0001851734-23-000035 | 10-Q | XBRL Viewer | Vistagen Therapeutics INC

Print Document View Excel Document

Note 1 - Description of Business (Details Textual)	Dec. 31, 2022
Number of Subsidiaries	2

Note 2 - Basis of Presentation (Details Textual) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	9 Months Ended		12 Months Ended		296 Months Ended
	May 31, 2021	Oct. 31, 2021	Dec. 31, 2022	Feb. 10, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022
Retained Earnings (Accumulated Deficit), Total			$ (314,624,700)		$ (314,624,700)		$ (267,604,000)		$ (314,624,700)
Proceeds from Issuance of Debt and Equity Securities								$ 119,000,000	208,700,000
Proceeds from Government Research Grant Awards									22,700,000
Stock Issued During Period, Value, Settlement of Liabilities									38,200,000
Class of Warrant or Right, Warrants, Exercised, Number (in shares)					0	7,298,791	7,300,000
Proceeds from Warrant Exercises						$ 6,207,400	$ 6,200,000	$ 6,600,000
Proceeds from Stock Options Exercised					$ 167,500
Cash and Cash Equivalents, at Carrying Value, Total			$ 25,037,300		25,037,300		$ 68,135,300		$ 25,037,300
ATM Facility [Member]
Proceeds from Issuance of Common Stock					$ (89,600)	$ 4,040,100
ATM Facility [Member] \| Jefferies LLC [Member]
Stock Sales Agreement, Maximum Aggregate Offering Price	$ 75,000,000.0
Stock Issued During Period, Shares, New Issues (in shares)		1,517,798	0	0			1,517,798
Proceeds from Issuance of Common Stock		$ 4,300,000					$ 4,300,000

Note 8 - Capital Stock

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 8. Capital Stock

ATM Agreement

In May 2021, we entered into an Open Market Sale Agreement^SM (the Sales Agreement) with Jefferies LLC, as sales agent (Jefferies), with respect to an at-the-market offering program (the ATM) under which we may, in our sole discretion, offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $75.0 million (the Shares) through Jefferies. In transactions occurring during September and October 2021, we sold an aggregate of 1,517,798 shares of our common stock and received net cash proceeds of approximately $4.3 million under the ATM. We have not sold any additional shares of our common stock under the ATM from October 2, 2021 through the date of this Report.

We record transactions under the Sales Agreement on a settlement date basis. All legal fees and accounting expenses incurred in connection with the Sales Agreement are recorded as deferred offering costs and are amortized to additional paid-in capital as costs of the offering as sales of Shares are made under the Sales Agreement. Between execution of the Sales Agreement in May 2021 and March 31, 2022, we incurred legal fees and accounting expenses aggregating approximately $276,500 in connection with the Sales Agreement. During the nine months ended December 31, 2022, we incurred additional legal fees and accounting expenses aggregating $89,600 related to the Sales Agreement. The Sales Agreement will terminate upon the earlier of (i) the sale of all Shares subject to the Sales Agreement or (ii) the termination of the Sales Agreement by Jefferies or by us, as permitted.

Stock Option Exercises and Employee Stock Purchase Plan Purchases

During the nine months ended December 31, 2022, the holders of outstanding stock options exercised such options to purchase an aggregate of 286,000 shares of our common stock and we received cash proceeds of $104,400. Certain of the options were exercised on a net exercise basis and we issued an aggregate of 220,390 shares of our common stock pursuant to the exercises. During the nine months ended December 31, 2021, holders of an aggregate of 324,449 shares of our common stock exercised such options and we received cash proceeds of $116,000. Certain of the options were exercised on a net exercise basis and we issued an aggregate of 274,950 shares of our common stock pursuant to the exercises. On June 30, 2022 and December 30, 2022, participants in our 2019 ESPP completed purchase periods pursuant to which we issued 75,000 shares and 80,000 shares of our registered common stock and received proceeds of $56,100 and $7,000, respectively. On June 30, 2021 and December 31, 2021, participants in our 2019 ESPP completed purchase periods pursuant to which we issued 16,251 shares and 40,960 shares of our common stock and received proceeds of $31,600 and $67,800, respectively.

Warrant Exercises, Expirations and Modifications

There have been no warrant exercises during the nine months ended December 31, 2022. During that same period, warrants to purchase 6,878,264 shares of our common stock at a weighted average exercise price of $1.49 per share expired unexercised. During the nine months ended December 31, 2021, holders of outstanding warrants exercised such warrants to purchase an aggregate of 7,298,791 shares of our common stock and we received cash proceeds of approximately $6,207,400.

On December 5, 2022, our Board modified outstanding warrants to purchase an aggregate of 1,000,000 registered shares of our common stock exercisable at $0.50 per share that were due to expire on December 9, 2022 to extend the exercisability of such warrants for a period of two years. No other term of the warrants, including exercise price, was modified. We calculated the fair value of the modified warrants immediately before and after the modification using the Black Scholes Option Pricing Model and the assumptions indicated in the table below. We recognized the incremental fair value, $77,400, as a component of general and administrative expense in our Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended December 31, 2022 and as an increase in additional paid-in capital in our Condensed Consolidated Statements of Changes in Stockholders’ Equity for the same periods.

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.1245		$	0.1245
Exercise price per share	$	0.50		$	0.50
Risk-free interest rate		3.93	%		4.41	%
Remaining contractual term in years		0.011			2.012
Volatility		65.60	%		175.27	%
Dividend rate		0.0	%		0.0	%

Number of warrant shares		1,000,000			1,000,000
Weighted average fair value per share	$	0.00		$	0.08

Warrants Outstanding

The following table summarizes warrants outstanding and exercisable as of December 31, 2022. All outstanding warrants are currently exercisable and the weighted average exercise price of such warrants at December 31, 2022 is $1.42 per share.

		Warrants Outstanding
Exercise		and Exercisable at
Price	Expiration	December 31,
per Share	Date	2022

$0.50	12/9/2024	1,000,000
$0.73	7/25/2025	370,544
$1.82	3/7/2023	880,050
$7.00	3/3/2023	147,000
		2,397,594

In May 2020, we filed a Registration Statement on Form S-3 covering the resale of the shares underlying substantially all of the currently outstanding warrants (the Warrant Registration Statement), except those having an exercise price of $7.00 per share. The SEC declared the Warrant Registration Statement effective on May 13, 2020. No outstanding warrant is subject to any down round anti-dilution protection feature. All of the outstanding warrants are exercisable by the holders only by payment in cash of the stated exercise price per share. Unless exercised prior to the expiration dates indicated above, outstanding warrants to purchase an aggregate of 1,027,050 shares of our common stock at a weighted average exercise price of $2.56 per share will expire prior to March 31, 2023.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Note 10 - Commitments and Contingencies - Schedule of Operating Lease Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	$ 221,000	$ 79,800	$ 631,600	$ 526,200
Cash paid for amounts included in the measurement of lease liabilities			$ 655,200	$ 637,800

Note 6 - Accrued Expenses

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 6. Accrued Expenses

Accrued expenses are composed of the following:

	December 31,		March 31,
	2022		2022

Accrued expenses for clinical and nonclinical materials, development and contract services	$	776,400	$	1,070,800
Accrued compensation		308,800		66,200
Accrued professional services		-		159,500
All other		-		32,700
	$	1,085,200	$	1,329,200

In both periods, accrued expenses for clinical and nonclinical services includes accrued clinical trial expenses and other amounts accrued for contract manufacturing and product development services. Accrued compensation at December 31, 2022 includes an accrual of $300,000 representing an estimated liability associated with matters related to a terminated former employee.

Note 9 - Related Party Transactions	9 Months Ended
Dec. 31, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9. Related Party Transactions During the fourth quarter of Fiscal 2022, we entered into a consulting agreement with Margaret FitzPatrick, an independent member of our Board, to provide corporate development and public relations advisory services. We recorded expense of $45,000 during the quarter ended March 31, 2022 related to this agreement, all of which was included in accounts payable at that date. The agreement has continued throughout our current fiscal year, during which we recorded expense of $45,000 and $135,000 for the three and nine months ended December 31, 2022, respectively, all of which had been paid at December 31, 2022. On November 11, 2022, Ann Cunningham resigned as our Chief Commercial Officer, but remains a member of our Board. Following Ms. Cunningham’s resignation as Chief Commercial Officer, i3 Strategy Partners, a consulting firm for which Ms. Cunningham is the Managing Partner, began providing certain advisory services to us pursuant to a consulting agreement. The initial term of the consulting agreement will end on March 31, 2024, and, pursuant to the agreement, i3 Strategy Partners received a fee of $120,000 for the period from the effective date of the agreement through March 31, 2023 and will receive $10,000 per month thereafter through the end of the consulting agreement’s initial term. The payment of $120,000 had been completed at December 31, 2022, at which time we had recorded $48,000 as general and administrative expense for the quarter then ended and $72,000 as a prepaid expense in our Consolidated Balance Sheet. On December 1, 2022, Mark Smith resigned as our Chief Medical Officer. Following his departure, Dr. Smith will serve as a member of our Clinical and Regulatory Advisory Board and provide consulting services to us regarding the development of our product candidates pursuant to a consulting agreement. Under the terms of the consulting agreement, Dr. Smith was paid $50,000 prior to December 31, 2022, and will receive $10,000 per month through the contract term ending December 31, 2023. During the quarter ended December 31, 2021, we entered into a consulting agreement with Joanne Curley, an independent member of our Board, to assist us in developing a phase-appropriate research and development human resources staffing plan to support our development of PH94B, PH10 and AV-101. We recorded expense of $6,800 during the quarter ended December 31, 2021 related to this agreement and an accounts payable balance of $1,800 at December 31, 2021.

Note 9 - Related Party Transactions

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Note 9. Related Party Transactions

During the fourth quarter of Fiscal 2022, we entered into a consulting agreement with Margaret FitzPatrick, an independent member of our Board, to provide corporate development and public relations advisory services. We recorded expense of $45,000 during the quarter ended March 31, 2022 related to this agreement, all of which was included in accounts payable at that date. The agreement has continued throughout our current fiscal year, during which we recorded expense of $45,000 and $135,000 for the three and nine months ended December 31, 2022, respectively, all of which had been paid at December 31, 2022.

On November 11, 2022, Ann Cunningham resigned as our Chief Commercial Officer, but remains a member of our Board. Following Ms. Cunningham’s resignation as Chief Commercial Officer, i3 Strategy Partners, a consulting firm for which Ms. Cunningham is the Managing Partner, began providing certain advisory services to us pursuant to a consulting agreement. The initial term of the consulting agreement will end on March 31, 2024, and, pursuant to the agreement, i3 Strategy Partners received a fee of $120,000 for the period from the effective date of the agreement through March 31, 2023 and will receive $10,000 per month thereafter through the end of the consulting agreement’s initial term. The payment of $120,000 had been completed at December 31, 2022, at which time we had recorded $48,000 as general and administrative expense for the quarter then ended and $72,000 as a prepaid expense in our Consolidated Balance Sheet.

On December 1, 2022, Mark Smith resigned as our Chief Medical Officer. Following his departure, Dr. Smith will serve as a member of our Clinical and Regulatory Advisory Board and provide consulting services to us regarding the development of our product candidates pursuant to a consulting agreement. Under the terms of the consulting agreement, Dr. Smith was paid $50,000 prior to December 31, 2022, and will receive $10,000 per month through the contract term ending December 31, 2023.

During the quarter ended December 31, 2021, we entered into a consulting agreement with Joanne Curley, an independent member of our Board, to assist us in developing a phase-appropriate research and development human resources staffing plan to support our development of PH94B, PH10 and AV-101. We recorded expense of $6,800 during the quarter ended December 31, 2021 related to this agreement and an accounts payable balance of $1,800 at December 31, 2021.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
Preferred Stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred Stock, Par or Stated Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	325,000,000	325,000,000
Common Stock, Shares Issued (in shares)	207,052,010	206,676,620
Treasury stock, shares (in shares)	135,665	135,665

Note 3 - Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 3. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications.

Cash and Cash Equivalents

Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase.

Revenue Recognition

The AffaMed Agreement, involving clinical development and commercialization of PH94B for an as needed treatment of anxiety in adults with SAD, and potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia, has been our only source of revenue for the nine months ended December 31, 2022 and during both Fiscal 2022 and Fiscal 2021. The terms of the AffaMed Agreement include a $5.0 million non-refundable upfront license fee which we received in August 2020, potential payments based upon achievement of certain development and commercial milestones, and royalties on product sales. In prior years, we have occasionally generated revenue from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants.

Under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to a customer.

Once a contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. We assess whether these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right may be accounted for as a contract modification or as a continuation of the contract for accounting purposes.

We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, we consider factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. We also consider the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, we are required to combine that good or service with other promised goods or services until we identify a bundle of goods or services that is distinct.

The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (SSP) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and satisfaction of the performance obligations. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, we consider applicable market conditions and relevant Company-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. In certain circumstances, we may apply the residual method to determine the SSP of a good or service if the standalone selling price is considered highly variable or uncertain. We validate the SSP for performance obligations by evaluating whether changes in the key assumptions used to determine the SSP will have a significant effect on the allocation of arrangement consideration between multiple performance obligations.

If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, we re-evaluate the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensee will be one year or less. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, we recognize royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Revenue related to performance obligation satisfied over time could be materially impacted as a result of changes in the estimated time or effort necessary to satisfy the performance obligation.

The difference between revenue recognized to date and the consideration invoiced or received to date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). As described more completely in Note 11, Sublicensing and Collaborative Agreements, as a result of the outcome of PALISADE-1, we extended our estimate of the time necessary to complete our performance obligation under the AffaMed Agreement. In accordance with the guidance of ASC 606, the extension of the estimated time to complete our performance obligation required recording a cumulative catch-up adjustment in which we derecognized $892,500 and $582,500 of previously recognized revenue during the three and six months ended September 30, 2022, respectively, including $310,000 of revenue that had been recognized in the quarter ended June 30, 2022. We recognized $179,600 of revenue during the quarter ended December 31, 2022. Following the cumulative catch-up adjustment, through December 31, 2022, we have recognized an aggregate of $1,795,500 in revenue under the AffaMed Agreement and, at that date, we have recorded $3,204,500 as deferred revenue. The following table presents changes in our contract liabilities for the nine months ended December 31, 2022 after giving effect to the cumulative catch-up adjustment:

Balance at

Balance at

March 31, 2022

Additions

Deductions

December 31, 2022

Deferred Revenue - current portion
$ 1,244,000 $ - $ (531,700 ) $ 712,300

Deferred Revenue - non-current portion
1,557,600 1,114,200 (179,600 ) 2,492,200

Total
$ 2,801,600 $ 1,114,200 $ (711,300 ) $ 3,204,500

During the three and nine months ended December 31, 2022, we recognized $179,600 of revenue and derecognized $402,900 of revenue, respectively, related to the AffaMed Agreement as a result of the cumulative catch-up adjustment, compared to recognizing $357,900 and $1,070,000 of revenue for the three and nine months ended December 31, 2021, respectively.

Contract Acquisition Costs

During the quarter ended September 30, 2020, we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license agreement with Pherin Pharmaceuticals, Inc. (Pherin), and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued 233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services related exclusively to the consummation of the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued, aggregating $470,000, were incurred solely to obtain the AffaMed Agreement, and, accordingly, have been capitalized as deferred contract acquisition costs in our Condensed Consolidated Balance Sheets. Capitalized contract acquisition costs are amortized over the period in which we expect to satisfy the performance obligation under the AffaMed Agreement and the amortization expense has been included in general and administrative expense in our Condensed Consolidated Statements of Operations and Comprehensive Loss. As described above, we have extended our estimate for the time required to satisfy our performance obligation under the AffaMed Agreement. Accordingly, our amortization of the contract acquisition costs is also subject to a cumulative catch-up adjustment. During the three and six months ended September 30, 2022, we recorded a cumulative catch-up adjustment pursuant to which we reversed previously recorded expense of $83,900 and $54,800, respectively, including $29,100 which had been recognized in the quarter ended June 30, 2022, to general and administrative expense. We recognized expense of $16,900 during the quarter ended December 31, 2022, resulting in a net expense reversal of $37,900 for the nine months ended December 31, 2022. We recorded expense of $33,600 and $100,600 for the three and nine months ended December 31, 2021, respectively. There has been no impairment loss in relation to the costs capitalized.

The following table summarizes our contract acquisition costs for the nine months ended December 31, 2022 after giving effect to the cumulative catch-up adjustment.

Balance at

Balance at

March 31,

2022

Additions

Deductions

December 31,

2022

Deferred Contract Acquisition Costs - current portion
$ 116,900 $ - $ (49,900 ) $ 67,000

Deferred Contract Acquisition Costs - non-current portion
146,400 87,800 - 234,200

Total
$ 263,300 $ 87,800 $ (49,900 ) $ 301,200

Research and Development Expense

Research and development expense is composed of both internal and external costs.  Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs.  External research and development expense consists primarily of costs associated with clinical and nonclinical development of PH94B, PH10, AV-101. All such costs are charged to expense as incurred.

We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations (CROs) and clinical trial sites. Progress payments are generally made to CROs, clinical sites, investigators and other professional service providers. We analyze the progress of clinical trials, including levels of subject enrollment, invoices received and contracted costs, when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the clinical trial accrual in any reporting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to research and development expense in the period in which the facts that give rise to the revision become known.

Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if the product or technology licensed has not achieved regulatory approval or reached technical feasibility and has no alternative future uses, as was the case with our acquisition of the exclusive worldwide licenses for PH94B and PH10 from Pherin during our fiscal year ended March 31, 2019.

Stock-Based Compensation

We recognize compensation cost for all stock-based awards to employees, independent directors and non-employee consultants based on the grant date fair value of the award.  We record stock-based compensation expense over the period during which the employee or other grantee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have not granted restricted stock awards to employees or others nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory grants of shares of our common stock to non-employees is determined by the quoted market price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement, depending on the terms of the specific agreement.

The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss:

Three Months Ended December 31,

Nine Months Ended December 31,

2022

2021

2022

2021

Research and development expense
$ 296,200 $ 281,800 $ 1,091,900 $ 836,200

General and administrative expense
450,100 442,000 1,643,000 1,242,500

Total stock-based compensation expense
$ 746,300 $ 723,800 $ 2,734,900 $ 2,078,700

Expense amounts reported above include $9,500 and $34,900 in research and development expense for the three and nine months ended December 31, 2022, respectively, and $4,100 and $13,100 in general and administrative expense for the three and nine months ended December 31, 2022, respectively, attributable to employee participation in our 2019 ESPP. Expense amounts reported above include $14,400 and $31,100 in research and development expense for the three and nine months ended December 31, 2021, respectively, and $6,000 and $14,600 in general and administrative expense for the three and nine months ended December 31, 2021, respectively, attributable to employee participation in our 2019 ESPP.

During the nine months ended December 31, 2022, we granted from our 2019 Omnibus Equity Incentive Plan (the 2019 Plan) options to purchase an aggregate of 4,162,000 shares of our common stock, including options to purchase 2,900,000 shares granted to all of our employees except executive officers and members of our Board of Directors (Board) in November 2022, at exercise prices equal to the closing market price of our common stock on the date of grant. Options to newly hired employees vest 25% on the first anniversary of the grant date with the remaining shares vesting ratably monthly over the next three years. Options granted to consultants generally vest 25% on the grant date and ratably monthly over the next twelve months. The options granted in November 2022 vest on the same terms as for options to newly hired employees. We valued the options granted during the nine months ended December 31, 2022 using the Black-Scholes Option Pricing Model and the following assumptions:

Assumption:

Weighted Average

Range

Market price per share at grant date
$ 0.34 $ 0.12 to 1.51

Exercise price per share
$ 0.34 $ 0.12 to 1.51

Risk-free interest rate
3.55 % 2.63% to 3.78 %

Expected term in years
6.03 5.20 to 6.54

Volatility
158.35 % 79.14% to 191.71 %

Dividend rate
0.0 % 0.0 %

Shares
4,162,000

Fair Value per share
$ 0.27

On September 12, 2022, the Compensation Committee (the Committee) of our Board modified outstanding options to purchase an aggregate of 1,322,118 shares of our common stock exercisable at prices between $0.398 per share and $1.77 per share previously granted to a terminated employee and otherwise set to expire on September 13, 2022 to extend the exercisability of such options for a period of 90 days. No other term of the options, including exercise price, was modified. We calculated the fair value of the modified options immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $108,600, as an additional component of research and development stock compensation expense in our Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2022.

Assumption:

Pre-modification

Post-modification

Market price per share
$ 0.2052 $ 0.2052

Exercise price per share
$ 1.27 $ 1.27

Risk-free interest rate
2.62 % 3.17 %

Remaining contractual term in years
0.003 0.249

Volatility
138.31 % 412.67 %

Dividend rate
0.0 % 0.0 %

Number of option shares
1,322,118 1,322,118

Weighted average fair value per share
$ 0.00 $ 0.08

On December 12, 2022, the Committee again modified the options to extend the exercisability of such options through March 31, 2023. No other term of the options was modified. We calculated the fair value of the modified options immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $100, as an additional component of research and development stock compensation expense in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the three months ended December 31, 2022, bringing the aggregate modification expense for these options to $108,700 for the nine months ended December 31, 2022.

Assumption:

Pre-modification

Post-modification

Market price per share
$ 0.1190 $ 0.1190

Exercise price per share
$ 1.27 $ 1.27

Risk-free interest rate
3.86 % 4.38 %

Remaining contractual term in years
0.0 0.299

Volatility
92.75 % 99.54 %

Dividend rate
0.0 % 0.0 %

Number of option shares
1,322,118 1,322,118

Weighted average fair value per share
$ 0.00 $ 0.0001

During the nine months ended December 31, 2022, unvested options to purchase an aggregate of 655,437 shares of our common stock were cancelled due to employee terminations and options to purchase 39,038 shares of our common stock expired unexercised; such options were returned to the 2019 Plan to be available for future issuance. At December 31, 2022, there were stock options outstanding under our 2016 Equity Incentive Plan (the 2016 Plan) and our 2019 Plan to purchase 22,567,914 shares of our common stock at a weighted average exercise price of $1.26 per share. At that date, there were 3,886,242 shares of our common stock available for future issuance under the 2019 Plan. There are no additional shares available for issuance under our 2016 Plan.

Leases, Right-of-use Assets and Operating Lease Obligations

We account for our leases following the guidance of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires that we determine, at the inception of an arrangement, whether the arrangement is or contains a lease, based on the unique facts and circumstances present. Operating lease assets represent our right to use an underlying asset for the lease term (Right-of-use assets) and operating lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain, at inception, that we will exercise that option. The interest rate implicit in lease contracts is typically not readily determinable; accordingly, we use our incremental borrowing rate, which is the rate that would be incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, based upon the information available at the commencement date. The lease payments used to determine our operating lease assets may include lease incentives, stated rent increases and escalation clauses linked to rates of inflation, when determinable, and are recognized in determining our Right-of-use assets. Our operating lease is reflected in the Right-of-use asset – operating lease; Operating lease obligation – current portion; and Operating lease obligation – non-current portion in our Condensed Consolidated Balance Sheets.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease. Variable lease payments are amounts owed by us to a lessor that are not fixed, such as reimbursement for common area maintenance costs for our facility lease, and are expensed when incurred.

Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, for additional information regarding ASC 842 and its impact on our Condensed Consolidated Financial Statements.

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.

Comprehensive Loss

We have no components of other comprehensive loss other than net loss, and accordingly, our comprehensive loss is equivalent to our net loss for the periods presented.

Loss per Common Share

Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and has historically been computed by dividing net loss increased by the accrual of dividends on outstanding shares of our Series B 10% Convertible Preferred Stock (Series B Preferred) prior to its conversion during the third quarter of Fiscal 2022, by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock.

As a result of our net loss for all periods presented and the conversion of all series of our preferred stock prior to December 31, 2021, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share at December 31, 2022 and 2021 are as follows:

At December 31,

At December 31,

2022

2021

Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan
22,567,914 15,903,139

Outstanding warrants to purchase common stock
2,397,594 9,307,858

Total
24,965,508 25,210,997

Fair Value Measurements

We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. Our only financial assets that are measured on a recurring basis at fair value were $23,128,500 and $65,094,900 held in money market funds and classified as cash equivalents at December 31, 2022 and March 31, 2022, respectively. Our money market funds are classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets for identical securities. We had no financial liabilities that are measured on a recurring basis at fair value at December 31, 2022 or March 31, 2022.

Warrants Issued in Connection with Equity Financing

We evaluate the appropriate balance sheet classification of warrants we issue as either equity or as a derivative liability. In accordance with ASC 815-40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), we classify a warrant as equity if it is “indexed to the Company’s equity” and meets several specific conditions for equity classification. A warrant is not considered “indexed to the Company’s equity,” in general, when it contains certain types of exercise contingencies or potential adjustments to its exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the Consolidated Balance Sheets at fair value with any changes in its fair value recognized immediately in the Statements of Operations and Comprehensive Loss. At December 31, 2022 and March 31, 2022, we had both investor warrants and stock-based compensation warrants outstanding that were classified as equity

Recent Accounting Pronouncements

We believe the following recent accounting pronouncement is of significance or potential significance to the Company.

In August 2020, the Financial Accounting Standards Board (FASB) issued ASU 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), to reduce complexity in applying U.S. GAAP to certain financial instruments with characteristics of liabilities and equity.

The guidance in ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives.

In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract.

The amendments in ASU 2020-06 further revise the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares.

The amendments in ASU 2020-06 are effective for our fiscal year beginning April 1, 2024. We are evaluating the impact of this new guidance, but do not believe that our adoption of ASU 2020-06 will have a material impact on our Condensed Consolidated Financial Statements.

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on our Condensed Consolidated Financial Statements upon adoption.

Note 3 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Balance at							Balance at
	March 31, 2022		Additions		Deductions			December 31, 2022
Deferred Revenue - current portion	$	1,244,000	$	-	$	(531,700	)	$	712,300
Deferred Revenue - non-current portion		1,557,600		1,114,200		(179,600	)		2,492,200
Total	$	2,801,600	$	1,114,200	$	(711,300	)	$	3,204,500

Capitalized Contract Cost [Table Text Block]

	Balance at							Balance at
	March 31, 2022		Additions		Deductions			December 31, 2022
Deferred Contract Acquisition Costs - current portion	$	116,900	$	-	$	(49,900	)	$	67,000
Deferred Contract Acquisition Costs - non-current portion		146,400		87,800		-			234,200
Total	$	263,300	$	87,800	$	(49,900	)	$	301,200

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021

Research and development expense	$	296,200	$	281,800	$	1,091,900	$	836,200
General and administrative expense		450,100		442,000		1,643,000		1,242,500
Total stock-based compensation expense	$	746,300	$	723,800	$	2,734,900	$	2,078,700

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Assumption:	Weighted Average			Range
Market price per share at grant date	$	0.34		$	0.12 to 1.51
Exercise price per share	$	0.34		$	0.12 to 1.51
Risk-free interest rate		3.55	%		2.63%	to	3.78	%
Expected term in years		6.03			5.20 to 6.54
Volatility		158.35	%		79.14%	to	191.71	%
Dividend rate		0.0	%		0.0			%
Shares		4,162,000

Fair Value per share	$	0.27

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.2052		$	0.2052
Exercise price per share	$	1.27		$	1.27
Risk-free interest rate		2.62	%		3.17	%
Remaining contractual term in years		0.003			0.249
Volatility		138.31	%		412.67	%
Dividend rate		0.0	%		0.0	%

Number of option shares		1,322,118			1,322,118
Weighted average fair value per share	$	0.00		$	0.08

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.1190		$	0.1190
Exercise price per share	$	1.27		$	1.27
Risk-free interest rate		3.86	%		4.38	%
Remaining contractual term in years		0.0			0.299
Volatility		92.75	%		99.54	%
Dividend rate		0.0	%		0.0	%

Number of option shares		1,322,118			1,322,118
Weighted average fair value per share	$	0.00		$	0.0001

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	At December 31,		At December 31,
	2022		2021

Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan		22,567,914		15,903,139
Outstanding warrants to purchase common stock		2,397,594		9,307,858
Total		24,965,508		25,210,997

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)				1 Months Ended	3 Months Ended					6 Months Ended	9 Months Ended
	Sep. 12, 2022	Aug. 30, 2020	Jun. 24, 2020	Aug. 31, 2020	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2020	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Revenue from Contract with Customer Including Assessed Tax, Derecognized					$ (179,600)						$ 402,900
Revenue from Contract with Customer, Including Assessed Tax								$ 357,900				$ 1,070,000
Research and Development Expense, Total					6,854,000			7,780,000			35,039,800	23,173,600
General and Administrative Expense, Total					3,092,100			3,118,100			11,586,200	8,982,300
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance (in shares)	1,322,118
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 0.398
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 1.77
Fair Value, Recurring [Member]
Financial Liabilities Fair Value Disclosure, Total					0						0		$ 0
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure					23,128,500						23,128,500		65,094,900
The 2019 Employee Stock Purchase Plan [Member]
Research and Development Expense, Total					9,500			14,400			34,900	31,100
General and Administrative Expense, Total					4,100			6,000			$ 13,100	14,600
The 2019 Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)											4,162,000
The 2019 Omnibus Equity Incentive Plan [Member] \| Employees Except Executive Officers and Members of Board [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)											2,900,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares)											0
Share-Based Payment Arrangement, Option [Member]
Research and Development Expense, Total					$ 100	$ 108,600				$ 108,600	$ 108,700
Share-Based Payment Arrangement, Option [Member] \| The 2019 Omnibus Equity Incentive Plan [Member] \| Vesting Period, First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage											25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											1 year
Share-Based Payment Arrangement, Option [Member] \| The 2019 Omnibus Equity Incentive Plan [Member] \| Vesting Over Three Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											3 years
Share-Based Payment Arrangement, Option [Member] \| Amended 2019 Plan [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage											25.00%
Share-Based Payment Arrangement, Option [Member] \| The 2016 And 2019 Omnibus Equity Incentive Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares)					655,437						655,437
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares)											39,038
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)					22,567,914						22,567,914
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)					$ 1.26						$ 1.26
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					3,886,242						3,886,242
Share-Based Payment Arrangement, Option [Member] \| The 2016 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					0						0
Consulting Firm [Member] \| Corporate Development and Public Relations Advisory Services [Member]
Related Party Transaction, Reversed Expenses from Transactions with Related Party						83,900				54,800	$ 37,900
Capitalized Contract Cost, Amortization					$ 16,900
License [Member]
Revenue from Contract with Customer Including Assessed Tax, Derecognized					(179,600)						402,900
Revenue from Contract with Customer, Including Assessed Tax								357,900				1,070,000
Contract with Customer, Liability, Total					3,204,500						3,204,500		$ 2,801,600
Collaborative Arrangement, AffaMed Agreement [Member]
Revenue from Contract with Customer Including Assessed Tax, Derecognized					402,900						402,900
Revenue from Contract with Customer, Including Assessed Tax					179,600		$ 310,000	357,900			179,600	1,070,000
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress											1,795,500
Contract with Customer, Liability, Total					$ 3,204,500						3,204,500
Sublicense Fees									$ 345,000
Stock Issued During Period, Shares, Issued for Services (in shares)			233,645
Stock Issued During Period, Value, Issued for Services			$ 125,000
Capitalized Contract Cost, Gross			470,000
Capitalized Contract Cost, Amortization							$ 29,100	$ 33,600				$ 100,600
Collaborative Arrangement, AffaMed Agreement [Member] \| License [Member]
Upfront License Payment		$ 5,000,000.0	$ 5,000,000.0	$ 5,000,000.0
Revenue from Contract with Customer Including Assessed Tax, Derecognized						$ 892,500				$ 582,500
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress											$ 1,795,500

Note 5 - Property and Equipment, Net

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 5. Property and Equipment, Net

Property and equipment, net is composed of the following:

	December 31,			March 31,
	2022			2022

Laboratory equipment	$	1,393,300		$	1,181,300
Tenant improvements		214,400			214,400
Office furniture and equipment		72,100			76,200
Manufacturing equipment		211,200			211,200
		1,891,000			1,683,100
Accumulated depreciation and amortization		(1,350,300	)		(1,268,800	)
Property and equipment, net	$	540,700		$	414,300

We recorded depreciation and amortization expense of $30,600 and $96,200 for the three and nine months ended December 31, 2022, respectively, compared to $43,700 and $114,900 for the three and nine months ended December 31, 2021, respectively. Included in amounts reported above for office furniture and equipment is the right-of-use asset related to a financing lease of certain office equipment. Amounts associated with assets subject to the financing lease are as follows:

	December 31,			March 31,
	2022			2022

Office equipment subject to financing lease	$	10,600		$	14,700
Accumulated depreciation		(1,500	)		(14,700	)
Net book value of office equipment subject to financing lease	$	9,100		$	-

The fully depreciated office equipment reported at March 31, 2022 was subject to a lease that expired in January 2022. That equipment was replaced subject to a new lease in April 2022. The new lease requires a monthly payment of approximately $200 through June 2027.

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Pherin Acquisition [Member]	Feb. 02, 2023 USD ($) shares
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares	12,410,181
Business Acquisition, Percentage Eligible to Receive Stock Consideration	96.07%
Payments to Acquire Businesses, Gross \| $	$ 125,800
Business Acquisition, Percentage of Stockholders Paid in Cash	3.93%

Note 7 - Note Payable (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Debt [Table Text Block]

	December 31, 2022						March 31, 2022
	Principal		Accrued				Principal		Accrued
	Balance		Interest		Total		Balance		Interest		Total

3.88% Note payable to insurance premium financing company (current)	$	419,100	$	-	$	419,100	$	-	$	-	$	-

Note 4 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	December 31,		March 31,
	2022		2022

Clinical and nonclinical materials and contract services	$	159,100	$	2,139,600
Insurance		456,000		196,500
Receivable from CRO for cancelled project		-		337,900
Receivable from collaboration partner		154,100		-
All other		184,000		71,800
	$	953,200	$	2,745,800

Note 3 - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded From Earnings Per Share Computation (Details) - shares	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities (in shares)	24,965,508	25,210,997
Share-Based Payment Arrangement, Option [Member] \| The 2019 Omnibus Equity Incentive Plan [Member]
Antidilutive Securities (in shares)	22,567,914	15,903,139
Warrant [Member]
Antidilutive Securities (in shares)	2,397,594	9,307,858

Note 7 - Note Payable

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 7. Note Payable

The following table summarizes our outstanding note payable at December 31, 2022 and March 31, 2022:

	December 31, 2022						March 31, 2022
	Principal		Accrued				Principal		Accrued
	Balance		Interest		Total		Balance		Interest		Total

3.88% Note payable to insurance premium financing company (current)	$	419,100	$	-	$	419,100	$	-	$	-	$	-

In May 2022, we executed a 3.88% promissory note in the principal amount of $1,139,700 in connection with certain insurance policy premiums. The note is payable in monthly installments of $105,600, including principal and interest, through April 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Note 10 - Commitments and Contingencies (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Lessee, Operating Lease, Assets and Liabilities [Table Text Block]

	As of December 31, 2022		As of March 31, 2022
Assets
Right of use asset – operating lease	$	2,364,100	$	2,662,000

Liabilities
Current operating lease obligation	$	470,400	$	433,300
Non-current operating lease obligation		2,246,800		2,605,400
Total operating lease liability	$	2,717,200	$	3,038,700

Lease, Cost [Table Text Block]

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2022		2021		2022		2021

Operating lease cost	$	221,000	$	79,800	$	631,600	$	526,200

	For the Nine Months Ended		For the Nine Months Ended
	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	655,200	$	637,800

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Fiscal Years Ending March 31,
2023 (remaining three months)	$	169,000
2024		689,500
2025		710,200
2026		731,500
2027		753,500
Thereafter		253,600
Total lease expense		3,307,300
Less imputed interest		(590,100	)
Present value of operating lease liabilities	$	2,717,200

Lessee, Operating Lease, Other Disclosures [Table Text Block]

	As of December 31, 2022
Assumed remaining lease term in years		4.58
Assumed discount rate		8.54	%

Note 8 - Capital Stock - Schedule of Warrants (Details)	Dec. 31, 2022 $ / shares shares
Class of Warrant or Right, Outstanding (in shares)	2,397,594
Warrants Expiring December 9, 2022 [Member]
Class of Warrant or Right, Exercise Price (in dollars per share) \| $ / shares	$ 0.50
Class of Warrant or Right, Outstanding (in shares)	1,000,000
Warrants Expiring July 25, 2025 [Member]
Class of Warrant or Right, Exercise Price (in dollars per share) \| $ / shares	$ 0.73
Class of Warrant or Right, Outstanding (in shares)	370,544
Warrants Expiring March 7, 2023 [Member]
Class of Warrant or Right, Exercise Price (in dollars per share) \| $ / shares	$ 1.82
Class of Warrant or Right, Outstanding (in shares)	880,050
Warrants Expiring March 3, 2023 [Member]
Class of Warrant or Right, Exercise Price (in dollars per share) \| $ / shares	$ 7.00
Class of Warrant or Right, Outstanding (in shares)	147,000

Note 9 - Related Party Transactions (Details Textual) - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 01, 2022	Nov. 11, 2022
Consulting Firm [Member] \| Corporate Development and Public Relations Advisory Services [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 45,000	$ 45,000	$ 135,000
i3 Strategy Partners [Member] \| Advisory Services [Member]
Related Party Transaction, Amounts of Transaction	$ 120,000
Related Party Transaction, Monthly Fee						$ 10,000
Prepaid Expense	72,000	72,000		72,000
i3 Strategy Partners [Member] \| Advisory Services [Member] \| General and Administrative Expense [Member]
Related Party Transaction, Expenses from Transactions with Related Party		48,000
Dr. Mark Smith [Member] \| Consulting Services [Member]
Related Party Transaction, Expenses from Transactions with Related Party		50,000
Related Party Transaction, Monthly Fee					$ 10,000
Joanne Curley [Member] \| Consulting Services [Member]
Related Party Transaction, Expenses from Transactions with Related Party		6,800
Due to Related Parties, Total	$ 1,800	$ 1,800		$ 1,800

Note 3 - Summary of Significant Accounting Policies - Schedule of Contract Acquisition Costs (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
Deferred Contract Acquisition Costs - current portion	$ 116,900
Deferred Contract Acquisition Costs, Additions	0
Deferred Contract Acquisition Costs, Deductions	(49,900)
Deferred Contract Acquisition Costs - current portion	67,000
Deferred Contract Acquisition Costs - non-current portion	146,400
Deferred Contract Acquisition Costs, Additions	87,800
Deferred Contract Acquisition Costs, Deductions	0
Deferred Contract Acquisition Costs - non-current portion	234,200
Deferred Contract Acquisition Costs	263,300
Deferred Contract Acquisition Costs, Additions	87,800
Deferred Contract Acquisition Costs, Deductions	(49,900)
Deferred Contract Acquisition Costs	$ 301,200

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Accrued expenses for clinical and nonclinical materials, development and contract services	$ 776,400	$ 1,070,800
Accrued compensation	308,800	66,200
Accrued professional services	0	159,500
Other Accrued Liabilities	0	32,700
Accrued Liabilities, Current, Total	$ 1,085,200	$ 1,329,200

Note 6 - Accrued Expenses (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,		March 31,
	2022		2022

Accrued expenses for clinical and nonclinical materials, development and contract services	$	776,400	$	1,070,800
Accrued compensation		308,800		66,200
Accrued professional services		-		159,500
All other		-		32,700
	$	1,085,200	$	1,329,200

Note 10 - Commitments and Contingencies - Schedule of Operating Lease Other Disclosures (Details)	Dec. 31, 2022
Assumed remaining lease term in years (Year)	4 years 6 months 29 days
Assumed discount rate	8.54%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (9,761,200)	$ (19,776,300)	$ (10,535,100)	$ (7,744,500)	$ (47,020,700)	$ (31,074,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					96,200	114,900
Stock-based compensation					2,734,900	2,078,700
Warrant modification expense					77,400	0
Amortization of operating lease right-of-use asset					297,900	462,800
Expense related to write-off of deferred offering costs					0	232,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets					3,037,900	(2,114,000)
Operating lease liability					(321,500)	(574,300)
Accounts payable and accrued expenses					(1,509,500)	2,175,300
Net cash used in operating activities					(42,242,400)	(29,668,000)
Cash flows from property and investing activities:
Purchases of laboratory and other equipment					(212,000)	(200,300)
Net cash used in investing activities					(212,000)	(200,300)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants, including option exercises					104,400	116,000
Net proceeds from exercise of warrants					0	6,207,400
Repayment of financing lease obligations					(1,000)	(2,800)
Repayment of note payable					(720,500)	0
Net cash (used in) provided by financing activities					(643,600)	10,460,200
Net decrease in cash and cash equivalents					(43,098,000)	(19,408,100)
Cash and cash equivalents at beginning of period		$ 68,135,300		$ 103,108,300	68,135,300	103,108,300	$ 103,108,300
Cash and cash equivalents at end of period	25,037,300		83,700,200		25,037,300	83,700,200	$ 68,135,300
Supplemental disclosure of noncash activities:
Insurance premiums settled by issuing note payable					1,139,700	0
Acquisition of office equipment subject to financing lease					10,600	0
Accrued dividends on Series B Preferred settled upon conversion by issuance of common stock					0	7,217,800
Series B Preferred Stock [Member]
Supplemental disclosure of noncash activities:
Accrued dividends on Series B Preferred	$ 0		$ 945,100		0	945,100
ATM Facility [Member]
Cash flows from financing activities:
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs					(89,600)	4,040,100
Equity Line [Member]
Cash flows from financing activities:
Net proceeds (expenses) from sale of common stock under At the Market (ATM) facility, net of deferred offering costs					63,100	99,500
License [Member]
Changes in operating assets and liabilities:
Deferred sublicense revenue, net of deferred contract acquisition costs					$ 365,000	$ (969,400)

Note 8 - Capital Stock - Assumptions of Warrant Modification (Details)	Dec. 31, 2022 shares	Dec. 05, 2022 $ / shares shares
Class of Warrant or Right, Outstanding (in shares)	2,397,594
Pre-modification Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		1,000,000
Weighted average fair value per share (in dollars per share) \| $ / shares		$ 0.00
Pre-modification Warrants [Member] \| Measurement Input, Share Price [Member]
Assumption		0.1245
Pre-modification Warrants [Member] \| Measurement Input, Exercise Price [Member]
Assumption		0.50
Pre-modification Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Assumption		3.93
Pre-modification Warrants [Member] \| Measurement Input, Expected Term [Member]
Assumption		0.011
Pre-modification Warrants [Member] \| Measurement Input, Price Volatility [Member]
Assumption		65.60
Pre-modification Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Assumption		0.0
Post-modification Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		1,000,000
Weighted average fair value per share (in dollars per share) \| $ / shares		$ 0.08
Post-modification Warrants [Member] \| Measurement Input, Share Price [Member]
Assumption		0.1245
Post-modification Warrants [Member] \| Measurement Input, Exercise Price [Member]
Assumption		0.50
Post-modification Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Assumption		4.41
Post-modification Warrants [Member] \| Measurement Input, Expected Term [Member]
Assumption		2.012
Post-modification Warrants [Member] \| Measurement Input, Price Volatility [Member]
Assumption		175.27
Post-modification Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Assumption		0.0

Note 5 - Property and Equipment, Net - Schedule of Assets Subject to Financing Lease (Details) - Office Furniture And Equipment [Member] - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Office equipment subject to financing lease	$ 10,600	$ 14,700
Accumulated depreciation	(1,500)	(14,700)
Net book value of office equipment subject to financing lease	$ 9,100	$ 0

Note 5 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Property, plant and equipment	$ 1,891,000	$ 1,683,100
Accumulated depreciation and amortization	(1,350,300)	(1,268,800)
Property and equipment, net	540,700	414,300
Laboratory Equipment [Member]
Property, plant and equipment	1,393,300	1,181,300
Tenant Improvements [Member]
Property, plant and equipment	214,400	214,400
Office Furniture And Equipment [Member]
Property, plant and equipment	72,100	76,200
Manufacturing Equipment [Member]
Property, plant and equipment	$ 211,200	$ 211,200

Note 12 - Subsequent Events

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

Note 12. Subsequent Events

We have evaluated events subsequent to December 31, 2022 and through the date of this Report and have identified the following matter requiring disclosure:

Acquisition of Pherin Pharmaceuticals, Inc.

On December 20, 2022, we entered into an Agreement and Plan of Merger (the Merger Agreement) along with VTGN Merger Sub, Inc., our wholly owned subsidiary (Merger Sub), Pherin Pharmaceuticals, Inc. (Pherin), and Kevin McCarthy in his capacity of Stockholder Representative, to acquire Pherin (the Pherin Acquisition). On February 2, 2023 (the Closing Date), we completed the Pherin Acquisition and Pherin is now our wholly owned subsidiary. Immediately prior to the consummation of the Pherin Acquisition, each of Pherin’s directors and officers resigned, and no employees or other affiliates of Pherin on the Closing Date are serving or will serve in their previous roles or in any other capacity with Pherin or with the Company.

As consideration for the Pherin Acquisition, we (i) issued an aggregate of 12,410,181 unregistered shares of our common stock to the exchange agent for the Pherin Acquisition, which shares will be issued to approximately 96.07% of Pherin stockholders eligible to receive common stock in exchange for their outstanding shares of Pherin common stock (the Stock Consideration), and (ii) paid to the exchange agent for the Pherin Acquisition, an aggregate of approximately $125,800 to be paid to the approximately 3.93% remaining Pherin stockholders who were not eligible to receive Stock Consideration in exchange for their outstanding shares of Pherin common stock.

Following the completion of the Pherin Acquisition, we now have full ownership of intellectual property rights to PH94B and PH10. In addition, we now have three new early clinical-stage pherine product candidates: PH15 for cognition improvement; PH80 for migraine and hot flashes; and PH284 for appetite-related disorders. We did not assume any financial liabilities or other obligations pursuant to the Pherin Acquisition. We expect to account for the Pherin Acquisition as an asset acquisition.

Note 10 - Commitments and Contingencies (Details Textual) - CALIFORNIA - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Office and Laboratory Space Agreement [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years		5 years
Small Office in San Francisco [Member]
Short-Term Lease, Cost	$ 3,500	$ 3,500	$ 10,600	$ 10,600

Note 10 - Commitments and Contingencies - Schedule of Operating Lease (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Right of use asset – operating lease	$ 2,364,100	$ 2,662,000
Current operating lease obligation	470,400	433,300
Non-current operating lease obligation	2,246,800	2,605,400
Total operating lease liability	$ 2,717,200	$ 3,038,700

Note 11 - Sublicensing and Collaborative Agreements (Details Textual)			1 Months Ended	3 Months Ended				6 Months Ended	9 Months Ended
	Aug. 30, 2020 USD ($)	Jun. 24, 2020 USD ($)	Aug. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year				2027					2027
Revenue from Contract with Customer Including Assessed Tax, Derecognized				$ (179,600)					$ 402,900
License [Member]
Revenue from Contract with Customer Including Assessed Tax, Derecognized				(179,600)					402,900
Contract with Customer, Liability, Revenue Recognized									711,300
Collaborative Arrangement, AffaMed Agreement [Member]
Revenue from Contract with Customer Including Assessed Tax, Derecognized				402,900					402,900
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress									1,795,500
Collaborative Arrangement, AffaMed Agreement [Member] \| License [Member]
Upfront License Payment	$ 5,000,000.0	$ 5,000,000.0	$ 5,000,000.0
Revenue from Contract with Customer, Payment Period (Day)		30 days
Revenue Recognition, Milestone Method, Maximum Milestone Payments Permitted		$ 172,000,000.0
Revenue, Remaining Number of Combined Performance Obligations		1
Revenue from Contract with Customer Including Assessed Tax, Derecognized					$ 892,500			$ 582,500
Contract with Customer, Liability, Revenue Recognized				179,600		$ 310,000	$ 357,900			$ 1,070,000
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress									1,795,500
Revenue, Remaining Performance Obligation, Amount				$ 3,204,500					$ 3,204,500

Note 3 - Summary of Significant Accounting Policies - Schedule of Fair Value of Options Granted - Black-Scholes Option Pricing Model (Details) - $ / shares			9 Months Ended
	Dec. 12, 2022	Sep. 12, 2022	Dec. 31, 2022
Share-Based Payment Arrangement, Option [Member]
Risk-free interest rate			2.63%
Risk-free interest rate			2.63%
Volatility			79.14%
Dividend rate			0.00%
Dividend rate			0.00%
Share-Based Payment Arrangement, Option [Member] \| Weighted Average [Member]
Market price per share at grant date (in dollars per share)			$ 0.34
Market price per share at grant date (in dollars per share)			0.34
Exercise price per share (in dollars per share)			0.34
Exercise price per share (in dollars per share)			$ 0.34
Risk-free interest rate			3.55%
Risk-free interest rate			3.55%
Expected term in years (Year)			6 years 10 days
Expected term in years (Year)			6 years 10 days
Volatility			158.35%
Dividend rate			0.00%
Dividend rate			0.00%
Shares (in shares)			4,162,000
Fair Value per share (in dollars per share)			$ 0.27
Volatility			158.35%
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Market price per share at grant date (in dollars per share)			$ 0.12
Market price per share at grant date (in dollars per share)			0.12
Exercise price per share (in dollars per share)			0.12
Exercise price per share (in dollars per share)			$ 0.12
Expected term in years (Year)			5 years 2 months 12 days
Expected term in years (Year)			5 years 2 months 12 days
Share-Based Payment Arrangement, Option [Member] \| Maximum [Member]
Market price per share at grant date (in dollars per share)			$ 1.51
Market price per share at grant date (in dollars per share)			1.51
Exercise price per share (in dollars per share)			1.51
Exercise price per share (in dollars per share)			$ 1.51
Expected term in years (Year)			6 years 6 months 14 days
Expected term in years (Year)			6 years 6 months 14 days
Pre-modified Stock Option Plan [Member]
Market price per share at grant date (in dollars per share)	$ 0.1190	$ 0.2052
Market price per share at grant date (in dollars per share)	0.1190	0.2052
Exercise price per share (in dollars per share)	1.27	1.27
Exercise price per share (in dollars per share)	$ 1.27	$ 1.27
Risk-free interest rate	3.86%	2.62%
Risk-free interest rate	3.86%	2.62%
Expected term in years (Year)	0 years	1 day
Expected term in years (Year)	0 years	1 day
Volatility	92.75%	138.31%
Dividend rate	0.00%	0.00%
Dividend rate	0.00%	0.00%
Fair Value per share (in dollars per share)	$ 0.00	$ 0.00
Volatility	92.75%	138.31%
Number of option shares (in shares)	1,322,118	1,322,118
Post-modified Stock Option Plan [Member]
Market price per share at grant date (in dollars per share)	$ 0.1190	$ 0.2052
Market price per share at grant date (in dollars per share)	0.1190	0.2052
Exercise price per share (in dollars per share)	1.27	1.27
Exercise price per share (in dollars per share)	$ 1.27	$ 1.27
Risk-free interest rate	4.38%	3.17%
Risk-free interest rate	4.38%	3.17%
Expected term in years (Year)	3 months 17 days	2 months 30 days
Expected term in years (Year)	3 months 17 days	2 months 30 days
Volatility	99.54%	412.67%
Dividend rate	0.00%	0.00%
Dividend rate	0.00%	0.00%
Fair Value per share (in dollars per share)	$ 0.0001	$ 0.08
Volatility	99.54%	412.67%
Number of option shares (in shares)	1,322,118	1,322,118

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,037,300	$ 68,135,300
Prepaid expenses and other current assets	953,200	2,745,800
Deferred contract acquisition costs - current portion	67,000	116,900
Total current assets	26,057,500	70,998,000
Property and equipment, net	540,700	414,300
Right of use asset – operating lease	2,364,100	2,662,000
Deferred offering costs	411,400	321,800
Deferred contract acquisition costs - non-current portion	234,200	146,400
Security deposits	100,900	100,900
Total assets	29,708,800	74,643,400
Current liabilities:
Accounts payable	1,598,800	2,758,600
Accrued expenses	1,085,200	1,329,200
Deferred revenue - current portion	712,300	1,244,000
Operating lease obligation - current portion	470,400	433,300
Financing lease obligation - current portion	1,600	0
Total current liabilities	4,287,400	5,765,100
Non-current liabilities:
Deferred revenue - non-current portion	2,492,200	1,557,600
Operating lease obligation - non-current portion	2,246,800	2,605,400
Financing lease obligation - non-current portion	7,900	0
Total non-current liabilities	4,746,900	4,163,000
Total liabilities	9,034,300	9,928,100
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2022 and March 31, 2022: no shares outstanding at December 31, 2022 and March 31, 2022	0	0
Common stock, $0.001 par value; 325,000,000 shares authorized at December 31, 2022 and March 31, 2022; 207,052,010 and 206,676,620 shares issued at December 31, 2022 and March 31, 2022, respectively	207,100	206,700
Additional paid-in capital	339,060,200	336,080,700
Treasury stock, at cost, 135,665 shares of common stock held at December 31, 2022 and March 31, 2022	(3,968,100)	(3,968,100)
Accumulated deficit	(314,624,700)	(267,604,000)
Total stockholders’ equity	20,674,500	64,715,300
Total liabilities and stockholders’ equity	29,708,800	74,643,400
Collaborative Arrangement [Member]
Current liabilities:
Notes payable	$ 419,100	$ 0

Note 7 - Note Payable (Details Textual) - Promissory Note [Member]	1 Months Ended
	May 31, 2022 USD ($)
Debt Instrument, Interest Rate, Stated Percentage	3.88%
Debt Instrument, Face Amount	$ 1,139,700
Debt Instrument, Periodic Payment, Total	$ 105,600

Note 6 - Accrued Expenses (Details Textual) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Employee-related Liabilities, Current, Total	$ 308,800	$ 66,200
Terminated Former Employee [Member]
Employee-related Liabilities, Current, Total	$ 300,000

Note 5 - Property and Equipment, Net (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization, Total	$ 30,600	$ 43,700	$ 96,200	$ 114,900
Lease for Office Equipment Fully-depreciated [Member]
Lease, Monthly Payment			$ 200

Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Prepaid Expense and Other Assets, Current	$ 953,200	$ 2,745,800
Prepaid Expenses and Other Current Assets [Member]
Clinical and nonclinical materials and contract services	159,100	2,139,600
Insurance	456,000	196,500
Receivable from CRO for cancelled project	0	337,900
Receivable from collaboration partner	154,100	0
Other Assets	184,000	71,800
Prepaid Expense and Other Assets, Current	$ 953,200	$ 2,745,800

Note 2 - Basis of Presentation

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Basis of Accounting [Text Block]

Note 2. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not contain all of the information and footnotes required for complete consolidated financial statements. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our interim financial information. The accompanying Condensed Consolidated Balance Sheet at March 31, 2022 has been derived from our audited consolidated financial statements at that date but does not include all disclosures required by U.S. GAAP. The operating results for the three and nine months ended December 31, 2022 are not necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2023, or for any other future interim or other period.

The accompanying unaudited Condensed Consolidated Financial Statements and notes to the Condensed Consolidated Financial Statements contained in this Report should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2022 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (SEC) on June 23, 2022 (Form 10-K).

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming we will continue as a going concern. As a clinical-stage biopharmaceutical company having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative cash flows from operations resulting in a deficit of approximately $314.6 million accumulated from inception ( May 1998) through December 31, 2022. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of PH94B, PH10 and AV-101.

Since our inception in May 1998 through December 31, 2022, we have financed our operations and technology acquisitions primarily through the issuance and sale of our equity and debt securities for cash proceeds of approximately $208.7 million, as well as from an aggregate of approximately $22.7 million of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials), strategic collaboration payments and intellectual property licensing, and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $38.2 million in noncash acquisitions of product licenses and in settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services.

Liquidity, Capital Resources and Going Concern

During our fiscal year ended March 31, 2022 (Fiscal 2022), holders of outstanding warrants to purchase an aggregate of approximately 7.3 million shares of our common stock exercised such warrants, and we received cash proceeds of approximately $6.2 million. In May 2021, we entered into an Open Market Sale Agreement^SM (the Sales Agreement) with respect to an at-the-market offering program (the ATM) under which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $75.0 million through our sales agent. During Fiscal 2022, we sold an aggregate of 1,517,798 shares of our common stock and received net cash proceeds of approximately $4.3 million under the ATM. We have not sold any additional shares of our common stock under the Sales Agreement from October 2, 2021 through the date of this Report. During our fiscal year ended March 31, 2021 (Fiscal 2021), we received approximately $119 million in net cash proceeds, primarily from public offerings conducted in August 2020 and December 2020, the exercise of approximately 6.6 million outstanding warrants and the upfront license payment pursuant to our sublicense and collaboration agreement for PH94B (the AffaMed Agreement), which is described more completely in Note 11, Sublicensing and Collaborative Agreements. The financings and other transactions consummated during Fiscal 2022 and Fiscal 2021 have provided the primary sources of our liquidity during Fiscal 2022 and through the date of this Report in our current fiscal year. During the nine months ended December 31, 2022, we have received approximately $167,500 in proceeds from the exercise of outstanding stock options and sales under our 2019 Employee Stock Purchase Plan (the 2019 ESPP).

We had cash and cash equivalents of approximately $25.0 million at December 31, 2022, which we believe will not be sufficient to fund our planned operations for the twelve months following the issuance of these Condensed Consolidated Financial Statements, which raises substantial doubt regarding our ability to continue as a going concern. We are continuing to evaluate our cash resources as we prepare for further discussions with the FDA regarding the next steps in our late-stage development of PH94B for the treatment of SAD, collect and analyze topline results from our exploratory Phase 2A clinical study of PH94B in adults experiencing AjDA, conduct the small Phase 1 clinical safety study of PH10 to facilitate potential Phase 2B development, on our own or with a collaborator, as a potential stand-alone rapid-onset treatment for MDD and conduct our Phase 1 safety study of AV-101 in combination with probenecid to facilitate potential exploratory Phase 2A development of AV-101. We are continuing to evaluate the potential implications for the conduct and timing of other clinical trials and strategies for the development and commercialization, on our own or with collaborators, of all of our product candidates. However, as we have not yet developed products that generate recurring revenue and, in the event we successfully complete future clinical and/or nonclinical programs, we will need to obtain and invest substantial additional capital resources to develop and commercialize our drug candidates.

When necessary and advantageous, we will seek additional financial resources to fund our planned operations through (i) sales of our equity and/or debt securities in one or more public offerings and/or private placements, (ii) non-dilutive government grants and research awards and (iii) non-dilutive strategic partnering collaborations to advance development and commercialization of our product candidates. For example, we may seek to enter research, development and/or commercialization collaborations similar to the AffaMed Agreement, which applies only to development and commercialization of PH94B in Greater China, South Korea and Southeast Asian territories, to provide non-dilutive funding for our operations, while also reducing a portion of our future cash outlays and working capital requirements. Although we may seek additional collaborations that could generate revenue and/or provide non-dilutive funding for development and commercialization of our product candidates, no assurance can be provided that any such collaborations, awards or agreements will occur in the future.

Subject to certain restrictions, our Registration Statement on Form S-3 (the S-3 Shelf Registration Statement) remains available for future sales of our equity securities in one or more public offerings from time to time. While we may make additional sales of our equity securities under the S-3 Shelf Registration Statement, we do not have an obligation to do so.

Our future working capital requirements will depend on many factors, including, without limitation, potential impacts related to adjustments in the size of our staff, the scope and nature of opportunities related to our success or failure and the success or failure of certain other companies in nonclinical and clinical trials, including the development and commercialization of our current product candidates, and the availability of, and our ability to enter into financing transactions and research, development and commercialization collaborations on terms acceptable to us. In the future, to further advance the clinical development of our product candidates, as well as support our operating activities, we plan to seek additional financing, including both equity-based capital from non-dilutive sources, and continue to carefully manage our operating costs, including, but not limited to, our clinical and nonclinical programs.

Notwithstanding the foregoing, there can be no assurance that future financings will be available to us in sufficient amounts, in a timely manner, or on terms acceptable to us, if at all, or that our current development and commercialization collaboration under the AffaMed Agreement or other strategic partnering collaborations will generate revenue from future potential milestone payments or otherwise. Further, on September 6, 2022, we received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market, LLC (Nasdaq) indicating that, based upon the closing bid price of our common stock for the previous 30 consecutive business days, we are not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on the Nasdaq Capital Market. While the letter has no immediate effect on the listing of our common stock on the Nasdaq Capital Market, failure to meet applicable Nasdaq continued listing standards by March 6, 2023, the expiration of the 180-day period in which to regain compliance, unless extended, could potentially result in a delisting of our common stock, which could materially reduce the liquidity of our common stock, result in a further reduction in the price of our common stock, require us to implement our stockholder-authorized reverse stock split to maintain our listing, and/or impair our ability to raise capital through alternative financing sources on terms acceptable to us, or at all. If we do not regain compliance by March 6, 2023, an additional 180 days may be granted to regain compliance, so long as we meet the Nasdaq Capital Market continued listing requirements (except for the bid price requirement) and notify Nasdaq in writing of our intention to cure the deficiency during the second compliance period by implementing a reverse stock split, if necessary. If we do not qualify for the second compliance period or fail to regain compliance during the second 180-day period, then Nasdaq will notify us of its determination to delist our common stock, at which point we will have an opportunity to appeal the delisting determination to a hearings panel. If we are unable to regain timely compliance with the Nasdaq continued listing standards and/or obtain additional financing on a timely basis when needed, our business, financial condition, and results of operations may be harmed, the price of our common stock may decline, we may be required to reduce, defer, or discontinue certain of our research and development activities, and we may not be able to continue as a going concern. The Condensed Consolidated Financial Statements included in this Report do not include any adjustments that might result from the negative outcome of this uncertainty.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue, derecognized	$ 179,600		$ (402,900)
Revenue		$ 357,900		$ 1,070,000
Operating expenses:
Research and development	6,854,000	7,780,000	35,039,800	23,173,600
General and administrative	3,092,100	3,118,100	11,586,200	8,982,300
Total operating expenses	9,946,100	10,898,100	46,626,000	32,155,900
Loss from operations	(9,766,500)	(10,540,200)	(47,028,900)	(31,085,900)
Other income, net:
Interest income, net	5,300	5,100	13,700	15,300
Loss before income taxes	(9,761,200)	(10,535,100)	(47,015,200)	(31,070,600)
Income taxes	0	0	(5,500)	(3,400)
Net loss and comprehensive loss	(9,761,200)	(10,535,100)	(47,020,700)	(31,074,000)
Accrued dividend on Series B Preferred stock	0	(208,100)	0	(945,100)
Net loss attributable to common stockholders	$ (9,761,200)	$ (10,743,200)	$ (47,020,700)	$ (32,019,100)
Basic and diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (0.05)	$ (0.05)	$ (0.23)	$ (0.16)
Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share (in shares)	206,838,084	202,328,683	206,749,238	195,179,267
License [Member]
Revenue, derecognized	$ 179,600		$ (402,900)
Revenue		$ 357,900		$ 1,070,000

Note 4 - Prepaid Expenses and Other Current Assets

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Prepaid Expenses and Other Current Assets Disclosure [Text Block]

Note 4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are composed of the following:

	December 31,		March 31,
	2022		2022

Clinical and nonclinical materials and contract services	$	159,100	$	2,139,600
Insurance		456,000		196,500
Receivable from CRO for cancelled project		-		337,900
Receivable from collaboration partner		154,100		-
All other		184,000		71,800
	$	953,200	$	2,745,800

The amount reported as receivable from CRO for cancelled project at March 31, 2022 represents the amount of prepayments on a cancelled project net of expense incurred by the CRO prior to project cancellation and was refunded to us in July 2022. The amount reported as receivable from collaboration partner at December 31, 2022 represents payments we made to a CRO and another service provider for project and clinical trial services on behalf of our collaboration partner. Our collaboration partner has not reimbursed us for these amounts as of the date of this Report.

Note 5 - Property and Equipment, Net (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,			March 31,
	2022			2022

Laboratory equipment	$	1,393,300		$	1,181,300
Tenant improvements		214,400			214,400
Office furniture and equipment		72,100			76,200
Manufacturing equipment		211,200			211,200
		1,891,000			1,683,100
Accumulated depreciation and amortization		(1,350,300	)		(1,268,800	)
Property and equipment, net	$	540,700		$	414,300

Schedule of Finance Leased Assets [Table Text Block]

	December 31,			March 31,
	2022			2022

Office equipment subject to financing lease	$	10,600		$	14,700
Accumulated depreciation		(1,500	)		(14,700	)
Net book value of office equipment subject to financing lease	$	9,100		$	-

Note 10 - Commitments and Contingencies - Schedule of Operating Lease Minimum Payments (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
2023 (remaining three months)	$ 169,000
2024	689,500
2025	710,200
2026	731,500
2027	753,500
Thereafter	253,600
Total lease expense	3,307,300
Less imputed interest	(590,100)
Present value of operating lease liabilities	$ 2,717,200	$ 3,038,700

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2022	Feb. 07, 2023
Document Information [Line Items]
Entity Central Index Key	0001411685
Entity Registrant Name	VistaGen Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-37761
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-5093315
Entity Address, Address Line One	343 Allerton Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	577-3600
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VTGN
Security Exchange Name	NASDAQ
Entity 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		219,326,526

Note 10 - Commitments and Contingencies

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 10. Commitments and Contingencies

We lease our headquarters office and laboratory space in South San Francisco, California, under the terms of a lease that was set to expire on July 31, 2022, but which provided an option to renew for an additional five years at then-current market rates. For the purpose of determining the right-of-use asset and associated lease liability, we determined that the renewal of this lease for the period from August 2022 through July 2027 was reasonably probable at the time we adopted ASC 842. On October 14, 2021, we entered into an amendment to the lease (the Lease Amendment), pursuant to which the term of the lease was extended from August 1, 2022 to July 31, 2027 and the base rent under the lease for the five-year extension period was specified. Under the terms of the Lease Amendment, we have the option to renew the lease for an additional five-year term commencing on August 1, 2027. Consistent with our adoption of ASC 842, beginning April 1, 2019, we recorded this lease in our Consolidated Balance Sheets as an operating lease. The lease of our South San Francisco facilities does not include any restrictions or covenants requiring special treatment under ASC 842.

The following table summarizes the presentation of the operating lease in our Condensed Consolidated Balance Sheets:

	As of December 31, 2022		As of March 31, 2022
Assets
Right of use asset – operating lease	$	2,364,100	$	2,662,000

Liabilities
Current operating lease obligation	$	470,400	$	433,300
Non-current operating lease obligation		2,246,800		2,605,400
Total operating lease liability	$	2,717,200	$	3,038,700

The following table summarizes the effect of operating lease costs our Condensed Consolidated Statements of Operations:

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2022		2021		2022		2021

Operating lease cost	$	221,000	$	79,800	$	631,600	$	526,200

The minimum (base rental) lease payments related to our South San Francisco operating lease are expected to be as follows:

Fiscal Years Ending March 31,
2023 (remaining three months)	$	169,000
2024		689,500
2025		710,200
2026		731,500
2027		753,500
Thereafter		253,600
Total lease expense		3,307,300
Less imputed interest		(590,100	)
Present value of operating lease liabilities	$	2,717,200

The remaining lease term, which does not include the optional five-year extension at the expiration of the lease period ending July 31, 2027, and the discount rate assumption for our South San Francisco operating lease are as follows:

	As of December 31, 2022
Assumed remaining lease term in years		4.58
Assumed discount rate		8.54	%

The interest rate implicit in lease contracts is typically not readily determinable and, as such, we used our estimated incremental borrowing rate based on information available at the adoption of ASC 842, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.

Supplemental disclosure of cash flow information related to our operating lease included in cash flows used by operating activities in the Condensed Consolidated Statements of Cash Flows is as follows:

	For the Nine Months Ended		For the Nine Months Ended
	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	655,200	$	637,800

During the nine months ended December 31, 2022, we did not record any new right-of-use assets arising from new operating lease liabilities.

We also lease a small office in the San Francisco Bay Area under a month-to-month arrangement at insignificant cost and have made an accounting policy election not to apply the ASC 842 operating lease recognition requirements to such short-term lease. We recognize the lease payments for this lease in general and administrative expense over the lease term. We recorded rent expense of $3,500 in each of the three-month periods ended December 31, 2022 and 2021 and $10,600 in each of the nine-month periods ended December 31, 2022 and 2021, attributable to this lease.

Note 8 - Capital Stock (Tables)

9 Months Ended

Dec. 31, 2022

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.1245		$	0.1245
Exercise price per share	$	0.50		$	0.50
Risk-free interest rate		3.93	%		4.41	%
Remaining contractual term in years		0.011			2.012
Volatility		65.60	%		175.27	%
Dividend rate		0.0	%		0.0	%

Number of warrant shares		1,000,000			1,000,000
Weighted average fair value per share	$	0.00		$	0.08

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

		Warrants Outstanding
Exercise		and Exercisable at
Price	Expiration	December 31,
per Share	Date	2022

$0.50	12/9/2024	1,000,000
$0.73	7/25/2025	370,544
$1.82	3/7/2023	880,050
$7.00	3/3/2023	147,000
		2,397,594

Note 3 - Summary of Significant Accounting Policies - Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expense	$ 746,300	$ 723,800	$ 2,734,900	$ 2,078,700
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense	296,200	281,800	1,091,900	836,200
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 450,100	$ 442,000	$ 1,643,000	$ 1,242,500

Note 1 - Description of Business

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

Note 1. Description of Business

Vistagen Therapeutics, Inc., a Nevada corporation (which may be referred to as Vistagen, the Company, we, our, or us), is advancing the development of therapeutics for certain disorders of the central nervous system (CNS) with the potential to be faster-acting, and with fewer side effects and safety concerns than treatments currently available for those conditions. Our most advanced clinical-stage candidates, PH94B and PH10, may provide relief from multiple forms of anxiety and depression. They belong to a new class of drugs known as pherines. These investigational neuroactive steroids are formulated as nasal sprays at very low concentrations and are designed to achieve rapid-onset anti-anxiety (PH94B) or antidepressant (PH10) effects. We believe these drug candidates directly activate chemosensory neurons located in the nasal passages, which neurons then impact olfactory amygdala “fear off” (anti-anxiety) and “fear on” (antidepressant) neural circuits in the brain, without requiring systemic uptake or direct activity on CNS neurons in the brain. Our goal is to become a biopharmaceutical company that develops and commercializes innovative therapies for anxiety, depression, and other CNS indications where current treatment options are inadequate to meet the needs of millions of patients in the United States (U.S.) and worldwide.

Our Product Candidates

PH94B Nasal Spray

PH94B is a synthetic investigational neuroactive steroid from the androstane family of pherines. When administered intranasally in microgram doses, PH94B activates receptors in the membrane of peripheral nasal chemosensory neurons connected to subsets of neurons in the olfactory bulbs that in turn connect to neurons in the limbic amygdala involved in the pathophysiology of social anxiety disorder (SAD) and potentially other anxiety and mood disorders. PH94B does not exert effects on receptor targets with known abuse potential (e.g., dopamine, nicotinic, and opiate receptors) and has neither agonistic nor antagonistic effects on GABA_A α1/β2/γ2 ion channels. PH94B is pharmacologically active without requiring apparent systemic uptake and distribution to achieve its rapid-onset and short duration of anxiolytic effects. The FDA has designated PH94B as a Fast Track product candidate, and we are currently developing PH94B for the treatment of anxiety symptoms in adult subjects with SAD and for anxiety symptoms in adult subjects with adjustment disorder (AjDA).

The proposed MOA of PH94B is fundamentally differentiated from all currently approved anti-anxiety medications, including the three antidepressants approved by the FDA for the treatment of SAD, as well as all benzodiazepines and beta blockers, which, although not FDA-approved for treatment of SAD, are prescribed for treatment of SAD on an off-label basis. Pre-clinical and Phase 2 clinical data to date suggest that PH94B has the potential to achieve rapid-onset anti-anxiety effects without systemic uptake or transport into the brain, significantly reducing the risk of side effects and other safety concerns such as potential abuse, misuse and addiction associated with certain other pharmaceuticals that act directly on the CNS and are sometimes prescribed for anxiety disorders.

PALISADE-1. In May 2021, we initiated our PALISADE Phase 3 Program for PH94B in SAD with PALISADE-1, a single-administration assessment Phase 3 public speaking challenge clinical study of PH94B for the acute treatment of anxiety in adults with SAD. Following discussions with the FDA in mid-2020 during the early phase of the COVID-19 pandemic, we agreed to design PALISADE-1 in a manner substantially similar to the single-administration assessment Phase 2 public speaking challenge study of PH94B in SAD, which involved self-administration of only a single dose of PH94B by subjects randomized to the treatment arm. All subjects were given an anxiety-provoking public speaking challenge, conducted only in a clinical setting, and their change in Subjective Units of Distress Scale (SUDS) score was determined.

In July 2022, we announced top line results from PALISADE-1. Although the safety and tolerability of PH94B in PALISADE-1 were favorable and consistent with previously reported results from previous clinical trials, PALISADE-1 did not achieve its primary efficacy endpoint, as measured by change from baseline using the SUDS as compared to placebo. We believe the following hypotheses are among the potential explanations for the unexpected outcome in PALISADE-1: (i) the study was conducted through surges of the COVID-19 pandemic, introducing significant additional variability in terms of changing social dynamics, subject stress, study site and CRO personnel turnover, mask wearing, and scheduling and monitoring complexities; (ii) the public speaking challenge study design may not have been scalable to a large Phase 3 study, especially during the pandemic, given the complexities of consistently administering the highly provocative challenge and rigorously adhering to the study protocol across numerous study sites and over an extended time period; and (iii) some subjects in the study may have had reduced potential to respond to PH94B due to impaired olfactory cell function potentially caused by the COVID-19 virus, nasal swab testing for COVID-19 or influenza, and/or heavy cannabis use, smoking or vaping.

PALISADE-2. In October 2021, we initiated PALISADE-2, which involves the same clinic-based public speaking challenge study design and use of the SUDS as the primary efficacy endpoint as PALISADE-1. In July 2022, after receiving top line results from PALISADE-1, we paused recruitment and enrollment in PALISADE-2 to allow independent third-party biostatisticians to conduct an interim analysis of available data from subjects randomized in PALISADE-2 up to the date we paused the study. In September 2022, based on their review of unblinded data from the 140 subjects who had completed PALISADE-2, the independent third-party biostatisticians recommended that we continue PALISADE-2 as planned, without revealing the underlying data to us. In addition, we recently submitted to the FDA various adjustments to the PALISADE-2 study protocol. Should we opt to resume PALISADE-2, the proposed amendments address certain methodological issues we believe may have contributed to the unexpected outcome of PALISADE-1.

In December 2022, two of our peer biopharmaceutical companies announced that the top line results of their recently completed SAD studies using the single assessment public speaking challenge study design, with SUDS as the primary efficacy endpoint, also did not achieve their primary efficacy endpoint in their respective study. Upon reviewing the information and data available to us at this time, we believe it is not yet advisable to make a decision about resuming PALISADE-2 before discussing our broader Phase 3 development plan for PH94B with the FDA and further assessing potential impact of the proposed adjustments to the PALISADE-2 protocol in light of the recent results of SAD studies by our peers involving the public speaking challenge methodology. We are currently preparing to meet with the FDA to discuss that plan, which includes, among other things, a multiple-assessment, randomized, double-blind, placebo-controlled Phase 3 study of PH94B in adults, using the LSAS as the primary efficacy outcome measure to evaluate the efficacy of PH94B over time in patients with SAD to support a potential New Drug Application (NDA). We expect to announce our plans for PALISADE-2 concurrently with other updates to our PH94B Phase 3 development plan for SAD.

PALISADE Open Label Study. The long-term administration of 3.2 µg of PH94B up to four times a day as needed in the PALISADE Open Label Study (PALISADE OLS) was safe, well tolerated, and led to improvement in LSAS scores. The PALISADE OLS was a Phase 3, open-label safety trial designed to evaluate the safety and tolerability of multiple, as-needed administrations (up to four times a day) of PH94B in adults with SAD. This study also evaluated the change from baseline in monthly standard clinical measurements and behavioral assessment scales (LSAS, CGI-S, CGI-I, and PGI-C) in response to anxiety-provoking social situations in daily‑life after the administration of PH94B. Safety and tolerability of PH94B were assessed and summarized during monthly visits from baseline to end of treatment in AEs, laboratory values, 12‑lead electrocardiograms (ECGs), physical examinations, and vital sign assessments following exposure to PH94B. Following the completion of PALISADE-1, PALISADE OLS was terminated early, solely for strategic business reasons, and not due to any safety concerns with PH94B. We believe unpublished preliminary data from the final dataset from PALISADE OLS provide evidence to further support the safety and efficacy of PH94B for treating SAD, as measured by AE frequency and improvement in SAD severity as measured by the LSAS, CGI-I, and PGI-C, respectively. Overall, we believe the long-term administration of 3.2 µg of PH94B, up to four times a day as needed, appears to be safe and well tolerated in adult subjects with SAD.

Potential Next Steps in SAD Phase 3 Development Plan. We believe data from approximately 400 subjects in the PALISADE OLS over a period of one month and beyond, combined with the data from the previous Phase 2 randomized, double-blind, placebo-controlled, crossover study of PH94B after two weeks of use, as discussed above, demonstrate the potential for PH94B to achieve robust overall reduction in symptoms of SAD and improvement in severity of the disorder over time, as measured by the LSAS. These data also appear to suggest that studies involving multiple administrations of PH94B over time on an as-needed basis, up to four times per day, when subjects experience daily, real-life, socially stressful situations may most accurately reflect the true efficacy of PH94B in patients with SAD and represent the actual way in which they would use PH94B. Utilizing the LSAS as the primary efficacy outcome measure in our next Phase 3 study is consistent with the pivotal registration trials for all three currently approved treatments for SAD. As those studies indicate, the LSAS is capable of measuring a drug’s efficacy in patients with SAD due to its ability to capture patient feedback on fear and anxiety regarding various social situations, as well avoidance of such situations. Hence, we believe using the LSAS as the primary efficacy endpoint for our further Phase 3 development of PH94B has the potential to demonstrate its efficacy and true impact on patients’ lives.

Accordingly, we are preparing to meet with the FDA to discuss our broader Phase 3 development plan for PH94B in SAD, which plan includes, among other things, the possibility of conducting a multiple-assessment, randomized, double-blind, placebo-controlled Phase 3 study of PH94B in adults, using the LSAS as the primary efficacy outcome measure to evaluate the efficacy of PH94B over time in patients with SAD to support a potential PH94B New Drug Application (NDA). Unlike the PALISADE Phase 3 studies, which involved assessment of only a single self-administration of PH94B in a clinic-based public speaking challenge with the SUDS as the primary outcome measure, the Phase 3 study contemplated as part of our broader plan would involve multiple self-administrations of PH94B, on an as-needed basis, up to four times per day, in a real-world setting over a multiple week period, with the LSAS as the primary efficacy endpoint, consistent with the FDA’s precedent-setting approvals of the three antidepressants for treatment of SAD. Given that LSAS measures overall improvement in disease severity by measuring the reduction in fear and anxiety over time, as well as the avoidance of anxiety-provoking social and performance situations, as noted, we believe the LSAS will be appropriate to measure and reflect the true impact of PH94B on patients’ lives.

Exploratory Phase 2A Development for AjDA and Future Development Opportunities. In January 2023, we completed our small exploratory Phase 2A clinical study of PH94B, designed to assess its therapeutic potential in adults experiencing adjustment disorder with anxiety (AjDA). Adjustment disorder (AjD) refers to a maladaptive emotional or behavioral response to an identifiable stressor. AjD occurs within three months of exposure to the stressor as evidenced by marked distress that is out of proportion to the socially or culturally expected reactions to the stressor, or that represents significant impairment in social, occupational or other important areas of daily functioning. Current pharmacological treatments for AjDA vary widely and include antidepressants (SSRIs and SNRIs), benzodiazepines, buspirone and natural products such as cannabidiol. Our randomized, double-blind, placebo-controlled exploratory Phase 2A study in AjDA involved daily use of PH94B administered four times per day in a real-world outpatient setting for 28 days. We anticipate top line results by the end of the first calendar quarter of 2023. We may also have potential opportunities to develop PH94B for other anxiety-related disorders.

PH10

PH10 is an investigational pherine nasal spray for the treatment of major depressive disorder (MDD) with a potential rapid-onset MOA that is fundamentally differentiated from the MOA of all currently approved treatments for MDD and other depression disorders. PH10, which is administered at microgram-level doses, engages and activates chemosensory neurons in the nasal passages, connected to neural circuits in the brain that produce antidepressant effects. Specifically, PH10’s proposed MOA involves binding to receptors for chemosensory neurons in the nasal passages to regulate the olfactory amygdala “fear on” neural circuits believed to increase activity of the limbic-hypothalamic sympathetic nervous system and increase the release of catecholamines. Importantly, unlike all currently approved oral antidepressants and rapid-onset ketamine-based therapy (KBT), including both intravenous ketamine and intranasal ketamine (esketamine), we believe PH10 does not require systemic uptake to produce rapid-onset of antidepressant effects and does not cause the side effects and safety concerns potentially associated with KBT.

In December 2022, we announced that the FDA granted Fast Track designation for PH10 as a potential treatment for MDD.

In a small (n=30) exploratory randomized, double-blind, placebo-controlled parallel design Phase 2A study MDD conducted in Mexico, at a 6.4 μg dose administered intranasally twice daily for 8 weeks, PH10 significantly reduced depressive symptoms as early as one week based on the 17-item Hamilton Depression Scale (HAM-D-17) scores compared to placebo (p = 0.022). Peer-reviewed results of the study published in the British Journal of Pharmaceutical and Medical Research (Monti, et al., Br J Phar Med Res (2019) 4(06):2157 – 2168) also showed that PH10 was well-tolerated and did not cause psychological side effects (such as dissociation and hallucinations) or other safety concerns that may be associated with KBT.

Following the submission of a U.S. Investigational New Drug (IND) application for a Phase 1 study of PH10 in the U.S. in healthy volunteers, in December 2022, we were advised by the FDA that we may proceed with the study. The primary objective of this U.S. single center, Phase 1, randomized, double-blinded, placebo-controlled study is to investigate the safety and tolerability of PH10 in healthy adult subjects (n=12). In January 2023, we announced that the first cohort of healthy volunteers had been dosed in the Phase 1 study and we anticipate completion of the study by the end of the first calendar quarter of 2023.

AV-101

AV-101 (4-chlorokynurenine) is an oral prodrug of 7-chloro-kynurenic acid (7-Cl-KYNA), which is a potent and selective antagonist of the glycine co-agonist site of the NMDA receptor (NMDAR) that inhibits the function of the NMDAR. Unlike ketamine and other NMDAR antagonists, 7-Cl-KYNA is not an ion channel blocker. At doses administered in the Company’s studies completed to date, AV-101 has been observed to be well tolerated and has not exhibited dissociative or hallucinogenic psychological side effects or safety concerns, unlike several other modulators of the NMDAR. Based on observations and findings from preclinical studies, we believe that AV-101, in combination with FDA-approved oral probenecid, has the potential to become a new oral treatment alternative for certain CNS indications involving the NMDAR. We are presently conducting an exploratory Phase 1B drug-drug interaction clinical study of AV-101 in combination with probenecid and expect to complete dosing of the final cohort in the study in the first half of 2023.

The FDA has granted Fast Track designation for development of AV-101 as a potential adjunctive treatment for MDD and as a non-opioid treatment for neuropathic pain.

Subsidiaries

VistaGen Therapeutics, Inc., a California corporation d/b/a VistaStem (VistaStem), is our wholly owned subsidiary. For the relevant periods, our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q (Report) also include the accounts of VistaStem’s two wholly owned inactive subsidiaries, Artemis Neuroscience, Inc., a Maryland corporation (Artemis), which was dissolved in April 2022, and VistaStem Canada, Inc., a corporation organized under the laws of Ontario, Canada (VistaStem Canada), which was dissolved in June 2022.

Significant Accounting Policies (Policies)

9 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase.

Revenue [Policy Text Block]

Revenue Recognition

The AffaMed Agreement, involving clinical development and commercialization of PH94B for an as needed treatment of anxiety in adults with SAD, and potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia, has been our only source of revenue for the nine months ended December 31, 2022 and during both Fiscal 2022 and Fiscal 2021. The terms of the AffaMed Agreement include a $5.0 million non-refundable upfront license fee which we received in August 2020, potential payments based upon achievement of certain development and commercial milestones, and royalties on product sales. In prior years, we have occasionally generated revenue from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants.

Under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to a customer.

Once a contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. We assess whether these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right may be accounted for as a contract modification or as a continuation of the contract for accounting purposes.

We assess whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) our promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct in the evaluation of a collaboration arrangement subject to ASC 606, we consider factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. We also consider the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, we are required to combine that good or service with other promised goods or services until we identify a bundle of goods or services that is distinct.

The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (SSP) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and satisfaction of the performance obligations. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, we consider applicable market conditions and relevant Company-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. In certain circumstances, we may apply the residual method to determine the SSP of a good or service if the standalone selling price is considered highly variable or uncertain. We validate the SSP for performance obligations by evaluating whether changes in the key assumptions used to determine the SSP will have a significant effect on the allocation of arrangement consideration between multiple performance obligations.

If the consideration promised in a contract includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. We determine the amount of variable consideration by using the expected value method or the most likely amount method. We include the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, we re-evaluate the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

If an arrangement includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

In determining the transaction price, we adjust consideration for the effects of the time value of money if the timing of payments provides us with a significant benefit of financing. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensee will be one year or less. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, we recognize royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, based on the use of an output or input method. For the single combined performance obligation under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services. Revenue related to performance obligation satisfied over time could be materially impacted as a result of changes in the estimated time or effort necessary to satisfy the performance obligation.

The difference between revenue recognized to date and the consideration invoiced or received to date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). As described more completely in Note 11, Sublicensing and Collaborative Agreements, as a result of the outcome of PALISADE-1, we extended our estimate of the time necessary to complete our performance obligation under the AffaMed Agreement. In accordance with the guidance of ASC 606, the extension of the estimated time to complete our performance obligation required recording a cumulative catch-up adjustment in which we derecognized $892,500 and $582,500 of previously recognized revenue during the three and six months ended September 30, 2022, respectively, including $310,000 of revenue that had been recognized in the quarter ended June 30, 2022. We recognized $179,600 of revenue during the quarter ended December 31, 2022. Following the cumulative catch-up adjustment, through December 31, 2022, we have recognized an aggregate of $1,795,500 in revenue under the AffaMed Agreement and, at that date, we have recorded $3,204,500 as deferred revenue. The following table presents changes in our contract liabilities for the nine months ended December 31, 2022 after giving effect to the cumulative catch-up adjustment:

	Balance at							Balance at
	March 31, 2022		Additions		Deductions			December 31, 2022
Deferred Revenue - current portion	$	1,244,000	$	-	$	(531,700	)	$	712,300
Deferred Revenue - non-current portion		1,557,600		1,114,200		(179,600	)		2,492,200
Total	$	2,801,600	$	1,114,200	$	(711,300	)	$	3,204,500

During the three and nine months ended December 31, 2022, we recognized $179,600 of revenue and derecognized $402,900 of revenue, respectively, related to the AffaMed Agreement as a result of the cumulative catch-up adjustment, compared to recognizing $357,900 and $1,070,000 of revenue for the three and nine months ended December 31, 2021, respectively.

Contract Acquisition Costs

During the quarter ended September 30, 2020, we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license agreement with Pherin Pharmaceuticals, Inc. (Pherin), and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued 233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services related exclusively to the consummation of the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued, aggregating $470,000, were incurred solely to obtain the AffaMed Agreement, and, accordingly, have been capitalized as deferred contract acquisition costs in our Condensed Consolidated Balance Sheets. Capitalized contract acquisition costs are amortized over the period in which we expect to satisfy the performance obligation under the AffaMed Agreement and the amortization expense has been included in general and administrative expense in our Condensed Consolidated Statements of Operations and Comprehensive Loss. As described above, we have extended our estimate for the time required to satisfy our performance obligation under the AffaMed Agreement. Accordingly, our amortization of the contract acquisition costs is also subject to a cumulative catch-up adjustment. During the three and six months ended September 30, 2022, we recorded a cumulative catch-up adjustment pursuant to which we reversed previously recorded expense of $83,900 and $54,800, respectively, including $29,100 which had been recognized in the quarter ended June 30, 2022, to general and administrative expense. We recognized expense of $16,900 during the quarter ended December 31, 2022, resulting in a net expense reversal of $37,900 for the nine months ended December 31, 2022. We recorded expense of $33,600 and $100,600 for the three and nine months ended December 31, 2021, respectively. There has been no impairment loss in relation to the costs capitalized.

The following table summarizes our contract acquisition costs for the nine months ended December 31, 2022 after giving effect to the cumulative catch-up adjustment.

	Balance at							Balance at
	March 31, 2022		Additions		Deductions			December 31, 2022
Deferred Contract Acquisition Costs - current portion	$	116,900	$	-	$	(49,900	)	$	67,000
Deferred Contract Acquisition Costs - non-current portion		146,400		87,800		-			234,200
Total	$	263,300	$	87,800	$	(49,900	)	$	301,200

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expense

Research and development expense is composed of both internal and external costs. Internal costs include salaries and employment-related expense, including stock-based compensation expense, of scientific personnel and direct project costs. External research and development expense consists primarily of costs associated with clinical and nonclinical development of PH94B, PH10, AV-101. All such costs are charged to expense as incurred.

We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by contract research organizations (CROs) and clinical trial sites. Progress payments are generally made to CROs, clinical sites, investigators and other professional service providers. We analyze the progress of clinical trials, including levels of subject enrollment, invoices received and contracted costs, when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the clinical trial accrual in any reporting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to research and development expense in the period in which the facts that give rise to the revision become known.

Costs incurred in obtaining product or technology licenses are charged immediately to research and development expense if the product or technology licensed has not achieved regulatory approval or reached technical feasibility and has no alternative future uses, as was the case with our acquisition of the exclusive worldwide licenses for PH94B and PH10 from Pherin during our fiscal year ended March 31, 2019.

Stock-Based Compensation

We recognize compensation cost for all stock-based awards to employees, independent directors and non-employee consultants based on the grant date fair value of the award. We record stock-based compensation expense over the period during which the employee or other grantee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have not granted restricted stock awards to employees or others nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory grants of shares of our common stock to non-employees is determined by the quoted market price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement, depending on the terms of the specific agreement.

The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021

Research and development expense	$	296,200	$	281,800	$	1,091,900	$	836,200
General and administrative expense		450,100		442,000		1,643,000		1,242,500
Total stock-based compensation expense	$	746,300	$	723,800	$	2,734,900	$	2,078,700

Expense amounts reported above include $9,500 and $34,900 in research and development expense for the three and nine months ended December 31, 2022, respectively, and $4,100 and $13,100 in general and administrative expense for the three and nine months ended December 31, 2022, respectively, attributable to employee participation in our 2019 ESPP. Expense amounts reported above include $14,400 and $31,100 in research and development expense for the three and nine months ended December 31, 2021, respectively, and $6,000 and $14,600 in general and administrative expense for the three and nine months ended December 31, 2021, respectively, attributable to employee participation in our 2019 ESPP.

During the nine months ended December 31, 2022, we granted from our 2019 Omnibus Equity Incentive Plan (the 2019 Plan) options to purchase an aggregate of 4,162,000 shares of our common stock, including options to purchase 2,900,000 shares granted to all of our employees except executive officers and members of our Board of Directors (Board) in November 2022, at exercise prices equal to the closing market price of our common stock on the date of grant. Options to newly hired employees vest 25% on the first anniversary of the grant date with the remaining shares vesting ratably monthly over the next three years. Options granted to consultants generally vest 25% on the grant date and ratably monthly over the next twelve months. The options granted in November 2022 vest on the same terms as for options to newly hired employees. We valued the options granted during the nine months ended December 31, 2022 using the Black-Scholes Option Pricing Model and the following assumptions:

Assumption:	Weighted Average			Range
Market price per share at grant date	$	0.34		$	0.12 to 1.51
Exercise price per share	$	0.34		$	0.12 to 1.51
Risk-free interest rate		3.55	%		2.63%	to	3.78	%
Expected term in years		6.03			5.20 to 6.54
Volatility		158.35	%		79.14%	to	191.71	%
Dividend rate		0.0	%		0.0			%
Shares		4,162,000

Fair Value per share	$	0.27

On September 12, 2022, the Compensation Committee (the Committee) of our Board modified outstanding options to purchase an aggregate of 1,322,118 shares of our common stock exercisable at prices between $0.398 per share and $1.77 per share previously granted to a terminated employee and otherwise set to expire on September 13, 2022 to extend the exercisability of such options for a period of 90 days. No other term of the options, including exercise price, was modified. We calculated the fair value of the modified options immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $108,600, as an additional component of research and development stock compensation expense in our Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2022.

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.2052		$	0.2052
Exercise price per share	$	1.27		$	1.27
Risk-free interest rate		2.62	%		3.17	%
Remaining contractual term in years		0.003			0.249
Volatility		138.31	%		412.67	%
Dividend rate		0.0	%		0.0	%

Number of option shares		1,322,118			1,322,118
Weighted average fair value per share	$	0.00		$	0.08

On December 12, 2022, the Committee again modified the options to extend the exercisability of such options through March 31, 2023. No other term of the options was modified. We calculated the fair value of the modified options immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the incremental fair value, $100, as an additional component of research and development stock compensation expense in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the three months ended December 31, 2022, bringing the aggregate modification expense for these options to $108,700 for the nine months ended December 31, 2022.

Assumption:	Pre-modification			Post-modification
Market price per share	$	0.1190		$	0.1190
Exercise price per share	$	1.27		$	1.27
Risk-free interest rate		3.86	%		4.38	%
Remaining contractual term in years		0.0			0.299
Volatility		92.75	%		99.54	%
Dividend rate		0.0	%		0.0	%

Number of option shares		1,322,118			1,322,118
Weighted average fair value per share	$	0.00		$	0.0001

During the nine months ended December 31, 2022, unvested options to purchase an aggregate of 655,437 shares of our common stock were cancelled due to employee terminations and options to purchase 39,038 shares of our common stock expired unexercised; such options were returned to the 2019 Plan to be available for future issuance. At December 31, 2022, there were stock options outstanding under our 2016 Equity Incentive Plan (the 2016 Plan) and our 2019 Plan to purchase 22,567,914 shares of our common stock at a weighted average exercise price of $1.26 per share. At that date, there were 3,886,242 shares of our common stock available for future issuance under the 2019 Plan. There are no additional shares available for issuance under our 2016 Plan.

Lessee, Leases [Policy Text Block]

Leases, Right-of-use Assets and Operating Lease Obligations

We account for our leases following the guidance of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires that we determine, at the inception of an arrangement, whether the arrangement is or contains a lease, based on the unique facts and circumstances present. Operating lease assets represent our right to use an underlying asset for the lease term (Right-of-use assets) and operating lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain, at inception, that we will exercise that option. The interest rate implicit in lease contracts is typically not readily determinable; accordingly, we use our incremental borrowing rate, which is the rate that would be incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, based upon the information available at the commencement date. The lease payments used to determine our operating lease assets may include lease incentives, stated rent increases and escalation clauses linked to rates of inflation, when determinable, and are recognized in determining our Right-of-use assets. Our operating lease is reflected in the Right-of-use asset – operating lease; Operating lease obligation – current portion; and Operating lease obligation – non-current portion in our Condensed Consolidated Balance Sheets.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease. Variable lease payments are amounts owed by us to a lessor that are not fixed, such as reimbursement for common area maintenance costs for our facility lease, and are expensed when incurred.

Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a Right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. Refer to Note 10, Commitments and Contingencies, for additional information regarding ASC 842 and its impact on our Condensed Consolidated Financial Statements.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk

Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk instruments. We deposit cash and cash equivalents with quality financial institutions which are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Loss

We have no components of other comprehensive loss other than net loss, and accordingly, our comprehensive loss is equivalent to our net loss for the periods presented.

Earnings Per Share, Policy [Policy Text Block]

Loss per Common Share

Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and has historically been computed by dividing net loss increased by the accrual of dividends on outstanding shares of our Series B 10% Convertible Preferred Stock (Series B Preferred) prior to its conversion during the third quarter of Fiscal 2022, by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock.

As a result of our net loss for all periods presented and the conversion of all series of our preferred stock prior to December 31, 2021, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share at December 31, 2022 and 2021 are as follows:

	At December 31,		At December 31,
	2022		2021

Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan		22,567,914		15,903,139
Outstanding warrants to purchase common stock		2,397,594		9,307,858
Total		24,965,508		25,210,997

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. Our only financial assets that are measured on a recurring basis at fair value were $23,128,500 and $65,094,900 held in money market funds and classified as cash equivalents at December 31, 2022 and March 31, 2022, respectively. Our money market funds are classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets for identical securities. We had no financial liabilities that are measured on a recurring basis at fair value at December 31, 2022 or March 31, 2022.

Warrants Issued In Connection With Equity Financing [Policy Text Block]

Warrants Issued in Connection with Equity Financing

We evaluate the appropriate balance sheet classification of warrants we issue as either equity or as a derivative liability. In accordance with ASC 815-40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), we classify a warrant as equity if it is “indexed to the Company’s equity” and meets several specific conditions for equity classification. A warrant is not considered “indexed to the Company’s equity,” in general, when it contains certain types of exercise contingencies or potential adjustments to its exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the Consolidated Balance Sheets at fair value with any changes in its fair value recognized immediately in the Statements of Operations and Comprehensive Loss. At December 31, 2022 and March 31, 2022, we had both investor warrants and stock-based compensation warrants outstanding that were classified as equity

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

We believe the following recent accounting pronouncement is of significance or potential significance to the Company.

In August 2020, the Financial Accounting Standards Board (FASB) issued ASU 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), to reduce complexity in applying U.S. GAAP to certain financial instruments with characteristics of liabilities and equity.

The guidance in ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives.

In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract.

The amendments in ASU 2020-06 further revise the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares.

The amendments in ASU 2020-06 are effective for our fiscal year beginning April 1, 2024. We are evaluating the impact of this new guidance, but do not believe that our adoption of ASU 2020-06 will have a material impact on our Condensed Consolidated Financial Statements.

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on our Condensed Consolidated Financial Statements upon adoption.

Note 7 - Note Payable - Summary of Notes Payable (Details) (Parentheticals)	Dec. 31, 2022
Promissory Note 3.88% [Member]
Debt Instrument, Interest Rate	3.88%

Note 11 - Sublicensing and Collaborative Agreements

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

Note 11. Sublicensing and Collaborative Agreements

On June 24, 2020, we entered into a license and collaboration agreement with EverInsight Therapeutics Inc. (EverInsight) Subsequent to entering into this agreement, in October 2020, EverInsight merged with AffaMed Therapeutics, Inc. (AffaMed), which as a combined entity is focusing on developing and commercializing therapeutics to address ophthalmologic and CNS disorders in Greater China (which includes Mainland China, Hong Kong, Macau and Taiwan) and beyond. Accordingly, we are now referring to EverInsight as AffaMed and our June 2020 license and collaboration agreement as the AffaMed Agreement. Under the AffaMed Agreement, we granted AffaMed an exclusive license to develop and commercialize PH94B for SAD and other anxiety-related disorders in Greater China, South Korea and Southeast Asia (which includes Indonesia, Malaysia, Philippines, Thailand and Vietnam) (collectively, the Territory). We retain exclusive development and commercialization rights for PH94B in the U.S. and throughout the rest of the world.

Under the terms of the AffaMed Agreement, AffaMed is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing PH94B for treatment of SAD, and potentially other anxiety-related indications, in the Territory. A joint development committee has been established between us and AffaMed to coordinate and review the development and commercialization plans with respect to PH94B in the Territory.

We are responsible for pursuing clinical development and regulatory submissions of PH94B for an as needed treatment of anxiety in adults with SAD, and potentially other anxiety-related indications, in the United States on a “best efforts” basis, with no guarantee of success. AffaMed has the option to participate in a Phase 3 clinical trial of PH94B involving all or a portion of the Territory and will be responsible for a portion of the costs of such a trial, if conducted. We will transfer all development data (nonclinical and clinical data) and our regulatory documentation related to PH94B throughout the term as it is developed or generated or otherwise comes into our control. We will grant to AffaMed a Right of Reference to all of our regulatory documentation and our development data.

Under the terms of the AffaMed Agreement, AffaMed agreed to pay us a non-refundable upfront license payment of $5.0 million within 30 business days of the effective date of the AffaMed Agreement, and AffaMed paid the $5.0 million in August 2020. Additionally, upon successful development and commercialization of PH94B in the Territory, we are eligible to receive milestone payments of up to $172.0 million. Further, we are eligible to receive royalty payments on a country-by-country basis on net sales for the later of ten years or the expiration of market or regulatory exclusivity in the jurisdiction, except that payments will be reduced on a country-by-country basis in the event that there is no market exclusivity in the period. Royalty payments may also be reduced if there is generic competitive product in the period.

We have determined that we have one combined performance obligation for the license to develop and commercialize PH94B in the Territory and related development and regulatory services. In addition, AffaMed has an option that will create manufacturing obligations for us during development upon exercise by AffaMed. This option for manufacturing services was evaluated and determined not to include a material right.

Development and commercialization milestones were not considered probable at inception and therefore were excluded from the initial transaction price. The royalties were excluded from the initial transaction price because they relate to a license of intellectual property and are subject to the royalty constraint.

We recognize revenue as the combined performance obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B. Accordingly, we recognize revenue on a straight-line basis over the period in which we expect to perform the services.

Significant management judgment is required to determine the level of effort attributable to the performance obligation included in the AffaMed Agreement and the period over which we expect to complete our performance obligation under the arrangement. The performance period or measure of progress is estimated at the inception of the arrangement and re-evaluated in subsequent reporting periods. This re-evaluation may shorten or lengthen the period over which we recognize revenue. Due to the failure of PALISADE-1 to meet its primary efficacy endpoint and the resulting anticipated delay in subsequent clinical and regulatory processes for PH94B, at September 30, 2022, we estimated that our performance obligation under the AffaMed Agreement will be completed in mid-calendar 2027 rather than mid-calendar 2024. We have not revised our estimate since September 30, 2022, however, we will further adjust our estimates, as necessary, in subsequent periods as we obtain additional information on which to base our projections. As described in Note 3, Summary of Significant Accounting Policies, as a result of the change in our estimate of the time required to complete our performance obligation, we recorded a cumulative catch-up adjustment at September 30, 2022 pursuant to which we derecognized $892,500 and $582,500 of previously recognized revenue in the three and six months ended September 30, 2022, respectively, including $310,000 of revenue was recognized in the quarter ended June 30, 2022. We recognized $179,600 as revenue in the quarter ended December 31, 2022. Following the cumulative catch-up adjustment, through December 31, 2022, we have recognized an aggregate of $1,795,500 in revenue under the AffaMed Agreement. We recognized $357,900 and $1,070,000 as revenue during the three and nine months ended December 31, 2021, respectively. At December 31, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligation (deferred revenue) is $3,204,500 which will be recognized as revenue as our performance obligation is completed.

Unless earlier terminated due to certain material breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis until the latest to occur of expiration of the last valid claim under a licensed patent of PH94B in such jurisdiction, the expiration of regulatory exclusivity in such jurisdiction or ten years after the first commercial sale of PH94B in such jurisdiction.

Note 7 - Note Payable - Summary of Notes Payable (Details) - Promissory Note 3.88% [Member] - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Principal balance	$ 419,100	$ 0
Accrued Interest	0	0
Total balance	$ 419,100	$ 0

Note 3 - Summary of Significant Accounting Policies - Schedule of Changes in Contract Liabilities (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
Deferred Revenue, Current	$ 1,244,000
Deferred Revenue, Current	712,300
Deferred Revenue, Non-current	1,557,600
Deferred Revenue, Non-current	2,492,200
License [Member]
Deferred Revenue, Additions	1,114,200
Deferred Revenue, Deductions	(711,300)
Deferred Revenue	2,801,600
Deferred Revenue	3,204,500
Contract with Customer, Liability, Current [Member] \| License [Member]
Deferred Revenue, Current	1,244,000
Deferred Revenue, Additions	0
Deferred Revenue, Deductions	(531,700)
Deferred Revenue, Current	712,300
Contract with Customer, Liability, Non-current [Member] \| License [Member]
Deferred Revenue, Additions	1,114,200
Deferred Revenue, Deductions	(179,600)
Deferred Revenue, Non-current	1,557,600
Deferred Revenue, Non-current	$ 2,492,200

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Common Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Additional Paid-in Capital [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Treasury Stock [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member] Retained Earnings [Member]	Conversion of Series D Preferred Stock Into Common Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Common Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Additional Paid-in Capital [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Treasury Stock [Member]	Conversion of Series C Preferred Stock to Common Stock [Member] Retained Earnings [Member]	Conversion of Series C Preferred Stock to Common Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Preferred Stock [Member] Series B Preferred Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Preferred Stock [Member] Series C Preferred Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Preferred Stock [Member] Series D Preferred Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Common Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Additional Paid-in Capital [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Treasury Stock [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member] Retained Earnings [Member]	Conversion of Series B Preferred into Common Stock, Including Accrued Dividends [Member]	Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series A Preferred Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series B Preferred Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series C Preferred Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Preferred Stock [Member] Series D Preferred Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Common Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Additional Paid-in Capital [Member]	Conversion of Series A Preferred into Common Stock [Member] Treasury Stock [Member]	Conversion of Series A Preferred into Common Stock [Member] Retained Earnings [Member]	Conversion of Series A Preferred into Common Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Preferred Stock [Member] Series D Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Mar. 31, 2021																																					500,000	1,131,669	2,318,012	402,149	180,751,234
Balances at Mar. 31, 2021																																					$ 500	$ 1,100	$ 2,300	$ 400	$ 180,800	$ 315,603,100	$ (3,968,100)	$ (219,841,700)	$ 91,978,500
Accrued dividends on Series B Preferred																																					0	0	0	0	0	(361,800)	0	0	(361,800)
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	590,400	0	0	590,400
Proceeds from exercise of warrants (in shares)																																					0	0	0	0	1,516,768
Proceeds from exercise of warrants																																					$ 0	$ 0	$ 0	$ 0	$ 1,500	1,108,200	0	0	1,109,700
Conversion of stock into common stock (in shares)	0	0	0	(402,149)	9,249,427
Conversion of stock into common stock	$ 0	$ 0	$ 0	$ (400)	$ 9,200	$ (8,800)	$ 0	$ 0	$ 0
Purchase Plan (in shares)																																					0	0	0	0	16,251
Purchase Plan																																					$ 0	$ 0	$ 0	$ 0	$ 0	31,600	0	0	31,600
Issuance of common stock upon cashless exercise of options (in shares)																																					0	0	0	0	82,504
Issuance of common stock upon cashless exercise of options																																					$ 0	$ 0	$ 0	$ 0	$ 100	0	0	0	100
Issuance of common stock upon exercise of options for cash (in shares)																																					0	0	0	0	15,824
Issuance of common stock upon exercise of options for cash																																					$ 0	$ 0	$ 0	$ 0	$ 0	12,900	0	0	12,900
Net loss																																					$ 0	$ 0	$ 0	$ 0	$ 0	0	0	(7,744,500)	(7,744,500)
Balances (in shares) at Jun. 30, 2021																																					500,000	1,131,669	2,318,012	0	191,632,008
Balances at Jun. 30, 2021																																					$ 500	$ 1,100	$ 2,300	$ 0	$ 191,600	316,975,600	(3,968,100)	(227,586,200)	85,616,900
Balances (in shares) at Mar. 31, 2021																																					500,000	1,131,669	2,318,012	402,149	180,751,234
Balances at Mar. 31, 2021																																					$ 500	$ 1,100	$ 2,300	$ 400	$ 180,800	315,603,100	(3,968,100)	(219,841,700)	91,978,500
Net loss																																													(31,074,000)
Balances (in shares) at Dec. 31, 2021																																					0	0	0	0	206,644,870
Balances at Dec. 31, 2021																																					$ 0	$ 0	$ 0	$ 0	$ 206,600	334,655,000	(3,968,100)	(250,915,700)	79,977,800
Balances (in shares) at Mar. 31, 2021																																					500,000	1,131,669	2,318,012	402,149	180,751,234
Balances at Mar. 31, 2021																																					$ 500	$ 1,100	$ 2,300	$ 400	$ 180,800	315,603,100	(3,968,100)	(219,841,700)	91,978,500
Balances (in shares) at Mar. 31, 2022																																					0	0	0	0	206,676,620
Balances at Mar. 31, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 206,700	336,080,700	(3,968,100)	(267,604,000)	64,715,300
Balances (in shares) at Jun. 30, 2021																																					500,000	1,131,669	2,318,012	0	191,632,008
Balances at Jun. 30, 2021																																					$ 500	$ 1,100	$ 2,300	$ 0	$ 191,600	316,975,600	(3,968,100)	(227,586,200)	85,616,900
Accrued dividends on Series B Preferred																																					0	0	0	0	0	(375,200)	0	0	(375,200)
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	764,500	0	0	764,500
Proceeds from exercise of warrants (in shares)																																					0	0	0	0	3,297,777
Proceeds from exercise of warrants																																					$ 0	$ 0	$ 0	$ 0	$ 3,300	3,141,800	0	0	3,145,100
Issuance of common stock upon cashless exercise of options (in shares)																																					0	0	0	0	43,622
Issuance of common stock upon cashless exercise of options																																					$ 0	$ 0	$ 0	$ 0	$ 0		0	0	0
Issuance of common stock upon exercise of options for cash (in shares)																																					0	0	0	0	83,000
Issuance of common stock upon exercise of options for cash																																					$ 0	$ 0	$ 0	$ 0	$ 100	45,000	0	0	45,100
Net loss																																					$ 0	$ 0	$ 0	$ 0	$ 0	0	0	(12,794,400)	(12,794,400)
Issuance of common stock (in shares)																																					0	0	0	0	1,502,378
Issuance of common stock																																					$ 0	$ 0	$ 0	$ 0	$ 1,500	4,256,300	0	0	4,257,800
Balances (in shares) at Sep. 30, 2021																																					500,000	1,131,669	2,318,012	0	196,558,785
Balances at Sep. 30, 2021																																					$ 500	$ 1,100	$ 2,300	$ 0	$ 196,500	324,808,000	(3,968,100)	(240,380,600)	80,659,800
Accrued dividends on Series B Preferred																																					0	0	0	0	0	(208,100)	0	0	(208,100)
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	723,800	0	0	723,800
Proceeds from exercise of warrants (in shares)																																					0	0	0	0	2,484,246
Proceeds from exercise of warrants																																					$ 0	$ 0	$ 0	$ 0	$ 2,500	1,950,100	0	0	1,952,600
Conversion of stock into common stock (in shares)										0	0	(2,318,012)	0	2,318,012					0	(1,131,669)	0	0	4,427,447					(500,000)	0	0	0	750,000
Conversion of stock into common stock										$ 0	$ 0	$ (2,300)	$ 0	$ 2,300	$ 0	$ 0	$ 0	$ 0	$ 0	$ (1,100)	$ 0	$ 0	$ 4,400	$ 7,214,500	$ 0	$ 0	$ 7,217,800	$ (500)	$ 0	$ 0	$ 0	$ 800	$ (300)	$ 0	$ 0	$ 0
Purchase Plan (in shares)																																					0	0	0	0	40,960
Purchase Plan																																					$ 0	$ 0	$ 0	$ 0	$ 0	67,800	0	0	67,800
Issuance of common stock upon exercise of options for cash (in shares)																																					0	0	0	0	50,000
Issuance of common stock upon exercise of options for cash																																					$ 0	$ 0	$ 0	$ 0	$ 100	57,900	0	0	58,000
Net loss																																					$ 0	$ 0	$ 0	$ 0	$ 0	0	0	(10,535,100)	(10,535,100)
Issuance of common stock (in shares)																																					0	0	0	0	15,420
Issuance of common stock																																					$ 0	$ 0	$ 0	$ 0	$ 0	41,300	0	0	41,300
Balances (in shares) at Dec. 31, 2021																																					0	0	0	0	206,644,870
Balances at Dec. 31, 2021																																					$ 0	$ 0	$ 0	$ 0	$ 206,600	334,655,000	(3,968,100)	(250,915,700)	79,977,800
Balances (in shares) at Mar. 31, 2022																																					0	0	0	0	206,676,620
Balances at Mar. 31, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 206,700	336,080,700	(3,968,100)	(267,604,000)	64,715,300
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	956,900	0	0	956,900
Purchase Plan (in shares)																																					0	0	0	0	75,000
Purchase Plan																																					$ 0	$ 0	$ 0	$ 0	$ 100	56,000	0	0	56,100
Issuance of common stock upon exercise of options for cash (in shares)																																					0	0	0	0	100,000
Issuance of common stock upon exercise of options for cash																																					$ 0	$ 0	$ 0	$ 0	$ 100	99,900	0	0	100,000
Net loss																																					$ 0	$ 0	$ 0	$ 0	$ 0	0	0	(19,776,300)	(19,776,300)
Balances (in shares) at Jun. 30, 2022																																					0	0	0	0	206,851,620
Balances at Jun. 30, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 206,900	337,193,500	(3,968,100)	(287,380,300)	46,052,000
Balances (in shares) at Mar. 31, 2022																																					0	0	0	0	206,676,620
Balances at Mar. 31, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 206,700	336,080,700	(3,968,100)	(267,604,000)	64,715,300
Net loss																																													(47,020,700)
Balances (in shares) at Dec. 31, 2022																																					0	0	0	0	207,052,010
Balances at Dec. 31, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 207,100	339,060,200	(3,968,100)	(314,624,700)	20,674,500
Balances (in shares) at Jun. 30, 2022																																					0	0	0	0	206,851,620
Balances at Jun. 30, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 206,900	337,193,500	(3,968,100)	(287,380,300)	46,052,000
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	1,031,800	0	0	1,031,800
Issuance of common stock upon cashless exercise of options (in shares)																																					0	0	0	0	109,390
Issuance of common stock upon cashless exercise of options																																					$ 0	$ 0	$ 0	$ 0	$ 100	(100)	0	0	0
Issuance of common stock upon exercise of options for cash (in shares)																																					0	0	0	0	11,000
Issuance of common stock upon exercise of options for cash																																					$ 0	$ 0	$ 0	$ 0	$ 0	4,400	0	0	4,400
Net loss																																					$ 0	$ 0	$ 0	$ 0	$ 0	0	0	(17,483,200)	(17,483,200)
Balances (in shares) at Sep. 30, 2022																																					0	0	0	0	206,972,010
Balances at Sep. 30, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 207,000	338,229,600	(3,968,100)	(304,863,500)	29,605,000
Stock-based compensation expense (including ESPP)																																					$ 0	$ 0	$ 0	$ 0	$ 0	746,300	0	0	746,300
Purchase Plan (in shares)																																					0	0	0	0	80,000
Purchase Plan																																					$ 0	$ 0	$ 0	$ 0	$ 100	6,900	0	0	7,000
Net loss																																					0	0	0	0	0	0	0	(9,761,200)	(9,761,200)
Increase in fair value attributable to warrant modification																																					$ 0	$ 0	$ 0	$ 0	$ 0	77,400	0	0	77,400
Balances (in shares) at Dec. 31, 2022																																					0	0	0	0	207,052,010
Balances at Dec. 31, 2022																																					$ 0	$ 0	$ 0	$ 0	$ 207,100	$ 339,060,200	$ (3,968,100)	$ (314,624,700)	$ 20,674,500

Note 8 - Capital Stock (Details Textual) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	9 Months Ended		12 Months Ended
Note 8 - Capital Stock (Details Textual) - USD ($)	May 31, 2021	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Feb. 10, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 05, 2022	May 31, 2020
Deferred Offering Costs, Noncurrent			$ 411,400	$ 411,400					$ 411,400		$ 321,800
Proceeds from Stock Options Exercised									$ 167,500
Stock Issued During Period, Value, Employee Stock Purchase Plan			$ 7,000		$ 56,100	$ 67,800	$ 31,600
Class of Warrant or Right, Warrants, Exercised, Number (in shares)									0	7,298,791	7,300,000
Class of Warrant or Right, Expired During Period (in shares)									6,878,264
Class of Warrant or Right, Expired During Period, Exercise Price (in dollars per share)									$ 1.49
Proceeds from Warrant Exercises										$ 6,207,400	$ 6,200,000	$ 6,600,000
Class of Warrant or Right, Outstanding (in shares)			2,397,594	2,397,594					2,397,594
Fair Value Adjustment of Warrants									$ 77,400	$ 0
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share)									$ 1.42
Class of Warrant or Right, Modified [Member]
Class of Warrant or Right, Outstanding (in shares)													1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)													$ 0.50
Warrants and Rights Outstanding, Term (Year)													2 years
Class of Warrant or Right, Modified [Member] \| General and Administrative Expense [Member]
Fair Value Adjustment of Warrants			$ 77,400						$ 77,400
Class of Warrant or Right Outstanding, ExpirationPeriod, March 2023 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)														$ 7.00
Warrants Expiring Prior to March 2023 [Member]
Class of Warrant or Right, Outstanding (in shares)														1,027,050
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)														$ 2.56
Amended 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)									286,000	324,449
Proceeds from Stock Options Exercised									$ 104,400	$ 116,000
Stock Issued During Period Shares Stock Options Exercised, Net (in shares)									220,390	274,950
The 2019 Employee Stock Purchase Plan [Member]
Stock Issued During Period Shares Stock Options Exercised, Net (in shares)			80,000		75,000
Stock Issued During Period, Value, Employee Stock Purchase Plan			$ 7,000		$ 56,100	$ 67,800	$ 31,600
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)						40,960	16,251
ATM Facility [Member]
Proceeds from Issuance of Common Stock									$ (89,600)	$ 4,040,100
ATM Facility [Member] \| Jefferies LLC [Member]
Stock Sales Agreement, Maximum Aggregate Offering Price	$ 75,000,000.0
Stock Issued During Period, Shares, New Issues (in shares)		1,517,798		0				0			1,517,798
Proceeds from Issuance of Common Stock		$ 4,300,000									$ 4,300,000
Deferred Offering Costs, Noncurrent			$ 89,600	$ 89,600					$ 89,600		$ 276,500