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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Property and equipment is composed of the following at December 31,
2020 and March 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 80%"> </td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt"> Laboratory equipment</font></td>
<td><font style="font-size: 8pt"> $935,500 </font></td>
<td><font style="font-size: 8pt"> $892,500 </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Tenant improvements</font></td>
<td><font style="font-size: 8pt">  214,400 </font></td>
<td><font style="font-size: 8pt">  214,400 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt"> Computers and network equipment</font></td>
<td><font style="font-size: 8pt">  61,900 </font></td>
<td><font style="font-size: 8pt">  54,600 </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Office furniture and equipment</font></td>
<td><font style="font-size: 8pt">  84,600 </font></td>
<td><font style="font-size: 8pt">  84,600 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt"> Construction in progress</font></td>
<td><font style="font-size: 8pt">  199,600 </font></td>
<td><font style="font-size: 8pt">  - </font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">  1,496,000 </font></td>
<td><font style="font-size: 8pt">  1,246,100 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Accumulated depreciation and amortization</font></td>
<td><font style="font-size: 8pt">  (1,113,800)</font></td>
<td><font style="font-size: 8pt">  (1,036,500)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt"> Property and equipment, net</font></td>
<td><font style="font-size: 8pt"> $382,200 </font></td>
<td><font style="font-size: 8pt"> $209,600 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We recorded depreciation and amortization expense
of $26,400 and $25,500 for the three month periods ended December 31, 2020 and 2019, respectively, and $77,300 and $77,600 for
the nine-month periods ended December 31, 2020 and 2019, respectively. The amount reported above as construction in progress at
December 31, 2020 reflects the cost of certain process equipment acquired in connection with the manufacture of PH94B drug product.
The equipment has not yet been fully validated or placed in service at December 31, 2020. Included in amounts reported above for
office furniture and equipment is the right-of-use asset related to a financing lease of certain office equipment. Amounts associated
with assets subject to the financing lease at December 31, 2020 and March 31, 2020 are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 80%"> </td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">Office equipment subject to financing lease</font></td>
<td><font style="font-size: 8pt"> $14,700 </font></td>
<td><font style="font-size: 8pt"> $14,700 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Accumulated depreciation</font></td>
<td><font style="font-size: 8pt">  (11,600)</font></td>
<td><font style="font-size: 8pt">  (9,400)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Net book value of office equipment subject to</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">   financing lease</font></td>
<td><font style="font-size: 8pt"> $3,100 </font></td>
<td><font style="font-size: 8pt"> $5,300 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes our unsecured promissory notes at
December 31, 2020 and March 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> <b>December 31, 2020</b>           </font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> <b>March 31, 2020</b>           </font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Principal</font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accrued</font></td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Principal</font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accrued</font></td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Balance</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Interest</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Balance</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Interest</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></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>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 22%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">7.30% and 6.30% Notes payable to insurance premium financing company (current)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">98,400</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">98,400</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56,500</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56,500</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2020, we executed a 6.30% promissory
note in the principal amount of $322,200 in connection with certain insurance policy premiums. The note is payable in monthly installments
of $33,200, including principal and interest, through March 2021, and had an outstanding principal balance of $98,400 at December
31, 2020. In February 2020, we executed a 7.30% promissory note in the principal amount of $62,600 in connection with other insurance
policy premiums. That note was payable in monthly installments of $6,500 including principal and interest, through December 2020
and had been fully paid at December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2020, we entered into a note payable
agreement (the <i>PPP Loan Agreement</i>) with Silicon Valley Bank as lender (the <i>Lender</i>), pursuant to which we received
net proceeds of $224,400 from a potentially forgivable loan from the U.S. Small Business Administration (<i>SBA</i>) pursuant to
the Paycheck Protection Program (<i>PPP</i>) enacted by Congress under the Coronavirus Aid, Relief, and Economic Security
Act (the <i>CARES Act</i>) administered by the SBA (the <i>PPP Loan</i>). In accordance with its terms, the PPP Loan was to mature
on April 22, 2022. The PPP Loan accrued interest at a rate of 1.00% per annum throughout the period the PPP Loan was outstanding.
The CARES Act provides that all or a portion of the PPP Loan may be forgiven upon our request to the Lender, subject to requirements
in the PPP Loan Agreement and the CARES Act. While we believe our use of the PPP Loan proceeds met all of the conditions for forgiveness
under the PPP, following the completion of the December 2020 Public Offering, on December 23, 2020, we voluntarily repaid in full
the outstanding principal balance of the PPP Loan, $224,400, plus accrued interest of approximately $1,500.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Common Stock Purchase Agreement with Lincoln
Park Capital Fund</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 24, 2020, we entered into a purchase
agreement and a registration rights agreement with Lincoln Park Capital Fund (<i>Lincoln Park</i>) pursuant to which Lincoln Park
committed to purchase up to $10,250,000 of our common stock at market-based prices over a period of 24 months (the <i>LPC Agreement</i>).
On March 24, 2020, we sold 500,000 unregistered shares of our common stock (the <i>Initial Purchase Shares</i>) to Lincoln Park
under the purchase agreement at a price of $0.50 per share for gross cash proceeds of $250,000 (the <i>Initial Purchase</i>) and
we also issued 750,000 unregistered shares of our common stock to Lincoln Park under the terms of the LPC Agreement for its purchase
commitments under the LPC Agreement (the <i>Commitment Shares</i>). To satisfy our obligations under the registration rights agreement
associated with the LPC Agreement, we filed a Registration Statement on Form S-1 (the <i>LPC Registration Statement</i>) with the
SEC on March 31, 2020 (Registration No. 333-237514), which the SEC declared effective on April 14, 2020 (the <i>Commencement Date</i>).
The LPC Registration Statement included registration of the Initial Purchase Shares and the Commitment Shares. The fair value of
the Commitment Shares, $284,400, determined based on the quoted closing market price of our common stock on March 24, 2020, is
a component of deferred offering costs attributable to this offering, which costs are amortized ratably to additional paid-in capital
as we sell shares of our common stock to Lincoln Park under the LPC Agreement. Subsequent to the Commencement Date and through
July 2020, we sold an additional 6,301,995 registered shares of our common stock to Lincoln Park and received aggregate gross cash
proceeds of $2,891,200. We have sold no shares of our common stock under the LPC Agreement since July 2020. At December 31, 2020,
there were approximately 2.04 million registered shares of our common stock remaining available for sale under the LPC Agreement;
however, we have no obligation to sell any additional shares under the LPC Agreement in the future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On any business day during the term of the LPC
Agreement, we have the right, in our sole discretion, to direct Lincoln Park to purchase up to 100,000 shares on such business
day (the <i>Regular Purchase</i>) (subject to adjustment under certain circumstances as provided in the LPC Agreement). The purchase
price per share for each such Regular Purchase will be based on prevailing market prices of our common stock immediately preceding
the time of sale as computed under the LPC Agreement. In each case, Lincoln Park’s maximum commitment in any single Regular
Purchase may not exceed $1,000,000. In addition to Regular Purchases, provided that we present Lincoln Park with a purchase notice
for the full amount allowed for a Regular Purchase, we may also direct Lincoln Park to make <font style="color: #212529">accelerated
purchases and additional accelerated purchases as described in the LPC Agreement</font>. Although Lincoln Park has no right to
require us to sell any shares of our common stock to them, Lincoln Park is obligated to make purchases as we direct, subject to
certain conditions. In all instances, we may not sell shares of our common stock to Lincoln Park under the LPC Agreement if such
sales would result in Lincoln Park beneficially owning more than 9.99% of our common stock. There are no upper limits on the price
per share that Lincoln Park must pay for shares of our common stock. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sale of Common Stock and Warrants in the
Spring 2020 Private Placement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2020, in a self-directed private placement,
we sold to an accredited investor units to purchase an aggregate of 125,000 unregistered shares of our common stock and four-year
warrants to purchase 125,000 shares of our common stock at an exercise price of $0.50 per share and we received cash proceeds of
$50,000 (the <i>Spring 2020 Private Placement</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Registration Statement for shares underlying
warrants issued in Private Placements</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2020, we filed a registration statement
on Form S-3 (Registration No. 333-237968) to register approximately 12.1 million shares of common stock underlying outstanding
warrants that we had issued in earlier private placement offerings, including the Spring 2020 Private Placement, as well as common
stock underlying warrants that had been previously issued to various consultants as full or partial compensation for their services.
Included in the registration statement were shares of our common stock underlying approximately 5.8 million outstanding warrants
to purchase shares of our common stock that had been modified in December 2019 to temporarily reduce, for a period of two years
or, if sooner, until the expiration of the warrant, the exercise price of such warrants to $0.50 per share, in order to more closely
align the exercise price of the warrants with the trading price of our common stock at that time (the <i>Winter 2019 Warrant Modification</i>).
We also registered approximately 0.8 million shares of unregistered outstanding common stock held by former holders of warrants
who had exercised such warrants subsequent to the Winter 2019 Warrant Modification. Further, we registered the 125,000 shares of
common stock issued in the Spring 2020 Private Placement. The SEC declared the registration statement effective on May 13, 2020
(the <i>Warrant Registration Statement</i>). As a result of the effectiveness of this registration statement, the shares of common
stock underlying essentially all of our outstanding warrants have been registered. During July 2020, holders of warrants to purchase
an aggregate of 228,000 shares of our common stock exercised such warrants, and we received aggregate cash proceeds of $114,000.
We issued 228,000 registered shares of our common stock upon these exercises pursuant to the effectiveness of the Warrant Registration
Statement. During the quarter ended December 31, 2020, holders of outstanding warrants to purchase an aggregate of 1,447,782 registered
shares of our common stock exercised such warrants and we received $723,900 in cash proceeds.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>August 2020 Registered Public Offering
of Common Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 2, 2020, we entered into an underwriting
agreement (the <i>Underwriting Agreement</i>) with Maxim Group, LLC as representative of the underwriters named therein (<i>Maxim</i>),
pursuant to which we sold, in an underwritten public offering (the <i>August 2020 Public Offering</i>), an aggregate of 15,625,000
shares (the <i>Shares</i>) of our common stock for a public offering price of $0.80 per share, resulting in gross proceeds to us
of $12,500,000. The August 2020 Public Offering closed on August 5, 2020. Under the terms of the Underwriting Agreement, we granted
to Maxim a 45-day over-allotment option to purchase up to an additional 2,343,750 shares at a public offering price of
$0.80 per share, which Maxim elected to exercise on August 5, 2020 with respect to an aggregate of 2,243,250 shares (the <i>Exercised
Option Shares</i>). We completed the sale of the Exercised Option Shares on August 7, 2020 and received additional gross proceeds
of $1,794,600. After deducting underwriting discounts and commissions and offering expenses payable by us, we received net proceeds
of approximately $12.9 million from the August 2020 Public Offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Conversion of Series B Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 3, 2020, an institutional holder
of 28,571 shares of our Series B Preferred converted such shares into an equal number of unregistered shares of our common stock.
In accordance with the conversion terms of the Series B Preferred, we also issued 160,062 shares of unregistered common stock in
payment of $124,600 of dividends that had accrued on the holder’s Series B Preferred since issuance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Creation of Series D Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 17, 2020, in connection with the
December 2020 Public Offering (defined below), our Board authorized the creation of a series of up to 2,000,000 shares of Series
D Preferred Stock, par value $0.001 (<i>Series D Preferred</i>), which became effective with the filing of a Certificate of Designation
of the Relative Rights and Preferences of the Series D Convertible Preferred Stock (<i>Certificate of Designation</i>) with the
State of Nevada on December 21, 2020. The primary attributes of the Series D Preferred are described below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Conversion Rights</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of our Series D Preferred is initially
convertible into 23 shares of our common stock at any time at the option of the holder, provided<i> </i>that, the Series D
Preferred shall not be convertible prior to the date on which the we have received approval from our stockholders to increase the
total authorized shares of our common stock by at least an amount necessary to reserve shares sufficient to satisfy our conversion
obligations in respect of the Series D Preferred and an amendment to our Restated and Amended Articles of Incorporation reflecting
such increase becomes effective (the <i>Approval Date</i>),<b> </b>provided further, that the holder will be prohibited, subject
to certain exceptions, from converting such shares of Series D Preferred into shares of our common stock if, as a result of such
conversion, the holder, together with its affiliates and other attribution parties, would own more than 9.99% of the total number
of shares of our common stock then issued and outstanding, which percentage may be changed at the holder’s election to a
lower percentage at any time or to a higher percentage not to exceed 19.99% upon 61 days’ prior notice to us.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidation Preference</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Approval Date, in the event of
our liquidation, dissolution, or winding up or a deemed liquidation event, holders of our Series D Preferred will receive a payment
equal to $0.001 per share before any proceeds are distributed to the holders of our common stock. On and after the Approval Date,
the Series D Preferred will have no liquidation preference.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Voting Rights</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Approval Date, holders of shares
of our Series D Preferred will have one vote per share of Series D Preferred and will vote as a single class with our shares of
common stock. On and after the Approval Date, shares of Series D Preferred will generally have no voting rights, except to
the extent expressly provided in our Restated and Amended Articles of Incorporation or as otherwise required by law.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, for so long as shares of Series D Preferred
are outstanding, the affirmative consent of holders of a majority of the outstanding Series D Preferred will be required before
we can:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● amend, alter, modify or repeal (whether by merger, consolidation
or otherwise) the certificate of designations relating to our Series D Preferred, our articles of incorporation or our bylaws in
any manner that adversely affects the rights, preferences, privileges or the restrictions provided for the benefit of, the Series
D Preferred;</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● issue further shares of Series D Preferred or increase or
decrease (other than by conversion) the number of authorized shares of Series D Preferred; or</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● enter into any agreement to do any of the foregoing that
is not expressly made conditional on obtaining the affirmative vote or written consent of the requisite holders.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Ranking</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series D Preferred will rank:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● senior to any class or series of our capital stock hereafter
created specifically ranking by its terms junior to the preferred stock;</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● until the Approval Date, senior to our common stock;</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● on parity with any class or series of capital stock hereafter
created specifically ranking by its terms on parity with the preferred stock; and</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">● junior to any class or series of capital stock hereafter
created specifically ranking by its terms senior to the preferred stock;</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">in each case, as to distributions of
assets upon our liquidation, dissolution or winding up, whether voluntarily or involuntarily.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2020, we did not have a
sufficient number of authorized shares of our common stock to permit the conversion in full of our Series D Preferred and the
issuance upon exercise or conversion of all other outstanding series of preferred stock, warrants to purchase common stock or
outstanding stock options or shares reserved for issuance of the same. Accordingly, we have scheduled a Special Meeting of
Stockholders to be held on March 5, 2021 (the <i>Special Meeting</i>) at which we are requesting our stockholders to approve
an amendment to our Restated and Amended Articles of Incorporation to increase the number of authorized shares of our common
stock to 325 million shares (the <i>Charter Amendment</i>), an amount sufficient to permit the conversion of all outstanding
shares of Series D Preferred. The affirmative vote by a majority of our common stockholders and Series D Preferred holders,
voting as a single class, at the Special Meeting would constitute the Approval Date noted above.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>December 2020 Registered Public
Offering of Common Stock and Series D Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 18, 2020, we entered into an underwriting
agreement (the <i>December 2020 Underwriting Agreement</i>) with Jefferies LLC (<i>Jefferies</i>) and William Blair & Company,
L.L.C. (<i>Willian Blair)</i>, as representatives of the underwriters named therein (collectively, the <i>Underwriters</i>), pursuant
to which we agreed to issue and sell to the Underwriters, in an underwritten public offering (the <i>December 2020 Public Offering</i>),
63,000,000 shares of our common stock, at a public offering price of $0.92 per share and 2,000,000 shares of the newly created
Series D Preferred (together with the common stock, the <i>Securities</i>) at a public offering price of $21.16 per share, resulting
in gross proceeds to us of $100.28 million. The December 2020 Public Offering closed on December 22, 2020 at which time the shares
of common stock and Series D Preferred were sold to the Underwriters. After deducting underwriting discounts and commissions and
offering expenses payable by us, we received net proceeds of approximately $93.6 million from the December 2020 Public Offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series D Preferred issued in the
December 2020 Public Offering contained a beneficial conversion feature (a <i>BCF</i>), which arises when a debt or equity
security is issued with an embedded conversion option that is deemed beneficial to the investor, that is, in-the-money, at
inception because the conversion option has an effective strike or conversion price that is less than the market price of the
underlying stock at the commitment date (with respect to the Series D Preferred, the date the security was actually issued
rather than the date the agreement to do so was entered into, herein referred to as the <i>Commitment Date</i>). In
accordance with Accounting Standards Codification 470-20, <i>Debt- Debt with Conversion and Other Options</i> (<i>ASC
470-20</i>), an embedded BCF is required to be recognized separately by allocating a portion of the proceeds equal to the
intrinsic value of the feature to additional paid-in capital. ASC 470-20 also provides that the intrinsic value is to be
calculated as of the Commitment Date. Per the Certificate of Designation, the Series D Preferred has a conversion price of
$0.92 per share on an as-converted basis. When compared to the closing price of $1.42 per share of our common stock on the
Commitment Date, there is a difference of $0.50 per share. When multiplied by the number of shares of our common stock
issuable upon conversion of the Series D Preferred, the resulting BCF is an aggregate of $23.0 million. We have not
recognized the impact of the BCF at December 31, 2020 because the Series D Preferred is not convertible into common stock
prior to the Approval Date. Assuming approval of the Charter Amendment at the Special Meeting in March 2021, the contingency
of the BCF will be eliminated and we will recognize the BCF in our consolidated financial statements in the quarter ending
March 31, 2021 with both a noncash charge on our Consolidated Statement of Operations and Comprehensive Loss in arriving at
net loss attributable to common stockholders and a corresponding credit to additional paid-in capital. The recognition of the
BCF on the Series D Preferred will have no impact in aggregate on our stockholders’ equity or on our cash position.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Warrants
Outstanding</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes warrants outstanding
and exercisable as of December 31, 2020. All outstanding warrants are currently exercisable and the weighted average exercise price
of such warrants at December 31, 2020 is $1.59 per share.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<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="text-align: center"> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Warrants Outstanding</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise</b></font></td>
<td> </td>
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>and Exercisable at</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Price</b></font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Expiration</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31,</b></font></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"><font style="font-size: 8pt"><b>per Share</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center">
<p style="border-bottom: black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Date</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></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 style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 8pt">0.50</font></td>
<td style="width: 3%"> </td>
<td style="text-align: center; width: 36%"><font style="font-size: 8pt">3/25/2021 to 3/31/2024</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 25%; text-align: right"><font style="font-size: 8pt">6,475,530</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">7/25/2025</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,870,077</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.805</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/31/2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">80,431</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.50</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/13/2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,596,200</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.82</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">3/7/2023</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,388,931</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3.51</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">12/31/2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">50,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5.30</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">5/16/2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,705,883</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">$</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center"><font style="font-size: 8pt">3/3/2023</font></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"><font style="font-size: 8pt">147,000</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="text-align: center; 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"><font style="font-size: 8pt">24,314,052</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2020, with the effectiveness
of the Warrant Registration Statement in May 2020, the shares of common stock underlying essentially all of the outstanding warrants
except those having an exercise price of $7.00 per share have been registered for resale by the warrant holders. Additionally,
no outstanding warrant is subject to any down round anti-dilution protection features and all of the outstanding warrants are exercisable
by the holders only by payment in cash of the stated exercise price per share.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Consulting Agreement</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three quarters ended December 31,
2020 and 2019, we engaged a consulting firm headed by one of the independent members of our Board to provide various market research
studies, competitive analyses, and commercial advisory projects for certain of our CNS pipeline candidates pursuant to which we
recorded expense of $20,000 and $5,600 for the quarters ended December 31, 2020 and 2019, respectively, and $48,000 and $108,400
for the nine months ended December 31, 2020 and 2019, respectively. We recorded accounts payable and accrued expenses of $20,000
at December 31, 2020 and no amounts payable at March 31, 2020 related to these projects and services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Operating Leases</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We lease our headquarters office and laboratory
space in South San Francisco, California under the terms of a lease that expires on July 31, 2022 and that provides an option to
renew for an additional five years at then-current market rates. Consistent with the guidance in Accounting Standards Codification
Topic 842, Leases (<i>ASC 842</i>), beginning April 1, 2019, we recorded this lease in our Condensed Consolidated Balance Sheet
as an operating lease. For the purpose of determining the right-of-use asset and associated lease liability, we determined that
the renewal of this lease is reasonably probable. The lease of our South San Francisco facilities does not include any restrictions
or covenants requiring special treatment under ASC 842.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the presentation
of the operating lease in our Condensed Consolidated Balance Sheet at December 31, 2020 and March 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of December 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of March 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-style: italic">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-bottom: 2.5pt; padding-left: 0.25in">Right of use asset – operating lease</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; font-size: 8pt; text-align: right">3,312,100</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="border-bottom: Black 2.5pt double; width: 1%; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; font-size: 8pt; text-align: right">3,579,600</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-style: italic">Liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-left: 0.25in">Current operating lease obligation</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">351,500</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">313,400</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Non-current operating lease obligation</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,446,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,715,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">3,798,400</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">4,029,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the effect of
operating lease costs in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended
December 31, 2020 and 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Three Months</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ended December 31,</b></p></td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Nine Months</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ended December 31,</b></p></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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%"> </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; padding-bottom: 1pt">Operatinglease cost</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">207,300</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">$</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">203,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">627,400</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">$</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">615,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The minimum (base rental) lease payments related to our South San
Francisco operating lease are expected to be as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td>
<p style="border-bottom: black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Fiscal Years Ending March 31,</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 90%"><font style="font-size: 8pt">2021 (remaining three months)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">163,300</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">668,400</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2023</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">726,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2024</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">766,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2025</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">789,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Thereafter</font></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"><font style="font-size: 8pt">1,931,400</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Total lease expense</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,044,100</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Less imputed interest</font></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"><font style="font-size: 8pt">(1,245,700</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Present value of operating lease liabilities</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">3,798,400</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The remaining lease term, including the assumed five-year extension
at the expiration of the current lease period, and the discount rate assumption for our South San Francisco operating lease is
as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 87%; font-size: 8pt; text-align: left">Assumed remaining lease term in years</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">6.58</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">Assumed discount rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">8.54</td><td style="font-size: 8pt; text-align: left">%</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interest rate implicit in lease contracts
is typically not readily determinable and, as such, we used our estimated incremental borrowing rate based on information available
at the adoption of ASC 842, which represents an internally developed rate that would be incurred to borrow, on a collateralized
basis, over a similar term, an amount equal to the lease payments in a similar economic environment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Supplemental disclosure of cash flow information
related to our operating lease included in cash flows used by operating activities in the Condensed Consolidated Statements of
Cash Flows is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">For the Nine Months Ended</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">For the Nine Months Ended</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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Cash paid for amounts included in the</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">  measurement of lease liabilities</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">590,600</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">561,900</td><td style="width: 1%; 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>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the nine months ended December 31, 2020, we recorded no new
right of use assets arising from new lease liabilities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also lease a small office in the San Francisco
Bay Area under a month-to-month arrangement at insignificant cost and have made an accounting policy election not to apply the
ASC 842 operating lease recognition requirements to such short-term lease. We recognize the lease payments for this lease in general
and administrative expense over the lease term. We recorded rent expense of $3,600 and $3,500 for the three months ended December
31, 2020 and 2019, respectively, and $10,600 and $10,500 for the nine months ended December 31, 2020 and 2019, respectively, attributable
to this lease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates.  Significant estimates include
those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that
have been used historically to value warrants and warrant modifications.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development expenses are composed
of both internal and external costs.  Internal costs include salaries and employment-related expenses, including stock-based
compensation expense, of scientific personnel and direct project costs.  External research and development expenses consist
primarily of costs associated with clinical and nonclinical development of PH94B, PH10, AV-101, and stem cell research and development
costs, and costs related to the application and prosecution of patents related to those product candidates and, to a lesser extent,
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 (<i>CRO</i>s) and clinical
trial sites. Progress payments are generally made to contract research and development organizations, clinical sites, investigators
and other professional service providers. We analyze the progress of clinical trials, including levels of subject enrollment, invoices
received and contracted costs, when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be
made and used in determining the clinical trial accrual in any reporting period. Actual results could differ from those estimates
under different assumptions. Revisions are charged to research and development expense in the period in which the facts that give
rise to the revision become known. Costs incurred in obtaining product or technology licenses are charged immediately to research
and development expense if the product or technology licensed has not achieved regulatory approval or reached technical feasibility
and has no alternative future uses, as was the case with our acquisition of the exclusive worldwide licenses for PH94B and PH10
from Pherin during our fiscal year ended March 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 non-cash,
stock-based compensation expense over the period during which the employee or other grantee is required to perform services in
exchange for the award, which generally represents the scheduled vesting period.  We have not granted restricted stock
awards to employees nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory
grants of shares of our common stock to non-employees is determined by the quoted market price of the stock on the date of grant
and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement,
depending on the terms of the specific agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below summarizes stock-based compensation
expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine
months ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<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">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Three Months Ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Nine Months Ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 60%"> </td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2019</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2019</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">Research and development expense</font></td>
<td><font style="font-size: 8pt"> $218,900 </font></td>
<td><font style="font-size: 8pt"> $502,500 </font></td>
<td><font style="font-size: 8pt"> $567,900 </font></td>
<td><font style="font-size: 8pt"> $1,060,600 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">General and administrative expense</font></td>
<td><font style="font-size: 8pt">  511,500 </font></td>
<td><font style="font-size: 8pt">  1,129,700 </font></td>
<td><font style="font-size: 8pt">  1,248,000 </font></td>
<td><font style="font-size: 8pt">  2,028,100 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 8pt">Total stock-based compensation expense</font></td>
<td><font style="font-size: 8pt"> $730,400 </font></td>
<td><font style="font-size: 8pt"> $1,632,200 </font></td>
<td><font style="font-size: 8pt"> $1,815,900 </font></td>
<td><font style="font-size: 8pt"> $3,088,700 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Expense amounts reported above include $1,400
and $5,200 in research and development expense for the three and nine months ended December 31, 2020, respectively, and $1,300
and $4,100 in general and administrative expense for the three and nine months ended December 31, 2020, respectively, attributable
to our 2019 Employee Stock Purchase Plan (the <i>2019 ESPP</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020, we granted from our 2019 Omnibus Equity Incentive Plan (the <i>2019 Plan</i>) options to purchase an aggregate of 1,650,000
shares and 3,715,000 shares, respectively, of our common stock at exercise prices at or above the closing market price of our common
stock on the date of grant to the independent members of our Board, our officers and employees and certain consultants. The options
generally vested 25% upon grant with the remaining shares vesting ratably over two years for independent directors, officers and
employees, and over one to three years for consultants. We valued the options granted during the three and nine months ended December
31, 2020 using the Black-Scholes Option Pricing Model and the following assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<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">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Three Months Ended December 31, 2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Nine Months Ended December 31, 2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 60%; text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Average</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="width: 10%"><font style="font-size: 8pt"><b> Range </b></font></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Average</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p></td>
<td style="width: 10%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Range</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td>
<td><font style="font-size: 8pt"> $1.60 </font></td>
<td><font style="font-size: 8pt"> $0.70 to 1.77 </font></td>
<td><font style="font-size: 8pt"> $0.95 </font></td>
<td><font style="font-size: 8pt"> $0.40 to 1.77 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td><font style="font-size: 8pt"> $1.60 </font></td>
<td><font style="font-size: 8pt"> $0.70 to 1.77 </font></td>
<td><font style="font-size: 8pt"> $0.95 </font></td>
<td><font style="font-size: 8pt"> $0.40 to 1.77 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td><font style="font-size: 8pt">  0.44%</font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">0.38% to 0.56</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">%</p></td>
<td><font style="font-size: 8pt">  0.41%</font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">0.26% to 0.56</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">%</p></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 8pt">Expected term in years</font></td>
<td><font style="font-size: 8pt">  5.47 </font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">5.25 to 6.08</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td><font style="font-size: 8pt">  5.41 </font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">5.20 to 6.08</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td><font style="font-size: 8pt">  84.19%</font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">83.00% to 85.08</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">%</p></td>
<td><font style="font-size: 8pt">  84.16%</font></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">82.93% to 85.85</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">%</p></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td><font style="font-size: 8pt">  0.0%</font></td>
<td><font style="font-size: 8pt">  0.0%</font></td>
<td><font style="font-size: 8pt">  0.0%</font></td>
<td><font style="font-size: 8pt">  0.0%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt">Shares</font></td>
<td><font style="font-size: 8pt">  1,650,000 </font></td>
<td> </td>
<td><font style="font-size: 8pt">  3,715,000 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td><font style="font-size: 8pt"><b> $1.09 </b></font></td>
<td> </td>
<td><font style="font-size: 8pt"><b> $0.64 </b></font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2020, there were stock options
outstanding under our 2016 Equity Incentive Plan (the <i>2016 Plan</i>) and our 2019 Plan to purchase 13,718,088 shares of our
common stock at a weighted average exercise price of $1.25 per share. At that date, there were also 3,051,248 shares of our common
stock available for future issuance under the 2019 Plan. There are no additional shares available for issuance under our 2016 Plan.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2019, we adopted Financial Accounting
Standards Board (<i>FASB</i>) Accounting Standards Update (<i>ASU</i>) No. 2016-02, <i>Leases</i>, which replaced the
existing guidance in Accounting Standards Codification (<i>ASC</i>) 840, “Leases”, and its subsequent amendments including
ASU No. 2018-11, <i>Leases (Topic 842):</i> Targeted Improvements (<i>ASC 842</i>) using the modified transition method.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine whether an arrangement is an operating
or financing lease at contract inception. Operating lease assets represent our right to use an underlying asset for the lease term
and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets
and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease
term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that we
will exercise that option. In determining the present value of the lease payments, we use the interest rate implicit in the lease
when it is readily determinable and we use our estimated incremental borrowing rate based upon information available at the commencement
date when the implicit rate is not readily determinable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lease payments used to determine our operating
lease assets include lease incentives and stated rent increases and may include escalation or other clauses linked to rates of
inflation or other factors when determinable and are recognized in our operating lease assets in our condensed consolidated balance
sheets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating leases are reflected in right
of use asset – operating leases, other current liabilities and non-current operating lease liability in our condensed consolidated
balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term
leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment
and are recognized on a straight-line basis over the term of the lease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our accounting for financing leases, previously
referred to as “capital leases” under earlier guidance, remained substantially unchanged with our adoption of ASC 842.
Financing leases are included in property and equipment, net and as current and non-current financing lease liabilities in our
condensed consolidated balance sheets. Refer to Note 10, <i>Commitments and Contingencies,</i> for additional information regarding
ASC 842 and its impact on our condensed consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net loss attributable to common stockholders
per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual of dividends
on outstanding shares of our Series B 10% Convertible Preferred Stock (<i>Series B Preferred</i>), 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of our net loss for all periods
presented, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would
be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per
common share are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>At December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>At March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>2020</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td>
<td colspan="3"><font style="font-size: 8pt">  750,000 </font></td>
<td><font style="font-size: 8pt">  750,000 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td>
<td colspan="3"><font style="font-size: 8pt">  1,131,669 </font></td>
<td><font style="font-size: 8pt">  1,160,240 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td>
<td colspan="3"><font style="font-size: 8pt">  2,318,012 </font></td>
<td><font style="font-size: 8pt">  2,318,012 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Series D Preferred stock issued and outstanding (4)</font></td>
<td colspan="3"><font style="font-size: 8pt">  46,000,000 </font></td>
<td><font style="font-size: 8pt">  - </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan</font></td>
<td colspan="3"><font style="font-size: 8pt">  13,718,088 </font></td>
<td><font style="font-size: 8pt">  10,003,088 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td>
<td colspan="3"><font style="font-size: 8pt">  24,314,052 </font></td>
<td><font style="font-size: 8pt">  26,555,281 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td colspan="3"> </td>
<td colspan="3"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="3"><font style="font-size: 8pt">Total</font></td>
<td colspan="3"><font style="font-size: 8pt">  88,231,821 </font></td>
<td><font style="font-size: 8pt">  40,786,621 </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt">____________</font></td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td colspan="2"> </td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td colspan="2"> </td></tr>
<tr style="vertical-align: top">
<td colspan="7"><font style="font-size: 8pt">(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 shares of unregistered common stock issuable in payment of dividends on Series B Preferred upon conversion</font></td></tr>
<tr style="vertical-align: top">
<td colspan="4"><font style="font-size: 8pt">(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</font></td>
<td> </td>
<td colspan="2"> </td></tr>
<tr style="vertical-align: top">
<td colspan="7"><font style="font-size: 8pt">(4) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020. As disclosed in Note 8, <i>Capital Stock,</i> we do not have a sufficient number of shares of authorized common stock to permit the conversion in full of the Series D Preferred stock at December 31, 2020.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not use derivative instruments for hedging
of market risks or for trading or speculative purposes. We carried no assets or liabilities that are measured on a recurring basis
at fair value at December 31, 2020 or March 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2020, the Financial Accounting Standards
Board (<i>FASB</i>) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity (<i>ASU 2020-06</i>), to reduce complexity in applying GAAP to certain financial instruments with
characteristics of liabilities and equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The guidance in ASU 2020-06 simplifies the accounting
for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with
Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features
in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments
for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the amendments revise the scope
exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed
to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity
classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification
(and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host
contract.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in ASU 2020-06 further revise
the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible
instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted
EPS when an instrument may be settled in cash or shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in ASU 2020-06 are effective
for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal
years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption
and cannot adopt the guidance in an interim reporting period. We are evaluating the impact of this new guidance, but do not believe
that our adoption of ASU 2020-06 will have a material impact on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than ASU 2020-06 and as described in our
Form 10-K for our fiscal year ended March 31, 2020, we do not expect that 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 will have a material impact on our
consolidated financial statements upon adoption.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
0
4352400
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1244000
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3108400
5000000
1244000
3756000
647600
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647600
0
0
0
0
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409100
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116900
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292200
470000
116900
353100
60900
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60900
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1.77
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0.40
1.77
1.60
0.70
1.77
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P6Y29D
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0.0000
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3715000
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88231821
13718088
24314052
10003088
26555281
40786621
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73
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1.50
1.82
3.51
5.30
7.00
3/25/2021 to 3/31/2024
7/25/2025
12/31/2022
12/13/2022
3/7/2023
12/31/2021
5/16/2021
3/3/2023
24314052
6475530
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147000
24314052
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147000
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108400
20000
5600
627400
615000
207300
203100
163300
668400
1931400
5044100
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726000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VistaGen Therapeutics, Inc., a Nevada corporation
(which may be referred to as <i>VistaGen</i>, the <i>Company</i>, <i>we</i>, <i>our</i>, or <i>us</i>), is a clinical-stage biopharmaceutical
company committed to developing and commercializing differentiated new generation medications that go beyond the current standard
of care for anxiety, depression and other central nervous system (<i>CNS</i>) disorders. Our pipeline includes three CNS product
candidates, PH94B, PH10 and AV-101, each with a differentiated potential mechanism of action, favorable safety results observed
in all clinical studies to date, and therapeutic potential in multiple CNS indications. We are currently preparing PH94B for a
pivotal Phase 3 clinical study as a potential acute treatment of anxiety in adults with social anxiety disorder (<i>SAD</i>). We
are also planning for several small exploratory Phase 2A studies in adult patients experiencing adjustment disorder, pre-procedural
anxiety, postpartum anxiety and post-traumatic stress disorder. PH10 has completed a successful exploratory Phase 2A study for
the treatment of major depressive disorder (<i>MDD</i>). We are currently preparing for planned Phase 2B clinical development of
PH10 as a potential stand-alone treatment for MDD. In several clinical studies, AV-101 was shown to be orally bioavailable and
was well-tolerated. Based on successful these clinical studies and several preclinical studies, we are currently planning to pursue
Phase 1B, and, if successful, subsequent Phase 2A, clinical development of AV-101 in combination with probenecid for treatment
of CNS indications involving the N-methyl-D-aspartate receptor (<i>NMDAR</i>). Additionally, our wholly owned subsidiary, VistaGen
Therapeutics, Inc., d/b/a VistaStem, a California corporation (<i>VistaStem</i>), has pluripotent stem cell technology focused
on assessing and developing small molecule new chemical entities (<i>NCEs</i>) for our CNS pipeline, or for out-licensing, by utilizing
CardioSafe 3D, VistaStem’s customized human heart cell-based cardiac bioassay system. Our goal is to become a biopharmaceutical
company that develops and commercializes innovative CNS therapies for multiple large and growing neuropsychiatry and neurology
markets worldwide where current treatments are inadequate to meet the needs of millions of patients.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Our Product Candidates</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that PH94B has the potential to be
a first-in-class neuroactive steroid nasal spray for use in a wide range of indications involving anxiety or phobia. Designed to
be self-administered in microgram level doses, PH94B does not require systemic uptake and distribution to produce rapid-onset anti-anxiety
effects and has demonstrated a favorable safety profile in all clinical studies to date. We are initially developing PH94B as a
potential fast-acting, non-sedating acute treatment of anxiety in adults with SAD. We believe PH94B also has potential to be developed
as a novel treatment for a broad range of anxiety disorders, including adjustment disorder, postpartum anxiety, post-traumatic
stress disorder, pre-procedural anxiety, panic and others. The U.S. Food and Drug Administration (<i>FDA</i>) has granted Fast
Track designation for development of PH94B for the acute treatment of SAD.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PH10 is an innovative investigational neuroactive
steroid nasal spray designed to have rapid-onset and therapeutic potential in several neuropsychiatric indications involving depression.
Self-administered in microgram level doses, PH10 does not require systemic uptake and distribution to produce rapid-onset antidepressant
effects. Following completion of a successful exploratory Phase 2A clinical study, we are preparing for a planned Phase 2B clinical
study of PH10 as a stand-alone treatment of MDD. With its rapid-onset pharmacology, lack of systemic exposure at clinical doses
administered to-date and favorable safety results observed in all clinical studies to date, we believe PH10 has potential to be
a new stand-alone treatment for several additional depression disorders.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">AV-101 (4-Cl-KYN) is a potentially novel, investigational
prodrug designed to be orally administered and to target the NMDAR, an ionotropic glutamate receptor in the brain. Abnormal NMDAR
function is associated with numerous CNS diseases and disorders. AV-101’s active metabolite, 7-chloro-kynurenic acid (7-Cl-KYNA),
has been observed to be a potent and selective full antagonist of the glycine co-agonist site of the NMDAR that inhibits the function
of the NMDAR, but does not block NMDAR function like ketamine and other NMDAR antagonists. At doses administered to-date, AV-101
has been observed in clinical trials to be orally bioavailable, well-tolerated and not cause dissociative or hallucinogenic psychological
side effects or safety concerns similar to those that may be caused by other NMDAR antagonists. In light of these and findings
from a wide range of preclinical studies, we believe that AV-101, in combination with FDA-approved probenecid, has potential to
become a new oral treatment alternative for multiple large CNS markets. We are currently preparing to evaluate AV-101’s therapeutic
potential in combination with probenecid in a Phase 1B clinical study. The FDA has granted Fast Track designation for development
of AV-101 as both a potential adjunctive treatment for MDD and as a non-opioid treatment for neuropathic pain (<i>NP</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">VistaStem is applying pluripotent stem cell (hPSC) technology and
<i>CardioSafe</i> 3D, our customized cardiac bioassay system, to discover and develop novel, investigational small molecule NCEs
for our CNS pipeline or for out-licensing.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Subsidiaries</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, VistaStem Therapeutics, a California
corporation, is our wholly-owned subsidiary. Our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q
(<i>Report</i>) also include the accounts of VistaStem and 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited Condensed Consolidated
Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (<i>U.S.
GAAP</i>) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly,
they do not contain all of the information and footnotes required for complete consolidated financial statements. In the opinion
of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only
normal recurring adjustments, necessary to present fairly our interim financial information. The accompanying Condensed Consolidated
Balance Sheet at March 31, 2020 has been derived from our audited consolidated financial statements at that date but does not include
all disclosures required by U.S. GAAP.  The operating results for the three and nine months ended December 31, 2020 are not
necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2021, or for any other future
interim or other period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited Condensed Consolidated
Financial Statements and notes to the Condensed Consolidated Financial Statements contained in this Report should be read in conjunction
with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2020 contained in our Annual Report on Form
10-K, as filed with the Securities and Exchange Commission (<i>SEC</i>) on June 29, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited Condensed Consolidated
Financial Statements have been prepared assuming we will continue as a going concern. As a clinical-stage biopharmaceutical company
having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative
cash flows from operations resulting in a deficit of approximately $213.6 million accumulated from inception (May 1998) through
December 31, 2020. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage
in further development of PH94B, PH10 and AV-101, execute our drug rescue programs and pursue potential drug development and regenerative
medicine opportunities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since our inception in May 1998 through December
31, 2020, 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 $193.6 million, as well as from an aggregate of approximately $22.7 million
of government research grant awards (excluding the fair market value of government sponsored and funded clinical trials), strategic
collaboration payments and intellectual property licensing, and other revenues. Additionally, we have issued equity securities
with an approximate value at issuance of $38.2 million in noncash acquisitions of product licenses and in settlements of certain
liabilities, including liabilities for professional services rendered to us or as compensation for such services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recent Developments</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described more completely in Note 8, <i>Capital
Stock</i>, in December 2020, we entered into an underwriting agreement (the <i>December 2020 Underwriting Agreement</i>) pursuant
to which we sold, in an underwritten public offering (the <i>December 2020 Public Offering</i>), 63,000,000 shares of our common
stock, par value $0.001 per share (<i>Common Stock</i>) at a public offering price of $0.92 per share and 2,000,000 shares of a
newly issued series of convertible preferred stock (<i>Series D Preferred)</i> and, together with the Common Stock, the <i>Securities</i>)
at a public offering price of $21.16 per share, resulting in gross proceeds to us of $100 million. Net proceeds to us from the
securities sold in the December 2020 Public Offering, after deducting underwriting discounts and commissions and offering expenses
payable by us, were approximately $93.6 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As also described more completely in Note
8, <i>Capital Stock</i>, in August 2020, we entered into an underwriting agreement (the August 2020 <i>Underwriting
Agreement</i>) pursuant to which we sold, in an underwritten public offering (the <i>August 2020 Public Offering</i>), an
aggregate of 15,625,000 shares of our common stock at a public offering price of $0.80 per share, resulting in gross proceeds
to us of $12,500,000. Under the terms of the August 2020 Underwriting Agreement, we granted to the underwriter an
over-allotment option (the <i>Over-Allotment Option</i>) to purchase up to an additional 2,343,750 shares of common
stock at a public offering price of $0.80 per share. The underwriter exercised the Over-Allotment Option with respect to
2,243,250 shares (the <i>Exercised Option Shares</i>), resulting in additional gross proceeds to us of $1,794,600. Aggregate
net proceeds to us from the August 2020 Public Offering, after deducting underwriting discounts and commissions and offering
expenses payable by us, were approximately $12.9 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As more completely described in Note 11, <i>Sublicensing
and Collaboration Agreements</i>, in June 2020, we entered into a strategic licensing and collaboration agreement for the
clinical development and commercialization of PH94B for acute treatment of anxiety in adults with SAD and other potential
anxiety-related disorders (the <i>EverInsight Agreement</i>), with EverInsight Therapeutics Inc., (<i>EverInsight</i>), <font style="background-color: white">a
biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products for patients in
Greater China and other parts of Asia,</font> and funded by CBC Group, a global healthcare-focused venture capital firm.
Subsequent to entering into the EverInsight Agreement, in October 2020, EverInsight merged with AffaMed Therapeutics, also
funded by CBC Group, which as a combined, complementary entity is focusing on developing and commercializing therapeutics to
address ophthalmologic and CNS disorders in Greater China and beyond. Accordingly, we are now referring to EverInsight and
the EverInsight Agreement as AffaMed and the AffaMed Agreement, respectively. <font style="background-color: white">Under the
terms of the AffaMed Agreement, AffaMed agreed to make a non-dilutive upfront license payment of $5.0 million to us, which we
received in August 2020. Upon successful development and commercialization of PH94B in AffaMed’s territory, we are
eligible to receive up to $172 million in additional development and commercial milestone payments, plus royalties on
commercial sales in the licensed territory. The $5.0 million upfront license payment resulted in net cash proceeds to us of
approximately $4.655 million after the sublicense payment we agreed to make to Pherin Pharmaceuticals, Inc. (<i>Pherin</i>)
pursuant to our PH94B license from Pherin, and payment for consulting services related to the AffaMed Agreement.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Additionally,
as described in Note 8, <i>Capital Stock</i>, on March 24, 2020, we entered into a purchase agreement and a registration
rights agreement with Lincoln Park Capital Fund (<i>Lincoln Park</i>) pursuant to which Lincoln Park committed to purchase up
to $10,250,000 of our common stock at market-based prices over a period of 24 months (the <i>LPC Agreement</i>). To satisfy
our obligations under the registration rights agreement, we filed a Registration Statement on Form S-1 (the <i>LPC
Registration Statement</i>) with the Securities and Exchange Commission (the <i>SEC</i>) on March 31, 2020, which the SEC
declared effective on April 14, 2020 (Registration No. 333-237514). Subsequent to the effectiveness of the LPC Registration
Statement and through July 2020, we sold 6,301,995 registered shares of our common stock to Lincoln Park and received gross
cash proceeds of $2,891,200. We have not sold any shares of our common stock pursuant to the Lincoln Park Agreement since
July 2020.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">As
also described in Note 8, <i>Capital Stock</i>, during December 2020, certain holders of outstanding warrants exercised such
warrants to purchase an aggregate of 1,447,782 shares of our common stock and we received cash proceeds of $723,900 from such
exercises. As disclosed in Note 12, <i>Subsequent Events</i>, since December 31, 2020, holders of outstanding warrants have
exercised warrants to purchase an additional 2,941,027 shares of our common stock and we have received cash proceeds of
approximately $2.86 million.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"><i>Liquidity and Capital Resources</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a clinical-stage biopharmaceutical company,
we have historically financed our operations and technology acquisitions primarily through the issuance and sale of our equity
and debt securities. During the nine months ended December 31, 2020, we generated approximately $114.8 million in net cash proceeds
from the transactions described above. As of December 31, 2020, we had cash and cash equivalents of approximately $104.3 million,
which we believe is sufficient to fund our planned operations for well beyond the twelve months following the issuance of these
financial statements, removing earlier doubt regarding our ability to continue as a going concern. Nevertheless, we have not yet
developed products that generate recurring revenue and, assuming successful completion of our planned clinical and nonclinical
programs, we will need to invest substantial additional capital resources to commercialize any of them.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the next twelve months, we plan to (i)
prepare for and launch two pivotal Phase 3 clinical trials of PH94B for acute treatment of anxiety in adult patients with SAD,
one in North America and another globally, (ii) prepare for and launch a small exploratory Phase 2A study of PH94B for acute treatment
of adult patients with adjustment disorder, (iii) prepare for and potentially launch small exploratory Phase 2A clinical studies
of PH94B in postpartum anxiety, post-traumatic stress disorder and/or pre-procedural (i.e. pre-MRI) anxiety, (iv) assess and potentially
launch a Phase 1B study of AV-101 in combination with probenecid to enable exploratory Phase 2A development of the combination
for treatment of CNS disorders, and (v) conduct several nonclinical studies involving PH94B, PH10 and AV-101.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although we believe our current cash position
is sufficient to fund our planned operations for the next twelve months, when necessary and advantageous, we may raise additional
capital through the sale of our equity securities in one or more (i) public offerings (ii) private placements to accredited investors,
and/or (iii) in strategic licensing and development collaborations involving one or more of our drug candidates in markets outside
the United States, similar to the AffaMedAgreement. Subject to certain restrictions, our Registration Statement on Form S-3 (Registration
No. 333-234025) (the <i>S-3 Registration Statement</i>), which became effective on October 7, 2019 and was used to register the
securities sold in the December 2020 Public Offering and the shares of common stock and the Exercised Option Shares sold in the
August 2020 Public Offering, 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. Further, at December 31, 2020 and through the date of this Report, there are approximately 2.04 million registered shares
of our common stock remaining available for sale under the LPC Agreement. We have no obligation to sell any additional shares to
Lincoln Park under the LPC Agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the potential sale of our equity
securities, we may also seek to enter research, development and/or commercialization collaborations similar to the AffaMed Agreement
and the Bayer Agreement (defined in Note 11, below) to provide funding, including non-dilutive funding, for development of one
or more of our CNS product candidate programs. We may also seek additional government grant awards or agreements similar to our
prior agreement with the U.S. National Institutes of Health (<i>NIH</i>), Baylor University and the U.S. Department of Veterans
Affairs in connection with certain government-sponsored studies of AV-101. 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 AffaMed Agreement and the Bayer Agreement with other parties.
Although we may seek additional collaborations that could generate revenue and/or provide non-dilutive funding for development
of our 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.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our future working capital requirements will
depend on many factors, including, without limitation, potential impacts related to the current COVID-19 pandemic, the scope and
nature of opportunities related to our success and the success of certain other companies in nonclinical and 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 PH94B, PH10, and AV-101 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
manufacturing, research and development, investor and public relations, business development, legal, intellectual property acquisition
and protection, public company compliance and other professional services and operating costs. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, there can be
no assurance that our current strategic collaborations under the AffaMed Agreement and/or the Bayer Agreement (defined in Note
11, below) will generate revenue from future potential milestone payments, or 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 additional financing on a timely basis when needed, 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.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Use of Estimates</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates.  Significant estimates include
those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that
have been used historically to value warrants and warrant modifications.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate revenue from collaborative research
and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government
grants. We expect that our primary source of revenue beginning in the quarter ended September 30, 2020 will be from the AffaMed
Agreement involving clinical development and commercialization of PH94B for acute treatment of anxiety in adults with SAD, and
potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia.<i> </i>The terms of the AffaMed
Agreement include a $5.0 million non-refundable upfront license fee which we received in August 2020, potential payments based
upon achievement of certain development and commercial milestones, and royalties on product sales. We also have the Bayer Agreement,
pursuant to which we recorded sublicense revenue in the third quarter of our fiscal year ended March 31, 2017, also described in
Note 11, <i>Sublicensing and Collaborative Agreements</i>, as a potential revenue generating arrangement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Accounting Standards Codification (<i>ASC</i>)
Topic 606, <i>Revenue from Contracts with Customers (Topic 606)</i>, we recognize revenue when our customers obtain control of
promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods
or services. To determine revenue recognition for arrangements that we determine are within the scope of 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Performance Obligations</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 components are separable from the other
aspects of the contractual relationship. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collaboration arrangements can have several
promised goods or services including a license for our intellectual property, product supply and development and regulatory services.
When the customer could not obtain the intended benefit of the contract from a promised good or service without one or more other
promises in the contract, the promise is determined to be not distinct in the context of the contract and is combined with other
promises until the combined promises are distinct to identify performance obligations. We have determined that the AffaMed Agreement
includes a single combined performance obligation that includes both the license to intellectual property and development and regulatory
services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arrangements can include promises for optional
additional items, which are considered marketing offers and are accounted for as separate contracts when the customer elects such
options. Arrangements that include a promise for future supply of product for either clinical development or commercial supply
and optional research and development services at the customer’s or the Company’s discretion are generally considered
as options. We assess whether these options provide a material right to the customer and if so, such material rights are accounted
for as separate performance obligations. When the customer exercises an option, any additional payments related to the option are
recorded in revenue when the customer obtains control of the goods or services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Transaction Price</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arrangements may have both fixed and variable
consideration. For collaboration agreements, the non-refundable upfront fees and product supply selling prices are considered fixed,
while milestone payments are considered variable consideration when determining the transaction price. At the inception of each
arrangement, we evaluate whether the development milestones are considered probable of being achieved and estimate an 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 value of the associated milestone is included in the transaction price. Milestone payments that are not within
our control or the licensee’s control, such as approvals from regulators, are generally not considered probable of being
achieved until such approvals are received.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For sales-based royalties, including commercial
milestone payments based on the level of sales, for which the license is deemed to be the predominant item to which the royalties
relate, we recognize revenue at the later of when (a) the related sales occur, or (b) the performance obligation to which some
or all of the royalty has been allocated has been satisfied (or partially satisfied).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Allocation of Consideration</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the accounting for collaboration
arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price of each performance
obligation identified in the contract. The transaction price is allocated to the identified performance obligations in proportion
to their standalone selling prices (<i>SSP</i>) 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. 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. 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. Since the AffaMed Agreement includes a single combined performance obligation
that is not distinct, there is no allocation of consideration.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Timing of Recognition</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant management judgment is required
to determine the level of effort required under collaboration arrangements and the period over which we expect to complete our
performance obligations under the arrangement. The performance period or measure of progress is estimated at the inception of the
arrangement and re-evaluated in each reporting period. This re-evaluation may shorten or lengthen the period over which revenue
is recognized. Changes to these estimates are recorded on a cumulative catch up basis. Revenue is recognized for products at a
point in time and for licenses of functional intellectual property at the point in time the customer can use and benefit from the
license. For performance obligations that are services, revenue is recognized over time using an output or input method. For performance
obligations that are a combination of licenses to intellectual property and interdependent services, the nature of the combined
performance obligation is considered when determining the method and measure of progress that best represents the satisfaction
of the performance obligation. For the single combined performance obligation of the AffaMed Agreement, the measure of progress
is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The difference between revenue recognized to-date
and the consideration invoiced or received to-date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds
cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). At December 31, 2020, we have recorded
deferred revenue of $4,352,400. The following table presents changes in our contract liabilities for the nine months ended December
31, 2020 (in thousands):</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Revenue - current portion</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Revenue - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,756,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(647,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,108,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5,000,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(647,600</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">4,352,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the single combined performance obligation
under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform
the services related to the license of PH94B. Accordingly, deferred revenue is being recognized on a straight-line basis over the
period in which we expect to perform the services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020 and 2019, we recognized the following revenue:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Nine Months Ended December 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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Revenue recognized in the period from:</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">Amounts included in contract liabilities at the</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">   beginning of the fiscal year:</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: 63pt">Performance obligations satisfied</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">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</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">—  </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">New activities in the fiscal year:</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: 48%; font-size: 8pt; text-align: left; padding-left: 63pt">Performance obligations satisfied</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">313,600</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">—  </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">647,600</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">—  </td><td style="width: 1%; 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="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"> </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></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">313,600</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">647,600</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">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Contract Acquisition Costs</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended September 30, 2020,
we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license from
Pherin, and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued
233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services exclusively
related to the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued,
aggregating $470,000, were incurred solely as a result of obtaining the AffaMed Agreement, and, accordingly, have been capitalized
as deferred contract acquisition costs in our Condensed Consolidated Balance Sheet. Capitalized contract acquisition costs are
amortized over the period in which we expect to satisfy the performance obligations under the AffaMed Agreement and the amortization
expense has been included in general and administrative expenses in our Condensed Consolidated Statement of Operations and Comprehensive
Loss. In the three and nine months ended December 31, 2020, we amortized $29,500 and $60,900, respectively, to general and administrative
expense in recognition of the services performed under the arrangement. There has been no impairment loss in relation to the costs
capitalized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes our contract
acquisition costs for the nine months ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Contract Acquisition Costs - current portion</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">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Contract Acquisition Costs - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">353,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(60,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">292,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">470,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(60,900</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">409,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Research and Development Expenses</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development expenses are composed
of both internal and external costs.  Internal costs include salaries and employment-related expenses, including stock-based
compensation expense, of scientific personnel and direct project costs.  External research and development expenses consist
primarily of costs associated with clinical and nonclinical development of PH94B, PH10, AV-101, and stem cell research and development
costs, and costs related to the application and prosecution of patents related to those product candidates and, to a lesser extent,
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 (<i>CRO</i>s) and clinical
trial sites. Progress payments are generally made to contract research and development organizations, clinical sites, investigators
and other professional service providers. We analyze the progress of clinical trials, including levels of subject enrollment, invoices
received and contracted costs, when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be
made and used in determining the clinical trial accrual in any reporting period. Actual results could differ from those estimates
under different assumptions. Revisions are charged to research and development expense in the period in which the facts that give
rise to the revision become known. Costs incurred in obtaining product or technology licenses are charged immediately to research
and development expense if the product or technology licensed has not achieved regulatory approval or reached technical feasibility
and has no alternative future uses, as was the case with our acquisition of the exclusive worldwide licenses for PH94B and PH10
from Pherin during our fiscal year ended March 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-Based Compensation</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 non-cash,
stock-based compensation expense over the period during which the employee or other grantee is required to perform services in
exchange for the award, which generally represents the scheduled vesting period.  We have not granted restricted stock
awards to employees nor do we have any awards with market or performance conditions. Non-cash expense attributable to compensatory
grants of shares of our common stock to non-employees is determined by the quoted market price of the stock on the date of grant
and is either recognized as fully-earned at the time of the grant or amortized ratably over the term of the related service agreement,
depending on the terms of the specific agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below summarizes stock-based compensation
expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine
months ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p></td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p></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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</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> </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%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development expense</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">218,900</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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">502,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">567,900</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">1,060,600</td><td style="width: 1%; 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></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-left: 9pt">General and administrative expense</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">511,500</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">1,129,700</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">1,248,000</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">2,028,100</td><td style="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="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"> </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></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></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">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">730,400</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,632,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,815,900</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">3,088,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Expense amounts reported above include $1,400
and $5,200 in research and development expense for the three and nine months ended December 31, 2020, respectively, and $1,300
and $4,100 in general and administrative expense for the three and nine months ended December 31, 2020, respectively, attributable
to our 2019 Employee Stock Purchase Plan (the <i>2019 ESPP</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020, we granted from our 2019 Omnibus Equity Incentive Plan (the <i>2019 Plan</i>) options to purchase an aggregate of 1,650,000
shares and 3,715,000 shares, respectively, of our common stock at exercise prices at or above the closing market price of our common
stock on the date of grant to the independent members of our Board, our officers and employees and certain consultants. The options
generally vested 25% upon grant with the remaining shares vesting ratably over two years for independent directors, officers and
employees, and over one to three years for consultants. We valued the options granted during the three and nine months ended December
31, 2020 using the Black-Scholes Option Pricing Model and the following assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<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"><font style="font-size: 8pt"><b>Three Months Ended December 31, 2020</b></font></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"><font style="font-size: 8pt"><b>Nine Months Ended December 31, 2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p></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"><font style="font-size: 8pt"><b>Range</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">1.60</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.70 to 1.77</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.40 to 1.77</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.60</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.70 to 1.77</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.40 to 1.77</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.44</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">0.38% to 0.56</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.41</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">0.26% to 0.56</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Expected term in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.47</font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">5.25 to 6.08</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.41</font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">5.20 to 6.08</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84.19</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">83.00% to 85.08</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84.16</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">82.93% to 85.85</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Shares</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,650,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,715,000</font></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> </td>
<td style="text-align: right"> </td>
<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>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.09</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2020, there were stock options
outstanding under our 2016 Equity Incentive Plan (the <i>2016 Plan</i>) and our 2019 Plan to purchase 13,718,088 shares of our
common stock at a weighted average exercise price of $1.25 per share. At that date, there were also 3,051,248 shares of our common
stock available for future issuance under the 2019 Plan. There are no additional shares available for issuance under our 2016 Plan.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases, Right-of-Use Assets and Lease Liabilities</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2019, we adopted Financial Accounting
Standards Board (<i>FASB</i>) Accounting Standards Update (<i>ASU</i>) No. 2016-02, <i>Leases</i>, which replaced the
existing guidance in Accounting Standards Codification (<i>ASC</i>) 840, “Leases”, and its subsequent amendments including
ASU No. 2018-11, <i>Leases (Topic 842):</i> Targeted Improvements (<i>ASC 842</i>) using the modified transition method.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine whether an arrangement is an operating
or financing lease at contract inception. Operating lease assets represent our right to use an underlying asset for the lease term
and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets
and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease
term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that we
will exercise that option. In determining the present value of the lease payments, we use the interest rate implicit in the lease
when it is readily determinable and we use our estimated incremental borrowing rate based upon information available at the commencement
date when the implicit rate is not readily determinable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lease payments used to determine our operating
lease assets include lease incentives and stated rent increases and may include escalation or other clauses linked to rates of
inflation or other factors when determinable and are recognized in our operating lease assets in our condensed consolidated balance
sheets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating leases are reflected in right
of use asset – operating leases, other current liabilities and non-current operating lease liability in our condensed consolidated
balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short-term
leases, defined as leases that have a lease term of 12 months or less at the commencement date, are excluded from this treatment
and are recognized on a straight-line basis over the term of the lease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our accounting for financing leases, previously
referred to as “capital leases” under earlier guidance, remained substantially unchanged with our adoption of ASC 842.
Financing leases are included in property and equipment, net and as current and non-current financing lease liabilities in our
condensed consolidated balance sheets. Refer to Note 10, <i>Commitments and Contingencies,</i> for additional information regarding
ASC 842 and its impact on our condensed consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Comprehensive Loss</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Loss per Common Share</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net loss attributable to common stockholders
per share of common stock excludes the effect of dilution and is computed by dividing net loss increased by the accrual of dividends
on outstanding shares of our Series B 10% Convertible Preferred Stock (<i>Series B Preferred</i>), 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of our net loss for all periods
presented, potentially dilutive securities were excluded from the computation of diluted net loss per share, as their effect would
be antidilutive. Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per
common share are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">At December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">At 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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</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> </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">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">1,131,669</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> </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">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> </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">Series D Preferred stock issued and outstanding (4)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">46,000,000</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> </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">Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity 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">13,718,088</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">10,003,088</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">Outstanding warrants to purchase common 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">24,314,052</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">26,555,281</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="padding-bottom: 1pt"> </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></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">88,231,821</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">40,786,621</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 65%"><font style="font-size: 8pt">____________</font></td>
<td style="width: 1%"> </td>
<td style="width: 17%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%"> </td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td colspan="5"><font style="font-size: 8pt">(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 shares of unregistered common stock issuable in payment of dividends on Series B Preferred upon conversion</font></td></tr>
<tr style="vertical-align: top">
<td colspan="3"><font style="font-size: 8pt">(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</font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td colspan="5"><font style="font-size: 8pt">(4) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020. As disclosed in Note 8, <i>Capital Stock,</i> we do not have a sufficient number of shares of authorized common stock to permit the conversion in full of the Series D Preferred stock at December 31, 2020.</font></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurements</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not use derivative instruments for hedging
of market risks or for trading or speculative purposes. We carried no assets or liabilities that are measured on a recurring basis
at fair value at December 31, 2020 or March 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Recent Accounting Pronouncements</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2020, the Financial Accounting Standards
Board (<i>FASB</i>) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity (<i>ASU 2020-06</i>), to reduce complexity in applying GAAP to certain financial instruments with
characteristics of liabilities and equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The guidance in ASU 2020-06 simplifies the accounting
for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with
Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features
in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments
for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the amendments revise the scope
exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed
to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity
classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification
(and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host
contract.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in ASU 2020-06 further revise
the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible
instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted
EPS when an instrument may be settled in cash or shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in ASU 2020-06 are effective
for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal
years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption
and cannot adopt the guidance in an interim reporting period. We are evaluating the impact of this new guidance, but do not believe
that our adoption of ASU 2020-06 will have a material impact on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than ASU 2020-06 and as described in our
Form 10-K for our fiscal year ended March 31, 2020, we do not expect that 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 will have a material impact on our
consolidated financial statements upon adoption.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate revenue from collaborative research
and development arrangements, licensing and technology transfer agreements, including strategic licenses or sublicenses, and government
grants. We expect that our primary source of revenue beginning in the quarter ended September 30, 2020 will be from the AffaMed
Agreement involving clinical development and commercialization of PH94B for acute treatment of anxiety in adults with SAD, and
potentially other anxiety-related disorders, in Greater China, South Korea, and Southeast Asia.<i> </i>The terms of the AffaMed
Agreement include a $5.0 million non-refundable upfront license fee which we received in August 2020, potential payments based
upon achievement of certain development and commercial milestones, and royalties on product sales. We also have the Bayer Agreement,
pursuant to which we recorded sublicense revenue in the third quarter of our fiscal year ended March 31, 2017, also described in
Note 11, <i>Sublicensing and Collaborative Agreements</i>, as a potential revenue generating arrangement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Accounting Standards Codification (<i>ASC</i>)
Topic 606, <i>Revenue from Contracts with Customers (Topic 606)</i>, we recognize revenue when our customers obtain control of
promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods
or services. To determine revenue recognition for arrangements that we determine are within the scope of 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Performance Obligations</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 components are separable from the other
aspects of the contractual relationship. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collaboration arrangements can have several
promised goods or services including a license for our intellectual property, product supply and development and regulatory services.
When the customer could not obtain the intended benefit of the contract from a promised good or service without one or more other
promises in the contract, the promise is determined to be not distinct in the context of the contract and is combined with other
promises until the combined promises are distinct to identify performance obligations. We have determined that the AffaMed Agreement
includes a single combined performance obligation that includes both the license to intellectual property and development and regulatory
services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arrangements can include promises for optional
additional items, which are considered marketing offers and are accounted for as separate contracts when the customer elects such
options. Arrangements that include a promise for future supply of product for either clinical development or commercial supply
and optional research and development services at the customer’s or the Company’s discretion are generally considered
as options. We assess whether these options provide a material right to the customer and if so, such material rights are accounted
for as separate performance obligations. When the customer exercises an option, any additional payments related to the option are
recorded in revenue when the customer obtains control of the goods or services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Transaction Price</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arrangements may have both fixed and variable
consideration. For collaboration agreements, the non-refundable upfront fees and product supply selling prices are considered fixed,
while milestone payments are considered variable consideration when determining the transaction price. At the inception of each
arrangement, we evaluate whether the development milestones are considered probable of being achieved and estimate an 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 value of the associated milestone is included in the transaction price. Milestone payments that are not within
our control or the licensee’s control, such as approvals from regulators, are generally not considered probable of being
achieved until such approvals are received.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For sales-based royalties, including commercial
milestone payments based on the level of sales, for which the license is deemed to be the predominant item to which the royalties
relate, we recognize revenue at the later of when (a) the related sales occur, or (b) the performance obligation to which some
or all of the royalty has been allocated has been satisfied (or partially satisfied).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Allocation of Consideration</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the accounting for collaboration
arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price of each performance
obligation identified in the contract. The transaction price is allocated to the identified performance obligations in proportion
to their standalone selling prices (<i>SSP</i>) 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. 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. 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. Since the AffaMed Agreement includes a single combined performance obligation
that is not distinct, there is no allocation of consideration.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Timing of Recognition</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant management judgment is required
to determine the level of effort required under collaboration arrangements and the period over which we expect to complete our
performance obligations under the arrangement. The performance period or measure of progress is estimated at the inception of the
arrangement and re-evaluated in each reporting period. This re-evaluation may shorten or lengthen the period over which revenue
is recognized. Changes to these estimates are recorded on a cumulative catch up basis. Revenue is recognized for products at a
point in time and for licenses of functional intellectual property at the point in time the customer can use and benefit from the
license. For performance obligations that are services, revenue is recognized over time using an output or input method. For performance
obligations that are a combination of licenses to intellectual property and interdependent services, the nature of the combined
performance obligation is considered when determining the method and measure of progress that best represents the satisfaction
of the performance obligation. For the single combined performance obligation of the AffaMed Agreement, the measure of progress
is stand-ready straight-line over the period in which we expect to perform the services related to the license of PH94B.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The difference between revenue recognized to-date
and the consideration invoiced or received to-date is recognized as either a contract asset/unbilled revenue (revenue earned exceeds
cash received) or a contract liability/deferred revenue (cash received exceeds revenue earned). At December 31, 2020, we have recorded
deferred revenue of $4,352,400. The following table presents changes in our contract liabilities for the nine months ended December
31, 2020 (in thousands):</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Revenue - current portion</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Revenue - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,756,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(647,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,108,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5,000,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(647,600</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">4,352,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the single combined performance obligation
under the AffaMed Agreement, the measure of progress is stand-ready straight-line over the period in which we expect to perform
the services related to the license of PH94B. Accordingly, deferred revenue is being recognized on a straight-line basis over the
period in which we expect to perform the services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020 and 2019, we recognized the following revenue:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Nine Months Ended December 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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Revenue recognized in the period from:</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">Amounts included in contract liabilities at the</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">   beginning of the fiscal year:</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: 63pt">Performance obligations satisfied</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">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</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">—  </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">New activities in the fiscal year:</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: 48%; font-size: 8pt; text-align: left; padding-left: 63pt">Performance obligations satisfied</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">313,600</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">—  </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">647,600</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">—  </td><td style="width: 1%; 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="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"> </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></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">313,600</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">647,600</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">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Contract Acquisition Costs</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended September 30, 2020,
we made cash payments aggregating $345,000 for sublicense fees, which we were obligated to make pursuant to our PH94B license from
Pherin, and fees for consulting services exclusively related to the AffaMed Agreement. Additionally, on June 24, 2020, we issued
233,645 unregistered shares of our common stock, valued at $125,000, as partial compensation for consulting services exclusively
related to the AffaMed Agreement. These sublicense fees and consulting payments and the fair value of the common stock issued,
aggregating $470,000, were incurred solely as a result of obtaining the AffaMed Agreement, and, accordingly, have been capitalized
as deferred contract acquisition costs in our Condensed Consolidated Balance Sheet. Capitalized contract acquisition costs are
amortized over the period in which we expect to satisfy the performance obligations under the AffaMed Agreement and the amortization
expense has been included in general and administrative expenses in our Condensed Consolidated Statement of Operations and Comprehensive
Loss. In the three and nine months ended December 31, 2020, we amortized $29,500 and $60,900, respectively, to general and administrative
expense in recognition of the services performed under the arrangement. There has been no impairment loss in relation to the costs
capitalized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes our contract
acquisition costs for the nine months ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Contract Acquisition Costs - current portion</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">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Contract Acquisition Costs - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">353,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(60,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">292,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">470,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(60,900</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">409,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Revenue - current portion</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1,244,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Revenue - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,756,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(647,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,108,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5,000,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(647,600</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">4,352,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Nine Months Ended December 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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Revenue recognized in the period from:</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">Amounts included in contract liabilities at the</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">   beginning of the fiscal year:</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: 63pt">Performance obligations satisfied</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">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</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">—  </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">New activities in the fiscal year:</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: 48%; font-size: 8pt; text-align: left; padding-left: 63pt">Performance obligations satisfied</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">313,600</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">—  </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">647,600</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">—  </td><td style="width: 1%; 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="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"> </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></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">313,600</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">647,600</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">Balance at</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Additions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Deductions</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left">Deferred Contract Acquisition Costs - current portion</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">—  </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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">116,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Deferred Contract Acquisition Costs - non-current portion</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">353,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(60,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">292,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">470,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(60,900</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">409,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p></td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p></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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</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> </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%; font-size: 8pt; text-align: left; padding-left: 9pt">Research and development expense</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">218,900</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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">502,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">567,900</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">1,060,600</td><td style="width: 1%; 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></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-left: 9pt">General and administrative expense</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">511,500</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">1,129,700</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">1,248,000</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">2,028,100</td><td style="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="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"> </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></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></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">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">730,400</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,632,200</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,815,900</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">3,088,700</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> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three Months Ended December 31, 2020</b></font></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"><font style="font-size: 8pt"><b>Nine Months Ended December 31, 2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p></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"><font style="font-size: 8pt"><b>Range</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">1.60</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.70 to 1.77</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.40 to 1.77</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.60</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.70 to 1.77</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.40 to 1.77</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.44</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">0.38% to 0.56</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.41</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">0.26% to 0.56</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Expected term in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.47</font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">5.25 to 6.08</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.41</font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">5.20 to 6.08</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84.19</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">83.00% to 85.08</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84.16</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt">82.93% to 85.85</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Shares</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,650,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,715,000</font></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> </td>
<td style="text-align: right"> </td>
<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>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.09</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </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> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>At December 31,</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>At March 31,</b></font></td>
<td> </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"><font style="font-size: 8pt"><b>2020</b></font></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"><font style="font-size: 8pt"><b>2020</b></font></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: 80%"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="width: 1%"> </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><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,131,669</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,160,240</font></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><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></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><font style="font-size: 8pt">Series D Preferred stock issued and outstanding (4)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">46,000,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></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><font style="font-size: 8pt">Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">13,718,088</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,003,088</font></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><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,314,052</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">26,555,281</font></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> </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"> </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"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Total</font></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"><font style="font-size: 8pt">88,231,821</font></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"><font style="font-size: 8pt">40,786,621</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"> <b>December 31, 2020</b>           </font></td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"> <b>March 31, 2020</b>           </font></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" style="text-align: center"> </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" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Balance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Interest</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Total</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Balance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Interest</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center">Total</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><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 22%; font-size: 8pt; 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><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; padding-bottom: 2.5pt">7.30% and 6.30% Notes payable to insurance premium
financing company (current)</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">98,400</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">98,400</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">56,500</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</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><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">56,500</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Prepaid expenses and other current assets are composed of the following
at December 31, 2020 and March 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left"> Clinical and nonclinical materials and contract services</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">381,000</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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">115,200</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt"> Insurance</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">164,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">107,200</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">547,500</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">225,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left"> Clinical and nonclinical materials and contract services</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">381,000</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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">115,200</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt"> Insurance</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">164,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">107,200</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,100</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">547,500</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">225,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">935,500</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">892,500</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"> 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">214,400</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> 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">61,900</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">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"> Office furniture and 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">84,600</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">84,600</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"> Construction in progress</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">199,600</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">—  </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">1,496,000</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">1,246,100</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">(1,113,800</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">(1,036,500</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"> 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">382,200</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">209,600</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left">Office equipment subject to financing lease</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</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">$</td><td style="width: 10%; font-size: 8pt; text-align: right">14,700</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(11,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(9,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Net book value of office equipment subject to</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">   financing lease</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">3,100</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accrued expenses are composed of the following at December 31, 2020
and March 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt; text-align: center"> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; text-align: left">Accrued expenses for clinical and nonclinical materials, development and contract services</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">400,900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">462,300</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Accrued professional services</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,500</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"> All other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,700</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">507,200</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">561,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt; text-align: center"> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; text-align: left">Accrued expenses for clinical and nonclinical materials, development and contract services</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">400,900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">462,300</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Accrued professional services</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,500</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"> All other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,700</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">507,200</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">561,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<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="text-align: center; vertical-align: bottom"> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Warrants Outstanding</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise</b></font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>and Exercisable at</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Price</b></font></td>
<td> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Expiration</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31,</b></font></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"><font style="font-size: 8pt"><b>per Share</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; vertical-align: bottom">
<p style="border-bottom: black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Date</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></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 style="text-align: center; vertical-align: bottom"> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 8pt">0.50</font></td>
<td style="width: 3%"> </td>
<td style="text-align: center; width: 36%; vertical-align: bottom"><font style="font-size: 8pt">3/25/2021 to 3/31/2024</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 25%; text-align: right"><font style="font-size: 8pt">6,475,530</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">7/25/2025</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,870,077</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.805</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">12/31/2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">80,431</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.50</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">12/13/2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,596,200</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.82</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">3/7/2023</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,388,931</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3.51</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">12/31/2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">50,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5.30</font></td>
<td> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">5/16/2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,705,883</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">$</font></td>
<td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt">3/3/2023</font></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"><font style="font-size: 8pt">147,000</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt; text-align: right"> </td>
<td style="text-align: center; padding-bottom: 3pt; vertical-align: bottom"> </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"><font style="font-size: 8pt">24,314,052</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of December 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of March 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-style: italic">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-bottom: 2.5pt; padding-left: 0.25in">Right of use asset – operating lease</td><td style="width: 1%; font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; font-size: 8pt; text-align: right">3,312,100</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="border-bottom: Black 2.5pt double; width: 1%; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; font-size: 8pt; text-align: right">3,579,600</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-style: italic">Liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-left: 0.25in">Current operating lease obligation</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">351,500</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">313,400</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Non-current operating lease obligation</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,446,900</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,715,600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">3,798,400</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">4,029,000</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> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Three Months</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ended December 31,</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the Nine Months</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ended December31,</b></p></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"><font style="font-size: 8pt"><b> 2020</b></font></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"><font style="font-size: 8pt"><b> 2019</b></font></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"><font style="font-size: 8pt"><b> 2020</b></font></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"><font style="font-size: 8pt"><b> 2019</b></font></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>
<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: 58%"><font style="font-size: 8pt">Operatinglease cost</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">207,300</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">203,100</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">627,400</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">615,000</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="3" style="text-align: left; font-size: 8pt; font-weight: bold">Fiscal Years Ending March 31,</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 48%; font-size: 8pt; text-align: left"><font style="font-size: 8pt">2021 (remaining three months)</font></td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 47%; font-size: 8pt; text-align: right">163,300</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"> </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="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2023</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">726,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2024</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">766,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left">2025</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">789,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: left"><font style="font-size: 8pt">Thereafter</font></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">1,931,400</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"> </td><td style="font-size: 8pt; text-align: left"><font style="font-size: 8pt">Total lease expense</font></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">5,044,100</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"><font style="font-size: 8pt">Less imputed interest</font></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">(1,245,700</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"> </td><td style="font-size: 8pt; text-align: left"><font style="font-size: 8pt">Present value of operating lease liabilities</font></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">3,798,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">As of December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 87%; font-size: 8pt; text-align: left">Assumed remaining lease term in years</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">6.58</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">Assumed discount rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">8.54</td><td style="font-size: 8pt; text-align: left">%</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">For the Nine Months Ended</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">For the Nine Months Ended</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="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Cash paid for amounts included in the</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">  measurement of lease liabilities</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">590,600</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">561,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>PH94B Sublicense Agreement with EverInsight</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 24, 2020, we entered into a license
and collaboration agreement (the <i>EverInsight Agreement</i>) with EverInsight Therapeutics Inc., a company incorporated
under the laws of the British Virgin Islands and funded by CBC Group, a global healthcare-focused venture capital firm (<i>EverInsight</i>).
Subsequent to entering into the EverInsight Agreement, in October 2020, EverInsight merged with AffaMed Therapeutics, Inc., also
funded by CBC Group, which as a combined, complementary entity is focusing on developing and commercializing therapeutics to address
ophthalmologic and CNS disorders in Greater China and beyond. Accordingly, we are now referring to EverInsight and the EverInsight
Agreement as AffaMed and the AffaMed Agreement, respectively. Under the AffaMed Agreement, we granted AffaMed an exclusive
license to develop and commercialize PH94B, our neuroactive pherin drug candidate for SAD and other anxiety-related disorders,
in Greater China (which includes Mainland China, Hong Kong, Macau and Taiwan), South Korea and Southeast Asia (which includes Indonesia,
Malaysia, Philippines, Thailand and Vietnam) (collectively, the <i>Territory</i>). We retain exclusive development and commercialization
rights for PH94B in the rest of the world.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the AffaMed Agreement, AffaMed
is responsible for all costs related to developing, obtaining regulatory approval of, and commercializing PH94B for treatment of
SAD, and potentially other anxiety-related indications, in the Territory. A joint development committee has been established between
us and AffaMed to coordinate and review the development and commercialization plans with respect to PH94B in the Territory.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are responsible for pursuing clinical development
and regulatory submissions of PH94B for acute treatment of anxiety in adults with SAD, and potentially other anxiety-related indications,
in the United States on a ‘‘best efforts’’ basis, with no guarantee of success. EverInsight has the option
to participate in the global Phase 3 clinical trial of PH94B and will assume all direct costs and expenses of conducting such clinical
trial in the Territory and a portion of the indirect costs of the global trial. We will transfer all development data (nonclinical
and clinical data) and our regulatory documentation related to PH94B throughout the term as it is developed or generated or otherwise
comes into our control. We will grant to AffaMed a Right of Reference to all of our regulatory documentation and our development
data.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the AffaMed Agreement,
AffaMed agreed to pay us a non-refundable upfront license payment of $5.0 million within 30 business days of the effective date
of the AffaMed Agreement, and AffaMed paid the $5 million in August 2020. Additionally, upon successful development and commercialization
of PH94B in the Territory, we are eligible to receive milestone payments of up to $172.0 million. Further, we are eligible to receive
royalty payments on a country-by-country basis on net sales for the later of ten years or the expiration of market or regulatory
exclusivity in the jurisdiction, except that payments will be reduced on a country-by-country basis in the event that there is
no market exclusivity in the period. Royalty payments may also be reduced if there is generic competitive product in the period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have determined that we have one combined
performance obligation for the license to develop and commercialize PH94B in the Territory and related development and regulatory
services. In addition, AffaMed has an option that will create manufacturing obligations for us during development upon exercise
by AffaMed. This option for manufacturing services was evaluated and determined not to include a material right.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Development and commercialization milestones
were not considered probable at inception and therefore were excluded from the initial transaction price. The royalties were excluded
from the initial transaction price because they relate to a license of intellectual property and are subject to the royalty constraint.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We recognize revenue as the combined performance
obligation is satisfied over time using an output method. The measure of progress is stand-ready straight-line over the period
in which we expect to perform the services related to the license of PH94B.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020, we have recognized $313,600 and $647,600, respectively, as sublicense revenue under the EverInsight Agreement. At December
31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligation is $4,352,400 which will
be recognized as revenue as the services are completed, which is expected to occur over a period of approximately four years beginning
with the quarter ended September 30, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended December
31, 2020, we have recognized $313,600 and $647,600, respectively, as sublicense revenue under the AffaMed Agreement. At December
31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligation is $4,352,400 which will
be recognized as revenue as the services are completed, which is expected to occur over a period of approximately four years beginning
with the quarter ended September 30, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless earlier terminated due to certain material
breaches of the contract, or otherwise, the AffaMed Agreement will expire on a jurisdiction-by-jurisdiction basis
until the latest to occur of expiration of the last valid claim under a licensed patent of PH94B in such jurisdiction, the expiration
of regulatory exclusivity in such jurisdiction or ten years after the first commercial sale of PH94B in such jurisdiction.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>BlueRock Therapeutics Sublicense Agreement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2016, we entered into an Exclusive
License and Sublicense Agreement with BlueRock Therapeutics, LP, a next generation regenerative medicine company established by
Bayer AG and Versant Ventures (<i>BlueRock Therapeutics</i>), pursuant to which BlueRock Therapeutics received exclusive rights
to utilize certain technologies exclusively licensed by us from University Health Network (<i>UHN</i>) for the production of cardiac
stem cells for the treatment of heart disease. As a result of its acquisition of BlueRock Therapeutics in 2019, Bayer AG now holds
the rights to develop and commercialize our hPSC technologies relating to the production of heart cells for the treatment of heart
disease (the <i>Bayer Agreement</i>).  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 Bayer Agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have evaluated subsequent events through
the date of this Report and have identified the following matters requiring disclosure:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exercise of Warrants</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From January 1, 2021 through the date of this
Report, holders of outstanding warrants have exercised warrants to purchase an aggregate of 2,941,027 shares of our common stock
and we have received cash proceeds of approximately $2.86 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Grant of Options from 2019 Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2021, we granted options to purchase
200,000 shares of our common stock under the terms of our 2019 Plan to a newly-hired executive. The options have an exercise price
equal to the quoted closing market price of our common stock on the Nasdaq Capital Market on the date of grant, a term of ten years
and vest 25% on the first anniversary of the grant date and ratably on a monthly basis for three years thereafter.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
2941027
Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended.
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 shares of unregistered common stock issuable in payment of dividends on Series B Preferred upon conversion.
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.
Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series D Convertible Preferred Stock, effective December 21, 2020. As disclosed in Note 8, Capital Stock, we do not have a sufficient number of shares of authorized common stock to permit the conversion in full of the Series D Preferred stock at December 31, 2020.