0001411685
2018-04-01
2018-12-31
0001411685
2018-03-31
0001411685
2018-12-31
0001411685
us-gaap:SeriesAPreferredStockMember
2018-12-31
0001411685
us-gaap:SeriesAPreferredStockMember
2018-03-31
0001411685
us-gaap:SeriesBPreferredStockMember
2018-12-31
0001411685
us-gaap:SeriesBPreferredStockMember
2018-03-31
0001411685
us-gaap:SeriesCPreferredStockMember
2018-12-31
0001411685
us-gaap:SeriesCPreferredStockMember
2018-03-31
0001411685
2017-03-31
0001411685
2017-12-31
0001411685
VTGN:NotesPayable1Member
2018-12-31
0001411685
VTGN:NotesPayable1Member
2018-03-31
0001411685
2017-04-01
2017-12-31
0001411685
VTGN:CRLMember
2018-04-01
2018-12-31
0001411685
VTGN:CRLMember
2017-04-01
2017-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
us-gaap:OptionMember
2018-04-01
2018-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
us-gaap:OptionMember
2017-04-01
2017-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
2018-04-01
2018-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
2017-04-01
2017-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
us-gaap:OptionMember
2018-04-01
2018-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
us-gaap:OptionMember
2017-04-01
2017-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
2018-04-01
2018-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
2017-04-01
2017-12-31
0001411685
us-gaap:SeriesAPreferredStockMember
2018-04-01
2018-12-31
0001411685
us-gaap:SeriesAPreferredStockMember
2017-04-01
2017-12-31
0001411685
us-gaap:SeriesBPreferredStockMember
2017-04-01
2017-12-31
0001411685
us-gaap:SeriesBPreferredStockMember
2018-04-01
2018-12-31
0001411685
VTGN:IncentivePlanMember
2018-04-01
2018-12-31
0001411685
VTGN:IncentivePlanMember
2017-04-01
2017-12-31
0001411685
us-gaap:WarrantMember
2018-04-01
2018-12-31
0001411685
us-gaap:WarrantMember
2017-04-01
2017-12-31
0001411685
us-gaap:SeriesCPreferredStockMember
2018-04-01
2018-12-31
0001411685
us-gaap:SeriesCPreferredStockMember
2017-04-01
2017-12-31
0001411685
VTGN:Warrant1Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant2Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant3Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant4Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant5Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant6Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant7Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant8Member
2018-04-01
2018-12-31
0001411685
VTGN:Warrant1Member
2018-12-31
0001411685
VTGN:Warrant2Member
2018-12-31
0001411685
VTGN:Warrant3Member
2018-12-31
0001411685
VTGN:Warrant4Member
2018-12-31
0001411685
VTGN:Warrant5Member
2018-12-31
0001411685
VTGN:Warrant6Member
2018-12-31
0001411685
VTGN:Warrant7Member
2018-12-31
0001411685
VTGN:Warrant8Member
2018-12-31
0001411685
us-gaap:EquipmentMember
2018-12-31
0001411685
VTGN:TenantImprovementsMember
2018-12-31
0001411685
us-gaap:ComputerEquipmentMember
2018-12-31
0001411685
us-gaap:OfficeEquipmentMember
2018-12-31
0001411685
us-gaap:EquipmentMember
2018-03-31
0001411685
VTGN:TenantImprovementsMember
2018-03-31
0001411685
us-gaap:ComputerEquipmentMember
2018-03-31
0001411685
us-gaap:OfficeEquipmentMember
2018-03-31
0001411685
2018-10-01
2018-12-31
0001411685
2017-10-01
2017-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
2018-10-01
2018-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
2017-10-01
2017-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
us-gaap:OptionMember
2018-10-01
2018-12-31
0001411685
us-gaap:ResearchAndDevelopmentExpenseMember
us-gaap:OptionMember
2017-10-01
2017-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
2018-10-01
2018-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
2017-10-01
2017-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
us-gaap:OptionMember
2018-10-01
2018-12-31
0001411685
us-gaap:GeneralAndAdministrativeExpenseMember
us-gaap:OptionMember
2017-10-01
2017-12-31
0001411685
VTGN:CRLMember
2018-10-01
2018-12-31
0001411685
VTGN:CRLMember
2017-10-01
2017-12-31
0001411685
VTGN:PreModificationMember
2018-04-01
2018-12-31
0001411685
VTGN:PostModificationMember
2018-04-01
2018-12-31
0001411685
2019-02-11
0001411685
VTGN:Plan2016Member
2018-12-31
0001411685
us-gaap:EmployeeStockOptionMember
2018-12-31
0001411685
VTGN:Plan2016Member
2018-04-01
2018-12-31
0001411685
us-gaap:EmployeeStockOptionMember
2018-04-01
2018-12-31
0001411685
VTGN:PreModificationMember
2018-12-31
0001411685
VTGN:PostModificationMember
2018-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
VistaGen Therapeutics, Inc.
0001411685
10-Q
2018-12-31
false
--03-31
Yes
Non-accelerated Filer
Q3
2019
.001
0.001
10000000
10000000
500000
500000
4000000
4000000
3000000
3000000
.001
.001
100000000
100000000
11278300
7521800
47800
47800
207400
334900
11023100
7139100
644800
853800
10378300
6285300
2921300
13031800
1458500
1965800
2600
2900
53900
49100
206300
827100
1195700
1086700
4361700
5829000
2903200
3863200
9300
7100
285600
399800
2608300
3456300
500
500
1200
1200
2300
2300
11278300
7521800
6916600
1692800
-156543800
-175410100
3968100
3968100
167401400
181035800
23100
31200
500000
500000
1160240
1160240
2318012
2318012
500000
500000
1160240
1160240
2318012
2318012
23068280
31204380
23068280
31204380
135665
135665
505900
456200
88300
89900
25900
88400
24700
52800
644800
853800
176600
759300
27000
59000
2700
8800
53900
49100
49100
53900
0
0
0
0
53900
49100
49100
53900
1049500
1241800
888300
214400
54600
84500
888300
26900
54600
79700
842100
906900
false
true
0
166500
31120465
-18834400
-10122000
-7192300
-2867800
18834400
10122000
7192300
2867800
5494100
4997400
1856800
1266000
13340300
5124600
2697100
904900
5335500
1601800
1067300
292700
-22700
-135000
-22700
-135000
6800
7700
1800
2000
-18863900
-10264700
-7216800
-3004800
-18866300
-10267100
-7216800
-3004800
2400
2400
0
0
-19714300
-11232900
-7507700
-3467000
848000
766600
290900
263000
-0.75
-1.03
-0.24
-0.25
26418440
10947556
30696312
13895642
25800
292700
2519700
1386900
955600
627400
955600
627400
1564100
759500
1564100
759500
734700
689300
274900
299100
274900
299100
459800
390200
459800
390200
64800
65300
79800
0
4250000
0
277600
1554800
511800
-41800
-34600
-259600
-10970300
-6454700
109200
159900
-169800
-1600
169800
0
605700
0
6608700
16721900
7047100
16566800
165300
153400
2000
1700
-4093000
10110500
848000
766600
160500
142400
40000
450000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Overview</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">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 focused on developing new generation medicines for multiple central nervous system (<i>CNS</i>) diseases and disorders
with high unmet need. We believe each of our CNS pipeline candidates, AV-101, PH10 and PH94B, has the potential to be administered
at home and provide rapid-onset therapeutic benefits without psychological or other side effects and safety concerns associated
with many current and potential new generation medications for CNS diseases and disorders, such as major depressive disorder (<i>MDD</i>)
and social anxiety disorder (<i>SAD</i>), affecting millions of individuals in the United States and foreign markets. Each drug
candidate in our pipeline is either currently in or has successfully completed Phase 2 clinical development. AV-101, our oral NMDA
receptor glycine B antagonist, is in Phase 2 development, initially as an adjunctive treatment of MDD. The FDA has granted
Fast Track designation for development of AV-101 as both a potential adjunctive treatment of MDD and as a non-opioid treatment
for neuropathic pain. PH10, our potentially first-in-class, rapid-onset neuroactive steroid nasal spray for MDD, has completed
an initial successful exploratory Phase 2 clinical study and is now being prepared for a multi-dose follow-on Phase 2 clinical
study in MDD. PH94B, our potentially first-in-class, rapid-onset neuroactive steroid nasal spray for as-needed (<i>PRN</i>) treatment
of SAD, has completed a successful Phase 2 clinical program, a successful pilot Phase 3 study and is now being prepared for pivotal
Phase 3 clinical development, with potential to be the first FDA-approved PRN 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">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>AV-101</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">AV-101, an investigational prodrug candidate
in Phase 2 clinical development, is an orally bioavailable NMDAR GlyB (N-methyl-D-aspartate receptor glycine B) antagonist in
development as a potential new treatment for multiple CNS indications with high unmet need, including MDD, neuropathic pain (<i>NP</i>),
levodopa-induced dyskinesia associated with Parkinson’s disease therapy (<i>PD LID)</i> and suicidal ideation (<i>SI</i>).
In two NIH-funded AV-101 Phase 1 clinical safety studies, AV-101 was well tolerated in healthy subjects at all doses tested,
in both single-ascending and multiple-ascending dose studies, without causing any observed psychological or sedative side effects.
The United States Food and Drug Administration (<i>FDA</i>) has granted Fast Track designation for development of AV-101
as a potential new treatment for adjunctive treatment of MDD and for treatment of NP.</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>Major Depressive Disorder</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">Major depressive disorder is a serious biologically-based
mood disorder, affecting approximately 16 million adults in the United States according to the U.S. National Institute of Mental
Health (the <i>NIMH</i>). The CDC estimates that one in four women and one in six men in the United States have been diagnosed
with MDD.  Individuals diagnosed with MDD exhibit depressive symptoms, such as a depressed mood or a loss of interest or
pleasure in daily activities, for more than a two-week period, as well as impaired social, occupational, educational or other
important functioning which has a negative impact on their quality of life. According to the U.S. Centers for Disease Control
and Prevention (<i>CDC</i>), about one in eight Americans aged 12 and over takes an FDA-approved antidepressant, and there are
an estimated 11.6 million drug-treated patients suffering from MDD. While current FDA-approved antidepressants are widely
used, the STAR*D study, the largest clinical trial conducted in depression to date, found that approximately two-thirds of patients
with MDD do not respond to their initial antidepressant treatment, of which approximately 5.1 million patients remain resistant
to treatment following the second antidepressant treatment. According to the NIMH, inadequate response to current antidepressants
is among the key reasons MDD is a leading public health concern in the United States, creating a significant unmet medical need
for new agents with fundamentally different mechanisms of action.</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"><font style="font-size: 8pt">We believe oral
AV-101 has potential for multiple applications in global depression markets if successfully developed and approved. Given its
excellent tolerability profile, we believe AV-101 has potential as a new generation monotherapy and as an adjunctive therapy to
both (i) augment current antidepressants approved by the FDA for patients with MDD who have an inadequate response to standard
antidepressants (SSRIs and SNRIs) and (ii) prevent relapse of MDD following successful intravenous or intranasal treatment with
ketamine hydrochloride (<i>ketamine</i>), a member of a class of drugs that block NMDA receptor activity. Ketamine is an
FDA-approved, rapid-acting general anesthetic currently administered only by intravenous or intramuscular injection. The off-label
use of ketamine in treatment-resistant depression (<i>TRD</i>), defined as those patients who have failed at least two prior treatment
attempts involving current antidepressants, has been studied in numerous clinical trials conducted by depression experts at Yale
University and other academic institutions, as well as at the NIMH, including by Dr. Carlos Zarate, Jr., the NIMH’s Chief
of Experimental Therapeutics & Pathophysiology Branch and of the Section on Neurobiology and Treatment of Mood and Anxiety
Disorders.  In randomized, placebo-controlled, double blind clinical trials reported by Dr. Zarate and others at the
NIMH, a single sub-anesthetic dose of ketamine (0.5 mg/kg over 40 minutes) produced robust and rapid (within twenty-four hours)
antidepressant effects in MDD patients who had not responded to at least two prior treatment attempts involving standard antidepressants.  These
results were in sharp contrast to the very slow-onset activity of SSRIs and SNRIs, which usually require many weeks or more
of chronic usage to achieve similar antidepressant effects. We believe AV-101 may have potential to deliver rapid-onset antidepressant
effects similar to ketamine, but without causing psychological, sedative or other side effects and safety concerns associated
with ketamine, and as an oral therapy conveniently administered at home rather than in a medical setting or involving the required
the use of needles.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">AV-101 is currently in Phase 2 clinical development in the United States for MDD. ELEVATE is our ongoing Phase
2 multi-center, multi-dose, double blind, placebo-controlled clinical study to evaluate the efficacy and safety of AV-101 as a
new generation adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to current FDA-approved antidepressants
(the <i>ELEVATE Study</i>). Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of
Clinical Research, Massachusetts General Hospital (<i>MGH</i>) Research Institute, is the Principal Investigator of the ELEVATE
Study assisting our internal team, which is led by Mark Smith, MD, PhD, our Chief Medical Officer. Dr. Fava was the co-Principal
Investigator with Dr. A. John Rush of the STAR*D study, the findings of which were published in journals such as the <i>New England
Journal of Medicine</i> (<i>NEJM</i>) and the <i>Journal of the American Medical Association</i> (<i>JAMA</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">AV-101 is also the subject of a small randomized,
double-blind, placebo-controlled cross-over Phase 2 clinical study being conducted and funded by the NIMH, pursuant to our Cooperative
Research and Development Agreement (<i>CRADA</i>) with the NIMH (the <i>NIMH Study</i>). Dr. Carlos Zarate, Jr., Chief of the NIMH’s
Experimental Therapeutics & Pathophysiology Branch and its Section on Neurobiology and Treatment of Mood and Anxiety Disorders,
is acting as the Principal Investigator for the NIMH Study. This trial is focused on the pharmacodynamic and potential therapeutic
effects in such patients using standard measurements of clinical responses and measurement of responses of a number of biomarkers
associated with engagement of the NMDA receptor thought to be associated with clinical response. Dr. Zarate and the NIMH were among
the first in the U.S. to conduct clinical studies in MDD patients with inadequate responses to multiple current FDA-approved antidepressants
that demonstrated the robust, fast-acting antidepressant effects of ketamine within twenty-four hours of a single sub-anesthetic
dose administered by IV injection.</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 FDA has granted Fast Track designation for
development of AV-101 as a potential new adjunctive treatment of MDD.</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>Suicidal Ideation</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"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the World Health Organization
(<i>WHO</i>), every year approximately 800,000 people worldwide take their own life and many more attempt suicide.  The
CDC views suicide as a major public health concern in the United States, as rates of suicide have been increasing for both men
and women and across all age groups. Suicide is the 10th leading cause of death in the U.S. and is one of just three leading
causes that are on the rise.  According to experts in the field of suicidal ideation (<i>SI</i>), characterized as
suicidal thoughts and behavior, the number of Americans who die by suicide is, since 2010, higher than those who die in motor
vehicle accidents. People of all genders, ages, and ethnicities can be at risk for suicide. Suicidal ideation is complex and
there is no single cause. The NIMH attributes many different factors contribute to someone making a suicide attempt,
including, but not limited to, depression, other mental health disorders or substance abuse disorder. Additionally,
according to reports released by the United States Department of Veterans Affairs (<i>VA</i>), the U.S. Military Veteran
population is at significantly higher risk for suicide than the general population.</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">We are collaborating with Baylor College of
Medicine (<i>Baylor</i>) and the VA on a small Phase 1b clinical trial of AV-101 involving healthy volunteer U.S. Military Veterans
from either Operation Enduring Freedom, Operation Iraqi Freedom or Operation New Dawn (the <i>Baylor Study</i>). The Baylor Study
is a randomized, double-blind, placebo-controlled cross-over study designed as a target engagement study as the first-step in our
plans to test potential anti-suicidal effects of AV-101 in U.S. Military Veterans. Dr. Marijn Lijffijt of Baylor is the Principal
Investigator of the Baylor Study. VistaGen and the VA entered into a Material Transfer Cooperative Research and Development Agreement
(<i>MT CRADA</i>) regarding clinical trial material for the Baylor Study. Government funding from the VA is being provided for
substantially all other study 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"><i>Neuropathic Pain</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">Neuropathic pain (<i>NP</i>), a complex,
chronic pain state affecting millions of Americans, results from problems with signals from nerves. The American Chronic Pain Association
has identified various causes of NP, including tissue injury, nerve damage or disease, diabetes, infection, toxins, certain types
of drugs, such as antivirals and chemotherapeutic agents, certain cancers, and even chronic alcohol intake. With NP, damaged, dysfunctional
or injured nerve fibers send incorrect signals to other pain centers and impact nerve function both at the site of injury and areas
around the injury. Unfortunately, many NP treatments on the market today have side effects, including anxiety, depression, dizziness,
cognitive impairment and/or sedation.</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 effects of AV-101 as a potential new treatment
for NP were assessed in published peer-reviewed preclinical studies involving four well-established models of pain. In these studies,
AV-101 was observed to have robust, dose-dependent anti-nociceptive effects, as measured by <font style="background-color: white">dose-dependent
reversal of NP in the Chung (nerve ligation), formalin and carrageenan thermal models in rats</font>, and was well-tolerated. The
publication, titled: “<i>Characterization of the effects of L-4-chlorokynurenine on nociception in rodents</i>,” by
lead author, Tony L. Yaksh, Ph.D., Professor in Anesthesiology at the University of California, San Diego, was published in <i>The
Journal of Pain</i> in April 2017 (J Pain. 18:1184-1196, 2017)). Gabapentin, an FDA-approved anticonvulsant, has been associated
with sedation and mild cognitive impairment in third party literature. Other commonly prescribed medications for NP include drugs
targeting opioid receptors in the brain. Unfortunately, misuse of such drugs can lead to a significantly increased risk of addiction,
and, we believe, their therapeutic utility for neuropathic pain is unclear. We are planning to advance AV-101 into an exploratory
Phase 2a clinical study, subject to securing sufficient capital, to assess its potential as a new oral non-opioid treatment to
reduce debilitating NP, as well as its potential to avoid sedative side effects and cognitive impairment that have been observed
in third party literature to be associated with other NP treatments, and to reduce the risk of addiction associated with pain medications
targeting opioid receptors.</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 FDA has granted Fast Track designation for
development of AV-101 as a potential new, non-opioid treatment of NP.</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>Parkinson’s Disease Levodopa-Induced
Dyskinesia</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">Parkinson's disease (<i>PD</i>) is a chronic,
progressive motor disorder that causes tremors, rigidity, slowed movements and postural instability. The most commonly-prescribed
treatments for PD are levodopa-based therapies. Unfortunately, abnormal involuntary movements, called dyskinesias, gradually emerge
as a prominent side-effect in response to previously beneficial doses of levodopa. Parkinson’s disease levodopa-induced dyskinesia
(<i>PD LID</i>)<i> </i>can be severely disabling, rendering patients unable to perform routine daily tasks.</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 a preclinical monkey model of PD, AV-101
resulted in a 30% reduction of the mean dyskinesia score associated with PD LID. Importantly, AV-101 did not reduce the anti-parkinsonian
therapeutic benefit of levodopa. Moreover, the duration of levodopa response and delay to levodopa effect were not affected by
treatment with AV-101.  We believe AV-101 has potential to reduce troublesome dyskinesia experienced by many patients with
PD as a result of their levodopa therapy, but without interfering with levodopa or causing side effects resulting from certain
current PD LID treatments, such as amantadine, including hallucinations, dizziness, dry mouth, swelling of legs and feet, constipation
and falls. We are planning to advance clinical development of AV-101 for PD LID in an exploratory Phase 2 clinical study, subject
to securing sufficient capital, as our next initiative in PD LID.</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>PH94B</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"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2018, we acquired, on a non-cash
basis through the issuance of unregistered shares of our common stock, a license from Pherin Pharmaceuticals, Inc. (<i>Pherin</i>)
giving us the exclusive worldwide rights to develop and commercialize PH94B, a rapid-onset neurosteroid nasal spray with potential
to be the first FDA-approved PRN treatment for 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">PH94B is a synthetic investigational neuroactive
steroid for which Phase 2 clinical data showed that the product was well tolerated and demonstrated a rapid onset of effect, as
measured by the Subjective Units of Distress (<i>SUD</i>) and the Liebowitz Social Anxiety Scale (<i>LSAS</i>) in SAD, a social
phobia that affects as many as 22 million American adults according to the NIMH. SAD is characterized by an intense and persistent
fear of embarrassment, humiliation, judgment and rejection in everyday social or performance situations, leading to avoidance of
anxiety and fear-producing social situations when possible. SAD has a significant impact on the individual’s employment,
social activities and overall quality of life. According to the NIMH, an estimated 7% of the U.S. population suffers from SAD.
SAD is commonly treated chronically with antidepressants, which have slow onset of effect (several weeks or months) and known side
effects that may make them unattractive to individuals intermittently or episodically affected by 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">Administered as a nasal spray, PH94B is designed
to act locally on peripheral nasal chemosensory receptors to trigger rapid activation of the limbic system areas of the brain associated
with SAD. In prior clinical studies, PH94B demonstrated rapid (10-15 minutes) anxiety reduction for subjects with SAD, measured
by the SUD and LSAS, and was not observed to be addictive, sedative or have other adverse events. Benzodiazepines and beta blockers,
which are currently prescribed off-label to treat SAD, have been found in third party literature to have these addictive or sedative
properties, and have other adverse effects when used to treat 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">Based on clinical studies in which PH94B was
observed to have rapid-onset of effect on anxiety reduction, as measured by the SUD and LSAS, and to be well-tolerated, and in
light of its novel route of administration and on-demand dosing design, we believe PH94B has potential to be the first FDA-approved
medication for long-term PRN treatment of individuals with 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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>PH10</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 October 2018, we acquired, on a non-cash
basis through the issuance of unregistered shares of our common stock, a second license from Pherin giving us the exclusive worldwide
rights to develop and commercialize PH10, a synthetic investigational neuroactive steroid nasal spray for which exploratory Phase
2 clinical data showed that it was well tolerated and demonstrated a rapid onset of antidepressant effects. PH10 is designed to
bind locally on nasal chemosensory receptors and trigger responses in the hypothalamus, amygdala, prefrontal cortex and hippocampus
affecting depression. It is believed that PH10 may initiate nerve impulses that follow defined pathways to directly affect brain
function. In a small exploratory Phase 2a study in patients with MDD, PH10 showed a rapid-onset antidepressant effect, as measured
by the Hamilton Depression Rating Scale (<i>HAM<b>-</b>D</i>), without psychological side effects or safety concerns. PH10 is a
new generation antidepressant with a mechanism of action that is fundamentally different from all current antidepressants. As with
AV-101, we believe PH10 intranasal has potential for multiple applications in global depression markets, as a stand-alone first
line therapy and as an adjunctive therapy, if successfully developed and approved. In addition to its potential as a first-line
monotherapy administered conveniently at-home, we believe PH10 has potential as an adjunctive therapy to (i) augment current antidepressants
approved by the FDA for patients with MDD who have an inadequate response to standard antidepressants (SSRIs and SNRIs), and (ii)
prevent relapse of MDD following successful treatment with ketamine, either intravenously- or intranasally-administered ketamine.</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>VistaStem</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 addition to our CNS business, we have two
additional programs through our wholly-owned subsidiary VistaGen Therapeutics, Inc., a California corporation, dba VistaStem Therapeutics
(<i>VistaStem</i>). VistaStem is focused on applying stem cell technology to rescue, develop and commercialize (i) proprietary
new chemical entities (<i>NCEs</i>) for CNS and other diseases, and (ii) regenerative medicine (<i>RM</i>) involving stem cell-derived
blood, cartilage, heart and liver cells.  Our internal drug rescue programs are designed to utilize <i>CardioSafe 3D</i>,
our customized cardiac bioassay system, to develop small molecule NCEs for our CNS pipeline or out-licensing.  We have exclusively
sublicensed to BlueRock Therapeutics LP, a next generation cell therapy and RM company established by Bayer and Versant Ventures
(<i>BlueRock Therapeutics</i>), rights to certain proprietary technologies relating to the production of cardiac stem cells for
the treatment of heart disease (the <i>BlueRock Agreement</i>). In a manner similar to the BlueRock Agreement, we may
pursue additional VistaStem collaborations or licensing transactions involving stem cell-derived blood, cartilage, and/or liver
cells RM applications.</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">VistaStem 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’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"> </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, 2018 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, 2018 are not
necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2019, 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 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, 2018 contained in our Annual Report on Form
10-K, as filed with the Securities and Exchange Commission (<i>SEC</i>) on June 26, 2018.</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 $175.4 million accumulated from inception (May 1998) through
December 31, 2018. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage
in further development of AV-101, PH94B and PH10, execute our drug rescue programs and pursue potential drug development and regenerative
medicine opportunities.</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">Since our inception in May 1998 through December
31, 2018, 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 $68.6 million, as well as from an aggregate of approximately $17.6 million of
government research grant awards (excluding the fair market value of the NIMH Study and the Baylor Study), strategic collaboration
payments, intellectual property sublicensing and other revenues. Additionally, we have issued equity securities with an approximate
value at issuance of $38.1 million in non-cash 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; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2018, we had cash and cash equivalents
of approximately $6.3 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">Our cash position at December 31, 2018 considered
with our recurring and anticipated losses, negative cash flows from operations and limited stockholders’ equity make it probable,
in the absence of additional financing, that we will not have sufficient resources to fund our planned operations for the twelve
months following the issuance of these financial statements, during which time we plan to complete our ELEVATE study, prepare for
pivotal Phase 3 development of PH94B, conduct additional clinical and preclinical studies involving AV-101 and prepare for a Phase
2 clinical trial of PH10, and raises substantial doubt that we can continue as a going concern. Nevertheless, when necessary and
advantageous, we plan to raise additional capital, primarily through the sale of our equity securities in one or more private placements
to accredited investors or in public offerings. Subject to certain restrictions, our effective Registration Statement on Form S-3
(Registration No. 333-215671) (the <i>S-3 Registration Statement</i>) remains available for future sales of our equity securities
in one or more public offerings from time to time. While we may make additional sales of our equity securities under the S-3 Registration
Statement, we do not have an obligation to do so. As in the past, we expect that, when and as necessary, we will be successful
in raising additional capital from the sale of our equity securities either in one or more public offerings or in one or more private
placement transactions with individual accredited investors or institutions.</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 into research, development and/or commercialization collaborations that could generate revenue
or provide funding, including non-dilutive funding, for development of AV-101, PH94B, PH10 and/or additional product candidates.
We may also seek additional government grant awards or agreements similar, for example, to our current CRADA with the NIMH, which
provides for the NIMH to fully fund the NIMH Study, or similar to our relationships with Baylor and the VA in connection with the
Baylor Study. Such strategic collaborations may provide non-dilutive resources to advance our strategic initiatives while reducing
a portion of our future cash outlays and working capital requirements. We may also pursue intellectual property arrangements similar
to the BlueRock Agreement with other parties. Although we may seek additional collaborations that could generate revenue and/or
non-dilutive funding for development of AV-101, PH94B, PH10 or other product candidates, as well as new government grant awards
and/or agreements similar to our CRADA with NIMH, 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, the timing, scope and nature of opportunities related to our success and
the success of certain other companies in clinical trials, including our development and commercialization of our current product
candidates and various potential drug rescue applications of our stem cell technology platform, the availability of, and our ability
to obtain, government grant awards and agreements, and our ability to enter into collaborations on terms acceptable to us. To further
advance the clinical development of AV-101, PH10 and PH94B, and, to a lesser extent, drug rescue applications of our stem cell
technology platform, as well as support our operating activities, we plan to continue to carefully manage our routine operating
costs, including our employee headcount and related expenses, as well as costs relating to regulatory consulting, contract research
and development, investor relations and corporate development, legal, acquisition and protection of intellectual property, public
company compliance and other professional services and operating costs. </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 future financings or government or other strategic collaborations will be available to us in sufficient amounts,
in a timely manner, or on terms acceptable to us, if at all. If we are unable to obtain substantial additional financing on a timely
basis when needed in 2019 and beyond, our business, financial condition, and results of operations may be harmed, the price of
our stock may decline, we may be required to reduce, defer, or discontinue certain of our research and development activities and
we may not be able to continue as a going concern.  As noted above, these Condensed Consolidated Financial Statements
do not include any adjustments that might result from the negative outcome of this uncertainty.</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>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 share-based compensation, and assumptions that have been used historically to value warrants and warrant modifications.
With the exception of the BlueRock Agreement pursuant to which we recorded sublicense revenue in the third quarter of our fiscal
year ended March 31, 2017, we do not currently have, nor have we had during the periods covered by this Report, any arrangements
requiring the recognition of revenue.</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>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 non-clinical development of AV-101, PH94B, PH10, 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 CROs, clinical sites, investigators and other professional service providers.
We analyze the progress of the clinical trial, including levels of subject enrollment, invoices received and contracted costs when
evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made 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.
In September 2018, we acquired an exclusive license to develop and commercialize PH94B and an option to acquire a license to develop
and commercialize PH10 by issuing an aggregate of 1,630,435 unregistered shares of our Common Stock having a fair market value
of $2,250,000. In October 2018, we exercised our option to acquire an exclusive license to develop and commercialize PH10 by issuing
925,926 shares of our unregistered Common Stock having a fair market value of $2,000,000. Since, at the date of each acquisition,
neither product candidate has achieved regulatory approval and each will require significant additional development and expense,
we have expensed the costs related to acquiring the licenses and the option.</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 is required to perform services in exchange for the
award, which generally represents the scheduled vesting period.  We have not granted restricted stock awards to employees
nor do we have any awards with market or performance conditions.  For option grants to non-employees, we re-measure the
fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services
are performed. Non-cash expense attributable to compensatory grants of stock to non-employees is determined by the quoted market
price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or expensed ratably over
the term of the related service agreement, depending on the terms of the specific agreement.</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, 2018 and 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</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="font-size: 8pt; text-align: left">Research and development expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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: 52%; font-size: 8pt; text-align: left; text-indent: -10pt; padding-left: 9pt"> Stock option grants</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">274,900</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">$</td><td style="width: 9%; font-size: 8pt; text-align: right">299,100</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">955,600</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: 9%; font-size: 8pt; text-align: right">627,400</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">General and administrative expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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; text-indent: -10pt; padding-left: 9pt"> Stock option grants</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">459,800</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">390,200</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,564,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">759,500</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 style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total stock-based compensation expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">734,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">689,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,519,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,386,900</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">In August 2018, our Board approved the grant
of options from our 2016 Amended and Restated Stock Incentive Plan (the <i>2016 Plan</i>) to purchase an aggregate of 860,000 shares
of our Common Stock at an exercise price of $1.27 per share to the independent members of our Board, our officers and our employees.
We valued the options granted in August 2018 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">August 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 80%; font-size: 8pt; text-align: justify">Market price per share at grant date</td><td style="width: 5%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">1.27</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: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">1.27</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Risk-free interest rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2.84</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5.50</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">99.29</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.0</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">860,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold">Fair Value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">0.98</td><td style="font-size: 8pt; font-weight: bold; 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">In August 2018, our Board also approved the
modification of outstanding options having exercise prices over $1.56 per share and held by independent members of our Board, our
officers and our employees to reduce the exercise prices thereof to $1.50 per share. We calculated the fair value of the options
immediately before and after the modification using the Black-Scholes Option Pricing Model and the weighted average assumptions
indicated in the table below. We immediately recognized the additional fair value attributable to vested options, $258,100, as
stock compensation expense, which is included in the figures reported above. The additional fair value resulting from the modification
is being expensed over the remaining vesting period of the modified options.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pre-modification</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-modification</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: justify">Market price per share</td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1.49</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1.49</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">3.57</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">1.50</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Risk-free interest 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">2.77</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">2.77</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Remaining expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5.08</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">5.08</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">94.9</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">94.9</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend 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">0.0</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.0</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: justify">Number of option shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,419,503</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">2,419,503</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify">Weighted average fair value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">0.91</td><td style="font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">1.08</td><td style="font-size: 8pt; font-weight: bold; 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"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During October 2018, we granted to certain professional
service providers and consultants options to purchase an aggregate of 250,000 shares of our common stock at exercise prices ranging
from $1.52 per share to $2.20 per share, reflecting the quoted closing price of our common stock on the Nasdaq Capital Market on
the date of the grant. We valued the options granted in October 2018 using the Black-Scholes Option Pricing Model and the following
weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">October 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 80%; font-size: 8pt; text-align: justify">Market price per share at grant date</td><td style="width: 5%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">1.83</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: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">1.83</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Risk-free interest rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3.13</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">10.00</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">89.98</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.0</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">250,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold">Fair Value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">1.59</td><td style="font-size: 8pt; font-weight: bold; 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">At December 31, 2018, there were stock options
outstanding to purchase 6,410,338 shares of our common stock at a weighted average exercise price of $1.47 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">See Note 10, <i>Subsequent Events</i>, for information
regarding option grants and exercises occurring since December 31, 2018.</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: center"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of 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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</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: 68%; font-size: 8pt; text-align: left">Series A Preferred stock issued and outstanding (1)</td><td style="width: 4%; 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: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">750,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Series B Preferred stock issued and outstanding (2)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Series C Preferred stock issued and outstanding (3)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">6,410,338</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,279,871</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Outstanding warrants to purchase common stock</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">21,499,955</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">16,918,292</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">32,138,545</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">24,426,415</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>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72%"><font style="font-size: 8pt">____________</font></td>
<td style="width: 1%"> </td>
<td style="width: 13%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%"> </td></tr>
<tr style="vertical-align: top">
<td colspan="5"><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></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.</font></td></tr>
<tr style="vertical-align: top">
<td colspan="5"><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></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, 2018 or March 31, 2018.</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">Except as described below, there have been no
recent accounting pronouncements or changes in accounting pronouncements during the nine months ended December 31, 2018, as compared
to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2018, that are of significance
or potential significance to us.</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 June 2018, the Financial Accounting Standards
Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) 2018-07, <i>Compensation-Stock Compensation (Topic 718), Improvements
to Nonemployee Share-Based Payment Accounting</i> (<i>ASU 2018-07</i>). ASU 2018-07 expands the scope of Topic 718 to include share-based
payment transactions for acquiring goods and services from nonemployees. Under ASU 2018-07, consistent with the accounting requirement
for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are to be measured
at the grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or
the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.
Equity-classified nonemployee share-based payment awards are to be measured at the grant date. The definition of the term grant
date<i> </i>is amended to generally state the date at which a grantor and a grantee<i> </i>reach a mutual understanding
of the key terms and conditions of a share-based payment award. ASU 2018-07 specifies that Topic 718 applies to all share-based
payment transactions in which a grantor acquires goods or services to be used or consumed in its own operations by issuing share-based
payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1)
financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract
accounted for under Topic 606, <i>Revenue from Contracts with Customers</i> (<i>Topic 606</i>). ASU 2018-07 is effective for public
companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption
is permitted, but no earlier than an entity’s adoption date of Topic 606. We expect to adopt ASU 2018-07 as of April 1, 2019,
and we are evaluating the expected impact of this new guidance on our consolidated financial statements. While we are still determining
the value of our headquarters facility lease, we anticipate recording a right-of-use asset that will be amortized on a straight-line
basis. We are evaluating our contracts with clinical research organizations, but do not believe such contracts contain embedded
leases.</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 2016, the FASB issued ASU 2016-02,
<i>Leases</i> (<i>ASC 842</i>), which will replace the existing guidance in ASC 840, <i>Leases</i>, and which sets out the principles
for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).
The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the
principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether
lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively.
A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months
regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance
for operating leases. This standard will become effective for our fiscal year beginning April 1, 2019, with early adoption permitted.
We expect to adopt the standard as of April 1, 2019, and are continuing to evaluate the expected impact of this new guidance 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">Prepaid expenses and other current assets are composed of the following
at December 31, 2018 and March 31, 2018:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: left"> AV-101 materials and services</td><td style="width: 4%; 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">456,200</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">505,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Professional services</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">166,500</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">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt"> Insurance</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">89,900</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">88,300</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Public offering filing fees and expenses</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">88,400</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">25,900</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">52,800</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">24,700</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">853,800</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">644,800</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<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 increase in prepaid professional services
is primarily attributable to the unexpensed portion of the fair value of securities we have issued to certain professional service
providers as full or partial compensation for services. The fair value of the securities issued is being expensed ratably over
the term of the related service 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">Property and equipment is composed of the following at December 31,
2018 and March 31, 2018:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Tenant improvements</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">214,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Computers and network equipment</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Office furniture and equipment</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">84,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">79,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,241,800</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,049,500</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Accumulated depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(906,900</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">(842,100</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">334,900</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">207,400</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">The increase in tenant improvements reflects
recently completed construction at our South San Francisco, California offices. Under the terms of our November 2016 lease extension
agreement, our landlord has provided a cash reimbursement of $158,600 of such tenant improvement costs. Such reimbursement is a
component of the deferred rent liability shown on our Condensed Consolidated Balance Sheet at December 31, 2018.</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">Accrued expenses are composed of the following at December 31, 2018
and March 31, 2018:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Accrued AV-101 clinical trial, development</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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: 68%; font-size: 8pt; text-align: left">     and related expenses</td><td style="width: 4%; 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">759,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">176,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Accrued professional services</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">59,000</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">27,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">8,800</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">827,100</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">206,300</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; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following table summarizes our
unsecured promissory notes at December 31, 2018 and March 31, 2018:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt"> </td><td> </td>
<td colspan="19"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center">Principal</td><td> </td>
<td colspan="3" style="text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Principal</td><td> </td>
<td colspan="3" style="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="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 52%; text-align: left">6.50% (2018) Notes payable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; 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: 5%; 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: 5%; 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: 5%; 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: 5%; 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: 5%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">to insurance premium financing company (current)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">49,100</td><td style="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">49,100</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">53,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</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">53,900</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In May 2018, we executed a 6.50% promissory
note in the principal amount of $160,500 in connection with certain insurance policy premiums. The note is payable in monthly
installments of $16,500, including principal and interest, through March 2019, and had an outstanding principal balance of $49,100
at December 31, 2018. In February 2018, we executed a 7.15% promissory note in the principal amount of $59,700 in connection with
other insurance policy premiums. That note was payable in monthly installments of $6,200, including principal and interest, through
December 2018, and had been fully paid at December 31, 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Common Stock and Warrants Issued in Summer
2018 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"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between June 2018 and October 2018, we
completed a self-placed private placement with accredited investors, pursuant to which we sold units, at a purchase price of
$1.25 per unit, consisting of 4,605,000 unregistered shares of our common stock and warrants, exercisable through February
28, 2022, to purchase 4,605,000 unregistered shares of our common stock at an exercise price of $1.50 per share (the <i>Summer
2018 Private Placement</i>). The purchasers of the units have no registration rights with respect to the shares of common
stock, warrants or the shares of common stock issuable upon exercise of the warrants comprising the units sold. The warrants
are not exercisable until at least six months and one day following the date of issuance. We received aggregate cash proceeds
of $5,756,200 in connection with the Summer 2018 Private Placement and the entire amount of the proceeds was credited to
stockholders’ equity.</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>Common Stock and Warrants Issued in Fall
2018 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">The Summer 2018 Private Placement was oversubscribed.
To accommodate additional investor interest, during October 2018, we accepted subscription agreements from accredited investors,
pursuant to which we sold to such investors units, at a unit purchase price equal to $0.15 above the closing quoted market price
of our common stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement, consisting
of an aggregate of 420,939 unregistered shares of our common stock and four-year, immediately exercisable warrants to purchase
420,939 unregistered shares of our Common Stock at a per share exercise price equal to the closing quoted market price of our common
stock on the Nasdaq Capital Market on the effective date of the investor’s subscription agreement (the <i>Fall 2018 Private
Placement</i>). The purchasers of the units have no registration rights with respect to the shares of common stock, warrants or
the shares of common stock issuable upon exercise of the warrants comprising the units sold. We received aggregate cash proceeds
of $812,500 in connection with the Fall 2018 Private Placement and settled an outstanding professional service payable by accepting
a subscription agreement in the amount of $40,000 and issuing the corresponding number of shares of common stock and warrants.
The entire amount of the proceeds of the Fall 2018 Private Placement was credited to stockholders’ equity. The fair value
of the common stock and warrant issued in the Fall 2018 Private Placement in settlement of the professional services payable was
determined to be $62,700 on the effective date of the agreement. Accordingly, we recognized a loss on extinguishment of accounts
payable in the amount of $22,700 in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for
the quarter and nine months ended December 31, 2018.</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>Modification of Warrants issued in Summer
2018 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">Subsequent to the completion of the Summer 2018
Private Placement, we amended warrants to purchase an aggregate of 304,000 shares of our common stock issued to investors who submitted
Summer 2018 Private Placement subscription agreements between October 3, 2018 and October 5, 2018 to increase the exercise price
of their warrants from $1.50 per share to $1.59 per share or $1.69 per share, depending on the effective date of the related subscription
agreement, to comply with certain provisions of The Nasdaq Stock Market Rules applicable to the private placement. As additional
consideration for agreeing to the increase in the warrant exercise price, we granted the investors additional warrants to purchase
an aggregate of 23,800 unregistered shares of our common stock at an exercise price of $1.75 per share through February 28, 2022.
We calculated the fair value of the modified warrants immediately before and after the modification using the Black Scholes Option
Pricing Model and determined that the increase in the exercise price resulted in a decrease in the fair value of the warrants,
which decrease is not recognized. We calculated the fair value of the new warrants using the Black Scholes Option Pricing Model
and the weighted average assumptions indicated in the table below, recognizing $25,800 as the fair value of the new warrants and
as warrant modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement
of Operations and Comprehensive Loss for the quarter and nine months ended December 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify">Assumption:</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">New Warrants</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 87%; font-size: 8pt; text-align: justify">Market price per share</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1.80</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: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">1.75</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Risk-free interest 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">2.83</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Remaining contractual term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3.25</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">88.80</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend 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">0.0</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></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Number of warrant shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">23,800</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold">Weighted average fair value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">1.08</td><td style="font-size: 8pt; font-weight: bold; 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"><b><i>Issuance of Common Stock for Product Licenses
and Option</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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">As
indicated in Note 1, <i>Description of Business</i>, and Note 3, <i>Summary of Significant Accounting Policies</i>, in September
2018 we issued an aggregate of 1,630,435 shares of our unregistered common stock having a fair market value of $2,250,000, based
on the $1.38 per share quoted closing market price of our common stock on the Nasdaq Capital Market, to Pherin to acquire an exclusive
worldwide license to develop and commercialize PH94B and an option to acquire a similar license for PH10. In October 2018, we
exercised our option to acquire an exclusive worldwide license to develop and commercialize PH10 by issuing 925,926 shares of
our unregistered Common Stock having a fair market value of $2,000,000, based on the $2.16 per share closing quoted market price
of our Common Stock on the Nasdaq Capital Market, to Pherin under the terms of the PH10 license agreement. Under the terms of
the PH94B and PH10 license agreements, we are obligated to make additional cash payments and pay royalties to Pherin in the event
that certain regulatory and performance-based milestones and commercial sales are achieved. Additionally, in connection with the
license agreements, we are obligated to pay to Pherin monthly support payments of $10,000 for a term of the earlier of 18 months
or the termination of the license agreement, however no monthly support payment is required under the 18-month period identified
in the PH10 license agreement if support payments are being made under the terms of the PH94B license agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Issuance of Common Stock and Warrants
to Professional Services Providers</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">During the quarter ended June 30, 2018, we issued
an aggregate of 100,000 shares of our unregistered common stock having a fair value on the date of issuance of $123,000 as full
or partial compensation to an investor relations service provider and under a financial advisory agreement. During the quarter
ended September 30, 2018, we issued 50,000 shares of our unregistered common stock having a fair value on the date of issuance
of $68,000 as partial compensation to a corporate awareness service provider. We also issued four-year warrants to three service
providers to purchase an aggregate of 288,000 unregistered shares of our common stock at an exercise price of $1.50 per share as
full or partial compensation for investor relations and corporate awareness services. We valued the warrants at an aggregate fair
value of $266,900 using the Black-Scholes Option Pricing Model and the following grant date weighted average assumptions: exercise
price per share: $1.50; market price per share: $1.40; risk-free interest rate: 2.71%; contractual term: 4 years; volatility: 94.17%;
dividend rate: 0%; deriving a value per warrant share of $0.93. The fair value of the common stock and warrants is being recognized
in expense ratably over the term of the underlying contracts.</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">Through December 31, 2018, the holders of warrants
exercisable at $1.50 per share issued in our December 2017 public offering fully or partially exercised such warrants to purchase
an aggregate of 403,800 registered shares of our common stock and we received cash proceeds of $605,700. Following the warrant
issuances and exercises described above, at December 31, 2018, we had warrants outstanding to purchase shares of our common stock
at a weighted average exercise price of $2.54 per share 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: top">
<td style="width: 18%"> </td>
<td style="width: 1%"> </td>
<td style="width: 21%; text-align: center"><font style="font-size: 8pt"><b>Weighted</b></font></td>
<td style="width: 2%"> </td>
<td style="width: 36%; text-align: center"> </td>
<td style="width: 1%"> </td>
<td style="width: 21%; text-align: center"><font style="font-size: 8pt"><b>Warrants</b></font></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Average</b></font></td>
<td> </td>
<td style="text-align: center"> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Outstanding at</b></font></td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise Price</b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise Price</b></font></td>
<td style="text-align: center"><font style="font-size: 8pt"><b>Expiration</b></font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt"><b>December 31,</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>per Share</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>per Share</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Date</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><font style="font-size: 8pt">$1.50</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">$1.50</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">11/30/2021 to 12/13/2022</font></td>
<td style="text-align: right"><font style="font-size: 8pt">            14,335,200</font></td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">$1.59 to $1.80</font></td>
<td style="text-align: center"><font style="font-size: 8pt">$1.67</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">2/28/2022 to 10/10/2022</font></td>
<td style="text-align: right"><font style="font-size: 8pt">                 625,619</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><font style="font-size: 8pt">$1.82</font></td>
<td> </td>
<td style="text-align: center"><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 style="text-align: right"><font style="font-size: 8pt">              1,388,931</font></td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">$2.00 to $4.50</font></td>
<td style="text-align: center"><font style="font-size: 8pt">$2.23</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">9/216/2019 to 10/16/2022</font></td>
<td style="text-align: right"><font style="font-size: 8pt">                 721,693</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><font style="font-size: 8pt">$5.30</font></td>
<td> </td>
<td style="text-align: center"><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 style="text-align: right"><font style="font-size: 8pt">              2,705,883</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><font style="font-size: 8pt">$6.00</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">$6.00</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">9/26/2019 to 11/30/2019</font></td>
<td style="text-align: right"><font style="font-size: 8pt">                   97,750</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><font style="font-size: 8pt">$7.00</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">$7.00</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">3/19/2019 to 3/3/2023</font></td>
<td style="text-align: right"><font style="font-size: 8pt">              1,309,431</font></td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">$8.00 to $20.00</font></td>
<td style="text-align: center"><font style="font-size: 8pt">$12.33</font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">9/15/2019 to 3/25/2021</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">                 315,448</font></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">$2.54</font></td>
<td> </td>
<td style="text-align: center"> </td>
<td> </td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">            21,499,955</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">Of the warrants outstanding at December 31,
2018, 2,705,883 shares of common stock underlying the warrants exercisable at $5.30 per share issued in our May 2016 public offering,
1,388,931 shares of common stock underlying the warrants exercisable at $1.82 per share issued in our September 2017 public offering
and 9,596,200 shares of common stock underlying the warrants exercisable at $1.50 per share issued in our December 2017 public
offering are registered for resale by the warrant holders. The common shares issuable upon exercise of our remaining outstanding
warrants are unregistered. At December 31, 2018, none of our outstanding warrants are subject to 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">Cato Holding Company (<i>CHC</i>), doing business
as Cato BioVentures (<i>CBV</i>), is the parent of Cato Research Ltd. (<i>CRL</i>). CRL is a contract research, development and
regulatory services organization (<i>CRO</i>) that we have engaged for a wide range of material aspects related to the nonclinical
and clinical development and regulatory affairs associated with our efforts to develop and commercialize AV-101 for MDD, including
our ELEVATE Study, and other potential CNS indications, PH94B, PH10, and other potential product candidates. At December 31, 2018,
CBV held approximately 3% of our outstanding 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">In July 2017, we entered into a Master Services
Agreement (<i>MSA</i>) with CRL, which replaced a substantially similar May 2007 master services agreement, pursuant to which CRL
may assist us in the evaluation, development, commercialization and marketing of our potential product candidates, and provide
regulatory and strategic consulting services as requested from time to time. Specific projects or services are and will be delineated
in individual work orders negotiated from time-to-time under the MSA. Under the terms of work orders issued pursuant to the July
2017 MSA and our prior May 2007 master services agreement, we incurred expenses of $1,067,300 and $292,700 during the quarters
ended December 31, 2018 and 2017, respectively, and $2,697,100 and $904,900 during the nine months ended December 31, 2018 and
2017, respectively. We anticipate periodic expenses for CRO services from CRL related to nonclinical and clinical development of,
and regulatory affairs related to, AV-101, PH94B, PH10 and other potential product candidates will increase in future periods.</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, in September 2018, we issued
an aggregate of 1,630,435 shares of our unregistered common stock having a fair market value of $2,250,000 to acquire an exclusive
worldwide license to develop and commercialize PH94B and an option to acquire a similar license for PH10. In October 2018, we issued
an additional 925,926 shares of our unregistered common stock having a fair market value of $2,000,000 to exercise the option to
acquire an exclusive worldwide license to develop and commercialize PH10. The acquisition of the licenses and option was recorded
as research and development expense. Additionally, during the nine months ended December 31, 2018, we have recorded $40,000 of
monthly support payments to Pherin under the terms of the PH94B license agreement. At December 31, 2018, Pherin held approximately
8% of our outstanding 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">We have evaluated subsequent events through February 11, 2019
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>Grants and Exercise of Options from 2016
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"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During January 2019, in connection
with the appointment of a new independent member to our Board, the Board authorized the grant of options to purchase 25,000
shares of our common stock under our 2016 Plan at an exercise price of $1.74 per share, the quoted closing price of our
common stock on the Nasdaq Capital Market on the date of the grant. Additionally, one of our officers and one of our
independent Board members exercised options to purchase an aggregate of 26,750 registered shares of our common stock at an
exercise price of $1.50 per share and we received cash proceeds of $40,100. Also in January 2019, the Compensation Committee
of the Board authorized the grant of options to purchase 220,000 shares of our common stock at an exercise price of $1.70 per
share, the quoted closing price of our common stock on the Nasdaq Capital Market on the date of the grant, to one of our
executive officers. In February 2019, we granted 25,000 shares of common stcok from our 2016 Plan as partial compensation
under the terms of a social media services 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"> </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 share-based compensation, and assumptions that have been used historically to value warrants and warrant modifications.
With the exception of the BlueRock Agreement pursuant to which we recorded sublicense revenue in the third quarter of our fiscal
year ended March 31, 2017, we do not currently have, nor have we had during the periods covered by this Report, any arrangements
requiring the recognition of revenue.</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 non-clinical development of AV-101, PH94B, PH10, 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 CROs, clinical sites, investigators and other professional service providers.
We analyze the progress of the clinical trial, including levels of subject enrollment, invoices received and contracted costs when
evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made 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.
In September 2018, we acquired an exclusive license to develop and commercialize PH94B and an option to acquire a license to develop
and commercialize PH10 by issuing an aggregate of 1,630,435 unregistered shares of our Common Stock having a fair market value
of $2,250,000. In October 2018, we exercised our option to acquire an exclusive license to develop and commercialize PH10 by issuing
925,926 shares of our unregistered Common Stock having a fair market value of $2,000,000. Since, at the date of each acquisition,
neither product candidate has achieved regulatory approval and each will require significant additional development and expense,
we have expensed the costs related to acquiring the licenses and the option.</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 is required to perform services in exchange for the
award, which generally represents the scheduled vesting period.  We have not granted restricted stock awards to employees
nor do we have any awards with market or performance conditions.  For option grants to non-employees, we re-measure the
fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services
are performed. Non-cash expense attributable to compensatory grants of stock to non-employees is determined by the quoted market
price of the stock on the date of grant and is either recognized as fully-earned at the time of the grant or expensed ratably over
the term of the related service agreement, depending on the terms of the specific agreement.</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, 2018 and 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</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="font-size: 8pt; text-align: left"> Research and development expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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: 52%; font-size: 8pt; text-align: left; padding-left: 9pt"> Stock option grants</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">274,900</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">$</td><td style="width: 9%; font-size: 8pt; text-align: right">299,100</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">955,600</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: 9%; font-size: 8pt; text-align: right">627,400</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"> General and administrative expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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"> Stock option grants</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">459,800</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">390,200</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,564,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">759,500</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 style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total stock-based compensation expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">734,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">689,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,519,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,386,900</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">In August 2018, our Board approved the grant
of options from our 2016 Amended and Restated Stock Incentive Plan (the <i>2016 Plan</i>) to purchase an aggregate of 860,000 shares
of our Common Stock at an exercise price of $1.27 per share to the independent members of our Board, our officers and our employees.
We valued the options granted in August 2018 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">August 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 80%; font-size: 8pt; text-align: justify">Market price per share at grant date</td><td style="width: 5%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">1.27</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: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">1.27</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Risk-free interest rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2.84</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5.50</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">99.29</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend rate</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.0</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">860,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold">Fair Value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">0.98</td><td style="font-size: 8pt; font-weight: bold; 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">In August 2018, our Board also approved the
modification of outstanding options having exercise prices over $1.56 per share and held by independent members of our Board, our
officers and our employees to reduce the exercise prices thereof to $1.50 per share. We calculated the fair value of the options
immediately before and after the modification using the Black-Scholes Option Pricing Model and the weighted average assumptions
indicated in the table below. We immediately recognized the additional fair value attributable to vested options, $258,100, as
stock compensation expense, which is included in the figures reported above. The additional fair value resulting from the modification
is being expensed over the remaining vesting period of the modified options.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pre-modification</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-modification</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: justify">Market price per share</td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1.49</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">1.49</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">3.57</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">1.50</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Risk-free interest 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">2.77</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">2.77</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Remaining expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">5.08</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">5.08</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">94.9</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">94.9</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend 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">0.0</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">0.0</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: justify">Number of option shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,419,503</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">2,419,503</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify">Weighted average fair value per share</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">0.91</td><td style="font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td style="font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="font-size: 8pt; font-weight: bold; text-align: right">1.08</td><td style="font-size: 8pt; font-weight: bold; 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">During October 2018, we granted to certain professional
service providers and consultants options to purchase an aggregate of 250,000 shares of our Common Stock at exercise prices ranging
from $1.52 per share to $2.20 per share, reflecting the quoted closing price of our Common Stock on the Nasdaq Capital Market on
the date of the grant. We valued the options granted in October 2018 using the Black-Scholes Option Pricing Model and the following
weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumption:</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">October 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 80%; font-size: 8pt; text-align: justify">Market price per share at grant date</td><td style="width: 5%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">1.83</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: justify">Exercise price per share</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">1.83</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Risk-free interest 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">3.13</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Expected term in years</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">10.00</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Volatility</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">89.98</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: justify">Dividend 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">0.0</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt">Shares</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">250,000</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></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2018, there were stock options
outstanding to purchase 6,410,338 shares of our common stock at a weighted average exercise price of $1.47 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">See Note 10, <i>Subsequent Events</i>, for information
regarding option grants and exercises occurring since December 31, 2018.</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">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: center"> </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>As of December 31,</b></font></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>2018</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>2017</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: 75%"><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: 9%; 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: 9%; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="width: 2%"> </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">1,160,240</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><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><font style="font-size: 8pt">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,410,338</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,279,871</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Outstanding warrants to purchase common stock</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">21,499,955</font></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"><font style="font-size: 8pt">16,918,292</font></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">32,138,545</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">24,426,415</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt 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: 72%"><font style="font-size: 8pt">____________</font></td>
<td style="width: 1%"> </td>
<td style="width: 13%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%"> </td></tr>
<tr style="vertical-align: top">
<td colspan="5"><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></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</font></td></tr>
<tr style="vertical-align: top">
<td colspan="5"><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></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, 2018 or March 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as described below, there have been no
recent accounting pronouncements or changes in accounting pronouncements during the nine months ended December 31, 2018, as compared
to the recent accounting pronouncements described in our Form 10-K for our fiscal year ended March 31, 2018, that are of significance
or potential significance to us.</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 June 2018, the Financial Accounting Standards
Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) 2018-07, <i>Compensation-Stock Compensation (Topic 718), Improvements
to Nonemployee Share-Based Payment Accounting</i> (<i>ASU 2018-07</i>). ASU 2018-07 expands the scope of Topic 718 to include share-based
payment transactions for acquiring goods and services from nonemployees. Under ASU 2018-07, consistent with the accounting requirement
for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are to be measured
at the grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or
the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.
Equity-classified nonemployee share-based payment awards are to be measured at the grant date. The definition of the term grant
date<i> </i>is amended to generally state the date at which a grantor and a grantee<i> </i>reach a mutual understanding
of the key terms and conditions of a share-based payment award. ASU 2018-07 specifies that Topic 718 applies to all share-based
payment transactions in which a grantor acquires goods or services to be used or consumed in its own operations by issuing share-based
payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1)
financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract
accounted for under Topic 606, <i>Revenue from Contracts with Customers</i> (<i>Topic 606</i>). ASU 2018-07 is effective for public
companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption
is permitted, but no earlier than an entity’s adoption date of Topic 606. We expect to adopt ASU 2018-07 as of April 1, 2019,
and we are evaluating the expected impact of this new guidance on our consolidated financial statements. While we are still determining
the value of our headquarters facility lease, we anticipate recording a right-of-use asset that will be amortized on a straight-line
basis. We are evaluating our contracts with clinical research organizations, but do not believe such contracts contain embedded
leases.</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 2016, the FASB issued ASU 2016-02,
<i>Leases</i> (<i>ASC 842</i>), which will replace the existing guidance in ASC 840, <i>Leases</i>, and which sets out the principles
for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).
The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the
principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether
lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively.
A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months
regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance
for operating leases. This standard will become effective for our fiscal year beginning April 1, 2019, with early adoption permitted.
We expect to adopt the standard as of April 1, 2019, and are continuing to evaluate the expected impact of this new guidance on
our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</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="font-size: 8pt; text-align: left"> Research and development expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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: 52%; font-size: 8pt; text-align: left; text-indent: -10pt; padding-left: 9pt"> Stock option grants</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">274,900</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">$</td><td style="width: 9%; font-size: 8pt; text-align: right">299,100</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">955,600</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: 9%; font-size: 8pt; text-align: right">627,400</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"> General and administrative expense:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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; text-indent: -10pt; padding-left: 9pt"> Stock option grants</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">459,800</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">390,200</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,564,100</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">759,500</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 style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Total stock-based compensation expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">734,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">689,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2,519,700</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,386,900</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">August 2018</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 63%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 30%; text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td style="width: 3%"> </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">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.84</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Expected term in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">99.29</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Shares</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">860,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.98</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"></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="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; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</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>Post-modification</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.49</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.49</font></td>
<td style="width: 1%"> </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">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3.57</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><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">2.77</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.77</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">Remaining expected term in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.08</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.08</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">94.9</font></td>
<td><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">94.9</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></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Number of option shares</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,419,503</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,419,503</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Weighted average fair value per share</b></font></td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.91</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.08</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"></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="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; text-align: center"><font style="font-size: 8pt">October 2018</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%; 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">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.83</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.83</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">3.13</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">10.00</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">89.98</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></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">250,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><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>1.59</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"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of 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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</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: 68%; font-size: 8pt; text-align: left">Series A Preferred stock issued and outstanding (1)</td><td style="width: 4%; 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: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">750,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Series B Preferred stock issued and outstanding (2)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,160,240</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Series C Preferred stock issued and outstanding (3)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">2,318,012</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans (1999 Plan in 2017 only)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">6,410,338</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,279,871</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Outstanding warrants to purchase common stock</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">21,499,955</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">16,918,292</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">32,138,545</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">24,426,415</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </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="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: left"> AV-101 materials and services</td><td style="width: 4%; 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">456,200</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">505,900</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Professional services</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">166,500</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">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt"> Insurance</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">89,900</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">88,300</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Public offering filing fees and expenses</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">88,400</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">25,900</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">52,800</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">24,700</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">853,800</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">644,800</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Tenant improvements</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">214,400</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Computers and network equipment</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">54,600</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Office furniture and equipment</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">84,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">79,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,241,800</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,049,500</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Accumulated depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(906,900</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">(842,100</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">334,900</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">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">207,400</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td><td style="font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Accrued AV-101 clinical trial, development</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 68%; font-size: 8pt; text-align: left">     and related expenses</td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">759,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 4%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">176,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Accrued professional services</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">59,000</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">27,000</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> All other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">8,800</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">827,100</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">206,300</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt"> </td><td> </td>
<td colspan="19"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center">Principal</td><td> </td>
<td colspan="3" style="text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Principal</td><td> </td>
<td colspan="3" style="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="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 52%; text-align: left">6.50% (2018) Notes payable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; 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: 5%; 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: 5%; 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: 5%; 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: 5%; 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: 5%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">to insurance premium financing company (current)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">49,100</td><td style="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">49,100</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">53,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</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">53,900</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="3" style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Weighted</td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Warrants</td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Average</td><td style="font-size: 12pt"> </td>
<td colspan="3" style="font-size: 12pt"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Outstanding at</td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="font-weight: bold; text-align: center">Exercise Price</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Exercise Price</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">Expiration</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">per Share</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">per Share</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">1.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">1.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: center"><font style="font-size: 8pt">11/30/2021 to 12/13/2022</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">14,335,200</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="text-align: right"><font style="font-size: 8pt">$1.59 to $1.80</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.67</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">2/28/2022 to 10/10/2022</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">625,619</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">$</td><td style="text-align: right">1.82</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.82</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">3/7/2023</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,388,931</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="text-align: right"><font style="font-size: 8pt">$2.00 to $4.50</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.23</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">9/216/2019 to 10/16/2022</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">721,693</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">$</td><td style="text-align: right">5.30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">5/16/2021</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,705,883</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">$</td><td style="text-align: right">6.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">9/26/2019 to 11/30/2019</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">97,750</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">$</td><td style="text-align: right">7.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><font style="font-size: 8pt">3/19/2019 to 3/3/2023</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,309,431</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">$8.00 to $20.00</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">12.33</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: center"><font style="font-size: 8pt">9/15/2019 to 3/25/2021</font></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">315,448</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.54</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">21,499,955</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
68600000
17600000
2.54
1.50
1.67
1.82
2.23
5.30
6.00
7.00
12.33
1.27
1.83
3.57
1.50
1.27
1.83
1.49
1.49
0.0277
0.0277
0.0284
0.0313
P5Y29D
P5Y29D
P5Y6M
P10Y
0.949
0.949
0.9929
0.8998
0.00
0.00
0.00
0.00
860000
250000
2419503
2419503
0.91
1.08
0.98
1.59
32138545
24426415
750000
750000
1160240
1160240
6410338
3279871
21499955
16918292
2318012
2318012
11/30/2021 to 12/13/2022
2/28/2022 to 10/10/2022
3/7/2023
9/216/2019 to 10/16/2022
5/16/2021
9/26/2019 to 11/30/2019
3/19/2019 to 3/3/2023
9/15/2019 to 3/25/2021
21499955
14335200
625619
1388931
721693
2705883
97750
1309431
315448
0
199200
0
199200
0
1600