Annual report pursuant to Section 13 and 15(d)

Stock Option Plans and 401(k) Plan (Tables)

v3.19.2
Stock Option Plans and 401(k) Plan (Tables)
12 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense
    Fiscal Years Ended March 31,
    2019   2018
 Research and development expense:                
 Stock option grants   $ 1,259,400     $ 969,200  
 General and administrative expense:                
 Stock option grants     2,184,000       1,375,000  
      2,184,000       1,375,000  
 Total stock-based compensation expense   $ 3,443,400     $ 2,344,200  
Schedule of Black Scholes option valuation model
    Fiscal Years Ended March 31,
    2019   2018
    (weighted average)   (weighted average)
Exercise price   $ 1.45     $ 1.44  
Market price on date of grant   $ 1.45     $ 1.44  
Risk-free interest rate     2.84 %     2.39 %
Expected term (years)     6.32       6.87  
Volatility     96.58 %     90.40 %
Expected dividend yield     0.00 %     0.00 %
                 
Fair value per share at grant date   $ 1.15     $ 1.10  
Schedule of stock option plans
    Fiscal Years Ended March 31,
    2019   2018
   

 Number of

Shares

 

Weighted

Average

Exercise

Price

 

 Number of

Shares

  Weighted  
Average
Exercise
Price
                 
 Options outstanding at beginning of period     5,300,338     $ 2.43       1,659,324     $ 4.76  
 Options granted     1,355,000     $ 1.45       3,675,000     $ 1.44  
 Options exercised     (29,250 )   $ 1.50       —       $ —    
 Options forfeited     —       $ —         (12,154 )   $ 5.39  
 Options expired     —       $ —         (21,832 )   $ 9.42  
 Options outstanding at end of period     6,626,088     $ 1.48       5,300,338     $ 2.43  
 Options exercisable at end of period     4,303,972     $ 1.53       1,818,962     $ 3.31  
 Weighted average grant-date fair value of                                
 options granted during the period           $ 1.15             $ 1.10  

 

Assumption:   Pre-modification     Post-modification  
Market price per share   $ 1.49     $ 1.49  
Exercise price per share   $ 3.57     $ 1.50  
Risk-free interest rate     2.77 %     2.77 %
Remaining expected term in years     5.08       5.08  
Volatility     94.9 %     94.9 %
Dividend rate     0.0 %     0.0 %
                 
Number of option shares     2,419,503       2,419,503  
Weighted average fair value per share   $ 0.91     $ 1.08  

Schedule of stock options outstanding and exercisable
        Options Outstanding     Options Exercisable  
               Weighted                    
               Average      Weighted            Weighted  
               Remaining      Average            Average  
   Exercise      Number      Years until      Exercise      Number      Exercise  
    Price       Outstanding      Expiration      Price      Exercisable      Price  
                                   
  $ 1.16       2,000,000       8.84     $ 1.16       1,312,493     $ 1.16  
  $ 1.21 to $1.27       885,000       9.34     $ 1.27       419,529     $ 1.27  
  $ 1.50       2,390,253       7.34     $ 1.50       1,699,753     $ 1.50  
  $ 1.52 to $1.99       1,215,000       8.91     $ 1.62       777,058     $ 1.59  
  $ 2.20 to $3.80       55,000       9.38     $ 2.35       14,304     $ 3.67  
  $ 8.00 to $15.00       80,835       5.86     $ 8.54       80,835     $ 8.54  
          6,626,088     8.35    1.48     4,303,972    1.53