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Overview   VistaGen Therapeutics, Inc., a Nevada corporation (which may be referred to as VistaGen, the Company, we, our, or us), is a clinical-stage biopharmaceutical company committed to developing and commercializing new generation medicines to treat diseases and disorders of the central nervous system (CNS) with high unmet need. Our portfolio of three clinical-stage product candidates is currently focused predominantly on major depressive disorder (MDD) and social anxiety disorder (SAD).   MDD is a serious neurobiologically-based mood disorder, affecting approximately 16 million adults in the United States, according to the U.S. National Institutes of Health (NIH). Individuals diagnosed with MDD exhibit depressive symptoms, such as a depressed mood or a loss of interest or pleasure in daily activities, for more than a two-week period, as well as impaired social, occupational, educational or other important functioning which has a negative impact on their quality of life. Globally, MDD affects nearly 300 million people of all ages and is the leading cause of disability worldwide.   SAD affects as many as 15 million Americans and is the third most common psychiatric condition after depression and substance abuse, according to the Anxiety and Depression Association of America.. SAD is characterized by a persistent and unreasonable fear of one or more social or performance situations, where the individual fears that he or she will act in a way or show symptoms that will be embarrassing or humiliating, leading to avoidance of the situations when possible and anxiety or distress when they occur. These fears have a significant impact on the person's employment, social activities and overall quality of life. Only three drugs, all antidepressants, are approved by the U.S Food and Drug Administration (FDA) for treatment of SAD. However, for treatment of both MDD and SAD, current oral antidepressants (ADs) have slow onset of effect (often several weeks to months) and significant side effects that may make them inadequate treatment alternatives for many individuals affected by MDD and SAD.   Our most advanced product candidate, PH94B neuroactive nasal spray, is fundamentally different from all current treatments for SAD. Developed from proprietary compounds called pherines and administered as a nasal spray, PH94B activates nasal chemosensory receptors that trigger neural circuits in the brain that suppress fear and anxiety. In a published double-blind, placebo-controlled Phase 2 clinical trial, PH94B neuroactive nasal spray was significantly more effective than placebo in reducing public-speaking and social interaction anxiety on laboratory challenges of individuals with SAD. Its novel mechanism of pharmacological action, rapid-onset of therapeutic effects and exceptional safety and tolerability profile in clinical trials to date make PH94B neuroactive nasal spray an excellent product candidate with potential to become the first FDA-approved on-demand, as-needed, or PRN, treatment for SAD.   AV-101 (4-Cl-KYN), one of our two product candidates for MDD, belongs to a new generation of investigational medicines in neuropsychiatry and neurology known as NMDA (N-methyl-D-aspartate) glutamate receptor modulators. The NMDA receptor is a pivotal receptor in the brain and abnormal NMDA function is associated with multiple CNS diseases and disorders, including MDD, chronic neuropathic pain, epilepsy, Parkinson's disease levodopa-induced dyskinesia and many others. AV-101 is an oral prodrug of 7-Cl-KYNA which binds uniquely at the glycine site of the NMDA receptor and has potential to be a new at-home treatment for MDD. AV-101 is currently in Phase 2 development in the U.S. for MDD. ELEVATE is our Phase 2 multicenter, multi-dose, double blind, placebo-controlled clinical study to evaluate the efficacy and safety of AV-101 as an add-on treatment for MDD in adult patients with an inadequate therapeutic response to current FDA-approved ADs (the ELEVATE Study). We currently anticipate top line results from the ELEVATE Study in the second half of 2019. The FDA has granted Fast Track designation for development of AV-101 both as a potential add-on treatment of MDD and as a non-opioid treatment for neuropathic pain.   Our other product candidate for MDD in Phase 2 development for MDD is PH10 neuroactive nasal spray. PH10 is a potential first-in-class, CNS neurosteroid nasal spray administered in microgram doses for MDD. PH10 nasal spray activates nasal chemosensory receptors that, in turn, engage GABA (gamma-aminobutyric acid) and CRH (corticotropin-releasing hormone) neurons in the limbic amygdala system. The activation of these neural circuits is believed to have the potential to lead to rapid antidepressant effects without psychological side effects, systemic exposure or safety concerns often associated with current antidepressants. Based on positive results of a small exploratory Phase 2a study in MDD in which rapid-onset antidepressant effects were observed without psychological side effects or systemic exposure, we are preparing for planned Phase 2b clinical development of PH10 as a first-line treatment for MDD.   Additional potential indications for PH94B include post-traumatic stress disorder (PTSD) and general anxiety disorder (GAD) and others neuropsychiatric indications. Additional potential indications for AV-101 include as a non-addictive, non-sedating treatment of chronic neuropathic pain (CNP), epilepsy, and to reduce dyskinesia induced by levodopa therapy for Parkinson’s disease (PD LID).   In addition to our CNS business, we have two pipeline-enabling programs through our wholly-owned subsidiary, VistaStem Therapeutics (VistaStem). VistaStem is focused on applying pluripotent stem cell (hPSC) technology to discover, rescue, develop and commercialize proprietary new chemical entities (NCEs) for CNS and other diseases and regenerative medicine (RM) involving hPSC-derived blood, cartilage, heart and liver cells.   Our internal drug rescue programs are designed to utilize CardioSafe 3D, our customized cardiac bioassay system, to discover and develop small molecule NCEs for our CNS pipeline or for out-licensing. To advance potential RM applications of our cardiac stem cell technology, we have sublicensed to BlueRock Therapeutics LP, a next generation cell therapy and RM company established by Bayer AG and Versant Ventures (BlueRock Therapeutics), rights to certain proprietary technologies relating to the production of cardiac stem cells for the treatment of heart disease (the BlueRock Agreement). In a manner similar to the BlueRock Agreement, we may pursue additional collaborations or licensing transactions involving blood, cartilage, and/or liver cells derived from hPSCs for cell-based therapy, cell repair therapy, RM and/or tissue engineering.   Subsidiaries   As noted above, VistaStem is our wholly-owned subsidiary. Our Consolidated Financial Statements in this Annual Report on Form 10-K (Report) also include the accounts of VistaStem’s two wholly-owned inactive subsidiaries, Artemis Neuroscience, Inc., a Maryland corporation, and VistaStem Canada, Inc., a corporation organized under the laws of Ontario, Canada.

Use of Estimates   The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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, but are not limited to, those relating to stock-based compensation, revenue recognition, research and development expenses and the assumptions used to value warrants, warrant modifications and warrant liabilities.   Principles of Consolidation   The accompanying consolidated financial statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s two wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. All material intercompany accounts and transactions have been eliminated in consolidation.   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.   Property and Equipment   Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years.   Impairment of Long-Lived Assets   Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets.   Revenue Recognition   We have historically generated revenue principally from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. We adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and its related amendments, collectively referred to as ASC (Accounting Standards Codification) Topic 606, as of April 1, 2018, using the modified retrospective transition method. At adoption and currently, we have only the BlueRock Agreement as a potential revenue generating arrangement. Upon adoption of ASC Topic 606, there was no change to the units of accounting previously identified with respect to the BlueRock Agreement under legacy GAAP, which are now considered performance obligations under ASC Topic 606, and there was no change to the revenue recognition pattern for the performance obligation. Accordingly, there was no cumulative effect change to our opening accumulated deficit upon the adoption of ASC Topic 606.   Under ASC Topic 606, we recognize revenue when our customer obtains 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 Topic 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 Topic 606, we assesses 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 Topic 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.   Research and Development Expenses   Research and development expenses are composed of both internal and external costs.  Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs.  External research and development expenses consist primarily of costs associated with clinical and nonclinical development of AV-101, PH94B and PH10, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology platform. 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 the clinical trial, including levels of subject enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made 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. In September 2018, we acquired an exclusive license to develop and commercialize PH94B and an option to acquire a license to develop and commercialize PH10 by issuing an aggregate of 1,630,435 unregistered shares of our common stock having a fair market value of $2,250,000. In October 2018, we exercised our option to acquire an exclusive license to develop and commercialize PH10 by issuing 925,926 shares of our unregistered common stock having a fair market value of $2,000,000. Since, at the date of each acquisition, neither product candidate had achieved regulatory approval and each will require significant additional development and expense, we recorded the costs related to acquiring the licenses and the option as research and development expense.   Stock-Based Compensation   We recognize compensation cost for all stock-based awards to employees and non-employee consultants based on the grant date fair value of the award.  We record stock-based compensation expense over the period during which the employee 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 nor do we have any awards with market or performance conditions.  For option grants to non-employees, we have historically re-measured the fair value of the awards as they vest and any resulting increase in value has been recognized as an expense during the period over which the services are performed. Noncash expense attributable to compensatory grants of 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 expensed ratably over the term of the related service agreement, depending on the terms of the specific agreement.   Income Taxes   We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized.   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 investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.   Fair Value Measurements   We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. When applicable, we follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability.  Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters.  Where observable prices or inputs are not available, valuation models are applied.  These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instrument’s complexity.  The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 1 — Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 3 — Unobservable inputs (i.e., inputs that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in estimating the fair value of an asset or liability) are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</td></tr> </table>   A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then we estimate fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy.   We carried no assets or liabilities that are measured on a recurring basis at fair value at March 31, 2019 or 2018.   Warrants Issued in Connection with Equity Financing   We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash or the warrants contain other features requiring them to be treated as liabilities. For warrants issued with the possibility of cash settlement, or otherwise requiring liability treatment, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as noncash gain or loss in the Consolidated Statements of Operations and Comprehensive Loss.   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 Attributable to Common Stockholders   Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual for dividends on our Series B Preferred and, for the fiscal year ended March 31, 2018, the deemed dividend attributable to the trigger of a down-round provision feature (refer to Note 9, Capital Stock, for a description of this adjustment), 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. In calculating diluted net loss attributable to common stockholders per share, we have generally not increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method because the result is antidilutive.   As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive.   Basic and diluted net loss attributable to common stockholders per share was computed as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Net loss attributable to common stockholders for basic and diluted earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; padding-bottom: 2.5pt; padding-left: 27pt">per share</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(25,729,500</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(15,575,500</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 27pt"> Weighted average basic and diluted common shares outstanding</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">28,562,490</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">13,890,041</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Basic and diluted net loss attributable to common stockholders per common share</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(1.12</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> </table>   Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2019 and 2018 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">As of March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%">Series A Preferred stock issued and outstanding (1)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">750,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">750,000</td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td>Series B Preferred stock issued and outstanding (2)</td> <td> </td> <td> </td> <td style="text-align: right">1,160,240</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,160,240</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Series C Preferred stock issued and outstanding (3)</td> <td> </td> <td> </td> <td style="text-align: right">2,318,012</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,318,012</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Outstanding options under the Amended and Restated 2016 (formerly 2008) Stock Incentive Plan</td> <td> </td> <td> </td> <td style="text-align: right">6,626,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,300,338</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Outstanding warrants to purchase common stock</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">21,453,402</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16,603,516</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double"> </td> <td style="border-bottom: black 1pt double; text-align: right">32,307,742</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double"> </td> <td style="border-bottom: black 1pt double; text-align: right">26,132,106</td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td>____________</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Recent Accounting Pronouncements   We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company.   In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), which will replace the existing guidance in ASC 840, Leases, and which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance for operating leases. This standard becomes effective for our fiscal year beginning April 1, 2019. We estimate that we will record lease liabilities of approximately $4.5 million and right-of-use assets approximating $4.1 million upon implementation of ASC 842. We have evaluated our contracts with clinical research and manufacturing organizations and determined that such contracts do not contain embedded leases.   In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07). ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and non-employees. Under ASU 2018-07, the existing guidance regarding share-based transactions with employees will apply to share-based transactions with non-employees, as long as the transaction is not effectively a form of financing, with the exception of specific guidance related to the attribution of compensation cost. The cost of non-employee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term may be used in lieu of an expected term in the option-pricing model for non-employee awards. ASU 2018-07 is effective for our fiscal year beginning April 1, 2019. We are evaluating the impact of this new guidance, but we do not believe that our adoption of ASU 2018-17 will have a material impact on our consolidated financial statements.   In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (ASU 2017-11). Part I of this ASU provides that an entity will no longer have to consider “down round” features (i.e., a provision in an equity-linked financial instrument, such as a free-standing warrant, or an embedded feature, such as a conversion option in a convertible instrument, that reduces the exercise price of such instrument if the entity subsequently sells stock for a lower price or issues an equity-linked instrument with a lower exercise price) when determining whether certain equity-linked financial instruments or embedded features are indexed to its own stock. The definition of a down round feature in ASU 2017-11 excludes standard antidilution provisions related to changes in an entity’s capital structure. Accounting Standards Codification Topic 815-40, “Derivatives and Hedging–Contracts in Entity’s Own Equity” (ASC 815-40) requires that a freestanding equity-linked financial instrument be indexed to the issuer’s own stock to be classified as equity. An equity-linked embedded feature that meets the definition of a derivative may avoid bifurcation and derivative accounting if it is indexed to the issuer’s own stock. Under the terms of prior guidance, a freestanding financial instrument or embedded feature was not considered indexed to the issuer’s own stock if it had a down round provision. Consequently, the freestanding financial instrument was classified as a liability (or asset), and if it met the definition of a derivative, was measured at fair value with changes in fair value recorded through earnings. Similarly, an embedded feature was bifurcated and separately accounted for as a derivative if it met all other criteria for bifurcation under ASC 815-40. The bifurcated embedded feature was also measured at fair value through earnings. Under the provisions of ASU 2017-11, an entity that presents earnings per share (EPS) under Accounting Standards Codification Topic 260, “Earnings Per Share” will recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. The new guidance requires new disclosures for financial instruments with down round features and other terms that change conversion or exercise prices. Part I of ASU 2017-11 became effective for fiscal years beginning after December 15, 2018, however early adoption was permitted. We early-adopted ASU 2017-11 effective for our fiscal quarter ended September 30, 2017 and applied its guidance to certain of the warrants issued in the September 2017 Public Offering, as described more completely in Note 9, Capital Stock. No retrospective adjustment to our consolidated financial statements was required as a result of our adoption of ASU 2017-11.   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), to provide guidance on revenue recognition. In August 2015 and March, April, May and December 2016, the FASB issued additional amendments to the new revenue guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations, licensing arrangements, collectability, noncash consideration, presentation of sales tax, transition, and clarifying examples. Collectively these are referred to as ASC Topic 606, which replaces all legacy GAAP guidance on revenue recognition and eliminates all industry-specific guidance. The new revenue recognition guidance provides a unified model to determine how revenue is recognized. The core principal of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC Topic 606 defines a five-step process to achieve this core principal which may require entities to use more judgment and make more estimates than under legacy guidance. These estimates and judgments include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each distinct performance obligation. We adopted ASC Topic 606 as of April 1, 2018, using the modified retrospective transition method, applying the new guidance to the most current period presented. At adoption and currently, we have only the BlueRock Agreement as a potential revenue generating arrangement. We identified no change to the units of accounting previously identified with respect to that contract under legacy GAAP, which are now considered performance obligations under ASC Topic 606, nor did we identify any change to the revenue recognition pattern for the performance obligation. Accordingly, we did not recognize a cumulative effect change to our opening accumulated deficit upon our adoption of ASC Topic 606.   In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under ASC 718. Under this guidance, an entity will not apply modification accounting to a share-based payment award if all of the following remain unchanged immediately before and after the change of terms and conditions:   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 24px">●</td> <td style="text-align: justify">The award’s fair value (or calculated value or intrinsic value, if those measurement methods are used),</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 24px">●</td> <td style="text-align: justify">The award’s vesting conditions, and</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 24px">●</td> <td style="text-align: justify">The award’s classification as an equity or liability instrument.</td></tr> </table>   We adopted ASU 2017-09 effective for our fiscal year beginning April 1, 2018. Our adoption of ASU 2017-09 did not have a material impact on our financial statements.   Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption.

This amount reflects the balance of a prepayment made to a supplier that is to be refunded due to the termination of the underlying contract prior to March 31, 2019. Prepaid expenses and other current assets consist of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left"> AV-101 and PH94B materials and contract services</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">5,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">505,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Fair value of securities issued for professional services</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">105,900</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> Insurance</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">96,300</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">88,300</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Public offering filing fees and expenses</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">22,300</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">25,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">20,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">24,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">250,900</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">644,800</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

Property and equipment consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">892,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Tenant improvements</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">214,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Computers and network equipment</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Office furniture and equipment</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">84,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">79,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,246,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,049,500</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Accumulated depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(933,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(842,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Property and equipment, net</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">312,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">207,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>     The increase in tenant improvements reflects recently completed construction at our South San Francisco, California offices. Under the terms of our November 2016 lease extension agreement, our landlord has provided a cash reimbursement of $158,600 of such tenant improvement costs. Such reimbursement is a component of the deferred rent liability shown on our Consolidated Balance Sheet at March 31, 2019.    The following table summarizes depreciation and amortization expense attributable to owned and leased property and equipment for the fiscal years ended March 31, 2019 and 2018:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left"> Owned assets</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">88,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">77,800</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Leased assets</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">91,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">80,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   Other than certain leased office equipment, none of our assets were subject to third party security interests at March 31, 2019 or 2018.

Accrued expenses consist of:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Accrued AV-101 clinical trial, development, and</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left">      related expenses</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,067,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">176,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Accrued compensation</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">439,200</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Accrued professional services</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">172,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">27,000</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">6,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,685,600</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">206,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

The following table summarizes our notes payable:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center">Principal</td><td style="font-size: 8pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center">Accrued</td><td> </td> <td colspan="3"> </td><td style="font-size: 8pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center">Principal</td><td style="font-size: 8pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center">Accrued</td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 22%; font-size: 8pt; text-align: left">7.75% (2019) and 7.15% (2018) Notes payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">to insurance premium financing company (current)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">57,300</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">57,300</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">53,900</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">53,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> </table>   In February 2018, we executed a 7.15% promissory note in the principal amount of $59,700 in connection with certain insurance policy premiums. That note was payable in monthly installments of $6,200, including principal and interest, through December 2018, when it was paid in full. In May 2018, we executed a 6.50% promissory note in the principal amount of $160,500 in connection with other insurance policy premiums. That note was payable in monthly installments of $16,500, including principal and interest, through March 2019, when it was paid in full. In February 2019, we executed a 7.75% promissory note in the face amount of $63,500 in connection with other insurance policy premiums. The note is payable in monthly installments of $6,600, including principal and interest, through December 2019, and has an outstanding balance of $57,300 at March 31, 2019.

Common Stock   At our Annual Meeting of Stockholders on September 15, 2017, as approved by and recommended to our stockholders by our Board of Directors (Board), our stockholders approved an amendment to our Restated Articles of Incorporation to increase the authorized number of shares of common stock that we may issue from 30.0 million shares to 100.0 million shares. The amendment became effective on September 15, 2017, upon our filing of a certificate of amendment with the Nevada Secretary of State. In connection with the underwritten public offering of our common stock and warrants in May 2016, our common stock was approved for listing on the Nasdaq Capital Market. Our common stock has been trading on the Nasdaq Capital Market under the symbol “VTGN” since May 11, 2016.   Series A Preferred Stock   In December 2011, our Board authorized the creation of a series of up to 500,000 shares of Series A Preferred, par value $0.001 (Series A Preferred).  Each restricted share of Series A Preferred is currently convertible at the option of the holder into one and one-half restricted shares of our common stock.  The Series A Preferred ranks prior to the common stock for purposes of liquidation preference.   The Series A Preferred has no separate dividend rights, however, whenever the Board declares a dividend on the common stock, each holder of record of a share of Series A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of common stock multiplied by the number of shares of common stock into which such share of Series A Preferred could be converted on the applicable record date.   Except with respect to transactions upon which the Series A Preferred shall be entitled to vote separately as a class, the Series A Preferred has no voting rights. The restricted common stock into which the Series A Preferred is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding shares of our common stock.   In the event of the liquidation, dissolution or winding up of our affairs, after payment or provision for payment of our debts and other liabilities, the holders of Series A Preferred then outstanding shall be entitled to receive distributions out of our assets, if any, an amount per share of Series A Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series A Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series A Preferred can be converted before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock.   At March 31, 2019 and 2018, there were 500,000 restricted shares of Series A Preferred outstanding, convertible into 750,000 shares of our common stock at the option of the two respective holders.   Series B Preferred Stock   In July 2014, our Board authorized the creation of a class of Series B Preferred Stock, par value $0.001 (Series B Preferred). In May 2015, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Preferred Stock of VistaGen Therapeutics, Inc. (Certificate of Designation) with the Nevada Secretary of State to designate 4.0 million shares of our authorized preferred stock as Series B Preferred.   Each share of Series B Preferred is convertible, at the option of the holder (Voluntary Conversion), into one (1) share of our common stock, subject to adjustment only for customary stock dividends, reclassifications, splits and similar transactions set forth in the Certificate of Designation. Outstanding shares of Series B Preferred are also convertible automatically on a one-to-one basis into shares of our common stock (Automatic Conversion) upon the closing or effective date of any of the following transactions or events: (i) a strategic transaction involving AV-101 with an initial up-front cash payment to us of at least $10.0 million; (ii) a registered public offering of our common stock with aggregate gross proceeds to us of at least $10.0 million; or (iii) for 20 consecutive trading days, our common stock trades at least 20,000 shares per day with a daily closing price of at least $12.00 per share; provided, however, that Automatic Conversion and Voluntary Conversion (collectively, Conversion) are subject to certain beneficial ownership blockers as set forth in the Certificate of Designation and/or securities purchase agreements. Following the completion of our underwritten public offering in May 2016, which occurred concurrently with and facilitated the listing of our common stock on the NASDAQ Capital Market, approximately 2.4 million shares of Series B Preferred were converted automatically into approximately 2.4 million shares of our common stock pursuant to the Automatic Conversion provision. There have been no conversions of Series B Preferred since August 2016.   Prior to Conversion, shares of Series B Preferred accrue in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10% per annum (Accrued Dividends).  The Accrued Dividends are payable on the date of either a Voluntary Conversion or Automatic Conversion in that number of shares of common stock equal to the Accrued Dividends. At March 31, 2019, we have recognized a liability in the amount of $3,748,200 for Accrued Dividends in the accompanying Consolidated Balance Sheet at March 31, 2019, based on the Series B Preferred issued and outstanding through that date. We have recognized a deduction from net loss of $1,139,900 and $1,030,400 related to dividends on Series B Preferred in arriving at net loss attributable to common stockholders in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2019 and 2018, respectively.   In the event of the liquidation, dissolution or winding-up of our affairs, after payment or provision for payment of our debts and other liabilities, the Holders of the Series B Preferred then outstanding shall be entitled to receive distributions out of our assets, if any, an amount equal to the Stated Value of the Series B Preferred ($7.00 per share), plus any accrued and unpaid dividends thereon, before any distribution or payment shall be made to the holders of any junior securities, including holders of our common stock. If our assets are insufficient to pay, in full, such amounts, then the entire assets to be distributed to the holders of the Series B Preferred shall be ratably distributed among the holders in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full. Upon liquidation, each share of Series B Preferred ranks pari-passu with our Series A Preferred and our Series C Preferred (defined below).The liquidation value of the Series B Preferred at March 31, 2019 is approximately $11,869,800.   At March 31, 2019 and 2018, there were 1,160,240 shares of Series B Preferred outstanding, which shares are subject to beneficial ownership blockers and are exchangeable at the option of the two respective holders by Voluntary Conversion, or pursuant to Automatic Conversion to the extent not otherwise subject to beneficial ownership blockers, into an aggregate of 1,160,240 shares of our common stock, excluding shares of our common stock which may be issued in payment of Accrued Dividends upon conversion.   Series C Preferred Stock   In January 2016, our Board authorized the creation of and, accordingly, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock of VistaGen Therapeutics, Inc. (the Series C Preferred Certificate of Designation) with the Nevada Secretary of State to designate 3.0 million shares of our preferred stock, par value $0.001 per share, as Series C Convertible Preferred Stock (Series C Preferred).   In the event of the liquidation, dissolution or winding up of our affairs, after payment or provision for payment of our debts and other liabilities, the holders of Series C Preferred then outstanding shall be entitled to receive, out of our assets, if any, an amount per share of Series C Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series C Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series C Preferred can be exchanged before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock. Upon liquidation, each share of Series C Preferred ranks pari-passu with our Series B Preferred and our Series A Preferred.   Each share of Series C Preferred is convertible, at the option of the holder into one share of our common stock, subject to certain beneficial ownership limitations as set forth in the Series C Preferred Certificate of Designation. Shares of the Series C Preferred do not accrue dividends, and holders of the Series C Preferred have no voting rights. At March 31, 2019 and 2018, one holder and its affiliates held all 2,318,012 outstanding shares of Series C Preferred.   Common Stock and Warrants Issued in September 2017 Public Offering   On September 6, 2017, we completed a public offering of units consisting of shares of common stock and Series A1 and A2 common stock purchase warrants to two of our existing institutional investors (the September 2017 Public Offering), resulting in gross proceeds of approximately $2.4 million. We issued an aggregate of 1,371,430 shares of our common stock, Series A1 Warrants to purchase up to 1,388,931 shares of common stock and Series A2 Warrants to purchase up to 503,641 of common stock (collectively, the Warrants), each exercisable for $1.82 per share. The Series A1 Warrants became exercisable by the investors for a five-year period commencing on March 7, 2018, and the Series A2 Warrants were immediately exercisable at any time through September 6, 2022. The common stock and the shares of common stock underlying the Warrants issued in the September 2017 Public Offering were offered, issued and sold pursuant to our S-3 Registration Statement (Registration No. 333-215671) that had previously been declared effective by the Securities and Exchange Commission (the Commission) to cover this and potential future sales of our equity securities in one or more public offerings from time to time. We received net proceeds of approximately $2.0 million from the September 2017 Public Offering, after deducting underwriter’s commission and other expenses related to the offering.   The Series A1 Warrants to purchase an aggregate of 1,388,931 shares of our common stock issued in the September 2017 Public Offering have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and, accordingly, we accounted for them as equity warrants. The Series A2 Warrants to purchase an aggregate of 503,641 shares of our common stock contained anti-dilution protection provisions that would take effect upon the issuance of any common stock, securities convertible into common stock or certain other issuances at a price below the then-current ($1.82 per share) exercise price of the Series A2 Warrants, with certain exceptions; provided, however, that such anti-dilution protection would terminate automatically on the trading day following the date on which we raised at least $20.0 million in aggregate gross proceeds through one or more issuances of common stock or equity-linked securities. The anti-dilution protection provisions in the Series A2 Warrants constituted a down round feature subject to the guidance in ASU 2017-11. Since the Series A2 Warrants contained no other provisions which required their treatment as liability warrants rather than equity warrants, including exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend and which are also present in the Series A1 Warrants, we also accounted for the Series A2 Warrants as equity warrants. The anti-dilution protection provisions of the Series A2 Warrants were triggered upon our issuance of common stock and warrants in the December 2017 Public Offering (defined below) at a price below the Series A2 Warrants’ then-current $1.82 per share exercise price.   Common Stock and Warrants Issued in December 2017 Public Offering and Trigger of Anti-Dilution Protection Provisions of Series A2 Warrants Issued in September 2017 Public Offering   On December 13, 2017, we completed a public offering of units consisting of shares of common stock and common stock purchase warrants at a combined public offering price of $1.50 per share and related warrant (the December 2017 Public Offering), resulting in gross proceeds of $15.0 million. We issued an aggregate of 10,000,000 shares of our common stock and warrants to purchase up to 10,000,000 shares of our common stock at an exercise price of $1.50 per share (the December 2017 Offering Warrants). The common stock and the shares of common stock underlying the December 2017 Offering Warrants issued in the December 2017 Public Offering were offered, issued and sold pursuant to our Registration Statement on Form S-1 (Registration No. 333-221009) that was declared effective by the Commission on December 11, 2017. The December 2017 Offering Warrants are exercisable at any time through December 13, 2022, have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and do not contain any cashless exercise features as long as our Registration Statement on Form S-1 (Registration No. 333-221009) is effective. Accordingly, we accounted for the December 2017 Offering Warrants as equity warrants. We received net proceeds of approximately $13.6 million from the December 2017 Public Offering, after deducting underwriter’s commission and other expenses related to the offering.   Our sale of units consisting of common stock and warrants in the December 2017 Public Offering at an offering price of $1.50 per unit triggered the anti-dilution provisions of the Series A2 Warrants. In accordance with the anti-dilution terms and formula contained in the Series A2 warrants, the exercise price of the Series A2 Warrants was reduced to $0.001 per share. In December 2017 and January 2018, the holders exercised the reset Series A2 warrants to purchase an aggregate of 503,641 shares of our common stock from which we received nominal cash proceeds. In accordance with the guidance in ASU 2017-11, we recognized the effect of triggering the down round feature as a deemed dividend in our Consolidated Statements of Stockholders’ Equity for the fiscal year ended March 31, 2018 and as an increase in net loss attributable to common stockholders and in our calculation of basic and fully diluted earnings per share in our Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018.   We calculated the deemed dividend from the trigger of the down round provision feature, $199,200, using the Black-Scholes Option Pricing Model and the assumptions indicated in the table below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-reset</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-reset</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.17</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.17</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">1.82</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.001</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.09</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining contractual term in years</td> <td> </td> <td> </td> <td style="text-align: right">4.73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.73</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">97.8</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">97.8</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of warrant shares</td> <td> </td> <td> </td> <td style="text-align: right">503,641</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">503,641</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.77</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.17</td> <td> </td></tr> </table>   Common Stock Issued in Spring 2019 Public Offering   During the quarter ended March 31, 2019, we completed an underwritten public offering of 11,500,000 shares of our common stock, including the overallotment option, at a public offering price of $1.00 per share, resulting in gross proceeds to us of $11,500,000, pursuant to our shelf registration statement on Form S-3 (File No. 333-215671), previously filed with the Commission (the Spring 2019 Public Offering). We received net proceeds of approximately $10.4 million after deducting underwriter’s commission and offering expenses.   Common Stock and Warrants Issued in Private Placements in our Fiscal Year Ended March 31, 2018   During the quarter ended June 30, 2017, in self-placed private placement transactions, we accepted subscription agreements from individual accredited investors, pursuant to which we sold to such investors units, at a weighted average purchase price of $2.00 per unit, consisting of an aggregate of 437,751 unregistered shares of our common stock and warrants, exercisable through April 30, 2021, to purchase an aggregate of 218,875 unregistered shares of our common stock at a weighted average exercise price of $3.99 per share. The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received aggregate cash proceeds of $873,300 in connection with these self-placed private placement transactions, and the entire amount of the proceeds was credited to stockholders’ equity.   During the quarter ended September 30, 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 28,572 shares of our unregistered common stock and warrants exercisable through April 30, 2021 to purchase 28,572 unregistered shares of our common stock at an exercise price of $4.00 per share. The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received cash proceeds of $50,000 from this sale of our securities, and the entire amount of the proceeds was credited to stockholders’ equity.   During the quarter ended December 31, 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 150,000 shares of our unregistered common stock and warrants exercisable through November 30, 2021 to purchase 150,000 unregistered shares of our common stock at an exercise price of $2.00 per share. The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until six months and one day following the date of issuance. We received cash proceeds of $150,000 from this sale of our securities, and the entire amount of the proceeds was credited to stockholders’ equity.   Common Stock and Warrants Issued in Summer 2018 Private Placement   Between June 2018 and October 2018, we completed a self-placed private placement with accredited investors, pursuant to which we sold units, at a purchase price of $1.25 per unit, consisting of 4,605,000 unregistered shares of our common stock and warrants, exercisable through February 28, 2022, to purchase 4,605,000 unregistered shares of our common stock at an exercise price of $1.50 per share (the Summer 2018 Private Placement). The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants are not exercisable until at least six months and one day following the date of issuance. We received aggregate cash proceeds of $5,756,200 in connection with the Summer 2018 Private Placement and the entire amount of the proceeds was credited to stockholders’ equity.   Common Stock and Warrants Issued in Fall 2018 Private Placement   The Summer 2018 Private Placement was oversubscribed. To accommodate additional investor interest, during October 2018, we accepted subscription agreements from accredited investors, pursuant to which we sold to such investors units, at a unit purchase price equal to $0.15 above the closing quoted market price of our common stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement, consisting of an aggregate of 420,939 unregistered shares of our common stock and four-year, immediately exercisable warrants to purchase 420,939 unregistered shares of our common stock at a per share exercise price equal to the closing quoted market price of our common stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement (the Fall 2018 Private Placement). The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. We received aggregate cash proceeds of $812,500 in connection with the Fall 2018 Private Placement and settled an outstanding professional service payable by accepting a subscription agreement in the amount of $40,000 and issuing the corresponding number of shares of common stock and warrants. The entire amount of the proceeds of the Fall 2018 Private Placement was credited to stockholders’ equity. The fair value of the common stock and warrant issued in the Fall 2018 Private Placement in settlement of the professional services payable was determined to be $62,700 on the effective date of the agreement. Accordingly, we recognized a loss on extinguishment of accounts payable in the amount of $22,700 in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2019.   Modification of Warrants issued in Summer 2018 Private Placement   Subsequent to the completion of the Summer 2018 Private Placement, we amended warrants to purchase an aggregate of 304,000 shares of our common stock issued to investors who submitted Summer 2018 Private Placement subscription agreements between October 3, 2018 and October 5, 2018 to increase the exercise price of their warrants from $1.50 per share to $1.59 per share or $1.69 per share, depending on the effective date of the related subscription agreement, to comply with certain provisions of The Nasdaq Stock Market Rules applicable to the private placement. As additional consideration for agreeing to the increase in the warrant exercise price, we granted the investors additional warrants to purchase an aggregate of 23,800 unregistered shares of our common stock at an exercise price of $1.75 per share through February 28, 2022. We calculated the fair value of the modified warrants immediately before and after the modification using the Black Scholes Option Pricing Model and determined that the increase in the exercise price resulted in a decrease in the fair value of the warrants, which decrease is not recognized. We calculated the fair value of the new warrants using the Black-Scholes Option Pricing Model and the weighted average assumptions indicated in the table below, recognizing $25,800 as the fair value of the new warrants and as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2019.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">New Warrants</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.80</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">1.75</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.83</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining contractual term in years</td> <td> </td> <td> </td> <td style="text-align: right">3.25</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">88.80</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of warrant shares</td> <td> </td> <td> </td> <td style="text-align: right">23,800</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Weighted average fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">1.08</td> <td> </td></tr> </table>   Issuance of Common Stock for Product Licenses and Option   As indicated in Note 1, Description of Business, and Note 3, Summary of Significant Accounting Policies, in September 2018 we issued an aggregate of 1,630,435 shares of our unregistered common stock having a fair market value of $2,250,000, based on the $1.38 per share quoted closing market price of our common stock on the Nasdaq Capital Market, to Pherin to acquire an exclusive worldwide license to develop and commercialize PH94B and an option to acquire a similar license for PH10. In October 2018, we exercised our option to acquire an exclusive worldwide license to develop and commercialize PH10 by issuing 925,926 shares of our unregistered common stock having a fair market value of $2,000,000, based on the $2.16 per share closing quoted market price of our common stock on the Nasdaq Capital Market, to Pherin under the terms of the PH10 license agreement. Under the terms of the PH94B and PH10 license agreements, we are obligated to make additional cash payments and pay royalties to Pherin in the event that certain regulatory and performance-based milestones and commercial sales are achieved. Additionally, in connection with the license agreements, we are obligated to pay to Pherin monthly support payments of $10,000 for a term of the earlier of 18 months or the termination of the license agreement, however no monthly support payment is required under the 18-month period identified in the PH10 license agreement if support payments are being made under the terms of the PH94B license agreement.   Issuance of Common Stock and Warrants to Professional Services Providers and in Settlement of Accounts Payable   During our fiscal years ended March 31, 2018 and 2019, we issued the following securities in private placement transactions as compensation for various professional services. Unless otherwise noted, we recorded the related noncash expense as a component of general and administrative expense in the Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2018 and 2019, as appropriate.   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended September 30, 2017, we issued an aggregate of 927,500 unregistered shares of our common stock, of which 477,500 shares were issued from our 2016 Plan, for various professional services, including contract research, legal, investor relations and financial advisory services. The common stock issued had an aggregate fair value of $1,503,600 on the dates issued, of which all but $117,300 has been recognized as noncash expense through March 31, 2018. The un-expensed portion at March 31, 2018, which is included in prepaid expenses in our accompanying Consolidated Balance Sheet, is being recognized in expense ratably through July 2019 in accordance with the terms of work orders for certain contract research services to be provided through that period.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended December 31, 2017, we issued an aggregate of 70,000 unregistered shares of our common stock, all of which were issued from our Amended and Restated 2016 Stock Incentive Plan for additional investor relations and financial advisory services. The common stock issued had an aggregate fair value of $140,800 on the dates issued.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended December 31, 2017, we also issued 500,000 unregistered shares of our common stock having a fair value at the time of issuance of $585,000 and a cash payment of $76,500 to our contract manufacturing organization (CMO) in exchange for and settlement of $526,500 of open accounts payable for services provided by the CMO relating to production of AV-101 drug substance. We recognized a corresponding loss on settlement of accounts payable in the amount of $135,000 in the Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended March 31, 2018, we issued 30,000 unregistered shares of our common stock to a provider of investor relations and financial advisory services. The common stock issued had an aggregate fair value of $39,000 on the date issued.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended June 30, 2018, we issued an aggregate of 100,000 unregistered shares of our common stock having a fair value on the dates of issuance of $123,000 as full or partial compensation to an investor relations service provider and under a financial advisory agreement.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended September 30, 2018, we issued 50,000 shares of our unregistered common stock having a fair value on the date of issuance of $68,000 as partial compensation to a corporate awareness service provider.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended September 30, 2018, we also issued four-year warrants to three service providers to purchase an aggregate of 288,000 unregistered shares of our common stock at an exercise price of $1.50 per share as full or partial compensation for investor relations and corporate awareness services. We valued the warrants at an aggregate fair value of $266,900 using the Black-Scholes Option Pricing Model and the following grant date weighted average assumptions: exercise price per share: $1.50; market price per share: $1.40; risk-free interest rate: 2.71%; contractual term: 4 years; volatility: 94.17%; dividend rate: 0%; deriving a value per warrant share of $0.93. The fair value of the common stock and warrants is being recognized in expense ratably over the term of the underlying contracts.</td></tr> </table>   <table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in">●</td> <td style="padding: 0.75pt; text-align: justify">During the quarter ended March 31, 2019, we issued 25,000 registered shares of our common stock having a fair value of $41,500 on the date of issuance from our Amended and Restated 2016 Stock Incentive Plan to an investor relations and social media service provider. The fair value of the common stock is being recognized in expense ratably over the term of the underlying contract.</td></tr> </table>   Stock Option Exercises   During the quarter ended March 31, 2019, our Chief Executive Officer and Chief Scientific Officer and a member of our Board exercised outstanding stock options to purchase an aggregate of 29,250 shares of our common stock and we received cash proceeds of $43,900.   Warrant Modifications   In addition to the Summer 2018 Private Placement warrants modified during our fiscal year ended March 31, 2019, we modified other outstanding warrants during our fiscal year ended March 31, 2018.   During the quarter ended September 30, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares issuable thereunder. We calculated the fair value of the warrant 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, $279,700, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-modification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-modification</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.54</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.54</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">3.99</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.00</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.62</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.62</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining contractual term in years</td> <td> </td> <td> </td> <td style="text-align: right">3.62</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.62</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">95.5</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">95.5</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of warrant shares</td> <td> </td> <td> </td> <td style="text-align: right">247,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">495,001</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Weighted average fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.71</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.92</td> <td> </td></tr> </table>   During the quarter ended December 31, 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between August 2017 and November 2017 to reduce the exercise prices of the warrants. We calculated the fair value of the warrants 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, $13,000, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-modification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-modification</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.14</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.14</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">2.32</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.58</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.12</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.12</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining contractual term in years</td> <td> </td> <td> </td> <td style="text-align: right">3.85</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.85</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">98.7</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">98.7</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of warrant shares</td> <td> </td> <td> </td> <td style="text-align: right">178,572</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">178,572</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Weighted average fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.64</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.71</td> <td> </td></tr> </table>   Warrants Outstanding   The following table summarizes outstanding and exercisable warrants to purchase shares of our common stock as of March 31, 2019.  The weighted average exercise price of outstanding and exercisable warrants at March 31, 2019 was $2.53 per share and $2.57 per share, respectively.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center">Exercise Price</td> <td> </td> <td style="text-align: center">  Expiration</td> <td> </td> <td colspan="2" style="text-align: center">Warrants Outstanding at</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Warrants Exercisable at</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">per Share</td> <td style="padding-bottom: 1.5pt"> </td> <td> Date</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">March 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">March 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">1.50</td> <td style="width: 2%"> </td> <td style="width: 28%; text-align: center">11/30/2021 to 12/13/2022</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 19%; text-align: right">14,335,200</td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 19%; text-align: right">13,857,200</td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.59</td> <td> </td> <td style="text-align: center">2/28/2022</td> <td> </td> <td> </td> <td style="text-align: right">292,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.69</td> <td> </td> <td style="text-align: center">2/28/2022</td> <td> </td> <td> </td> <td style="text-align: right">12,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.70</td> <td> </td> <td style="text-align: center">10/5/2022</td> <td> </td> <td> </td> <td style="text-align: right">182,434</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">182,434</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.75</td> <td> </td> <td style="text-align: center">2/28/2022</td> <td> </td> <td> </td> <td style="text-align: right">23,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.80</td> <td> </td> <td style="text-align: center">10/10/2022</td> <td> </td> <td> </td> <td style="text-align: right">115,385</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">115,385</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.82</td> <td> </td> <td style="text-align: center">3/7/2023</td> <td> </td> <td> </td> <td style="text-align: right">1,388,931</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,388,931</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">2.00</td> <td> </td> <td style="text-align: center">4/30/2021</td> <td> </td> <td> </td> <td style="text-align: right">523,573</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">523,573</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">2.20</td> <td> </td> <td style="text-align: center">10/19/2022</td> <td> </td> <td> </td> <td style="text-align: right">106,383</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">106,383</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">2.24</td> <td> </td> <td style="text-align: center">10/16/2022</td> <td> </td> <td> </td> <td style="text-align: right">16,737</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">16,737</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">3.51</td> <td> </td> <td style="text-align: center">12/31/2021</td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">4.50</td> <td> </td> <td style="text-align: center">9/26/2019</td> <td> </td> <td> </td> <td style="text-align: right">25,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,000</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">5.30</td> <td> </td> <td style="text-align: center">5/16/2021</td> <td> </td> <td> </td> <td style="text-align: right">2,705,883</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,705,883</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">6.00</td> <td> </td> <td style="text-align: center">9/26/2019 to 11/30/2019</td> <td> </td> <td> </td> <td style="text-align: right">97,750</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">97,750</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">7.00</td> <td> </td> <td style="text-align: center">1/11/2020 to 3/3/2023</td> <td> </td> <td> </td> <td style="text-align: right">1,262,878</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,262,878</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">8.00</td> <td> </td> <td style="text-align: center">3/25/2021</td> <td> </td> <td> </td> <td style="text-align: right">185,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">185,000</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">10.00</td> <td> </td> <td style="text-align: center">1/11/2020</td> <td> </td> <td> </td> <td style="text-align: right">20,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">20,000</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">20.00</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center">9/15/2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">110,448</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">110,448</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt double"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt double; text-align: right">21,453,402</td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt double; text-align: right">20,647,602</td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Reserved Shares   At March 31, 2019, we have reserved shares of our common stock for future issuance as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 88%">Upon exchange of all shares of Series A Preferred currently issued and outstanding (1)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">750,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Upon exchange of all shares of Series B Preferred currently issued and outstanding (2)</td> <td> </td> <td> </td> <td style="text-align: right">5,096,738</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Upon exchange of all shares of Series C Preferred currently issued and outstanding (3)</td> <td> </td> <td> </td> <td style="text-align: right">2,318,012</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Pursuant to warrants to purchase common stock:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>    Subject to outstanding warrants</td> <td> </td> <td> </td> <td style="text-align: right">21,453,402</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Pursuant to stock incentive plan:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>    Subject to outstanding options under the Amended and Restated 2016 Stock Incentive  Plan</td> <td> </td> <td> </td> <td style="text-align: right">6,626,088</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>    Available for future grants under the Amended and Restated 2016 Stock Incentive Plan</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,607,162</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,233,250</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double"> </td> <td style="border-bottom: black 1pt double; text-align: right">38,851,402</td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td>____________</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement</td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; includes 3,936,498 shares of common stock issuable in payment of dividends on Series B Preferred upon conversion</td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</td> <td> </td> <td> </td> <td> </td></tr> </table>   At March 31, 2019, we have 18,525,633 authorized shares of our common stock not subject to reserves and available for future issuance.

We recorded research and development expenses of approximately $17.1 million (including approximately $5.6 million of non-cash expense) and $7.8 million in the fiscal years ended March 31, 2019 and 2018, respectively. Research and development expense is composed of employee compensation expenses, including stock–based compensation, direct project expenses, notably including costs attributable to our AV-101 ELEVATE clinical trial and other preclinical and nonclinical projects, and costs to maintain and prosecute our intellectual property suite, including new patent applications for AV-101 for various indications. As indicated in Note 9, Capital Stock, research and development expense for the fiscal year ended March 31, 2019 also includes non-cash expense of $4.25 million attributable to the acquisition of the PH94B and PH10 licenses and the PH10 option.

The provision for income taxes for the periods presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise tax and North Carolina income tax.   On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted into law, significantly changing the fundamentals of U.S. corporate income taxation by, among many other things, reducing the U.S. federal corporate income tax rate to 21%, converting to a territorial tax system, and creating various income inclusion and expense limitation provisions. The reduction of the U.S. federal statutory tax rate from 34% to 21% became effective January 1, 2018. Income tax expense for the fiscal year ended March 31, 2018 was computed by applying the U.S. federal income tax rate of 34% for April 1, 2017 to December 31, 2017 and 21% for January 1, 2018 to March 31, 2018 (prorated basis 30.75%) to pretax losses. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% and the prorated rate of 30.75% for the fiscal years ended March 31, 2019 and 2018, respectively, to pretax losses as a result of the following:     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left">Computed expected tax benefit</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">(21.00</td><td style="width: 1%; font-size: 8pt; text-align: left">)%</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">(30.75</td><td style="width: 1%; font-size: 8pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Tax effect of warrant modifications and other non-deductible items</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.74</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.40</td><td style="font-size: 8pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Tax effect of research and development credits</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1.92</td><td style="font-size: 8pt; text-align: left">)%</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1.44</td><td style="font-size: 8pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Effect of U.S. tax law change (federal and state)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">88.09</td><td style="font-size: 8pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Other losses not benefitted</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">22.19</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(56.28</td><td style="font-size: 8pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; padding-bottom: 1pt">Other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td></tr> </table>   Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left; padding-left: 0.25in">Net operating loss carryovers</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">27,190,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">21,402,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 0.25in">Basis differences in fixed assets</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,700</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,600</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 0.25in">Stock based compensation</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,516,600</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,504,500</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Accruals and reserves</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,047,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,352,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Total deferred tax assets</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">32,752,300</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">25,252,400</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(32,752,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(25,252,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $7,499,900 and decreased by $9,529,300 during the fiscal years ended March 31, 2019 and 2018, respectively.   At March 31, 2019 we had U.S. federal net operating loss carryforwards of approximately $109,032,500, which will expire in fiscal years 2020 through 2038.  At March 31, 2019, we had state net operating loss carryforwards of approximately $63,574,300, which will expire in fiscal years 2029 through 2039. Federal net operating losses incurred in our fiscal year ended March 31, 2019 and thereafter will not expire. We also have federal and state research and development tax credit carryforwards of approximately $1,624,700 and $1,049,500, respectively. The federal tax credits will expire at various dates beginning in the year 2029, unless previously utilized. The state tax credits do not expire and will carry forward indefinitely until utilized.   On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to provide guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Act in the period of enactment. SAB 118 provides for a measurement period of up to one year from the date of enactment. During the measurement period, companies need to reflect adjustments to any provisional amounts if it obtains, prepares or analyzes additional information about facts and circumstances that existed as of the enactment date that, if known, would have affected the income tax effects initially reported as provisional amounts.   At March 31, 2019 we have completed our analysis of the Tax Act. The Act required us to re-measure our net U.S. deferred tax assets reducing the U.S. federal corporate rate to 21%, which was offset by our valuation allowance. During our fiscal year ended March 31, 2019, this amount was finalized and no additional adjustment was required to be made due to the change in corporate tax rate.   Also effective for our fiscal year ended March 31, 2019 is a new Global Intangible Low-Taxed Income inclusion (GILTI). The GILTI income inclusion did not impact our current loss and valuation allowance as our Canadian subsidiary is an inactive entity. The Company has elected to account for GILTI as a period cost in the year the income or tax is incurred.   U.S. federal and state tax laws include substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation. We have not performed a change in ownership analysis since our inception in 1998 and accordingly some or all of our net operating loss carryforwards may not be available to offset future taxable income, if any.   We file income tax returns in the U.S. federal, Canada and various U.S. state jurisdictions. We are subject to U.S. federal and state income tax examinations by tax authorities for tax years 1998 through 2018 due to net operating losses that are being carried forward for tax purposes, but we are not currently under examination by tax authorities in any jurisdiction.   Uncertain Tax Positions   Our unrecognized tax benefits at March 31, 2019 and 2018 relate entirely to research and development tax credits. The total amount of unrecognized tax benefits at March 31, 2019 and 2018 is $668,700 and $451,600, respectively. If recognized, none of the unrecognized tax benefits would impact our effective tax rate. The following table summarizes the activity related to our unrecognized tax benefits.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt">Unrecognized benefit - beginning of period</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">451,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">290,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Current period tax position increases</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">210,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">102,300</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Prior period tax position increases</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">58,800</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Unrecognized benefit - end of period</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">668,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">451,600</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   Our policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively. We incurred no interest or penalties related to unrecognized tax benefits in the years ended March 31, 2019 or 2018. We do not anticipate any significant changes of our uncertain tax positions within twelve months of this reporting date.

License Agreements with Pherin Pharmaceuticals, Inc. (Pherin)   In September 2018 we issued an aggregate of 1,630,435 shares of our unregistered common stock having a fair market value of $2,250,000 to Pherin to acquire an exclusive worldwide license to develop and commercialize PH94B for social anxiety disorder and an option to acquire a similar license for PH10 for MDD. In October 2018, we exercised our option to acquire an exclusive worldwide license to develop and commercialize PH10 by issuing 925,926 shares of our unregistered common stock having a fair market value of $2,000,000 to Pherin under the terms of the PH10 license agreement. Under the terms of the PH94B and PH10 license agreements, we are obligated to make additional cash payments and pay royalties to Pherin in the event that certain regulatory and performance-based milestones and commercial sales are achieved. Additionally, in connection with the license agreements, we are obligated to pay to Pherin monthly support payments of $10,000 for a term of the earlier of 18 months or the termination of the license agreement, however no monthly support payment is required under the 18-month period identified in the PH10 license agreement if support payments are being made under the terms of the PH94B license agreement.   BlueRock Therapeutics Sublicense Agreement   In December 2016, we entered into an Exclusive License and Sublicense Agreement (BlueRock Agreement) with BlueRock Therapeutics, LP, a next generation regenerative medicine company established in December 2016 by Bayer AG and Versant Ventures (BlueRock Therapeutics), pursuant to which BlueRock Therapeutics received exclusive rights to utilize certain technologies exclusively licensed by us from University Health Network (UHN) for the production of cardiac stem cells for the treatment of heart disease. We retained rights to cardiac stem cell technology licensed from UHN related to small molecule, protein and antibody drug discovery, drug rescue and drug development, including small molecules with cardiac regenerative potential, as well as small molecule, protein and antibody testing involving cardiac cells. To date, we have recognized $1.25 million in sublicense revenue, in our fiscal year ended March 31, 2017, under the BlueRock Agreement.   Cato Research Ltd.   We have built a long-term strategic development relationship with Cato Research Ltd. (CRL), a global contract research and development organization, or CRO, and an affiliate of one of our largest institutional stockholders. CRL has provided us with access to essential CRO services and regulatory expertise supporting our AV-101 preclinical and clinical development programs, including our ELEVATE Study, and other projects, including projects related to PH94B and PH10.  We recorded research and development expenses for CRO services provided by CRL in the amounts of $3,969,100 and $1,390,700 for the fiscal years ended March 31, 2019 and 2018, respectively.

At March 31, 2019, we have the following share-based compensation plan.   Amended and Restated 2016 Stock Incentive Plan   Our Board unanimously approved the Company’s Amended and Restated 2016 Stock Incentive Plan, formerly titled the 2008 Stock Incentive Plan (the 2016 Plan), on July 26, 2016, and the 2016 Plan was approved by our stockholders at our 2016 Annual Meeting of Stockholders on September 26, 2016, and further amended at our 2017 Annual Meeting of Stockholders on September 15, 2017. The 2016 Plan provides for the grant of stock options, restricted shares of common stock, stock appreciation rights and dividend equivalent rights, collectively referred to as “Awards”. Stock options granted under the 2016 Plan may be either incentive stock options under the provisions of Section 422 of the Internal Revenue Code of 1986, as amended (the Code), or non-qualified stock options. We may grant incentive stock options only to employees of the Company or any parent or subsidiary of the Company. Awards other than incentive stock options may be granted to employees, directors and consultants. A total of 10.0 million shares of our common stock were initially authorized for issuance under the 2016 Plan, of which approximately 9.2 million shares remain authorized and approximately 2.6 million registered shares remain available for future equity grants under the plan at March 31, 2019.   Description of the 2016 Plan   The 2016 Plan provides for the grant of stock options, restricted shares of common stock, stock appreciation rights and dividend equivalent rights, collectively referred to as “Awards”. Stock options granted under the 2016 Plan may be either incentive stock options under the provisions of Section 422 of the Code, or non-qualified stock options. We may grant incentive stock options only to employees of the Company or any parent or subsidiary of the Company. Awards other than incentive stock options may be granted to employees, directors and consultants.   The Compensation Committee of the Board of Directors (the Committee), administers the 2016 Plan, including selecting the Award recipients, determining the number of shares to be subject to each Award, the exercise or purchase price of each Award and the vesting and exercise periods of each Award.   The exercise price of all incentive stock options granted under the 2016 Plan must be at least equal to 100% of the fair market value of the shares on the date of grant. The maximum term of an incentive stock option granted to any other participant may not exceed 10 years. The Committee determines the term and exercise or purchase price of all other Awards granted under the 2016 Plan.   Under the 2016 Plan, incentive stock options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the participant, only by the participant. Other Awards shall be transferable:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">by will and by the laws of descent and distribution; and</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">during the lifetime of the participant, to the extent and in the manner authorized by the Committee by gift or pursuant to a domestic relations order to members of the participant’s Immediate Family (as defined in the 2016 Plan).</td></tr> </table>   The maximum number of shares with respect to which options and stock appreciation rights may be granted to any participant in any calendar year is 300,000 shares of common stock. In connection with a participant’s commencement of service with the Company, a participant may be granted options and/or stock appreciation rights for up to an additional 50,000 shares that will not count against the foregoing limitation. In addition, for Awards of restricted stock and restricted shares of common stock that are intended to be “performance-based compensation” (within the meaning of Section 162(m) of the Code), the maximum number of shares with respect to which such Awards may be granted to any participant in any calendar year is 300,000 shares of common stock. The limits described in this paragraph are subject to adjustment in the event of any change in our capital structure as described below.   The terms and conditions of Awards are determined by the Committee, including the vesting schedule and any forfeiture provisions. Awards under the 2016 Plan may vest upon the passage of time or upon the attainment of certain performance criteria. Although we do not currently have any Awards outstanding that vest upon the attainment of performance criteria, the Committee may establish criteria based on any one of, or a combination of, a number of financial measurements.    Effective upon the consummation of a Corporate Transaction (as defined below), all outstanding Awards under the 2016 Plan will terminate unless the acquirer assumes or replaces such Awards. The Committee has the authority, exercisable either in advance of any actual or anticipated Corporate Transaction or Change in Control (as defined below) or at the time of an actual Corporate Transaction or Change in Control and exercisable at the time of the grant of an Award under the 2016 Plan or any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the 2016 Plan and the release from restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a Corporate Transaction or Change in Control, on such terms and conditions as the Committee may specify. The Committee also has the authority to condition any such Award vesting and exercisability or release from such limitations upon the subsequent termination of the service of the grantee within a specified period following the effective date of the Corporate Transaction or Change in Control. The Committee may provide that any Awards so vested or released from such limitations in connection with a Change in Control, shall remain fully exercisable until the expiration or earlier termination of the Award.    Under the 2016 Plan, a Corporate Transaction is generally defined as:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">an acquisition of securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">a reverse merger in which we remain the surviving entity but: (i) the shares of common stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (ii) in which securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">a sale, transfer or other disposition of all or substantially all of the assets of the Company;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">a merger or consolidation in which the Company is not the surviving entity; or</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 28px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">a complete liquidation or dissolution.</td></tr> </table>   Under the 2016 Plan, a Change in Control is generally defined as: (i) the acquisition of more than 50% of the total combined voting power of our stock by any individual or entity which a majority of our Board (who have served on our board for at least 12 months) do not recommend our stockholders accept; (ii) or a change in the composition of our Board over a period of 12 months or less.   Unless terminated sooner, the 2016 Plan will automatically terminate in 2026. Our Board may at any time amend, suspend or terminate the 2016 Plan. To the extent necessary to comply with applicable provisions of U.S. federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein, we will obtain stockholder approval of any such amendment to the 2016 Plan in such a manner and to such a degree as required.   During our fiscal year ended March 31, 2019, we granted from the 2016 Plan:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase an aggregate of 860,000 shares of our common stock at an exercise price of $1.27 per share to the independent members of our Board, to all of our officers except our Chief Executive Officer, and to all non-officer employees in August 2018;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase an aggregate of 250,000 shares of our common stock at exercise prices ranging from $1.52 per share to $2.20 per share to various scientific, legal, investor relations, and financial and strategic advisory consultants in October 2018;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">an option to purchase 25,000 shares of our common stock at an exercise price of $1.74 per share to a new independent member of our Board in January 2019;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">an option to purchase 220,000 shares of our common stock at an exercise price of $1.70 per share to our Chief Executive Officer in January 2019; and</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">25,000 shares of registered common stock having a fair value of $41,500 on the date of grant to an investor relations and social media consultant. Noncash expense related to this grant is being amortized ratably over the contractual period as a component of general and administrative expense not included in stock compensation expense.</td></tr> </table>   During our fiscal year ended March 31, 2018, we granted from the 2016 Plan:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board and to our officers and all non-officer employees in April 2017;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, officers, non-officer employees and two consultants in September 2017;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase an aggregate of 2,000,000 shares of our common stock at an exercise price of $1.16 per share to the independent members of our Board, officers, non-officer employees and ten consultants in February 2018;</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">options to purchase 25,000 shares of our common stock at an exercise price of $1.21 per share to a legal services consultant in February 2018; and</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 36px; padding-left: 9pt; font: 12pt Times New Roman, Times, Serif">●</td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">an aggregate of 547,500 shares of unregistered common stock to various legal, investor relations, and financial and strategic advisory consultants in September and October 2017 pursuant to which we recognized an aggregate of $827,900 as a noncash component of general and administrative expense not included in stock compensation expense for the fiscal year.</td></tr> </table>   The following table summarizes stock-based compensation expense related to option grants to our officers, independent directors, consultants and service providers, included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2019 and 2018.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Research and development expense:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Stock option grants</td><td style="width: 1%; font-size: 8pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,259,400</td><td style="width: 1%; padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">969,200</td><td style="width: 1%; padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">1,259,400</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">1,259,400</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> General and administrative expense:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Stock option grants</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,184,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,375,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,184,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,375,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total stock-based compensation expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">3,443,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,344,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   We used the Black-Scholes Option Pricing model with the following weighted average assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2019 and 2018:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">(weighted average)</td><td> </td> <td colspan="3" style="text-align: center">(weighted average)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%">Exercise price</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.45</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.44</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Market price on date of grant</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.84</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.39</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96.58</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90.40</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Fair value per share at grant date</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.15</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.10</td><td style="text-align: left"> </td></tr> </table>   The expected term of options represents the period that our share-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins No. 107 and No. 110 (SAB No. 107 and 110). The utilization of SAB No. 107 and 110 is based on the lack of relevant historical option exercises and relevant historical data due to our limited experience as a publicly traded company and the historical lack of liquidity in freely-tradable shares of our common stock. Those factors also resulted in our decision to utilize the historical volatilities of a peer group of public companies’ stock over the expected term of the option in determining our expected volatility assumptions.  The risk-free interest rate for periods related to the expected life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is zero, as we have not paid any dividends and do not anticipate paying dividends in the near future. We recognize the effect of forfeitures as they occur.   The following table summarizes activity for the fiscal years ended March 31, 2019 and 2018 under the 2016 Plan:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Number of Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Number of Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 48%; text-align: left"> Options outstanding at beginning of period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5,300,338</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2.43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,659,324</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.76</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,355,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,675,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29,250</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,154</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5.39</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Options expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,832</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.42</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> Options outstanding at end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,626,088</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,300,338</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.43</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> Options exercisable at end of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,303,972</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,818,962</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.31</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> Weighted average grant-date fair value of</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"> options granted during the period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.10</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   In August 2018, in accordance with the terms of the 2016 Plan, the Board approved the modification of outstanding options held by independent members of our Board, our officers and our employees that had exercise prices higher than $1.56 per share to reduce the exercise prices thereof to $1.50 per share. We calculated the fair value of such 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 immediately recognized the additional fair value attributable to vested options, $258,100, as stock compensation expense, which is included in the expense reported above. The additional fair value resulting from the modification, approximately $142,200, is being expensed over the remaining vesting period of the modified options.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-modification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-modification</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.49</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.49</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">3.57</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.77</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.77</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining expected term in years</td> <td> </td> <td> </td> <td style="text-align: right">5.08</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.08</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">94.9</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">94.9</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of option shares</td> <td> </td> <td> </td> <td style="text-align: right">2,419,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,419,503</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Weighted average fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.91</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.08</td> <td> </td></tr> </table>   The following table summarizes information on stock options outstanding and exercisable under the 2016 Plan as of March 31, 2019, including the results of the exercise price modification noted above:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">Options Outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Options Exercisable</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Number</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Years until</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Number</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center">  Price </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Expiration</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Exercisable</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">1.16</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">2,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">8.84</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.16</td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">1,312,493</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.16</td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.21 to $1.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">885,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">419,529</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.27</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,390,253</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,699,753</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.52 to $1.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,215,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.91</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.62</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">777,058</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.59</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">2.20 to $3.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">55,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.38</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.35</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,304</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.67</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">8.00 to $15.00</td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">5.86</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">8.54</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">8.54</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">6,626,088</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">8.35</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left">$ </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"> 1.48</td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">4,303,972</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="text-align: left; vertical-align: bottom">$ </td> <td style="text-align: right"> 1.53</td> <td> </td></tr> </table>   At March 31, 2019, there were 2,607,162 registered shares of our common stock remaining available for grant under the 2016 Plan.  Two officers and a member of our Board exercised outstanding stock options to purchase an aggregate of 29,250 shares of our common stock during the fiscal year ended March 31, 2019. There were no option exercises during the fiscal year ended March 31, 2018.   Aggregate intrinsic value is the sum of the amount by which the fair value of the underlying common stock exceeds the aggregate exercise price of the outstanding options (in-the-money-options). Based on the $1.29 per share quoted closing market price of our common stock on March 31, 2019, outstanding options to purchase an aggregate of 2,885,000 shares had aggregate intrinsic value of approximately $250,300 and exercisable options to purchase an aggregate of 1,732,022 shares had aggregate intrinsic value of approximately $162,700 at that date.   As of March 31, 2019, there was approximately $3,089,300 of unrecognized compensation cost related to non-vested share-based compensation awards from the 2016 Plan, which is expected to be recognized through January 2021.     401(k) Plan   Through a third-party agent, we maintain a retirement and deferred savings plan for our employees. This plan is intended to qualify as a tax-qualified plan under Section 401(k) of the Internal Revenue Code. The retirement and deferred savings plan provides that each participant may contribute a portion of his or her pre-tax compensation, subject to statutory limits. Under the plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee. The retirement and deferred savings plan also permits us to make discretionary contributions, subject to established limits and a vesting schedule. To date, we have not made any discretionary contributions to the retirement and deferred savings plan on behalf of participating employees.

Cato Holding Company (CHC), doing business as Cato BioVentures (CBV), is the parent of Cato Research Ltd. (CRL). CRL is a contract research, development and regulatory services organization (CRO) that we have engaged for a wide range of material aspects related to the nonclinical and clinical development and regulatory affairs associated with our efforts to develop and commercialize AV-101 for MDD, including our ELEVATE Study, and other potential CNS indications, PH94B, PH10, and other potential product candidates. At March 31, 2019, CBV held approximately 2% of our outstanding common stock.   In July 2017, we entered into a Master Services Agreement (MSA) with CRL, which replaced a substantially similar May 2007 master services agreement, pursuant to which CRL may assist us in the evaluation, development, commercialization and marketing of our potential product candidates, and provide regulatory and strategic consulting services as requested from time to time. Specific projects or services are and will be delineated in individual work orders negotiated from time-to-time under the MSA. Under the terms of work orders issued pursuant to the July 2017 MSA and our prior May 2007 master services agreement, we incurred expenses of $3,969,100 and $1,390,700 for the fiscal years ended March 31, 2019 and 2018, respectively. We anticipate periodic expenses for CRO services from CRL related to nonclinical and clinical development of, and regulatory affairs related to, AV-101, PH94B, PH10 and other potential product candidates will increase in future periods.   As disclosed in Note 9, Capital Stock, in September 2018, we issued an aggregate of 1,630,435 shares of our unregistered common stock having a fair market value of $2,250,000 to acquire an exclusive worldwide license to develop and commercialize PH94B and an option to acquire a similar license for PH10. In October 2018, we issued an additional 925,926 shares of our unregistered common stock having a fair market value of $2,000,000 to exercise the option to acquire an exclusive worldwide license to develop and commercialize PH10. The acquisition of the licenses and option was recorded as research and development expense. Additionally, between the acquisition of the PH94B license in September 2018 and March 31, 2019, we expensed $70,000 of monthly cash support payments to Pherin under the terms of the PH94B license agreement as research and development expense. At March 31, 2019, Pherin held approximately 6% of our outstanding Common Stock.

From time to time, we may become involved in claims and other legal matters arising in the ordinary course of business. Management is not currently aware of any claims made or other legal matters that will have a material adverse effect on our consolidated financial position, results of operations or its cash flows.   We indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. We will indemnify the officers or directors against any and all expenses incurred by the officers or directors because of their status as one of our directors or executive officers to the fullest extent permitted by Nevada law. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.  We have a director and officer insurance policy which limits our exposure and may enable us to recover a portion of any future amounts paid.  We believe the fair value of these indemnification agreements is minimal. Accordingly, there are no liabilities recorded for these agreements at March 31, 2019 or 2018.   In the normal course of business, we provide indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators, clinical sites, suppliers and others.  Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third party with respect to our product candidates.  The terms of these indemnification agreements are generally perpetual.  The potential future payments we could be required to make under these indemnification agreements is unlimited.  We maintain liability insurance coverage that limits our exposure.  We believe the fair value of these indemnification agreements is minimal.  Accordingly, we have not recorded any liabilities for these agreements as of March 31, 2019 or 2018.   Leases   At March 31, 2019 and or 2018, the following assets are subject to capital lease obligations and included in property and equipment:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left">Office equipment</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">14,700</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">14,700</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(6,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Net book value</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">8,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">11,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   Amortization expense for assets recorded under capital leases is included in depreciation expense.  Future minimum payments, by year and in the aggregate, required under capital leases are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; border-bottom: Black 1pt solid; text-align: left">Fiscal Years Ending March 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 87%; font-size: 8pt; text-align: left; padding-left: 9pt">2020</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">3,800</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">2021</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,800</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">2022</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Future minimum lease payments</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">10,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">    Less imputed interest included in minimum lease payments</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Present value of minimum lease payments</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">9,300</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">    Less current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Non-current capital lease obligation</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">6,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   At March 31, 2019, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2022 and are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="font-size: 8pt; border-bottom: Black 1pt solid; text-align: left">Fiscal Years Ending March 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 48%; font-size: 8pt; text-align: left">2020</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 47%; font-size: 8pt; text-align: right">623,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2021</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">645,800</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2022</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">668,400</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">2023</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">225,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,163,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   We incurred total facility rent expense for the fiscal years ended March 31, 2019 and 2018 of $657,900 and $645,800, respectively.   Debt Repayment   At March 31, 2019, future minimum principal payments on outstanding notes related to an insurance premium financing arrangement in the remaining principal amount of $57,300, which will be repaid in monthly principal and interest installments of $6,600 through December 2019.

We have evaluated subsequent events through the date of this Annual Report and have identified the following material events and transactions that occurred after March 31, 2019:    Grants of Stock Options and Adoption of 2019 Stock Incentive Plan   On May 23, 2019, when the quoted market price of our common stock was $0.80 per share, the Compensation Committee of the Board granted options from our 2016 Plan to our independent directors, officers and employees and to certain consultants to purchase an aggregate of 1,210,000 shares of our common stock at an exercise price of $1.00 per share. The options were vested 25% upon grant with the remaining shares vesting over three years for independent directors, officers and employees, and over two years for consultants. On May 30, 2019, when the quoted market price of our common stock was $0.91 per share, we granted options to purchase 10,000 shares of our common stock to another consultant. The options were vested 25% upon grant with the remaining shares vesting over two years.   On May 27, 2019, the Board approved, subject to subsequent stockholder approval at our 2019 Annual Meeting of Stockholders expected to be held in September 2019, the 2019 Omnibus Equity Incentive Plan (the 2019 Plan) and designated 7.5 million shares of our authorized common stock to be reserved thereunder. On May 28, 2019, when the quoted market price of our common stock was $0.82 per share, the Compensation Committee granted options from the 2019 Plan to one of our officers to purchase 170,000 shares of our common stock at an exercise price of $1.00 per share, which grant is contingent upon the approval of the 2019 Plan by our stockholders. The option will vest 25% upon approval of the 2019 Plan with the remaining shares vesting over three years.

The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended March 31, 2019. The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period.   Quarterly Results of Operations (Unaudited)  (in thousands, except share and per share amounts)   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year 2019</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,744</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">5,261</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">5,335</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">3,758</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">17,098</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,466</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,171</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,857</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,964</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,458</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total operating expenses</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,210</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,432</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,192</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">5,722</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">24,556</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss from operations</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,210</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,432</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,192</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,722</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,556</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Other expenses, net:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Interest expense, net</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(8</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Loss on extinguishment of accounts payable</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss before income taxes</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,212</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,435</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,217</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,723</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,587</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Income taxes</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Net loss and comprehensive loss</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,214</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,435</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,217</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,723</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,589</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Accrued dividend on Series B Preferred stock</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(274</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(284</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(291</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(291</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,140</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net loss attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(4,488</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(7,719</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(7,508</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(6,014</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(25,729</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.20</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.30</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.24</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.17</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt">Weighted average shares used in computing:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">       attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">22,987,066</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">25,815,245</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">30,696,312</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">35,113,753</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">28,562,490</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year 2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,096</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,427</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,602</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,638</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">7,763</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,164</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,567</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,266</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,440</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">6,437</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total operating expenses</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,260</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,994</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,868</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,078</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">14,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss from operations</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,260</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,994</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,868</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,078</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,200</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Other expenses, net:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Interest expense, net</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(9</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Loss on extinguishment of accounts payable</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(135</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(135</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss before income taxes</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,997</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3,005</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,079</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,344</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Income taxes</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Net loss and comprehensive loss</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,265</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,997</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3,005</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,079</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,346</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Accrued dividend on Series B Preferred stock</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(247</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(257</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1,030</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Deemed dividend from trigger of down round</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">provision feature</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(199</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(199</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net loss attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(2,512</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(5,254</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(3,467</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(4,342</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(15,575</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.28</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.19</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(1.12</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt">Weighted average shares used in computing:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">9,034,213</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">9,892,016</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">13,895,642</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">22,880,968</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">13,890,041</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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, but are not limited to, those relating to stock-based compensation, revenue recognition, research and development expenses and the assumptions used to value warrants, warrant modifications and warrant liabilities.

The accompanying consolidated financial statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s two wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. All material intercompany accounts and transactions have been eliminated in consolidation.

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

Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years.

Our long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets.

We have historically generated revenue principally from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government grants. We adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and its related amendments, collectively referred to as ASC (Accounting Standards Codification) Topic 606, as of April 1, 2018, using the modified retrospective transition method. At adoption and currently, we have only the BlueRock Agreement as a potential revenue generating arrangement. Upon adoption of ASC Topic 606, there was no change to the units of accounting previously identified with respect to the BlueRock Agreement under legacy GAAP, which are now considered performance obligations under ASC Topic 606, and there was no change to the revenue recognition pattern for the performance obligation. Accordingly, there was no cumulative effect change to our opening accumulated deficit upon the adoption of ASC Topic 606.   Under ASC Topic 606, we recognize revenue when our customer obtains 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 Topic 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 Topic 606, we assesses 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 Topic 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.

Research and development expenses are composed of both internal and external costs.  Internal costs include salaries and employment-related expenses, including stock-based compensation expense, of scientific personnel and direct project costs.  External research and development expenses consist primarily of costs associated with clinical and nonclinical development of AV-101, PH94B and PH10, stem cell research and development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology platform. 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 the clinical trial, including levels of subject enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made 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. In September 2018, we acquired an exclusive license to develop and commercialize PH94B and an option to acquire a license to develop and commercialize PH10 by issuing an aggregate of 1,630,435 unregistered shares of our common stock having a fair market value of $2,250,000. In October 2018, we exercised our option to acquire an exclusive license to develop and commercialize PH10 by issuing 925,926 shares of our unregistered common stock having a fair market value of $2,000,000. Since, at the date of each acquisition, neither product candidate had achieved regulatory approval and each will require significant additional development and expense, we recorded the costs related to acquiring the licenses and the option as research and development expense.

We recognize compensation cost for all stock-based awards to employees and non-employee consultants based on the grant date fair value of the award.  We record stock-based compensation expense over the period during which the employee 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 nor do we have any awards with market or performance conditions.  For option grants to non-employees, we have historically re-measured the fair value of the awards as they vest and any resulting increase in value has been recognized as an expense during the period over which the services are performed. Noncash expense attributable to compensatory grants of 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 expensed ratably over the term of the related service agreement, depending on the terms of the specific agreement.

We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized.

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 investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.

We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. When applicable, we follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability.  Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters.  Where observable prices or inputs are not available, valuation models are applied.  These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instrument’s complexity.  The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 1 — Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif">● </td> <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 3 — Unobservable inputs (i.e., inputs that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in estimating the fair value of an asset or liability) are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</td></tr> </table>   A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then we estimate fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy.   We carried no assets or liabilities that are measured on a recurring basis at fair value at March 31, 2019 or 2018.

We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash or the warrants contain other features requiring them to be treated as liabilities. For warrants issued with the possibility of cash settlement, or otherwise requiring liability treatment, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as noncash gain or loss in the Consolidated Statements of Operations and 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.

Basic net loss attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual for dividends on our Series B Preferred and, for the fiscal year ended March 31, 2018, the deemed dividend attributable to the trigger of a down-round provision feature (refer to Note 9, Capital Stock, for a description of this adjustment), 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. In calculating diluted net loss attributable to common stockholders per share, we have generally not increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method because the result is antidilutive.   As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive.   Basic and diluted net loss attributable to common stockholders per share was computed as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Net loss attributable to common stockholders for basic and diluted earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; padding-bottom: 2.5pt; padding-left: 27pt">per share</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(25,729,500</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(15,575,500</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt"> Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 27pt"> Weighted average basic and diluted common shares outstanding</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">28,562,490</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">13,890,041</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Basic and diluted net loss attributable to common stockholders per common share</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(1.12</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> </table>   Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2019 and 2018 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">As of March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%">Series A Preferred stock issued and outstanding (1)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">750,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">750,000</td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td>Series B Preferred stock issued and outstanding (2)</td> <td> </td> <td> </td> <td style="text-align: right">1,160,240</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,160,240</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Series C Preferred stock issued and outstanding (3)</td> <td> </td> <td> </td> <td style="text-align: right">2,318,012</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,318,012</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Outstanding options under the Amended and Restated 2016 (formerly 2008) Stock Incentive Plan</td> <td> </td> <td> </td> <td style="text-align: right">6,626,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,300,338</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Outstanding warrants to purchase common stock</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">21,453,402</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16,603,516</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double"> </td> <td style="border-bottom: black 1pt double; text-align: right">32,307,742</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double"> </td> <td style="border-bottom: black 1pt double; text-align: right">26,132,106</td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td>____________</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

We believe the following recent accounting pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company.   In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), which will replace the existing guidance in ASC 840, Leases, and which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance for operating leases. This standard becomes effective for our fiscal year beginning April 1, 2019. We estimate that we will record lease liabilities of approximately $4.5 million and right-of-use assets approximating $4.1 million upon implementation of ASC 842. We have evaluated our contracts with clinical research and manufacturing organizations and determined that such contracts do not contain embedded leases.   In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07). ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and non-employees. Under ASU 2018-07, the existing guidance regarding share-based transactions with employees will apply to share-based transactions with non-employees, as long as the transaction is not effectively a form of financing, with the exception of specific guidance related to the attribution of compensation cost. The cost of non-employee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term may be used in lieu of an expected term in the option-pricing model for non-employee awards. ASU 2018-07 is effective for our fiscal year beginning April 1, 2019. We are evaluating the impact of this new guidance, but we do not believe that our adoption of ASU 2018-17 will have a material impact on our consolidated financial statements.   In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (ASU 2017-11). Part I of this ASU provides that an entity will no longer have to consider “down round” features (i.e., a provision in an equity-linked financial instrument, such as a free-standing warrant, or an embedded feature, such as a conversion option in a convertible instrument, that reduces the exercise price of such instrument if the entity subsequently sells stock for a lower price or issues an equity-linked instrument with a lower exercise price) when determining whether certain equity-linked financial instruments or embedded features are indexed to its own stock. The definition of a down round feature in ASU 2017-11 excludes standard antidilution provisions related to changes in an entity’s capital structure. Accounting Standards Codification Topic 815-40, “Derivatives and Hedging–Contracts in Entity’s Own Equity” (ASC 815-40) requires that a freestanding equity-linked financial instrument be indexed to the issuer’s own stock to be classified as equity. An equity-linked embedded feature that meets the definition of a derivative may avoid bifurcation and derivative accounting if it is indexed to the issuer’s own stock. Under the terms of prior guidance, a freestanding financial instrument or embedded feature was not considered indexed to the issuer’s own stock if it had a down round provision. Consequently, the freestanding financial instrument was classified as a liability (or asset), and if it met the definition of a derivative, was measured at fair value with changes in fair value recorded through earnings. Similarly, an embedded feature was bifurcated and separately accounted for as a derivative if it met all other criteria for bifurcation under ASC 815-40. The bifurcated embedded feature was also measured at fair value through earnings. Under the provisions of ASU 2017-11, an entity that presents earnings per share (EPS) under Accounting Standards Codification Topic 260, “Earnings Per Share” will recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. The new guidance requires new disclosures for financial instruments with down round features and other terms that change conversion or exercise prices. Part I of ASU 2017-11 became effective for fiscal years beginning after December 15, 2018, however early adoption was permitted. We early-adopted ASU 2017-11 effective for our fiscal quarter ended September 30, 2017 and applied its guidance to certain of the warrants issued in the September 2017 Public Offering, as described more completely in Note 9, Capital Stock. No retrospective adjustment to our consolidated financial statements was required as a result of our adoption of ASU 2017-11.   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), to provide guidance on revenue recognition. In August 2015 and March, April, May and December 2016, the FASB issued additional amendments to the new revenue guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations, licensing arrangements, collectability, noncash consideration, presentation of sales tax, transition, and clarifying examples. Collectively these are referred to as ASC Topic 606, which replaces all legacy GAAP guidance on revenue recognition and eliminates all industry-specific guidance. The new revenue recognition guidance provides a unified model to determine how revenue is recognized. The core principal of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC Topic 606 defines a five-step process to achieve this core principal which may require entities to use more judgment and make more estimates than under legacy guidance. These estimates and judgments include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each distinct performance obligation. We adopted ASC Topic 606 as of April 1, 2018, using the modified retrospective transition method, applying the new guidance to the most current period presented. At adoption and currently, we have only the BlueRock Agreement as a potential revenue generating arrangement. We identified no change to the units of accounting previously identified with respect to that contract under legacy GAAP, which are now considered performance obligations under ASC Topic 606, nor did we identify any change to the revenue recognition pattern for the performance obligation. Accordingly, we did not recognize a cumulative effect change to our opening accumulated deficit upon our adoption of ASC Topic 606.   In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under ASC 718. Under this guidance, an entity will not apply modification accounting to a share-based payment award if all of the following remain unchanged immediately before and after the change of terms and conditions:   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 24px; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">The award’s fair value (or calculated value or intrinsic value, if those measurement methods are used),</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 24px; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">The award’s vesting conditions, and</td></tr> </table>   <table cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 24px; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">The award’s classification as an equity or liability instrument.</td></tr> </table>   We adopted ASU 2017-09 effective for our fiscal year beginning April 1, 2018. Our adoption of ASU 2017-09 did not have a material impact on our financial statements.   Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left">Series A Preferred stock issued and outstanding (1)</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">750,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">750,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Series B Preferred stock issued and outstanding (2)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Series C Preferred stock issued and outstanding (3)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Outstanding options under the Amended and Restated 2016 (formerly 2008) Stock Incentive Plan</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">6,626,088</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5,300,338</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Outstanding warrants to purchase common stock</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">21,453,402</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">16,603,516</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">32,307,742</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">26,132,106</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; excludes common shares issuable in payment of dividends on Series B Preferred upon conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">892,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Tenant improvements</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">214,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Computers and network equipment</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Office furniture and equipment</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">84,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">79,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,246,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,049,500</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Accumulated depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(933,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(842,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Property and equipment, net</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">312,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">207,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 74%; font-size: 8pt; text-align: left"> Owned assets</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">88,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">77,800</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Leased assets</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">91,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">80,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-reset</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-reset</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.17</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.17</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">1.82</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.001</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.09</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining contractual term in years</td> <td> </td> <td> </td> <td style="text-align: right">4.73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.73</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">97.8</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">97.8</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of warrant shares</td> <td> </td> <td> </td> <td style="text-align: right">503,641</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">503,641</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.77</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.17</td> <td> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold; text-align: center">Exercise Price</td><td> </td> <td colspan="3" style="text-align: center"> Expiration</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Warrants Outstanding at</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Warrants Exercisable at</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">per Share</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left">$</td><td style="width: 23%; text-align: right">1.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right">11/30/2021 to 12/13/2022</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right">14,335,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right">13,857,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2/28/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2/28/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10/5/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">182,434</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">182,434</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2/28/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10/10/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,385</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">1.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3/7/2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,931</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">2.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4/30/2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">523,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">523,573</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">2.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10/19/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">106,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">106,383</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">2.24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10/16/2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,737</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">3.51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12/31/2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">4.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9/26/2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">5.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5/16/2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,705,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,705,883</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">6.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9/26/2019 to 11/30/2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">7.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1/11/2020 to 3/3/2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,262,878</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,262,878</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">8.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3/25/2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">$</td><td style="text-align: right">10.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1/11/2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">20.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9/15/2019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">110,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">110,448</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">21,453,402</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">20,647,602</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="width: 87%; font-size: 8pt; text-align: left">Upon exchange of all shares of Series A Preferred currently issued and outstanding (1)</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">750,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Upon exchange of all shares of Series B Preferred currently issued and outstanding (2)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5,096,738</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Upon exchange of all shares of Series C Preferred currently issued and outstanding (3)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Pursuant to warrants to purchase common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">    Subject to outstanding warrants</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">21,453,402</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Pursuant to stock incentive plan:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">   Subject to outstanding options under the Amended and Restated 2016 Stock Incentive  Plan</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">6,626,088</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">    Available for future grants under the Amended and Restated 2016 Stock Incentive Plan</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,607,162</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">9,233,250</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">38,851,402</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; includes 3,936,498 shares of common stock issuable in payment of dividends on Series B Preferred upon conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Number of Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Number of Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted   Average Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 48%; text-align: left"> Options outstanding at beginning of period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5,300,338</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2.43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,659,324</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.76</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,355,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,675,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29,250</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in"> Options forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,154</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5.39</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Options expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,832</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.42</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> Options outstanding at end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,626,088</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,300,338</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.43</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> Options exercisable at end of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,303,972</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,818,962</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.31</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> Weighted average grant-date fair value of</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"> options granted during the period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.10</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Assumption:</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Pre-modification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Post-modification</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Market price per share</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.49</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1.49</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td>$</td> <td style="text-align: right">3.57</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">2.77</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.77</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Remaining expected term in years</td> <td> </td> <td> </td> <td style="text-align: right">5.08</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.08</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: right">94.9</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">94.9</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Dividend rate</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.0</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Number of option shares</td> <td> </td> <td> </td> <td style="text-align: right">2,419,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,419,503</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Weighted average fair value per share</td> <td> </td> <td>$</td> <td style="text-align: right">0.91</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.08</td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">Options Outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Options Exercisable</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Weighted</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Number</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Years until</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Number</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> Exercise</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center">  Price </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Expiration</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Exercisable</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">1.16</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">2,000,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">8.84</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.16</td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">1,312,493</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.16</td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.21 to $1.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">885,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">419,529</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.27</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,390,253</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7.34</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,699,753</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">1.52 to $1.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,215,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8.91</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.62</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">777,058</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.59</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">2.20 to $3.80</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">55,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.38</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.35</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,304</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.67</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td>$</td> <td style="text-align: right">8.00 to $15.00</td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">5.86</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">8.54</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">8.54</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">6,626,088</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">8.35</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left">$ </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"> 1.48</td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right">4,303,972</td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt; text-align: right"> </td> <td style="text-align: left; vertical-align: bottom">$ </td> <td style="text-align: right"> 1.53</td> <td> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; border-bottom: Black 1pt solid; text-align: left">Fiscal Years Ending March 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 87%; font-size: 8pt; text-align: left; padding-left: 9pt">2020</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">3,800</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">2021</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,800</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">2022</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Future minimum lease payments</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">10,900</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">    Less imputed interest included in minimum lease payments</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Present value of minimum lease payments</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">9,300</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">    Less current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Non-current capital lease obligation</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">6,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="font-size: 8pt; border-bottom: Black 1pt solid; text-align: left">Fiscal Years Ending March 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 48%; font-size: 8pt; text-align: left">2020</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 47%; font-size: 8pt; text-align: right">623,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2021</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">645,800</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2022</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">668,400</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">2023</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">225,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,163,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

Quarterly Results of Operations (Unaudited)  (in thousands, except share and per share amounts)   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year 2019</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,744</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">5,261</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">5,335</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">3,758</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">17,098</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,466</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,171</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,857</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,964</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,458</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total operating expenses</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,210</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,432</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,192</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">5,722</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">24,556</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss from operations</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,210</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,432</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,192</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,722</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,556</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Other expenses, net:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Interest expense, net</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(8</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Loss on extinguishment of accounts payable</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss before income taxes</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,212</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,435</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,217</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,723</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,587</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Income taxes</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Net loss and comprehensive loss</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,214</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,435</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(7,217</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(5,723</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(24,589</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Accrued dividend on Series B Preferred stock</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(274</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(284</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(291</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(291</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,140</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net loss attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(4,488</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(7,719</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(7,508</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(6,014</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(25,729</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.20</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.30</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.24</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.17</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt">Weighted average shares used in computing:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left"> Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">       attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">22,987,066</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">25,815,245</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">30,696,312</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">35,113,753</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">28,562,490</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year 2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Operating expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development</td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,096</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,427</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,602</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">2,638</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">7,763</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,164</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,567</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,266</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,440</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">6,437</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total operating expenses</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,260</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,994</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,868</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,078</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">14,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss from operations</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,260</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,994</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,868</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,078</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,200</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Other expenses, net:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Interest expense, net</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(9</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Loss on extinguishment of accounts payable</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(135</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(135</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Loss before income taxes</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,997</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3,005</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,079</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,344</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Income taxes</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Net loss and comprehensive loss</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(2,265</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,997</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(3,005</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4,079</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(14,346</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Accrued dividend on Series B Preferred stock</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(247</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(257</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(263</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(1,030</td><td style="font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Deemed dividend from trigger of down round</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">provision feature</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(199</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(199</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net loss attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(2,512</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(5,254</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(3,467</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(4,342</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(15,575</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.28</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.25</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(0.19</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(1.12</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt">Weighted average shares used in computing:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-left: 9pt">Basic and diluted net loss per common share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">attributable to common stockholders</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">9,034,213</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">9,892,016</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">13,895,642</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">22,880,968</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">13,890,041</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

32307742

26132106

750000

1160240

2318012

6626088

5300338

21453402

16603516

20500 24700 22300 25900

96300

88300

5900 505900 105900 0

1246100

1049500

84600

79700

892500

214400

54600

888300

26900

54600

933400

842100

88300 77800 2900 2900

91200

80700

6700

2700

172100

27000

439200 0 1067600 176600

57300

53900

57300 53900 0 0

1.17

1.80

1.54

1.14

1.45

1.44

1.82

0.001

1.75

3.99

2.00

2.32

1.58

0.0284

0.0239

0.0209

0.0283

0.0162

0.0212

P4Y8M23D

P2Y3M

P3Y7M13D

P3Y10M6D

0.9658

0.9040

0.978

0.880

0.955

0.987

0.00

503641

23800

247500

495001

178572

0.77 1.17 1.08 0.71 0.92 0.64 0.71

1.5

1.59

1.69

1.7

1.75

1.8

1.82

2.2

2.24

3.51

4.5

5.3

2/28/2022 2/28/2022 10/10/2022 11/30/2021 to 12/13/2022 2/28/2022 10/5/2022 3/7/2023 4/30/2021 10/19/2022 10/16/2022 12/31/2021 9/26/2019 5/16/2021 9/26/2019 to 11/30/2019 1/11/2020 to 3/3/2023 3/25/2021 1/11/2020 9/15/2019

14335200

292000

12000

182434

23800

115385

1388931

523573

106383

16737

21453402

50000

25000

2705883

97750

1262878

185000

20000

110448

13857200 0 0 182434 0 115385 1388931 523573 106383 16737 20647602 50000 25000 2705883 97750 1262878 185000 20000 110448

38851402

2607162

5096738

2318012

750000

6626088

21453402

0.2100

0.3074

0.0074 0.0400 -0.0192 -0.0144 0.2219 -0.5628 0.0000 0.0000

0.0100

0.02

0.000 0.8809

32752300

25252400

32752300

25252400

2047500

1352900

3516600

2504500

-2700 -7600

27190900

21402600

668700

451600

290500

7000

58800

210100

102300

1.45 1.44

P6Y3M25D

P6Y10M13D

1.15

1.10

4303972

1818962

6626088

5300338

1659324

21832

12154

1355000

3675000

1.53

3.31

1.48

2.43

4.76

0.00

9.42

0.00

5.39

1.50

0.00

1.45

1.44

6626088

2000000

885000

2390253

1215000

55000

80835

P8Y4M6D

P8Y10M2D

P9Y4M2D

P7Y4M2D

P8Y10M28D

P9Y4M17D

P5Y10M10D

1.48

1.16

1.27

1.5

1.62

2.35

8.54

4303972

1312493

419529

1699753

777058

14304

80835

1.53

1.16

1.27

1.5

1.59

3.67

8.54

3089300

162700

14700

6500

3600

8200

11100

9300

1600

10900

3300

3800

225300

668400

645800

623900

2163400

657900

645800

41111438

The accompanying Consolidated Financial Statements have been prepared assuming that 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 negative cash flows from operations and recurring losses resulting in a deficit of $181.1 million accumulated from inception through March 31, 2019. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of AV-101, PH94B and PH10, execute our drug rescue programs and pursue potential drug development and regenerative medicine opportunities.   Since our inception in May 1998 through March 31, 2019, 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 $79.0 million, as well as from an aggregate of approximately $17.7 million of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials such as the Baylor Study), strategic collaboration payments, intellectual property sublicensing and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $38.1 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.   At March 31, 2019, we had cash and cash equivalents of approximately $13.1 million.   Our cash position at March 31, 2019 considered with our recurring and anticipated losses, negative cash flows from operations and limited stockholders’ equity make it probable, in the absence of additional financing, that we will not have sufficient resources to fund our planned operations for the twelve months following the issuance of these financial statements, during which time we plan to complete our ELEVATE study, prepare for and launch a pivotal Phase 3 clinical trial of PH94B, prepare for additional Phase 2 clinical studies and certain nonclinical studies involving AV-101 and prepare for a Phase 2b clinical trial of PH10, and raises substantial doubt that we can continue as a going concern. Nevertheless, when necessary and advantageous, we plan to raise additional capital, primarily through the sale of our equity securities in one or more private placements to accredited investors or in public offerings. Subject to certain restrictions, our effective Registration Statement on Form S-3 (Registration No. 333-215671) (the S-3 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 Registration Statement, we do not have an obligation to do so. As we have been in the past, we expect that, if and as necessary, we will be successful in raising additional capital from the sale of our equity securities either in one or more public offerings or in one or more private placement transactions with individual accredited investors or institutions.    In addition to the potential sale of our equity securities, we may also seek to enter research, development and/or commercialization collaborations that could generate revenue or provide funding, including non-dilutive funding, for development of AV-101, PH94B, PH10 and/or additional product candidates. We may also seek additional government grant awards or agreements similar, for example, to our recent CRADA with the NIMH, which provided for the NIMH to fully fund the NIMH Study, or similar to our relationships with Baylor and the VA in connection with the Baylor Study. Such strategic collaborations may provide non-dilutive resources to advance our strategic initiatives while reducing a portion of our future cash outlays and working capital requirements. We may also pursue intellectual property arrangements similar to the BlueRock Agreement with other parties. Although we may seek additional collaborations that could generate revenue and/or provide non-dilutive funding for development of AV-101, PH94B, PH10 or other product candidates, as well as new government grant awards and/or agreements, no assurance can be provided that any such collaborations, awards or agreements will occur in the future.   Our future working capital requirements will depend on many factors, including, without limitation, the scope and nature of opportunities related to our success and the success of certain other companies in clinical trials, including our development and commercialization of our current product candidates and various applications of our stem cell technology platform, the availability of, and our ability to obtain, government grant awards and agreements, and our ability to enter into collaborations on terms acceptable to us. To further advance the clinical development of AV-101, PH94B, PH10 and, to a lesser extent, our stem cell technology platform, as well as support our operating activities, we plan to continue to carefully manage our routine operating costs, including our employee headcount and related expenses, as well as costs relating to regulatory consulting, contract research and development, investor relations and corporate development, legal, acquisition and protection of intellectual property, public company compliance and other professional services and operating costs.    Notwithstanding the foregoing, there can be no assurance that future financings or government or other strategic collaborations will be available to us in sufficient amounts, in a timely manner, or on terms acceptable to us, if at all. If we are unable to obtain substantial additional financing on a timely basis when needed in 2019 and beyond, our business, financial condition, and results of operations may be harmed, the price of our 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.  As noted above, these Consolidated Financial Statements do not include any adjustments that might result from the negative outcome of this uncertainty.

17423500

16516900

-14527500

-9058300