Annual report pursuant to Section 13 and 15(d)

Research and Development Expenses

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Research and Development Expenses
12 Months Ended
Mar. 31, 2019
Research and Development [Abstract]  
Research and Development Expenses

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