,592 |
STOCK COMPENSATION (Details - S
STOCK COMPENSATION (Details - Stock compensation) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Offsetting Assets [Line Items] | ||||
Vesting of stock options and restricted stock units | $ 257,181 | $ 313,538 | $ 507,295 | $ 528,975 |
Total stock-based compensation expense | $ 257,181 | $ 313,538 | $ 507,295 | $ 528,975 |
Weighted average number of common shares outstanding - basic | 2,483,649 | 2,074,500 | 2,457,711 | 1,813,018 |
Weighted average number of common shares outstanding - diluted | 2,483,649 | 2,074,500 | 2,457,711 | 1,813,018 |
Basic loss per common share attributable to stock-based compensation expense | $ (1.22) | $ (1.84) | $ (2.57) | $ (3.70) |
Diluted loss per common share attributable to stock-based compensation expense | (1.22) | (1.84) | (2.57) | (3.70) |
Stock Based Compensation [Member] | ||||
Offsetting Assets [Line Items] | ||||
Basic loss per common share attributable to stock-based compensation expense | (0.10) | (0.15) | (0.21) | (0.29) |
Diluted loss per common share attributable to stock-based compensation expense | $ (0.10) | $ (0.15) | $ (0.21) | $ (0.29) |
STOCK COMPENSATION (Details - O
STOCK COMPENSATION (Details - Options vested and expected to vest) - Equity Option [Member] | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options vested | 86,180 |
Weighted average exercise price options vested | $ / shares | $ 24.60 |
Weighted average remaining contractual term options vested | 7 years 5 months 26 days |
Options expected to vest | 70,884 |
Weighted average exercise price options expected to vest | $ / shares | $ 20.87 |
Weighted average remaining contractual term options expected to vest | 8 years 14 days |
Total options outstanding | 157,064 |
STOCK COMPENSATION (Details -_2
STOCK COMPENSATION (Details - Option activity) - Options Held [Member] | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock options outstanding, beginning balance | shares | 171,826 |
Range of exercise prices, Option beginning | 6.90 – 1,425 |
Weighted average exercise price outstanding, Beginning | $ / shares | $ 22.39 |
Stock options exercised | shares | 0 |
Range of exercise prices, Option exercised | |
Weighted average exercise price, Exercised | $ / shares | $ 0 |
Stock options granted | shares | 0 |
Range of exercise prices, Option granted | |
Weighted average exercise price, Granted | $ / shares | $ 0 |
Stock options cancelled/forfeited | shares | 14,762 |
Range of exercise prices, Option cancelled/expired | 12.10 - 750 |
Weighted average exercise price, Cancelled/Forfeited | $ / shares | $ 13.80 |
Stock options outstanding, ending balance | shares | 157,064 |
Range of exercise prices, Option ending | 6.90 – 1,425 |
Weighted average exercise price outstanding, Ending | $ / shares | $ 22.92 |
Stock options exercisable | shares | 86,180 |
Range of exercise prices, Option exercisable | 12.80 – 1,425 |
Weighted average exercise price, Exercisable | $ / shares | $ 24.60 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock based compensation | $ 257,181 | $ 313,538 | $ 507,295 | $ 528,975 | |
Unrecognized compensation costs | $ 1,514,000 | $ 1,514,000 | |||
Unrecognized compensation cost amortization period | 1 year 9 months 7 days | ||||
Options Held [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share price | $ 2.30 | $ 2.30 | |||
Equity 2020 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Options granted | 6,160 |
Warrant (Details)
Warrant (Details) - Warrant [Member] | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of warrants outstanding, Beginning | shares | 32,676 |
Range of exercise price outstanding, Beginning | 15.00 – 27.50 |
Weighted average exercise price outstanding, Beginning | $ / shares | $ 20.09 |
Number of warrants, Exercised | shares | 0 |
Range of exercise price, Exercised | |
Weighted average exercise price, Exercised | $ / shares | $ 0 |
Number of warrants, Cancelled/Expired | shares | 0 |
Range of exercise price, Cancelled Expired | |
Weighted average exercise price, Cancelled/Expired | $ / shares | $ 0 |
Number of warrants outstanding, Ending | shares | 32,676 |
Range of exercise price outstanding, Ending | 15.00 – 27.50 |
Weighted average exercise price outstanding, Ending | $ / shares | $ 20.09 |
Number of warrants, Exercisable | shares | 32,676 |
Range of exercise price, Exercisable | 15.00 – 27.50 |
Weighted average exercise price, Exercisable | $ / shares | $ 20.09 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Aug. 31, 2022 | |
Lease term | 55 months | |||
Right of use lease asset | $ 1,019,145 | $ 1,151,909 | ||
Restricted Cash | 87,506 | $ 87,506 | $ 87,506 | |
Payment for rent per month | 2,000 | |||
Operating lease expense | 210,000 | $ 309,000 | ||
Office and Laboratory [Member] | ||||
Monthly base rent | 13,772 | |||
Manufacturing [Member] | ||||
Monthly base rent | $ 12,080 | |||
Office Lab and Manufacturing Leases [Member] | ||||
Lease term | 45 months | |||
Weighted average discount rate | 4.25% | |||
New Office and Lab Space [Member] | ||||
Line of credit | $ 87,506 |