Annual report pursuant to Section 13 and 15(d)

Research and Development Expenses

v3.20.2
Research and Development Expenses
12 Months Ended
Mar. 31, 2020
Research and Development [Abstract]  
Research and Development Expenses

We recorded research and development expenses of approximately $13.4 million and $17.1 million in the fiscal years ended March 31, 2020 and 2019, respectively, including approximately $1.4 million and $5.6 million of noncash expense in the fiscal years ended March 31, 2020 and 2019, 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 clinical trial in MDD in both years, as well as other preclinical and nonclinical projects for PH94B, PH10 and AV-101, 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 included noncash expense of $4.25 million attributable to the acquisition of the PH94B and PH10 licenses and the PH10 option.