<SEC-DOCUMENT>0001654954-17-010318.txt : 20171109 <SEC-HEADER>0001654954-17-010318.hdr.sgml : 20171109 <ACCEPTANCE-DATETIME>20171109163156 ACCESSION NUMBER: 0001654954-17-010318 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VistaGen Therapeutics, Inc. CENTRAL INDEX KEY: 0001411685 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 205093315 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37761 FILM NUMBER: 171191325 BUSINESS ADDRESS: STREET 1: 343 ALLERTON AVENUE CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: 650-577-3600 MAIL ADDRESS: STREET 1: 343 ALLERTON AVENUE CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 FORMER COMPANY: FORMER CONFORMED NAME: Excaliber Enterprises, Ltd. DATE OF NAME CHANGE: 20070906 </SEC-HEADER> <DOCUMENT> <TYPE>10-Q <SEQUENCE>1 <FILENAME>vtgn10q_sep302017.htm <DESCRIPTION>QUARTERLY REPORT <TEXT> <html> <head> <!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com --> <!-- Copyright 2017 Issuer Direct Corporation --> <title>Blueprint</title> </head> <body style="font-family: Times New Roman; font-size: 13px;"> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 8px; border-top: 4px solid #000000; border-bottom: 1px solid #000000"> <!--style header--><br></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 8px;"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px"> UNITED STATES</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px"> SECURITIES AND EXCHANGE COMMISSION</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Washington, DC 20549</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px"> Form 10-Q</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> (Mark One)</font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: middle; width: 6%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: middle; width: 5%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: middle; width: 89%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr> <td style="vertical-align: top; width: 6%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-size: 13px">☑</font></div> </td> <td style="vertical-align: top; width: 5%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 89%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> For the quarterly period ended September 30, 2017</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> or</font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: middle; width: 6%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: middle; width: 5%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: middle; width: 89%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr> <td style="vertical-align: top; width: 6%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-size: 13px">☐</font></div> </td> <td style="vertical-align: top; width: 5%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 89%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> For the transition period from</font> <font style="text-decoration: underline; color: #000000">                    </font> <font style="color: #000000">to</font> <font style="text-decoration: underline; color: #000000">                    </font> <font style="color: #000000">.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Commission File Number: 001-37761</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 24px"> VistaGen Therapeutics, Inc.</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> (Exact name of registrant as specified in its charter)</font></div> <div style="text-align: center"> <table cellpadding="0" cellspacing="0" style="text-align: center; width: 80%; font-family: Times New Roman; font-size: 13px; margin: 0px auto;"> <tr> <td style="vertical-align: bottom; width: 48%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 8%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 44%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr> <td style="vertical-align: top; width: 48%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Nevada</font></div> </td> <td style="vertical-align: bottom; width: 8%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 44%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> 20-5093315</font></div> </td> </tr><tr> <td style="vertical-align: top; width: 48%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> (State or other jurisdiction of</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> incorporation or organization)</font></div> </td> <td style="vertical-align: bottom; width: 8%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 44%"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> (I.R.S. Employer</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Identification No.)</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> 343 Allerton Avenue</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> South San Francisco, CA 94080</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> (Address of principal executive offices including zip code)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> (650) 577-3600</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> (Registrant’s telephone number, including area code)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes</font> <font style="color: #000000">☒</font> <font style="color: #000000">No</font> <font style="color: #000000">☐</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes</font> <font style="color: #000000">☒</font> <font style="color: #000000">No</font> <font style="color: #000000">☐</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.</font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: middle; width: 28%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="3" style="vertical-align: top; width: 72%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr> <td style="vertical-align: top; width: 28%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Large accelerated filer</font></div> </td> <td style="vertical-align: top; width: 32%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  [  ]</font></div> </td> <td style="vertical-align: top; width: 30%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Accelerated filer</font></div> </td> <td style="vertical-align: top; width: 9%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> [  ]</font></div> </td> </tr><tr> <td style="vertical-align: top; width: 28%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Non-Accelerated filer</font></div> </td> <td style="vertical-align: top; width: 32%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  [  ]</font></div> </td> <td style="vertical-align: top; width: 30%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Smaller reporting company</font></div> </td> <td style="vertical-align: top; width: 9%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> [X]</font></div> </td> </tr><tr> <td style="vertical-align: top; width: 28%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 32%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 30%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Emerging growth company</font></div> </td> <td style="vertical-align: top; width: 9%"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> [  ]</font></div> </td> </tr></table> </div> <div style="text-align: left; margin-left: 0px; margin-right: 9px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> (do not check if a smaller reporting company)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">      </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes</font> <font style="color: #000000">☐</font> <font style="color: #000000">No</font> <font style="color: #000000">☒</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As of November 9, 2017, 11,698,974 shares of the registrant’s common stock, $0.001 par value, were issued and outstanding. </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 8px; border-top: 1px solid #000000; border-bottom: 4px solid #000000"> <!--style footer--><br></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: rgb(255, 255, 255);"> <!--page break--></div> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> VistaG<a name="tableof">e</a>n Therapeutics, Inc.</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Quarterly Report on Form 10-Q</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> for the Quarter Ended September 30, 2017</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-bottom: 2px;"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="toc">T</a>ABLE OF CONTENTS</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">  <font style="font-family: Times New Roman; font-size: 13px"><br> </font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: middle; width: 91%;"> <div style="padding-top: 2px;"><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: top; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;"> Page</font></div> </td> </tr><tr style=""> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"><font style="font-size: 13px; font-weight: bold; font-family: Times New Roman;"> PART I. FINANCIAL INFORMATION</font> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="padding-top: 2px;"><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px; padding-top: 2px;"> <a href="#item1"><font style="font-size: 13px; font-family: Times New Roman;">Item 1.     Condensed Consolidated Financial Statements (Unaudited)</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px; padding-top: 2px;">  <font style="font-size: 13px; font-family: Times New Roman;">    <a href="#item1">Condensed Consolidated Balance Sheets at September 30, 2017 and March 31, 2017</a></font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">1</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px; padding-top: 2px;">  <font style="font-size: 13px; font-family: Times New Roman;">    <a href="#loss">Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2017 and 2016</a></font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">2</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px; padding-top: 2px;">  <font style="font-size: 13px; font-family: Times New Roman;">    <a href="#flows">Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2017 and 2016</a></font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">3</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px; padding-top: 2px;">  <font style="font-size: 13px; font-family: Times New Roman;">    <a href="#notes">Notes to the Condensed Consolidated Financial Statements</a></font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">4</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px; padding-top: 2px;"> <a href="#mda"><font style="font-size: 13px; font-family: Times New Roman;">Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">13</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px; padding-top: 2px;"> <a href="#controls"><font style="font-size: 13px; font-family: Times New Roman;">Item 4.     Controls and Procedures</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">26</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px; padding-top: 2px;"><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style=""> <td colspan="2" style="vertical-align: bottom;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"><a href="#part2"><font style="font-size: 13px; font-weight: bold; font-family: Times New Roman;"> PART II. OTHER INFORMATION</font> <font style="font-family: Times New Roman; font-size: 13px;"> </font></a></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="padding-top: 2px;"><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#part2"><font style="font-family: Times New Roman; font-size: 13px;">Item 1.     Legal Proceedings</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">27</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#part2"><font style="font-size: 13px; font-family: Times New Roman;">Item 1A.  Risk Factors</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">27</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#itemm2"><font style="font-size: 13px; font-family: Times New Roman;">Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">59</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#itemm3"><font style="font-family: Times New Roman; font-size: 13px;">Item 3.     Defaults Upon Senior Secured Securities</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">59</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#itemm6"><font style="font-size: 13px; font-family: Times New Roman;">Item 6.     Exhibits</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="font-family: Times New Roman; font-size: 13px;">59</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 91%;"> <div style="padding-top: 2px;"><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; padding-top: 2px;"> <a href="#sigs"><font style="font-size: 13px; font-family: Times New Roman;">SIGNATURES</font></a></div> </td> <td style="vertical-align: bottom; width: 9%;"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">  <font style="font-family: Times New Roman; font-size: 13px;">60<br></font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> PART I. FINANCIA<a name="item1">L</a> INFORMATION</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Item 1. Condensed Consolidated Financial Statements (Unaudited)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> VISTAGEN THERAPEUTICS, INC.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> CONDENSED CONSOLIDATED BALANCE SHEETS</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Amounts in Dollars, except share amounts)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;"> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 12%; white-space: nowrap;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> September 30,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  March 31,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> (Unaudited)</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  ASSETS</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current assets:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash and cash equivalents</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,764,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,921,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Prepaid expenses and other current assets</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">563,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">456,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total current assets</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,327,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,377,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Property and equipment, net</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">242,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">286,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Security deposits and other assets</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">47,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">47,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total assets</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,617,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,712,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">  LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current liabilities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounts payable</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,151,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">867,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accrued expenses</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">625,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">443,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current notes payable</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">105,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">54,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital lease obligations</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total current liabilities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,884,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,367,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current liabilities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accrued dividends on Series B Preferred Stock</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,081,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,577,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred rent liability</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">312,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">139,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital lease obligations</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">11,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total non-current liabilities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,404,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,728,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total liabilities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,289,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,096,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Commitments and contingencies</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stockholders’ equity (deficit):</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Preferred stock, $0.001 par value; 10,000,000 shares authorized at September 30, 2017 and March 31, 2017:</font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;color:#000000;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;color:#000000;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Series A Preferred, 500,000 shares authorized, issued and outstanding at September 30, 2017 and March 31, 2017</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Series B Preferred; 4,000,000 shares authorized at September 30, 2017 and March 31, 2017; 1,160,240 shares issued and outstanding at September 30, 2017 and March 31, 2017</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Series C Preferred; 3,000,000 shares authorized at September 30, 2017 and March 31, 2017; 2,318,012 shares issued and outstanding at September 30, 2017 and March 31, 2017</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at September 30, 2017 and March 31, 2017, respectively; 11,764,639 and 8,974,386 shares issued and outstanding at September 30, 2017 and March 31, 2017, respectively</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">11,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additional paid-in capital</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">151,541,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">146,569,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Treasury stock, at cost, 135,665 shares of common stock held at September 30, 2017 and March 31, 2017</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,968,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,968,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px; padding-bottom: 2px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated deficit</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(149,261,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(141,998,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px; padding-bottom: 2px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total stockholders’ equity (deficit)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(1,671,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">615,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total liabilities and stockholders’ equity (deficit)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">2,617,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">3,712,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> See accompanying notes to Condensed Consolidated Financial Statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 1 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> VISTAGEN THERA<a name="loss">P</a>EUTICS, INC.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Unaudited)</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Amounts in dollars, except share amounts)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Three Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Operating expenses:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,426,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,606,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,522,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,431,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> General and administrative</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,567,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,493,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,731,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,631,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Total operating expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,993,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,099,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">7,254,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,063,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss from operations</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,993,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,099,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,254,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,063,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other expenses, net:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Interest expense, net</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(5,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss before income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,997,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,101,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,259,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,065,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss and comprehensive loss</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,997,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,101,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,262,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,068,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accrued dividend on Series B Preferred stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(256,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(241,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(503,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(780,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deemed dividend on Series B Preferred Units</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(111,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss attributable to common stockholders</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(5,253,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(3,342,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(7,765,900</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">(5,960,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Basic and diluted net loss attributable to common</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">     stockholders per common share</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">(0.53</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">(0.42</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">(0.82</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">(0.91</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;">)</font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; width: 64%;"> <div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;display:inline-block;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Weighted average shares used in computing basic</font></div> </font><font style="text-align: left; vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> and diluted net loss attributable to common</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 52%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> stockholders per common share</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">9,892,016</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">8,041,619</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">9,465,459</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">6,577,769</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> See accompanying notes to Condensed Consolidated Financial Statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 2 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> VISTAGEN THERAPEUTICS, INC.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> CONDENSED CONSOLIDATED STATEMENTS O<a name="flows">F</a> CASH FLOWS</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Unaudited)</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Amounts in Dollars)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; width: 24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash flows from operating activities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Net loss</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,262,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,068,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style=""> <td colspan="2" style="vertical-align: bottom; width: 88%;"> <div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="text-align: center; vertical-align:bottom;display:inline-block;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">     Adjustments to reconcile net loss to net cash used in operating activities:</font></div> </font><font style="text-align: left; vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Depreciation and amortization</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">46,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Stock-based compensation</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">697,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">306,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; width: 88%;"> <div style="margin-left: 12px;"><font style="text-align: center; vertical-align:bottom;display:inline-block;"> <div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">Expense related to modification of warrants, including exchange of warrants</font></div> </font><font style="text-align: left; vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">    for common stock</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">279,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">57,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Amortization of deferred rent</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">173,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(18,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Fair value of common stock granted for services</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,392,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">217,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Fair value of Series B Preferred stock granted for services</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">375,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Fair value of warrants granted for services</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">227,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Changes in operating assets and liabilities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">    Prepaid expenses and other current assets</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">197,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">    Accounts payable and accrued expenses, including accrued interest</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">466,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(36,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net cash used in operating activities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(4,009,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,873,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash flows from property and investing activities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Purchases of equipment</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(7,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">     Net cash used in investing activities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(7,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash flows from financing activities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Net proceeds from issuance of common stock and warrants, including Units</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,947,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,537,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Net proceeds from issuance of Series B Preferred Units</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">278,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Repayment of capital lease obligations</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Repayment of notes payable</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(91,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(105,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">     Net cash provided by financing activities</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,854,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">9,709,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Net increase (decrease) in cash and cash equivalents</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,156,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,828,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash and cash equivalents at beginning of period</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,921,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">428,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash and cash equivalents at end of period</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">1,764,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">6,257,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Supplemental disclosure of noncash activities:</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 4px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">    Insurance premiums settled by issuing note payable</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">142,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">117,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 4px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">    Accrued dividends on Series B Preferred</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">503,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">780,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="_MON_1435653751"><!--anchor--></a>See accompanying notes to Condensed Consolidated Financial Statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 3 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> VISTAGEN THERAPEUT<a name="notes">I</a>CS, INC.</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> (Unaudited)</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Note 1.  Description of Business</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Overview</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> VistaGen Therapeutics, Inc. (NASDAQ: VTGN), a Nevada corporation, is a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other central nervous system (</font><font style="font-style: italic; color: #000000">CNS</font><font style="color: #000000">) disorders.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> AV-101 is our oral CNS product candidate in Phase 2 clinical development in the United States, initially as a new generation adjunctive treatment for Major Depressive Disorder (</font><font style="font-style: italic; color: #000000">MDD</font><font style="color: #000000">) in patients with an inadequate response to standard antidepressants approved by the U.S. Food and Drug Administration (</font><font style="font-style: italic; color: #000000">FDA</font><font style="color: #000000">).  AV-101’s mechanism of action (</font><font style="font-style: italic; color: #000000">MOA</font><font style="color: #000000">) involves both NMDA (N-methyl-D-aspartate) and AMPA (alpha-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid) receptors in the brain responsible for fast excitatory synaptic activity throughout the CNS.  AV-101’s MOA is fundamentally differentiated from all FDA-approved antidepressants, as well as all atypical antipsychotics, such as aripiprazole, often used adjunctively to augment them. We believe AV-101 also has potential as a non-opioid treatment alternative for neuropathic pain, as well as several additional CNS indications</font> <font style="color: #333333; background-color: #FFFFFF">where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit</font><font style="color: #000000">, including Parkinson’s disease levodopa -induced dyskinesia (</font><font style="font-style: italic; color: #000000">PD LID</font><font style="color: #000000">), epilepsy and Huntington’s disease.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Clinical studies conducted at the U.S. National Institute of Mental Health (</font><font style="font-style: italic; color: #000000">NIMH</font><font style="color: #000000">), part of the U.S. National Institutes of Health (</font><font style="font-style: italic; color: #000000">NIH</font><font style="color: #000000">), by 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, have focused on the antidepressant effects of ketamine hydrochloride injection (</font><font style="font-style: italic; color: #000000">ketamine</font><font style="color: #000000">), an ion-channel blocking NMDA receptor antagonist approved by the FDA as an anesthetic, in MDD patients with inadequate therapeutic responses to multiple standard antidepressants. These NIMH studies, as well as clinical research at Yale University and other academic institutions, have demonstrated ketamine’s robust antidepressant effects in treatment-resistant MDD patients within twenty-four hours of a single sub-anesthetic dose administered by intravenous (</font><font style="font-style: italic; color: #000000">IV</font><font style="color: #000000">) infusion.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We believe AV-101 may have potential to deliver ketamine-like antidepressant effects without the need for IV administration and ketamine’s psychological and other negative side effects. As published in the October 2015 issue of the peer-reviewed </font><font style="font-style: italic; color: #000000">Journal of Pharmacology and Experimental Therapeutics, </font><font style="color: #000000">in an article titled, </font><font style="font-style: italic; color: #000000">The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by NMDA/glycineB-site inhibition,</font><font style="color: #000000"> using well-established preclinical models of depression, AV-101 was shown to induce fast-acting, dose-dependent, persistent and statistically significant antidepressant-like responses following a single treatment. These responses were equivalent to those seen with a single sub-anesthetic control dose of ketamine. In addition, these studies confirmed that the fast-acting antidepressant effects of AV-101 were mediated through both inhibiting the GlyB site of the NMDA receptor and activating the AMPA receptor pathway in the brain.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Pursuant to our Cooperative Research and Development Agreement (</font><font style="font-style: italic; color: #000000">CRADA</font><font style="color: #000000">) with the NIMH, the NIMH is currently funding, and Dr. Zarate, as Principal Investigator, and his team are currently conducting, a small Phase 2 clinical study of AV-101 as a monotherapy in adult subjects with treatment-resistant MDD (the </font><font style="font-style: italic; color: #000000">NIMH AV-101 MDD Phase 2 Monotherapy Study</font><font style="color: #000000">). In October 2017, we received FDA authorization to launch our 180-patient Phase 2 multi-center, multi-dose, double blind, placebo-controlled efficacy and safety study of AV-101 as a new generation adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to standard, FDA-approved antidepressants (the </font><font style="font-style: italic; color: #000000">AV-101 MDD Phase 2 Adjunctive Treatment Study</font><font style="color: #000000">).  Subject to obtaining sufficient financing, we intend to launch the AV-101 MDD Phase 2 Adjunctive Treatment Study in the first quarter of 2018, with Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital (</font><font style="font-style: italic; color: #000000">MGH</font><font style="color: #000000">) Research Institute, as Principal Investigator.  Dr. Fava was the co-Principal Investigator with Dr. A. John Rush of the STAR*D study, the largest clinical trial conducted in depression to date, whose findings were published in journals such as the</font> <font style="font-style: italic; color: #000000">New England Journal of Medicine</font> <font style="color: #000000">(</font><font style="font-style: italic; color: #000000">NEJM</font><font style="color: #000000">) and the</font> <font style="font-style: italic; color: #000000">Journal of the American Medical Association</font> <font style="color: #000000">(</font><font style="font-style: italic; color: #000000">JAMA</font><font style="color: #000000">). We expect to complete this study by the end of 2018, with top line results available in the first quarter of 2019.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> VistaStem Therapeutics (</font><font style="font-style: italic; color: #000000">VistaStem</font><font style="color: #000000">) is our wholly owned subsidiary focused on applying human pluripotent stem cell (</font><font style="font-style: italic; color: #000000">hPSC</font><font style="color: #000000">) technology to discover, rescue, develop and commercialize (i) proprietary new chemical entities (</font><font style="font-style: italic; color: #000000">NCEs</font><font style="color: #000000">) for CNS and other diseases and (ii) regenerative medicine (</font><font style="font-style: italic; color: #000000">RM</font><font style="color: #000000">) involving hPSC-derived blood, cartilage, heart and liver cells.  Our internal drug rescue programs are designed to utilize </font><font style="font-style: italic; color: #000000">CardioSafe 3D</font><font style="color: #000000">, our customized cardiac bioassay system, to develop small molecule NCEs for our pipeline.  To advance potential RM applications of our cardiac stem cell technology, in December 2016, we exclusively sublicensed to BlueRock Therapeutics LP, a next generation RM company established by Bayer AG and Versant Ventures (</font><font style="font-style: italic; color: #000000">BlueRock Therapeutics</font><font style="color: #000000">), rights to certain proprietary technologies relating to the production of cardiac stem cells for the treatment of heart disease (the </font><font style="font-style: italic; color: #000000">BlueRock Agreement</font><font style="color: #000000">). In a manner similar to our exclusive sublicense agreement with BlueRock Therapeutics, we may pursue additional RM collaborations or licensing transactions involving blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy, (B) cell repair therapy, and/or (C) tissue engineering. </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 4 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Subsidiaries</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> As noted above, VistaStem is our wholly-owned subsidiary. Our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q (</font><font style="font-style: italic; color: #000000">Report</font><font style="color: #000000">) 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.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 2.  Basis of Presentation</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (</font><font style="font-style: italic; color: #000000">U.S. GAAP</font><font style="color: #000000">) 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, 2017 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 six months ended September 30, 2107 are not necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2018, or for any other future interim or other period.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The accompanying unaudited Condensed Consolidated Financial Statements and notes to Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2017 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (</font><font style="font-style: italic; color: #000000">SEC</font><font style="color: #000000">) on June 29, 2017.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming we will continue as a going concern. As a 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 $149.3 million accumulated from inception (May 1998) through September 30, 2017. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of AV-101, initially as an adjunctive treatment for MDD, and subsequently as a new treatment alternative for other CNS-related conditions, as well as exploring and potentially executing drug rescue and development opportunities using</font> <font style="font-style: italic; color: #000000">CardioSafe</font> <font style="color: #000000">3D, and potential RM programs related to VistaStem’s technology platform.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> From our inception through September 30, 2017, 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 $47.6 million, as well as from an aggregate of approximately $17.6 million of government research grant awards, strategic collaboration payments, intellectual property sublicensing and other revenues. We have also issued equity securities with an approximate value at issuance of $32.3 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. Additionally, pursuant to our February 2015 Cooperative Research and Development Agreement (</font><font style="font-style: italic; color: #000000">CRADA)</font> <font style="color: #000000">with the NIH, substantial ongoing Phase 2 clinical development activities relating to AV-101 as a potential new generation antidepressant are being sponsored in full, at no cost to us other than supplying clinical trial material, by the NIMH under the direction of Dr. Carlos Zarate Jr. as Principal Investigator.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> At September 30, 2017, we had a cash and cash equivalents balance of $1.76 million. This amount was not sufficient to enable us to fund our planned operations, including expected cash expenditures of approximately $12 million for the twelve months following the issuance of these financial statements, including expenditures required to launch and satisfy a portion of the projected expenses associated with our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Our limited cash position at September 30, 2017 considered with our recurring and anticipated losses and negative cash flows from operations make it probable, in the absence of additional financing, that we will not be able to meet our obligations as they come due within one year from the date of this Report, raising substantial doubt that we can continue as a going concern. However, to alleviate that doubt, we plan, as we have numerous times in the past, to raise additional financing when and as needed, primarily through the sale of our equity securities in one or more private placements to accredited investors or public offerings. In September 2017, we completed a firm commitment underwritten public offering pursuant to which we offered and sold shares of our common stock and warrants to two of our existing institutional investors, resulting in gross proceeds of approximately $2.4 million under our Registration Statement on Form S-3 (Registration No. 333-215671) (the</font> <font style="font-style: italic; color: #000000">S-3 Registration Statement</font><font style="color: #000000">) that had been previously declared effective by the Securities and Exchange Commission (the</font> <font style="font-style: italic; color: #000000">Commission</font><font style="color: #000000">) to cover potential future sales of our equity securities in one or more public offerings from time to time. (See Note 7,</font> <font style="font-style: italic; color: #000000">Capital Stock</font><font style="color: #000000">, for additional information regarding the September 2017 public offering.) 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.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 5 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Additionally, in September 2017, to facilitate potential future issuances and sales of our equity securities for ordinary corporate finance and general corporate purposes and as recommended by our Board of Directors (</font><font style="font-style: italic; color: #000000">Board</font><font style="color: #000000">), our stockholders approved an amendment to our Restated and Amended Articles of Incorporation to increase the number of shares of common stock available for issuance thereunder from 30 million shares to 100 million shares, an amount our Board determined is customary and appropriate for a Nasdaq-listed, clinical-stage biopharmaceutical company. Following that approval, in October 2017, we filed a Registration Statement on Form S-1 (Registration No. 333-221009) (the</font> <font style="font-style: italic; color: #000000">S-1 Registration Statement</font><font style="color: #000000">) pursuant to which we anticipate completing an offering of our equity securities with proceeds sufficient to enable the launch and completion of the AV-101 MDD Phase 2 Adjunctive Treatment Study and fund our internal operations for at least the next twelve months. There can be no assurance, however, that we will achieve effectiveness of the S-1 Registration Statement or successfully complete an offering thereunder.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition to the sale of our equity securities, we may also seek to enter research and development collaborations that could generate revenue or provide substantial funding for development of AV-101 and additional product candidates. We may also seek additional government grant awards or agreements similar to our current CRADA with the NIMH, which provides for the NIMH to fully fund the NIMH AV-101 MDD Phase 2 Monotherapy 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. In a manner similar to the BlueRock Agreement, we may also pursue similar arrangements with third-parties covering other of our intellectual property. Although we may seek additional collaborations with the U.S. government or other third-parties that could generate revenue and/or non-dilutive funding for development of AV-101 and other product candidates and technologies, 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.  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our future working capital requirements will depend on many factors, including, without limitation, the 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 AV-101, initially as an adjunctive treatment for MDD, and for other potential CNS conditions, as well as various potential 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 and opportunities related to 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. </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Notwithstanding the foregoing, there can be no assurance that future financing will be available 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 later in 2017 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.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 3.  Summary of Significant Accounting Policies</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Use of Estimates</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 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 $1.25 million of sublicense revenue recorded in the quarter ended December 31, 2016 under the BlueRock Agreement, we do not currently have, nor have we had during the periods covered by this report, any arrangements requiring the recognition of revenue.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Research and Development Expenses</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses of our scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with nonclinical and clinical development of AV-101, now in Phase 2 clinical development, initially for MDD, stem cell technology-related research and development costs, and costs related to the filing, maintenance and prosecution of patents and patent applications, technology licenses and protection of other intellectual property. All such costs are charged to expense as incurred.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Stock-Based Compensation</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We recognize compensation cost for all stock-based awards to employees or consultants based on the grant date fair value of the award. Non-cash stock-based compensation expense is recognized over the period during which the employee or consultant is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have no awards with market or performance conditions. For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting change in value is recognized as an expense during the period over which the services are performed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 6 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended September 30, 2017 and 2016.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Three Months Ended</font></div> </font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Six Months Ended</font></div> </font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:52%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">  September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td colspan="2" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">  September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:52%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:52%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development expense:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Stock option grants</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">136,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">82,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">328,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">126,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">136,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">82,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">328,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">126,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> General and administrative expense:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Stock option grants</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">193,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">116,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">369,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">180,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">193,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">116,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">369,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">180,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:52%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Total stock-based compensation expense</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">330,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">198,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">697,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">306,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In April 2017, our Board approved the grant of options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board, our officers and our employees. In September 2017, our stockholders approved an amendment to our 2016 Amended and Restated Stock Incentive Plan (the</font> <font style="font-style: italic; color: #000000">2016 Plan</font><font style="color: #000000">) to increase the number of shares issuable thereunder from 3.0 million shares to 10.0 million shares. Following that approval, our Board authorized the grant of options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, our officers, employees and certain consultants. We valued the options granted in April 2017 and September 2017 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Assumption:</font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> April 2017</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> September 2017</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market price per share at grant date</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.96</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.56</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Exercise price per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.96</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.56</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Risk-free interest rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2.02</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.99</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contractual or estimated term in years</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.48</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.70</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Volatility</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">83.24</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">92.29</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividend rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Shares</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">880,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">770,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Fair Value per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">1.42</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">1.20</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In June 2016, our Board approved the grant of options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including our then-newly-hired Chief Medical Officer. In September 2016, the Board approved the grant of an option to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to another then-newly-hired officer. We valued the options granted in June 2016 and September 2016 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Assumption:</font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> June 2016</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> September 2016</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market price per share at grant date</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.49</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4.27</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Exercise price per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.49</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4.27</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Risk-free interest rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.34</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.29</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contractual or estimated term in years</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.68</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.25</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Volatility</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">81.69</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">83.26</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividend rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Shares</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">655,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">125,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Fair Value per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">2.50</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">3.05</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> At September 30, 2017, there were stock options outstanding to purchase 3,279,871 shares of our common stock at a weighted average exercise price of $3.23 per share.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Comprehensive Loss</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 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.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 7 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> Income (Loss) per Common Share</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Basic net <font style="color: #000000">income (loss)</font> per share of common stock excludes the effect of dilution and is computed by dividing <font style="color: #000000">net income (loss)</font> by the weighted-average number of shares of common stock outstanding for the period. Diluted net <font style="color: #000000">income (loss)</font> 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.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> As a result of our net loss for the periods presented,</font> potentially dilutive securities were excluded from the computation of net loss per share, as their effect would be antidilutive. For the three and six-month periods ended September 30, 2017 and 2016, the accrual for dividends on our Series B 10% Convertible Preferred Stock (<font style="font-style: italic">Series B Preferred</font>) and, in 2016, the deemed dividend attributable to our sale and issuance of Series B Preferred Units, each consisting of one share of Series B Preferred and a five-year warrant to purchase one share of our common stock for $7.00, represent deductions from our net loss to arrive at net loss attributable to common stockholders for those periods.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> As of September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Series A Preferred stock issued and outstanding</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">750,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">750,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Series B Preferred stock issued and outstanding</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(2)</font></font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,160,240</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,160,240</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Series C Preferred stock issued and outstanding</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,318,012</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,318,012</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,279,871</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,100,643</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Outstanding warrants to purchase common stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">6,965,151</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">4,678,414</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">14,473,274</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10,007,309</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">____________</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style=""> <td colspan="3" style="vertical-align: bottom; width: 100%;"> <div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size:13px;font-family:Times New Roman;"><font style="vertical-align:top;font-size:70%;color:#000000;">(1)</font> <font style="color:#000000;">Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="3" style="vertical-align: bottom; width: 100%;"> <div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size:13px;font-family:Times New Roman;"><font style="vertical-align:top;font-size:70%;color:#000000;">(2)</font> <font style="color:#000000;">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></font></div> </td> </tr><tr style=""> <td colspan="3" style="vertical-align: bottom; width: 100%;"> <div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size:13px;font-family:Times New Roman;"><font style="vertical-align:top;font-size:70%;color:#000000;">(3)</font> <font style="color:#000000;">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></font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Fair Value Measurements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We carried no assets or liabilities at fair value at September 30, 2017 or March 31, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Recent Accounting Pronouncements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Except as described below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended September 30, 2017, as compared to the recent accounting pronouncements described in our Form 10-K for the fiscal year ended March 31, 2017, that are of significance or potential significance to us.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 8 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In July 2017, the Financial Accounting Standards Board (<font style="font-style: italic">FASB</font>) issued Accounting Standards Update (<font style="font-style: italic">ASU</font>) 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (<font style="font-style: italic">ASU 2017-11</font>). Part I of this ASU provides that an entity will no longer have to consider “down round” features (i.e., a provision in an equity-linked financial instrument, such as a free-standing warrant, or an embedded feature, such as a conversion option in a convertible instrument, that reduces the exercise price of such instrument if the entity subsequently sells stock for a lower price or issues an equity-linked instrument with a lower exercise price) when determining whether certain equity-linked financial instruments or embedded features are indexed to its own stock. The definition of a down round feature in ASU 2017-11 excludes standard antidilution provisions related to changes in an entity’s capital structure. Accounting Standards Codification Topic 815-40, “Derivatives and Hedging–Contracts in Entity’s Own Equity” (<font style="font-style: italic">ASC 815-40</font>) requires that a freestanding equity-linked financial instrument be indexed to the issuer’s own stock to be classified as equity. An equity-linked embedded feature that meets the definition of a derivative may avoid bifurcation and derivative accounting if it is indexed to the issuer’s own stock. Under the terms of prior guidance, a freestanding financial instrument or embedded feature was not considered indexed to the issuer’s own stock if it had a down round provision. Consequently, the freestanding financial instrument was classified as a liability (or asset), and if it met the definition of a derivative, was measured at fair value with changes in fair value recorded through earnings. Similarly, an embedded feature was bifurcated and separately accounted for as a derivative if it met all other criteria for bifurcation under ASC 815-40. The bifurcated embedded feature was also measured at fair value through earnings. Under the provisions of ASU 2017-11, an entity that presents earnings per share (<font style="font-style: italic">EPS</font>) under Accounting Standards Codification Topic 260, “Earnings Per Share” will recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. The new guidance requires new disclosures for financial instruments with down round features and other terms that change conversion or exercise prices. Part I of ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods therein, however early adoption is permitted. We early-adopted ASU 2017-11 effective for the quarter ended September 30, 2017 and applied its guidance to certain of the warrants issued in the September 2017 Public Offering, as described more completely in Note 7, <font style="font-style: italic">Capital Stock</font>. No retrospective adjustments to our financial statements were required as a result of our adoption of ASU 2017-11.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In February 2016, the FASB issued ASU No. 2016-2, “Leases.” This ASU requires substantially all leases, including operating leases, to be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability. This ASU is effective for our interim and annual reporting periods beginning April 1, 2019 and early adoption is permitted. We are currently evaluating the impact that the adoption of this ASU will have on our financial statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplified several aspects of the accounting for share-based payments, including immediate recognition of all excess tax benefits and deficiencies in the income statement, changing the threshold to qualify for equity classification up to the employees’ maximum statutory tax rates, allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, and clarifying the classification on the statement of cash flows for the excess tax benefit and employee taxes paid when an employer withholds shares for tax-withholding purposes. This ASU became effective for our interim and annual reporting periods beginning April 1, 2017, and the adoption of this standard did not have a material impact on our financial statements. Pursuant to our adoption of this standard, we elected to account for the impact of option forfeitures as they occur.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 4.  Prepaid Expenses and Other Current Assets</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Prepaid expenses and other current assets are composed of the following at September 30, 2017 and March 31, 2017:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  September 30,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  March 31,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Insurance</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">130,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">85,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> AV-101 materials and services</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">357,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">352,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Public offering expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">30,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">11,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> All other</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">44,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">6,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:4px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">563,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">456,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 5.  Accrued Expenses</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Accrued expenses are composed of the following at September 30, 2017 and March 31, 2017:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <br> </div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  September 30,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  March 31,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Accrued professional services</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">61,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">37,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Accrued AV-101 development and related expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">102,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">402,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Accrued compensation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">451,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> All other</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:4px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">625,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">443,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 9 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 6.  Notes Payable</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The following table summarizes our unsecured promissory notes at September 30, 2017 and March 31, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:40%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="3" rowspan="1" style="vertical-align:bottom;width:30%;"> <div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;"> September 30, 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td colspan="3" rowspan="1" style="vertical-align:bottom;width:30%;"> <div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;"> March 31, 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:40%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Principal</font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Accrued</font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; font-weight: bold;">  </font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Principal</font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Accrued</font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; font-weight: bold;">  </font></div> </font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:40%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Balance</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Interest</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Total</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Balance</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Interest</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;"> <div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;"> Total</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:40%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 40%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">7.95% and 8.25% Notes payable to insurance</font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 40%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">premium financing company (current)</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">105,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">105,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">54,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">54,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:40%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:40%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total notes payable to unrelated parties</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">105,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">105,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">54,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">54,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align: bottom; width: 40%;"> <div style="text-align: left; text-indent: 12px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">less: current portion</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(105,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(105,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(54,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;"> </font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(54,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align: bottom; width: 40%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 4px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net non-current portion</font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> <td style="vertical-align:bottom;width:10%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 4px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In May 2017, we executed a 7.95% promissory note in the principal amount of $142,400 in connection with insurance policy premiums. The note is payable in monthly installments of $14,800, including principal and interest, through March 2018, and had a remaining outstanding balance of $86,600 at September 30, 2017. In February 2017, we executed a promissory note in the principal amount of $60,700 in connection with other insurance policy premiums. That note is payable in monthly installments of $6,300, including principal and interest, and had an outstanding balance of $18,600 at September 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Note 7.  Capital Stock</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">At our Annual Meeting of Stockholders on September 15, 2017, as approved by and recommended to our stockholders by our Board, our stockholders approved an amendment to our Restated and Amended Articles of Incorporation to increase the authorized number of shares of common stock that the Company may issue from 30.0 million shares to 100.0 million shares. The amendment became effective on September 15, 2017, upon our filing of a certificate of amendment with the Secretary of State of the state of Nevada.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic"> Common Stock and Warrants Issued in</font> <font style="font-weight: bold; font-style: italic; color: #000000">Firm Commitment Underwritten</font><font style="color: #000000"> </font><font style="font-weight: bold; font-style: italic">Public Offering</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> On September 6, 2017, we completed a firm commitment underwritten public offering pursuant to which we offered and sold shares of our common stock and warrants to two of our existing institutional investors, resulting in gross proceeds of approximately $2.4 million (the</font> <font style="font-style: italic; color: #000000">September 2017 Public Offering</font><font style="color: #000000">). We issued an aggregate of 1,371,430 shares of our common stock, Series A1 Warrants to purchase up to 1,388,931 shares of common stock and Series A2 Warrants to purchase up to 503,641 of common stock (collectively, the</font> <font style="font-style: italic; color: #000000">Warrants</font><font style="color: #000000">), each exercisable for $1.82 per share in the September 2017 Public Offering. The Series A1 Warrants will be exercisable by the investors for a five-year period commencing on March 7, 2018, and the Series A2 Warrants are exercisable at any time through September 6, 2022. The common stock and the shares of common stock underlying the Warrants issued in the September 2017 Public Offering were offered, issued and sold pursuant to our S-3 Registration Statement</font> that had previously been declared effective by the Securities and Exchange Commission (the <font style="font-style: italic">Commission</font>) to cover this and potential future sales of our equity securities in one or more public offerings from time to time. <font style="color: #000000">We received net proceeds of approximately $2.0 million from the September 2017 Public Offering, after deducting underwriter’s commission and other expenses related to the offering.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The 1,388,931 Series A1 Warrants issued in the September 2017 Public Offering have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and, accordingly, we have accounted for them as equity warrants. T</font>he <font style="color: #000000">503,641</font> Series A2 Warrants contain anti-dilution protection provisions that will take effect upon the issuance of any common stock, securities convertible into common stock or certain other issuances at a price below the then-current (currently $1.82 per share) exercise price of the Series A2 Warrants, with certain exceptions; provided, however, that such anti-dilution protection will terminate automatically on the trading day following the date on which we have raised at least $20.0 million in aggregate gross proceeds through one or more issuances of common stock or equity-linked securities. The anti-dilution protection provisions in the Series A2 Warrants constitute a down round feature subject to the guidance in ASU 2017-11. Since the Series A2 Warrants contain no other provisions which require their treatment as liability warrants rather than equity warrants, including the <font style="color: #000000">exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend and which are also present in the Series A1 Warrants, we have also accounted for the Series A2 Warrants as equity warrants.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Common Stock and Warrants Issued in Private Placements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">During the quarter ended June 30, 2017, in self-placed private placement transactions, we accepted subscription agreements from individual accredited investors, pursuant to which we sold to such investors units, at a weighted average purchase price of $2.00 per unit, consisting of an aggregate of 437,751 unregistered shares of our common stock and warrants, exercisable through April 30, 2021, to purchase an aggregate of 218,875 unregistered shares of our common stock at a weighted average exercise price of $3.99 per share. 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 six months and one day following the date of issuance. We received aggregate cash proceeds of $873,300 in connection with these self-placed private placement transactions, and the entire amount of the proceeds was credited to stockholders’ equity.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 10 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In August 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 28,572 shares of our unregistered common stock and warrants exercisable through April 30, 2021 to purchase 28,572 unregistered shares of our common stock at an exercise price of $4.00 per share. The purchaser of the units has 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 six months and one day following the date of issuance. We received cash proceeds of $50,000 from this sale of our securities, and the entire amount of the proceeds was credited to stockholders’ equity.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Issuance of Common Stock to Professional Services Providers</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> During the quarter ended June 30, 2017,</font> we issued 25,000 shares of our unregistered common stock having a fair value on the date of issuance of $49,800 as partial compensation to an investor relations service provider.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">During the quarter ended September 30, 2017, our Board of Directors (<font style="font-style: italic">Board</font>) approved the issuance of an aggregate of 927,500 unregistered shares of our common stock, of which 477,500 shares were issued from our 2016 Amended and Restated Stock Incentive Plan, for various professional services, including contract research, legal, investor relations and financial advisory services. The common stock issued had an aggregate fair value of $1,503,600 on the dates issued, of which all but $161,300 has been recognized as noncash expense during the quarter ended September 30, 2017. The un-expensed portion at September 30, 2017 is being recognized in expense ratably through July 2019 in accordance with the terms of work orders for certain contract research services to be provided through that period.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Modification of Warrants Issued in Private Placements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In September 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares for which the warrants were exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the additional fair value, $279,700, 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 ended September 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;"> <div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Assumption:</font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;"> <div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);"> Pre-modification</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;"> </font></div> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;"> </font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;"> <div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);"> Post-modification</font></div> </font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market price per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.54</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.54</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Exercise price per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.99</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Risk-free interest rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Remaining contractual term in years</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Volatility</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">95.5</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">95.5</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividend rate</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Number of warrant shares</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">247,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">495,001</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Weighted average fair value per share</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">0.71</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">0.92</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 11 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Warrants Outstanding</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Following the warrant issuances in the September 2017 Public Offering and in the self-placed private placement transactions and the warrant modifications described above, at September 30, 2017, we had outstanding warrants to purchase shares of our common stock at a weighted average exercise price of $4.77 per share as follows:</font></div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Exercise Price</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Expiration</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Warrants Outstanding at</font></div> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> September 30,</font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> per Share</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Date</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.82</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">9/6/2022 to 3/7/2023</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,892,572</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">4/30/2021</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">495,001</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3.51</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">12/31/2021</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">50,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">4/30/2021</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">28,572</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4.50</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">9/26/2019</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">25,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5.30</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">5/16/2021</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,705,883</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">9/26/2019 to 11/30/2019</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">97,750</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">12/11/2018 to 3/3/2023</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,346,931</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">8.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">3/25/2021</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">185,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">10.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">11/15/2017 to 1/11/2020</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">24,394</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20.00</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">9/15/2019</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">110,448</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style=""> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; padding-bottom: 2px;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; padding-bottom: 2px;">30.00</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font></div> </td> <td style="vertical-align: bottom; width: 76%;"> <div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">11/20/2017</font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);"> </font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; border-bottom: 2px solid rgb(0, 0, 0);">3,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; padding-bottom: 2px;"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; width: 88%;"> <div style="margin-left:0px;padding-bottom:4px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">6,965,151</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> With the exception of 2,705,883 shares of common stock underlying the warrants exercisable at $5.30 per share issued in our May 2016 public offering and 1,892,572 shares of common stock underlying the warrants exercisable at $1.82 per share issued in our September 2017 Public Offering, all of the common shares issuable upon exercise of our outstanding warrants are unregistered.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Note 8.  Related Party Transactions</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Cato Holding Company (</font><font style="font-style: italic; color: #000000">CHC</font><font style="color: #000000">), doing business as Cato BioVentures (</font><font style="font-style: italic; color: #000000">CBV</font><font style="color: #000000">), is the parent of Cato Research Ltd. (</font><font style="font-style: italic; color: #000000">CRL</font><font style="color: #000000">). CRL is a contract research, development and regulatory services organization (</font><font style="font-style: italic; color: #000000">CRO</font><font style="color: #000000">) recently engaged by us 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 and other potential CNS indications. CBV is among our largest institutional stockholders at September 30, 2017, holding approximately 7.8% of our outstanding common stock. In October 2012, we issued certain unsecured promissory notes in the aggregate principal amount of approximately $1.3 million to CBV and CRL (the</font> <font style="font-style: italic; color: #000000">Cato Notes</font><font style="color: #000000">) as payment in full for all contract research and development services and regulatory advice previously rendered to us by CRL for nonclinical and Phase 1 development of AV-101. In June 2015, the Cato Notes and additional amounts payable to CRL for CRO services related to AV-101 were extinguished in exchange for our issuance of an aggregate of 328,571 shares of Series B Preferred stock to CBV, which shares of Series B Preferred stock were automatically converted in accordance with their terms into an equal number of registered shares of our common stock as a result of our May 2016 public offering.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In July 2017, we entered into a Master Services Agreement (<font style="font-style: italic">MSA</font>) 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, including AV-101, 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. <font style="color: #000000">Under the terms of work orders issued pursuant to the July 2017 MSA and our May 2007 master services agreement with CRL, we incurred expenses of $484,000 and $27,800 during the quarters ended September 30, 2017 and 2016, respectively, and $612,200 and $78,200 in the six-month periods ended September 30, 2017 and 2016, respectively. During the quarter ended September 30, 2017, we issued an aggregate of 300,000 unregistered shares of our common stock to CRL under the terms of certain work orders for current and future CRO services relating to our development of AV-101 for MDD, the fair value of which represented approximately $364,000 of the reported CRO expense for the quarter then ended. We anticipate periodic expenses for CRO services from CRL related to nonclinical and clinical development of, and regulatory affairs related to, AV-101 and other potential product candidates will increase in future periods.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Note 9.  Subsequent Events</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">We have evaluated subsequent events through November 9, 2017 and have identified the following matters requiring disclosure:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Issuance of Common Stock to Professional Services Providers</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In October 2017, we issued an aggregate of 70,000 shares of our unregistered common stock having an aggregate fair value of $83,800 to certain professional service providers.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <br> </div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 12 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: top; width: 6%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Item 2.</font></div> </td> <td style="vertical-align: top; width: 1%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 93%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="mda">M</a>ANAGEMENT’S D<a name="mdanda">I</a>SCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Cautionary Note Regarding Forward-Looking Statements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px"> <font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px"> This Quarterly Report on Form 10-Q (Report) includes forward-looking statements. All statements contained in this Report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Our business is subject to significant risks including, but not limited to, our ability to obtain substantial additional financing, the results of our research and development efforts, the results of nonclinical and clinical testing, the effect of regulation by the U.S. Food and Drug Administration (FDA) and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, the effect of our accounting policies, and other risks as detailed in the section entitled “Risk Factors” in this Report.  Further, even if our product candidates appear promising at various stages of development, our share price may decrease such that we are unable to raise additional capital without significant dilution or other terms that may be unacceptable to our management, Board and stockholders.</font><br></font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px"> Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management or Board to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of these forward-looking statements after the date of this Report or to conform these statements to actual results or revised expectations. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Business Overview</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We are a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other central nervous system (</font><font style="font-style: italic; color: #000000">CNS</font><font style="color: #000000">) disorders. Unless the context otherwise requires, the words “</font><font style="font-style: italic; color: #000000">VistaGen Therapeutics, Inc.</font><font style="color: #000000">” “</font><font style="font-style: italic; color: #000000">VistaGen</font><font style="color: #000000">,” “</font><font style="font-style: italic; color: #000000">we</font><font style="color: #000000">,” “</font><font style="font-style: italic; color: #000000">the Company</font><font style="color: #000000">,” “</font><font style="font-style: italic; color: #000000">us</font><font style="color: #000000">” and “</font><font style="font-style: italic; color: #000000">our</font><font style="color: #000000">” refer to VistaGen Therapeutics, Inc., a Nevada corporation. All references to future quarters and years in this Item 2 refer to calendar quarters and calendar years, unless reference is made otherwise.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> AV-101 is our oral CNS product candidate in Phase 2 clinical development in the United States, initially as a new generation adjunctive treatment for Major Depressive Disorder (</font><font style="font-style: italic; color: #000000">MDD</font><font style="color: #000000">) in patients with an inadequate response to standard antidepressants approved by the U.S. Food and Drug Administration (</font><font style="font-style: italic; color: #000000">FDA</font><font style="color: #000000">).  AV-101’s mechanism of action (</font><font style="font-style: italic; color: #000000">MOA</font><font style="color: #000000">) involves both NMDA (N-methyl-D-aspartate) and AMPA (alpha-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid) receptors in the brain responsible for fast excitatory synaptic activity throughout the CNS.  AV-101’s MOA is fundamentally differentiated from all FDA-approved antidepressants, as well as all atypical antipsychotics, such as aripiprazole, often used adjunctively to augment them. We believe AV-101 also has potential as a non-opioid treatment alternative for neuropathic pain, as well as several additional CNS indications</font> <font style="color: #333333; background-color: #FFFFFF">where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit</font><font style="color: #000000">, including Parkinson’s disease levodopa -induced dyskinesia (</font><font style="font-style: italic; color: #000000">PD LID</font><font style="color: #000000">), epilepsy and Huntington’s disease.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Clinical studies conducted at the U.S. National Institute of Mental Health (</font><font style="font-style: italic; color: #000000">NIMH</font><font style="color: #000000">), part of the U.S. National Institutes of Health (</font><font style="font-style: italic; color: #000000">NIH</font><font style="color: #000000">), by 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, have focused on the antidepressant effects of ketamine hydrochloride injection (</font><font style="font-style: italic; color: #000000">ketamine</font><font style="color: #000000">), an ion-channel blocking NMDA receptor antagonist approved by the FDA as an anesthetic, in MDD patients with inadequate responses to multiple standard antidepressants. These NIMH studies, as well as clinical research at Yale University and other academic institutions, have demonstrated ketamine’s robust antidepressant effects in treatment-resistant MDD patients within twenty-four hours of a single sub-anesthetic dose administered by intravenous (</font><font style="font-style: italic; color: #000000">IV</font><font style="color: #000000">) injection.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We believe AV-101 may have potential to deliver ketamine-like antidepressant effects, without the need for IV administration and ketamine’s psychological and other negative side effects. As published in the October 2015 issue of the peer-reviewed </font><font style="font-style: italic; color: #000000">Journal of Pharmacology and Experimental Therapeutics, </font><font style="color: #000000">in an article titled, </font><font style="font-style: italic; color: #000000">The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by NMDA/glycineB-site inhibition,</font><font style="color: #000000"> using well-established preclinical models of depression, AV-101 was shown to induce fast-acting, dose-dependent, persistent and statistically significant antidepressant-like responses following a single treatment. These responses were equivalent to those seen with a single sub-anesthetic control dose of ketamine. In addition, these studies confirmed that the fast-acting antidepressant effects of AV-101 were mediated through both inhibiting the GlyB site of the NMDA receptor and activating the AMPA receptor pathway in the brain.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 13 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"> <font style="color: #000000">Pursuant to our Cooperative Research and Development Agreement (</font><font style="font-style: italic; color: #000000">CRADA</font><font style="color: #000000">) with the NIMH, the NIMH is currently funding, and Dr. Zarate, as Principal Investigator, and his team are currently conducting, a small Phase 2 clinical study of AV-101 as a monotherapy in subjects with treatment-resistant MDD (the </font><font style="font-style: italic; color: #000000">NIMH AV-101 MDD Phase 2 Monotherapy Study</font><font style="color: #000000">). In October 2017, we received FDA authorization to launch our 180-patient Phase 2 multi-center, multi-dose, double blind, placebo-controlled efficacy and safety study of AV-101 as a new generation adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to standard, FDA-approved antidepressants (the </font><font style="font-style: italic; color: #000000">AV-101 MDD Phase 2 Adjunctive Treatment Study</font><font style="color: #000000">).  Subject to obtaining sufficient financing, we intend to launch the AV-101 MDD Phase 2 Adjunctive Treatment Study in the first quarter of 2018 with Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital (</font><font style="font-style: italic; color: #000000">MGH</font><font style="color: #000000">) Research Institute, as Principal Investigator.  Dr. Fava was the co-Principal Investigator with Dr. A. John Rush of the STAR*D study, the largest clinical trial conducted in depression to date, whose findings were published in journals such as the</font> <font style="font-style: italic; color: #000000">New England Journal of Medicine</font> <font style="color: #000000">(</font><font style="font-style: italic; color: #000000">NEJM</font><font style="color: #000000">) and the</font> <font style="font-style: italic; color: #000000">Journal of the American Medical Association</font> <font style="color: #000000">(</font><font style="font-style: italic; color: #000000">JAMA</font><font style="color: #000000">). If started in the first quarter of 2018, we expect to complete this study by the end of 2018, with top line results available in the first quarter of 2019.</font></font><br></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> VistaStem Therapeutics (</font><font style="font-style: italic; color: #000000">VistaStem</font><font style="color: #000000">) is our wholly owned subsidiary focused on applying human pluripotent stem cell (</font><font style="font-style: italic; color: #000000">hPSC</font><font style="color: #000000">) technology to discover, rescue, develop and commercialize (i) proprietary new chemical entities (</font><font style="font-style: italic; color: #000000">NCEs</font><font style="color: #000000">) for CNS and other diseases and (ii) regenerative medicine (</font><font style="font-style: italic; color: #000000">RM</font><font style="color: #000000">) involving hPSC-derived blood, cartilage, heart and liver cells.  Our internal drug rescue programs are designed to utilize </font><font style="font-style: italic; color: #000000">CardioSafe 3D</font><font style="color: #000000">, our customized cardiac bioassay system, to develop small molecule NCEs for our pipeline.  To advance potential RM applications of our cardiac stem cell technology, in December 2016, we exclusively sublicensed to BlueRock Therapeutics LP, a next generation RM company established by Bayer AG and Versant Ventures (</font><font style="font-style: italic; color: #000000">BlueRock Therapeutics</font><font style="color: #000000">), rights to certain proprietary technologies relating to the production of cardiac stem cells for the treatment of heart disease (the </font><font style="font-style: italic; color: #000000">BlueRock Agreement</font><font style="color: #000000">). In a manner similar to our exclusive sublicense agreement with BlueRock Therapeutics, we may pursue additional RM collaborations or licensing transactions involving blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy, (B) cell repair therapy, and/or (C) tissue engineering. </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> AV-101 and Major Depressive Disorder</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Background</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The World Health Organization (</font><font style="font-style: italic; color: #000000">WHO</font><font style="color: #000000">) estimates that 300 million people worldwide are affected by depression. According to the NIH, major depression is one of the most common mental disorders in the U.S. The NIMH reports that, in 2014, approximately 16 million adults in the U.S. had at least one major depressive episode in the past year. According to the U.S. Centers for Disease Control and Prevention (</font><font style="font-style: italic; color: #000000">CDC</font><font style="color: #000000">) one in 10 Americans over the age of 12 takes a standard, FDA-approved antidepressant.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Most standard antidepressants target neurotransmitter reuptake inhibition – either serotonin (antidepressants known as </font><font style="font-style: italic; color: #000000">SSRIs</font><font style="color: #000000">) or serotonin/norepinephrine (antidepressants known as </font><font style="font-style: italic; color: #000000">SNRIs</font><font style="color: #000000">). Even when effective, these standard antidepressants take many weeks to achieve adequate therapeutic effects. Nearly two out of every three drug-treated depression patients do not obtain adequate therapeutic benefit from initial treatment with a standard antidepressant. Even after treatment with many different standard antidepressants, nearly one out of every three drug-treated depression patients still do not achieve adequate therapeutic benefits from their antidepressant medication.  Such patients with an inadequate response to standard antidepressants often seek to augment their treatment regimen by adding an atypical antipsychotic (drugs such as aripiprazole), despite only modest potential therapeutic benefit and the significant risk of additional side effects.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> All standard antidepressants have risks of side effects, including, among others, anxiety, metabolic syndrome, sleep disturbance and sexual dysfunction. Adjunctive use of atypical antipsychotics to augment inadequately performing standard antidepressants may increase the risk of significant side effects, including, tardive dyskinesia, substantial weight gain, diabetes and heart disease, while offering only a modest potential increase in therapeutic benefit.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> AV-101</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> AV-101 is our oral CNS product candidate in Phase 2 development in the United States, initially focused as a new generation antidepressant for the adjunctive treatment of MDD patients with an inadequate response to standard, FDA-approved antidepressants. As published in the October 2015 issue of the peer-reviewed </font><font style="font-style: italic; color: #000000">Journal of Pharmacology and Experimental Therapeutics, </font><font style="color: #000000">in an article titled, “The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by NMDA/glycineB-site inhibition,” using well-established preclinical models of depression, AV-101 was shown to induce fast-acting, dose-dependent, persistent and statistically significant ketamine-like antidepressant effects following a single treatment, responses equivalent to those seen with a single sub-anesthetic control dose of ketamine, without the negative side effects seen with ketamine. In addition, these studies confirmed that the antidepressant effects of AV-101 were mediated through both inhibition of the GlyB site of NMDA receptors and activation of the AMPA receptor pathway in the brain, a key final common pathway feature of certain new generation antidepressants such as ketamine and AV-101, each with a MOA that is fundamentally different from all standard antidepressants and atypical antipsychotics used adjunctively to augment them.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 14 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have completed two NIH-funded, randomized, double blind, placebo-controlled AV-101 Phase 1 safety studies. Currently, pursuant to our CRADA with the NIMH and Dr. Carlos Zarate, Jr., the NIMH is currently funding, and Dr. Zarate, as Principal Investigator, and his team are currently conducting, the NIMH AV-101 MDD Phase 2 Monotherapy Study. Although we are not involved in conducting this study, we currently anticipate that the NIMH will complete the NIMH AV-101 MDD Phase 2 Monotherapy Study during the first half of 2018.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"> <font style="color: #000000">We are preparing to begin the AV-101 MDD Phase 2 Adjunctive Treatment Study, which will test the safety, efficacy and tolerability of AV-101 as an adjunctive treatment of MDD in adult patients with an inadequate response to standard, FDA-approved antidepressants. Subject to receiving sufficient financing, we intend to launch the AV-101 MDD Phase 2 Adjunctive Treatment Study in the first quarter of 2018. In connection with our preparation for this study, as well as potential Phase 3 development and commercialization of AV-101, we, together with our contract manufacturing organization (</font><font style="font-style: italic; color: #000000">CMO</font><font style="color: #000000">), developed a novel process for the production of AV-101 drug substance. We believe our new proprietary production process will significantly improve AV-101 manufacturing efficiency, thereby reducing the current and future cost of manufacturing AV-101 drug substance and improving the yield of AV-101 drug substance manufactured. While developing our new manufacturing process, our CMO produced a batch of AV-101 drug substance that contained certain impurities not within the limits set out by the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (</font><font style="font-style: italic; color: #000000">the ICH</font><font style="color: #000000"> </font><font style="font-style: italic; color: #000000">Guidelines</font><font style="color: #000000">). The FDA routinely utilizes the ICH Guidelines as an industry standard for development stage programs such as our AV-101 Phase 2 program. Consequently, the FDA placed a clinical hold on the launch of the AV-101 MDD Phase 2 Adjunctive Treatment Study until we either (a) further improved our AV-101 manufacturing process to remove the impurities or reduce the impurities below applicable limits in the ICH Guidelines, or (b) conducted a bridging toxicology study to qualify the impurities as safe for clinical use. In response to the FDA’s requests, we did both. We further improved our AV-101 manufacturing process, produced a new batch of AV-101 drug substance using the improved process, and now have analytical results from that batch showing that the impurities were reduced to a level below the limits of the ICH Guidelines. In addition, we conducted a bridging toxicology study, the results of which confirmed that the impurities found in the AV-101 drug substance tested were safe for clinical use.</font></font><br></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The FDA also requested additional contraceptive protection in the upcoming clinical study until we complete preclinical reproductive toxicology studies that are routinely conducted later in stages of clinical development. Although previous toxicology studies for AV-101 do not suggest any reproductive organ involvement, and we have confirmed with the FDA that our proposed study is a Phase 2 study, we have implemented additional contraceptive measures in the revised protocol for the AV-101 MDD Phase 2 Adjunctive Treatment Study that will remain in effect until standard reproductive toxicology studies are completed in the ordinary course prior to commencement of Phase 3 development. We have confirmed with the FDA that our recently implemented contraceptive measures are appropriate for the current stage of development of AV-101.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In September 2017, we requested, and were granted, a pre-IND Type A meeting with the FDA’s Division of Psychiatry to discuss certain matters pertaining to our AV-101 development program and the AV-101 MDD Phase 2 Adjunctive Treatment Study. Subsequent to our Type A Meeting with the FDA, we submitted the supplemental data from our new manufacturing process, the bridging toxicology report and our study protocol, revised to address the FDA’s comments. These documents adequately addressed all concerns raised by the FDA to date. Consequently, on October 26, 2017, FDA authorized us to proceed, under our Investigational New Drug (</font><font style="font-style: italic; color: #000000">IND</font><font style="color: #000000">) application, with the AV-101 MDD Phase 2 Adjunctive Treatment Study.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We believe preclinical studies and Phase 1 safety studies support our hypothesis that AV-101 also has potential as a non-opioid treatment alternative for neuropathic pain, as well as several additional CNS indications</font> <font style="color: #333333; background-color: #FFFFFF">where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit</font><font style="color: #000000">, including PD LID, epilepsy, and Huntington’s disease. We are beginning to plan additional Phase 2 clinical studies to further evaluate the therapeutic potential of AV-101 beyond MDD.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> CardioSafe 3D™; NCE Drug Rescue and Regenerative Medicine</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> VistaStem Therapeutics is our wholly owned subsidiary focused on applying hPSC technology to discover, rescue, develop and commercialize proprietary small molecule NCEs for CNS and other diseases, as well as potential cellular therapies involving stem cell-derived blood, cartilage, heart and liver cells.</font> <font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D™ is our customized </font><font style="font-style: italic; color: #000000">in vitro</font><font style="color: #000000"> cardiac bioassay system capable of predicting potential human heart toxicity of small molecule NCEs </font><font style="font-style: italic; color: #000000">in vitro</font><font style="color: #000000">, long before they are ever tested in animal and human studies. Potential commercial applications of our stem cell technology platform involve using </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D internally for NCE drug discovery and drug rescue to expand our proprietary drug candidate pipeline. Drug rescue involves leveraging substantial prior research and development investments by pharmaceutical companies and others related to public domain NCE programs terminated before FDA approval due to heart toxicity risks and RM and cellular therapies. To advance potential RM applications of our cardiac stem cell technology, in December 2016, we exclusively sublicensed to BlueRock Therapeutics LP, a next generation regenerative medicine company established by Bayer AG and Versant Ventures, rights to certain proprietary technologies relating to the production of cardiac stem cells for the treatment of heart disease. In a manner similar to the BlueRock Agreement, we may also pursue additional potential RM applications using blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy (injection of stem cell-derived mature organ-specific cells obtained through directed differentiation), (B) cell repair therapy (induction of regeneration by biologically active molecules administered alone or produced by infused genetically engineered cells), or (C) tissue engineering (transplantation of </font><font style="font-style: italic; color: #000000">in vitro</font><font style="color: #000000"> grown complex tissues) using hPSC-derived blood, bone, cartilage, and/or liver cells.</font></font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 15 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Financial Operations Overview and Results of Operations</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our critical accounting policies and estimates and recent accounting pronouncements are disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, as filed with the SEC on June 29, 2017, and in Note 3 to the accompanying unaudited Condensed Consolidated Financial Statements included in Part 1, Item 1 of this Report.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Summary</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; font-family: Times New Roman; font-size: 13px"> Net Loss</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Despite generating $1.25 million of sublicense revenue from the BlueRock Agreement in December 2016, we have not yet achieved recurring revenue-generating status from any of our product candidates or technologies. <font style="color: #000000">Since our inception in May 1998, we have devoted substantially all of our time and efforts to developing our lead CNS product candidate, AV-101, from early nonclinical studies to our ongoing Phase 2 clinical development program in MDD, as well as stem cell technology research and development, bioassay development, small molecule drug development, and creating, protecting and patenting intellectual property related to our product candidates and technologies, with the corollary initiatives of recruiting and retaining personnel and raising working capital.</font> As of September 30, 2017, we had an accumulated deficit of approximately $149.3 million. Our net loss for the six months ended September 30, 2017 and 2016 was approximately $7.3 million and $5.1 million, respectively. We expect losses to continue for the foreseeable future, primarily related to our further development of AV-101 for the adjunctive treatment of MDD, as well as other CNS indications.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px"> Summary of the Six Months Ended September 30, 2017</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> During the six months ended September 30, 2017, we have continued to (i) advance nonclinical, including manufacturing, and clinical development of AV-101 as a potential new generation antidepressant and as a potential new therapeutic alternative for several other CNS indications with significant unmet medical need, (ii) expand the regulatory and intellectual property foundation to support broad clinical development and, ultimately, commercialization of AV-101 in the U.S. and foreign markets, and (iii) on a limited basis, advance the predictive toxicology capabilities of</font> <font style="font-style: italic; color: #000000">CardioSafe</font> <font style="color: #000000">3D for small molecule new chemical entity drug rescue and development applications and collaborative regenerative medicine opportunities related to our cardiac stem cell technology platform.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Pursuant to our CRADA with the NIH, the NIH continues to fund, and Dr. Carlos Zarate Jr. of the NIMH continues to conduct, the NIMH AV-101 MDD Phase 2 Monotherapy Study at no cost to us other than supplying clinical trial material. Although we do not direct or control the progress of this study, we currently anticipate that the NIMH will complete the NIMH AV-101 MDD Phase 2 Monotherapy Study during the first half of 2018.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We continue to prepare for the launch of our AV-101 MDD Phase 2 Adjunctive Treatment Study with initiatives that have significantly improved the efficiency of our AV-101 manufacturing processes and production of sufficient quantities of AV-101 to enable a more comprehensive initiation of the study. We currently anticipate the launch of the AV-101 MDD Phase 2 Adjunctive Treatment Study, with Dr. Maurizio Fava of Harvard Medical School serving as Principal Investigator, in the first quarter of 2018.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #333333; background-color: #FFFFFF"> Additionally, we are pursuing initiatives to secure a broad spectrum of intellectual property protection for AV-101 covering multiple CNS indications. W</font>e have filed and are pursuing several patent applications in Europe, the U.S. and other selected regions. Several of these patent applications have already been granted or allowed, on both (i) certain novel therapeutic methods of use of AV-101, including depression, and (ii) certain novel methods of producing AV-101. In Europe, the European Patent Office (<font style="font-style: italic">EPO</font>) recently granted our patent related to methods of treating depression with AV-101 and certain other neurological indications. In the U.S. and other selected regional markets, we are currently pursuing a counterpart AV-101 patent application similar to the patent granted by the EPO. Although the U.S. Patent and Trademark Office (<font style="font-style: italic">USPTO</font>) has not yet allowed the counterpart application filed in the U.S., we believe that our counterpart patent applications under review by the USPTO and other countries ultimately will be granted.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In Europe, the U.S. and other selected regional markets, we are also prosecuting patent applications related to novel methods of producing AV-101. We recently received a Notice of Allowance for the patent application regarding our manufacturing process from the USPTO and the Chinese counterpart has been granted. We have submitted a counterpart application to the EPO, which has not yet been approved. However, given that our application at the USPTO was sufficient to obtain an allowed patent in the U.S., we believe our counterpart patent application at the EPO ultimately will be granted.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 16 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Between late-March 2017 and June 2017, we entered into self-placed private placement transactions with individual accredited investors, pursuant to which we sold units consisting of an aggregate of 495,001 shares of our unregistered common stock and warrants which are not exercisable until six months and one day following issuance and expire on April 30, 2021, to purchase an aggregate of 247,500 shares of our common stock at a weighted average fixed exercise price of $3.99 per share, subject to adjustment only for customary stock dividends, reclassifications, splits and similar transactions. We received aggregate cash proceeds of approximately $1 million in these self-placed private placement transactions (</font><font style="font-style: italic; color: #000000">Spring 2017 Private Placement</font><font style="color: #000000">). In September 2017, we reduced the exercise price of each of the warrants issued in the Spring 2017 Private Placement to $2.00 per share and issued additional warrants, also exercisable six months and one day following issuance at an exercise price of $2.00 per share, to purchase an aggregate of 247,501 unregistered shares of our common stock.</font> In August 2017, in a self-placed private placement transaction, we sold units consisting of 28,572 shares of our unregistered common stock and warrants exercisable six months and one day following the date of issuance through April 30, 2021 to purchase 28,572 unregistered shares of our common stock at an exercise price of $4.00 per share. We received cash proceeds of $50,000 from this private placement transaction.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In September 2017, we completed a firm commitment underwritten public offering, pursuant to which we sold 1,371,430 shares of our common stock and Series A1 Warrants to purchase up to 1,388,931 shares of common stock and Series A2 Warrants to purchase up to 503,641 of common stock (collectively, the</font> <font style="font-style: italic; color: #000000">Warrants</font><font style="color: #000000">), each exercisable for $1.82 per share warrants to two of our existing institutional investors, resulting in net proceeds of approximately $2.0 million (the</font> <font style="font-style: italic; color: #000000">September 2017 Public Offering</font><font style="color: #000000">). The Series A1 Warrants will be exercisable for a five-year period commencing on March 7, 2018, and the Series A2 Warrants are exercisable at any time and expire on September 6, 2022. The common stock and the shares of common stock underlying the Warrants issued in the September 2017 Public Offering were sold pursuant to our effective</font> Registration Statement on Form S-3 (Registration No. 333-215671) to cover this and potential future sales of our equity securities in one or more public offerings from time to time.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In July 2017, we appointed</font> <font style="color: #333333; background-color: #FFFFFF">Mark Wallace, M.D., Distinguished Professor of Clinical Anesthesiology at the University of California, San Diego, to our Clinical and Regulatory Advisory Board to assist us in advancing development of AV-101 as a potential non-opioid treatment alternative for neuropathic pain. Dr. Wallace is an internationally recognized leader in the field of multi-modal pain management, with over 30 years of professional experience, board certifications, licensures, honors/awards, grants, articles and abstracts.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">As a matter of course, we continue to minimize, to the greatest extent possible, cash commitments and expenditures for both internal and external research and development and general and administrative services. <font style="color: #000000">To further advance the nonclinical and clinical development of AV-101 and our stem cell technology platform, as well as support our operating activities, we continue to carefully manage our routine operating costs, including our internal employee related expenses, as well as external 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 internal costs. </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Results of Operations</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Comparison of Three Months Ended September 30, 2017 and 2016</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The following table summarizes the results of our operations, including both cash and noncash components, for the three months ended September 30, 2017 and 2016 (amounts in thousands).</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Three Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Operating expenses:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Research and development</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,427</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,606</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  General and administrative</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,567</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,494</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">   Total operating expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,994</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss from operations</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,994</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interest expense, net</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss before income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,997</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,101</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,997</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,101</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Accrued dividend on Series B Preferred Stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(256</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(241</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Deemed dividend on Series B Preferred Stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss attributable to common stockholders</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(5,253</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,342</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000"> Revenue</font> <font style="color: #000000">  </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We reported no revenue for the quarters ended September 30, 2017 or 2016 and we presently have no recurring revenue generating arrangements with respect to AV-101 or other potential product candidates. While we may potentially receive future milestone payments and royalties under the BlueRock Agreement upon achievement of certain performance-based milestones and commercial sales. However, there can be no assurance that the BlueRock Agreement will provide additional revenue to us in the near term or at all.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 17 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Research and Development Expense</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development expense, including both cash and noncash components, totaled $2.4 million for the quarter ended September 30, 2017, an increase of approximately 51% compared to the $1.6 million reported for the quarter ended September 30, 2016. Noncash expenses, including stock compensation, depreciation and a portion of rent expense in both periods and a portion of AV-101 project expenses in the quarter ended September 30, 2017, totaled approximately $592,000 and $83,000 in the quarters ended September 30, 2017 and 2016, respectively. The increase in research and development expense in 2017 reflects our continued focus on nonclinical and clinical development of AV-101, particularly our preparations for the launch of the AV-101 MDD Phase 2 Adjunctive Treatment Study, which is currently anticipated in the first quarter of 2018, subject to securing additional financing. The following table indicates the primary components of research and development expense for each of the periods (amounts in thousands):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Three Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries and benefits</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">566</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">461</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stock-based compensation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">137</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">82</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Consulting and other professional services</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">31</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Technology licenses and royalties</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">97</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">94</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Project-related research and supplies:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">AV-101</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,476</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">817</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stem cell and all other</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">27</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">51</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,503</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">868</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Rent</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">99</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">19</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">8</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total Research and Development Expense</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,427</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,606</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The increase in salaries and benefits expense reflects the impact of salary increases granted to our Chief Medical Officer (</font><font style="font-style: italic; color: #000000">CMO</font><font style="color: #000000">) and Chief Scientific Officer (</font><font style="font-style: italic; color: #000000">CSO</font><font style="color: #000000">) in July 2017 and to the non-officer members of our scientific staff in June 2017. Additionally, our then-newly-hired CMO did not receive a bonus payment in July 2016; however, both our CMO and CSO were granted a bonus in September 2017. The full amount of each officer’s 2017 bonus was accrued at the time it was granted, but only 25% of the total amount was paid by September 30, 2017, with the remaining balance to be paid ratably through March 31, 2018.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Noncash stock based compensation expense increased in the current period primarily from the routine amortization of option grants made to our CSO, CMO and scientific staff in September 2017, April 2017 and November 2016, which grants, in the aggregate, account for approximately $105,000 of 2017 expense. Expense attributable to these grants is being amortized over two-year to four-year vesting periods, based on the terms of the respective grants. Substantially all option grants made prior to September 2015 were fully-vested and fully-expensed prior to June 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Consulting services reflects fees paid or accrued for scientific, nonclinical and clinical development and regulatory advisory services rendered to us by third-parties, primarily by members of our scientific and CNS clinical and regulatory advisory boards. The reduction in expense in the current period primarily reflects the change in terms of consulting agreements with our stem cell-related scientific advisory board members.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Technology license expense reflects both recurring annual fees as well as legal counsel and other costs related to patent prosecution and protection pursuant to our stem cell technology license agreements or that we have elected to pursue for commercial purposes. We recognize these costs as they are invoiced to us by the licensors or counsel and they do not occur ratably throughout the year or between years. In both periods, this expense includes legal counsel and other costs we have incurred to advance pending patent applications in the U.S. and numerous foreign countries with respect to AV-101 and our stem cell technology platform.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> AV-101 project expense for the quarter ended September 30, 2017 includes continuing costs incurred to develop more efficient and cost-effective proprietary manufacturing methods for AV-101, and to produce clinical trial material for the AV-101 MDD Phase 2 Adjunctive Treatment Study, as well as costs incurred for certain other nonclinical studies to facilitate further clinical development of AV-101 in MDD and potentially for other indications, and to comply with applicable FDA regulations. Stem cell and other project related expenses reflects costs associated with our in-house stem cell technology-related initiatives, and, in 2016, our participation in the FDA’s Comprehensive In Vitro Proarrhythmia Assay (</font><font style="font-style: italic; color: #000000">CiPA</font><font style="color: #000000">) project.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 18 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The increase in rent expense for the quarter ended September 30, 2017 reflects higher commercial property rents prevalent in the South San Francisco real estate market and recognized in our November 2016 lease amendment extending the lease of our headquarters facilities in South San Francisco by five years from July 31, 2017 to July 31, 2022 and the related accounting for the extension amendment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> General and Administrative Expense</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> General and administrative expense, including both cash and noncash components, increased by 72% to approximately $2.6 million from $1.5 million for the quarters ended September 30, 2017 and 2016, respectively. Noncash expense aggregated approximately $1,494,000 and $579,000 for the quarters ended September 30, 2017 and 2016, respectively, including, in both periods, stock compensation expense, a portion of investor relations and investment banking expenses, warrant modification expense, and a portion of rent expense. The overall increase in general and administrative expenses resulted primarily from increased professional services expenses, including noncash expense attributable to the grant of common stock for services, noncash warrant modification expense and, to a lesser extent, salary and benefits and noncash stock compensation expenses. The following table indicates the primary components of general and administrative expenses, including the cash and noncash components, for each of the periods (amounts in thousands):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Three Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries and benefits</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">650</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">485</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stock-based compensation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">194</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">117</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Board fees</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">36</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Legal, accounting and other professional fees</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">388</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">207</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investor relations</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">831</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">471</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Insurance</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">60</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Travel expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Rent and utilities</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">67</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Warrant modification expense</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">280</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">All other expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">36</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">55</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:4px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,567</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,494</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The increase in salaries and benefits primarily reflects the impact of the hiring of our Vice President of Corporate Development</font> <font style="font-style: italic; color: #000000">(VP-Corporate Development</font><font style="color: #000000">) in September 2016 and salary increases granted in July 2017 to our Chief Executive Officer (</font><font style="font-style: italic; color: #000000">CEO</font><font style="color: #000000">), Chief Financial Officer (</font><font style="font-style: italic; color: #000000">CFO</font><font style="color: #000000">), and VP-Corporate Development and, in June 2017, to a non-officer member of our administrative staff. Additionally, each of our officers was granted a bonus in September 2017, but our VP-Corporate Development had not yet joined the Company in July 2016, when our CEO and CFO received a bonus payment. The full amount of each officer’s 2017 bonus was accrued at the time it was granted, but only 25% of the total amount was paid by September 30, 2017, with the remaining balance to be paid ratably through March 31, 2018.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Stock based compensation expense increased in the current period primarily as a result of the routine amortization of option grants to independent members of our Board and our CEO, CFO and administrative staff in September 2017, April 2017 and November 2016, plus the new-hire grant made to our VP-Corporate Development in September 2016, which grants account for approximately $117,000 of 2017 expense. Expense attributable to these grants is being amortized over a two-year to four-year vesting period, based on the terms of the respective grants. Substantially all option grants made prior to September 2015 were fully-vested and fully-expensed prior to June 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Board fees includes fees recognized for the services of independent members of our Board. The Board modified committee assignments effective in April 2017, resulting in the slight increase in expense.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Legal, accounting and other professional fees for the quarters ended September 30, 2017 and 2016 includes cash expense related to routine legal services as well as accounting expense related to the review of the financial statements for the second quarter of each fiscal year. In the quarter ended September 30, 2017, additionally, we granted an aggregate of 20,000 unregistered shares of our common stock having an aggregate fair value of $30,800 to legal services providers as compensation for services and an aggregate of 150,000 unregistered shares of our common stock having an aggregate fair value of $234,000 to two investment banking firms pursuant to financial advisory agreements. In the quarter ended September 30, 2016, we granted an aggregate of 25,000 unregistered shares of our common stock having a fair value of $108,500 to a legal services provider as compensation for services.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 19 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Investor relations expense includes the fees of our various external service providers for a broad spectrum of investor relations, market awareness and strategic advisory and support functions, as well as initiatives that included numerous meetings in multiple U.S. markets and other communication activities focused on expanding market awareness of the Company, including among registered investment professionals and investment advisors, and individual and institutional investors. In the quarter ended September 30, 2017, in addition to cash fees and expenses we incurred, we granted an aggregate of 457,000 unregistered shares of our common stock to various corporate development, investor relations, market awareness and strategic business advisory service providers for their services and recognized noncash expense of $713,300, representing the fair value of the stock at the time of issuance</font>. <font style="color: #000000">In the quarter ended September 30, 2016, we granted an aggregate of 25,000 unregistered shares of our common stock having a fair value at the time of issuance of $108,500 to an investor relations service provider as compensation for services.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In both periods, travel expense reflects costs associated with management presentations to and meetings in multiple U.S. markets with existing and potential individual and institutional investors, investment professionals and advisors, media, and securities analysts, as well as various investor relations, market awareness and corporate development initiatives.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The increase in rent expense for the quarter ended September 30, 2017 reflects higher commercial property rents prevalent in the local real estate market and recognized in our November 2016 lease amendment extending the lease of our headquarters facilities by five years from July 31, 2017 to July 31, 2022 and the related accounting for the extension amendment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In September 2017, we reduced the exercise price of 247,500 warrants issued in the Spring 2017 Private Placement from a weighted average exercise price of $3.99 per share to $2.00 per share. We also issued to each of the Spring 2017 Private Placement investors additional warrants to purchase an aggregate total of 247,501 shares of common stock, with an exercise price of $2.00 per share. We recognized noncash expense of $279,700 in the quarter ended September 30, 2017 representing the increase in fair value of the warrants granted initially before and after the modification and the fair value of the additional warrants granted. In August 2016, we entered into warrant exchange agreements with certain warrant holders pursuant to which the warrant holders exchanged outstanding warrants to purchase an aggregate of 20,000 shares of our common stock for an aggregate of 15,000 shares of our unregistered common stock.  As we had with similar prior transactions, we accounted for these transactions as warrant modifications, resulting in our recognition of $17,100 in noncash expense in the quarter ended September 30, 2016.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000"> Interest and Other Expenses</font> <font style="color: #000000">  </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Interest expense totaled $3,300 for the quarter ended September 30, 2017 compared to $1,400 reported for the quarter ended September 30, 2016. Interest expense in both periods relates to interest paid on insurance premium financing and on a capital lease of office equipment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">We recognized $256,300 and <font style="color: #000000">$241,000 for the quarters ended September 30, 2017 and 2016, respectively, representing the 10% cumulative dividend payable on our Series B Preferred as an additional deduction in arriving at net loss attributable to common stockholders in the</font> accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss included in Part I of this Report. There have been no conversions of outstanding shares of our Series B Preferred stock into shares of our common stock since August 2016.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Comparison of Six Months Ended September 30, 2017 and 2016</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The following table summarizes the results of our operations, including both cash and noncash components, for the six months ended September 30, 2017 and 2016 (amounts in thousands).</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">  2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Operating expenses:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,523</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,432</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> General and administrative</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,731</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,631</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Total operating expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">7,254</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,063</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss from operations</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,254</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,063</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interest expense (net)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(6</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss before income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,260</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,066</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income taxes</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,262</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,068</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Accrued dividend on Series B Preferred Stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(504</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(781</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">  Deemed dividend on Series B Preferred Stock</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(111</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net loss attributable to common stockholders</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(7,766</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(5,960</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 20 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000"> Revenue</font> <font style="color: #000000">  </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We reported no revenue for the six-month periods ended September 30, 2017 or 2016 and we presently have no recurring revenue generating arrangements with respect to AV-101 or other potential product candidates. While we may potentially receive future milestone payments and royalties under the BlueRock Agreement upon the achievement of certain performance-based milestones and commercial sales, there can be no assurance that the BlueRock Agreement will provide additional revenue to us in the near term or at all.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Research and Development Expense</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research and development expense, including both cash and noncash components, totaled $3.5 million for the six months ended September 30, 2017, an increase of approximately 45% compared to the $2.4 million reported for the six months ended September 30, 2016. Noncash expenses totaled approximately $843,000 and $131,000 in the six months ended September 30, 2017 and 2016, respectively, including stock compensation, depreciation and a portion of rent expense in both periods, and a portion of AV-101 project expenses in the six months ended September 30, 2017. The increase in research and development expense in 2017 reflects our continued focus on nonclinical and clinical development of AV-101, particularly our preparations for the launch of the AV-101 MDD Phase 2 Adjunctive Treatment Study, which is currently anticipated in the first quarter of 2018, subject to securing additional financing. The following table indicates the primary cash and noncash components of research and development expense for each of the periods (amounts in thousands):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries and benefits</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">884</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">711</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stock-based compensation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">328</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">126</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Consulting and other professional services</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">16</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">58</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Technology licenses and royalties</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">157</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">254</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Project-related research and supplies:</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">AV-101</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,069</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stem cell and all other</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">93</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">79</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,893</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,148</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Rent</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">204</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">118</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">All other</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total Research and Development Expense</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,523</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,432</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The increase in salaries and benefits reflects the hiring of our Chief Medical Officer (</font><font style="font-style: italic; color: #000000">CMO</font><font style="color: #000000">) in June 2016, and salary increases granted to our CMO in July 2017, to our Chief Scientific Officer (</font><font style="font-style: italic; color: #000000">CSO</font><font style="color: #000000">) and to the non-officer members of our scientific staff in June 2016 and June 2017. Additionally, our then-newly-hired CMO did not receive a bonus payment in July 2016; however, both our CMO and CSO were granted a bonus in September 2017. The full amount of each officer’s September 2017 bonus was accrued at the time it was granted, but only 25% of the total amount was paid by September 30, 2017, with the remaining balance to be paid ratably through March 31, 2018.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Stock based compensation expense increased in the current period primarily as a result of the routine amortization of option grants made to our CSO, CMO and scientific staff in September 2017, April 2017 and November 2016, plus the new-hire grant made to our CMO in June 2016, which grants account for approximately $193,000 of 2017 expense. The expense attributable to these grants is being amortized over a two-year to four-year vesting period, based on the terms of the respective grants. Substantially all option grants made prior to September 2015 were fully-vested and fully-expensed prior to June 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Consulting services reflects fees paid or accrued for scientific, nonclinical and clinical development and regulatory advisory services rendered to us by third-parties, primarily by members of our scientific and CNS clinical and regulatory advisory boards. The reduction in expense in 2017 primarily reflects the change in terms of consulting agreements with our stem cell-related scientific advisory board members.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Technology license expense reflects both recurring annual fees as well as legal counsel and other costs related to patent prosecution and protection pursuant to our stem cell technology license agreements or that we have elected to pursue for commercial purposes. We recognize these costs as they are invoiced to us by the licensors or counsel and they do not occur ratably throughout the year or between years. In both periods, but to a greater extent in 2016, this expense includes legal counsel and other costs we have incurred to advance numerous pending patent applications in the U.S. and various foreign countries with respect to AV-101 and our stem cell technology platform.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 21 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> AV-101 project expense for both periods includes continuing costs incurred to develop more efficient and cost-effective proprietary manufacturing methods for AV-101, and to produce clinical trial material enabling the AV-101 MDD Phase 2 Adjunctive Treatment Study, and, primarily in 2017, costs incurred for certain other nonclinical studies to facilitate further clinical development of AV-101 in MDD and potentially for other indications and to comply with applicable FDA regulations. Stem cell and other project related expenses reflects costs associated with our in-house stem cell technology-related initiatives, and, in 2016, our participation in the FDA’s Comprehensive In Vitro Proarrhythmia Assay (</font><font style="font-style: italic; color: #000000">CiPA</font><font style="color: #000000">) project.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The increase in rent expense for 2017 reflects higher commercial property rents prevalent in the South San Francisco real estate market and recognized in our November 2016 lease amendment extending the lease of our headquarters facilities in South San Francisco by five years, from July 31, 2017 to July 31, 2022, and the related accounting for the extension amendment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> General and Administrative Expense</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> General and administrative expense, including both cash and noncash components, increased approximately 42% to $3.7 million for the six months ended September 30, 2017 from $2.6 million for the six months ended September 30, 2016. Noncash expense aggregated approximately $1.7 million and $1.0 million for the six months ended September 30, 2017 and 2016, respectively, including, in both periods, stock compensation expense, a portion of investor relations and investment banking expenses, warrant modification expense, and a portion of rent expense. The overall increase in general and administrative expenses was primarily attributable to increased salary and benefits expense and noncash stock compensation, professional services and warrant modification expenses. The following table indicates the primary components of general and administrative expenses, including noncash components, for each of the periods (amounts in thousands):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries and benefits</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">921</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">675</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stock-based compensation</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">370</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">181</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Board fees</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">78</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">69</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Legal, accounting and other professional fees</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">695</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">749</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investor relations</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">997</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">579</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Insurance</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">121</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">78</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Travel expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">62</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">72</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Rent and utilities</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">140</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">85</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Warrant modification expense</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">280</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">57</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">All other expenses</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">67</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">86</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:4px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,731</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,631</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The increase in salaries and benefits reflects the impact of the hiring of our Vice President of Corporate Development</font> <font style="font-style: italic; color: #000000">(VP-Corporate Development</font><font style="color: #000000">) in September 2016 and salary increases granted in June 2016 and July 2017 to our Chief Executive Officer (</font><font style="font-style: italic; color: #000000">CEO</font><font style="color: #000000">) and Chief Financial Officer (</font><font style="font-style: italic; color: #000000">CFO</font><font style="color: #000000">), and in June 2016 and June 2017 to a non-officer member of our administrative staff. Additionally, each of our officers was granted a bonus in September 2017, but our VP-Corporate Development had not yet joined the Company in July 2016, when our CEO and CFO received a bonus payment. The full amount of each officer’s 2017 bonus was accrued at the time it was granted, but only 25% of the total amount was paid by September 30, 2017, with the remaining balance to be paid ratably through March 31, 2018.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Stock based compensation expense increased in the current period primarily as a result of the routine amortization of option grants to independent members of our Board of Directors and our CEO, CFO and administrative staff in September 2017, April 2017 and November 2016, plus the new-hire grant made to our VP-Corporate Development in September 2016 in September 2016, which grants account for approximately $232,000 of 2017 expense. The expense attributable to these grants is being amortized over a two-year to four-year vesting period based on the terms of the respective grants. Substantially all option grants made prior to September 2015 were fully-vested and fully-expensed prior to June 30, 2017.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Board fees includes fees recognized for the services of independent members of our Board. The Board modified committee assignments effective in April 2017, resulting in the slight increase in expense.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 22 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Legal, accounting and other professional fees for the six months ended September 30, 2017 and 2016 includes expense related to routine legal services as well as the accounting expense related to the annual audit of the prior year’s financial statements and the review of the financial statements for the first and second quarters of the current fiscal year. In addition to cash fees incurred, during the six months ended September 30, 2017, we granted an aggregate of 20,000 unregistered shares of our common stock having an aggregate fair value of $30,800 to legal services providers as compensation for services and an aggregate of 150,000 unregistered shares of our common stock having an aggregate fair value of $234,000 to two investment banking firms pursuant to financial advisory agreements. Noncash expense for the six months ended September 30, 2016 included approximately $338,000 recognized in the quarter ended June 30, 2016 pursuant to the June 30, 2015 grant of an</font> aggregate of 90,000 shares of our Series B 10% convertible preferred stock having an aggregate fair value of $1,350,000 as compensation for financial advisory and corporate development service contracts with two independent providers for services to be performed through June 30, 2016 and $108,500 recognized in the quarter ended September 30, 2016 representing the fair value of <font style="color: #000000">25,000 unregistered shares of our common stock granted to a legal services provider as compensation for services</font>.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Investor relations expense includes the fees of our various external service providers for a broad spectrum of investor relations, market awareness and strategic advisory and support functions, as well as initiatives that included numerous meetings in multiple U.S. markets and other communication activities focused on expanding market awareness of the Company, including among registered investment professionals and investment advisors, and individual and institutional investors. In the six months ended September 30, 2017, in addition to cash fees and expenses we incurred, in the quarter ended June 30, 2017, we granted 25,000 unregistered shares of our common stock to an investor relations and awareness service provider as partial compensation for its services and recognized noncash expense of approximately $50,000 representing the fair value of the stock at the time of issuance; additionally, in the quarter ended September 30, 2017, we granted an aggregate of 457,000 unregistered shares of our common stock to various corporate development, investor relations, market awareness and business advisory service providers as compensation for their services and recognized noncash expense of $713,300, representing the fair value of the stock at the time of issuance</font>. <font style="color: #000000">In the six months ended September 30, 2016, we granted an aggregate of 25,000 unregistered shares of our common stock having a fair value at the time of issuance of $108,500 to an investor relations service provider as compensation for its services.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In both periods, travel expense reflects costs associated with management presentations to and meetings in multiple U.S. markets with existing and potential individual and institutional investors, investment professionals and advisors, media, and securities analysts, as well as various investor relations, market awareness and corporate development initiatives.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The increase in rent expense for 2017 reflects higher commercial property rents prevalent in the South San Francisco real estate market and recognized in our November 2016 lease amendment extending the lease of our headquarters facilities in South San Francisco by five years, from July 31, 2017 to July 31, 2022, and the related accounting for the extension amendment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In September 2017, we reduced the exercise price of 247,500 warrants issued in the Spring 2017 Private Placement from a weighted average exercise price of $3.99 per share to $2.00 per share. We also issued to each of the Spring 2017 Private Placement investors additional warrants to purchase an aggregate total of 247,501 shares of common stock, with an exercise price of $2.00 per share. We recognized noncash expense of $279,700 in the six months ended September 30, 2017, representing the increase in fair value of the warrants granted initially before and after the modification and the fair value of the additional warrants granted. Between April 2016 and August 2016, we entered into warrant exchange agreements with certain warrant holders pursuant to which the warrant holders exchanged outstanding warrants to purchase an aggregate of 61,649 shares of our common stock for an aggregate of 46,238 shares of our unregistered common stock.  As with similar prior transactions, we accounted for these transactions as warrant modifications, resulting in our recognition of an aggregate of $57,400 in noncash expense during the six-month period ended September 30, 2016.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000"> Interest and Other Expenses</font> <font style="color: #000000">  </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Interest expense totaled $5,700 for the six months ended September 30, 2017 compared to $2,800 reported for the six months ended September 30, 2016. Interest expense in both periods relates to interest paid on insurance premium financing and on a capital lease of office equipment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">We recognized $503,600 and <font style="color: #000000">$780,800 for the six months ended September 30, 2017 and 2016, respectively, representing the 10% cumulative noncash dividend payable on our Series B Preferred as an additional deduction in arriving at net loss attributable to common stockholders in the</font> accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss included in Part I of this Report. The reduction in the dividend accrual results from the automatic conversion of <font style="color: #000000">an aggregate of 2,403,051 shares of Series B Preferred into an equal number of shares of our common stock upon our completion of our May 2016 public offering of shares of our common stock and warrants, and a subsequent voluntary conversion of 87,500 shares of our Series B Preferred in August 2016. There have been no conversions of outstanding shares of Series B Preferred into common shares since August 2016.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> During the quarter ended June 30, 2016, we allocated the proceeds from our self-placed private placement sales of Series B Preferred Units to the Series B Preferred stock and the Series B Warrants based on their relative fair values on the dates of the sales. The difference between the relative fair value per share of the Series B Preferred, approximately $4.20 per share, and its Conversion Price (or stated value) of $7.00 per share represented a deemed dividend to the purchasers of the Series B Preferred Units. Accordingly, we recognized a deemed dividend in the aggregate amount of $111,100 in arriving at net loss attributable to common stockholders</font> for <font style="color: #000000">the six months ended September 30, 2016 in the</font> accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss included in Part I of this Report.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 23 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> Liquidity and Capital Resources</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> From our inception in May 1998 through September 30, 2017, we have financed our operations and technology acquisitions primarily through the issuance and sale of our equity and debt securities, including convertible promissory notes and short-term promissory notes, for cash proceeds of approximately $47.6 million, as well as from an aggregate of approximately $17.6 million of government research grant awards, strategic collaboration payments, intellectual property sublicensing and other revenues. We have also issued equity securities with an approximate aggregate value at issuance of $32.3 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. Additionally, pursuant to our CRADA with the NIH, the NIMH continues to conduct Phase 2 clinical development activities relating to AV-101 as a potential new generation antidepressant. The NIMH AV-101 MDD Phase 2 Monotherapy Study is being sponsored in full, at no cost to us other than supplying clinical trial material, by the NIMH under the direction of Dr. Carlos Zarate Jr. as Principal Investigator.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Between late-March 2017 and June 30, 2017, we sold to accredited investors, in self-placed private placement transactions, units consisting of an aggregate of 495,001 unregistered shares of our common stock and warrants to purchase an aggregate of 247,500 unregistered shares of our common stock pursuant to which we received proceeds of approximately $1.0 million (the</font> <font style="font-style: italic; color: #000000">Spring 2017 Private Placement</font><font style="color: #000000">). In August 2017,</font> in a self-placed private placement transaction, we sold to an accredited investor units consisting of 28,572 shares of our unregistered common stock and warrants to purchase 28,572 unregistered shares of our common stock. We received cash proceeds of $50,000 from this sale of our securities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In September 2017, we completed a firm commitment underwritten public offering, pursuant to which we offered and sold an aggregate of 1,371,430 shares of our common stock and warrants to purchase an aggregate of 1,892,572 shares of our common stock to two of our existing institutional investors, resulting in gross proceeds of approximately $2.4 million under our Registration Statement on Form S-3 (Registration No. 333-215671) (the</font> <font style="font-style: italic; color: #000000">S-3 Registration Statement</font><font style="color: #000000">) that had been previously declared effective by the Securities and Exchange Commission to cover potential 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.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Additionally, in September 2017, to facilitate potential future issuances and sales of our equity securities for ordinary corporate finance and general corporate purposes and as recommended by our Board, our stockholders approved an amendment to our Restated and Amended Articles of Incorporation to increase the number of shares of common stock available for issuance from 30 million shares to 100 million shares, an amount our Board determined is customary and appropriate for a Nasdaq-listed, clinical-stage biopharmaceutical company. Following that approval, in October 2017, we filed a Registration Statement on Form S-1 (Registration No. 333-221009) (the</font> <font style="font-style: italic; color: #000000">S-1 Registration Statement</font><font style="color: #000000">) pursuant to which we anticipate completing an offering of our equity securities with proceeds sufficient to enable the launch and completion of the AV-101 MDD Phase 2 Adjunctive Treatment Study and fund our internal operations for at least the next twelve months. There can be no assurance, however, that we will achieve effectiveness of the S-1 Registration Statement or successfully complete an offering thereunder.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Our cash balance at September 30, 2017 was <font style="color: #000000">not sufficient to enable us to fund our planned operations, including expected cash expenditures of approximately $12 million for the next twelve months, required to further prepare for, launch and satisfy a significant portion of the projected expenses associated with our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although our current financial resources are not yet sufficient to fully fund completion of the AV-101 MDD Phase 2 Adjunctive Treatment Study, we expect, as we have numerous times in the past, to raise additional capital as and when necessary and advisable, potentially including through an offering under the S-1 Registration Statement, one or more offerings under the S-3 Registration Statement or other capital raising activity, to sustain our operations and achieve our key corporate objectives through at least the next twelve months, including initiating and conducting the AV-101 MDD Phase 2 Adjunctive Treatment Study. There can, however, be no assurance that future financing will be available in sufficient amounts, in a timely manner, or on terms acceptable to us, if at all.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We may also seek research and development collaborations that could generate revenue, funding for development of AV-101 and additional product candidates, and/or additional government grant awards and agreements similar to our current CRADA with the NIMH. 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. In a manner similar to the BlueRock Agreement, we may also pursue similar arrangements with third-parties covering other of our intellectual property. Although we may seek additional collaborations that could generate revenue and/or non-dilutive funding for development of AV-101 and 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.  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 24 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our future working capital requirements will depend on many factors, including, without limitation, the 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 AV-101 as an adjunctive treatment for MDD and other potential CNS conditions, and various applications of our stem cell technology platform, the availability of, and our ability to obtain, government grant awards and agreements, and our ability to enter into collaborations on terms acceptable to us. To further advance the clinical development of AV-101 and 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 the timing of and projected costs relating to key research and development projects, including our expenses associated with our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study, regulatory consulting, CRO services, investor relations and corporate development, legal, acquisition and protection of intellectual property, public company compliance and other professional services and working capital costs. </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Notwithstanding the foregoing, substantial additional financing may not be available to us on a timely basis, on acceptable terms, or at all. If we are unable to obtain substantial additional financing on a timely basis when needed in 2017 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.  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Cash and Cash Equivalents</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The following table summarizes changes in cash and cash equivalents for the periods stated (in thousands):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div> <table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;"> <tr> <td rowspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;"> <div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> Six Months Ended September 30,</font></div> </font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2017</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;"> <div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;"> 2016</font></div> </font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;"> </font></div> </td> </tr><tr> <td style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"> <div><font style="font-size:13px;font-family:Times New Roman;"> </font></div> </font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net cash used in operating activities</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,010</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,873</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net cash used in investing activities</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(8</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net cash provided by financing activities</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,855</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">9,709</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td colspan="1" style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Net increase (decrease) in cash and cash equivalents</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,157</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;"> </font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,828</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#ffffff;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash and cash equivalents at beginning of period</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,921</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;"> </font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">429</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"> </font></div> </td> </tr><tr style="background-color:#CCEEFF;"> <td style="vertical-align:bottom;width:76%;"> <div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Cash and cash equivalents at end of period</font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,764</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> <td style="vertical-align:bottom;width:12%;"> <div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">6,257</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Off-Balance Sheet Arrangements</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have no off-balance sheet arrangements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 25 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: top; width: 7%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Item 4.</font></div> </td> <td style="vertical-align: top; width: 2%"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 90%"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="controls">C</a>ONTROLS AN<a name="item4">D</a> PROCEDURES</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Disclosure Controls and Procedures</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this Report. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Report were effective.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Internal Control over Financial Reporting</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In our Annual Report on Form 10-K for our fiscal year ended March 31, 2017 filed with the Securities and Exchange Commission on June 29, 2017, we identified two material weaknesses in our internal control over financial reporting relating to (i) segregation of duties and (ii) the functionality of our accounting software.</font> Management has determined that current resources would be more appropriately applied elsewhere and when resources permit, they will alleviate such material weaknesses through various steps, which may include the addition of qualified financial personnel and/or the acquisition and implementation of alternative accounting software. Accordingly, <font style="color: #000000">there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the fiscal quarter to which this Report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 26 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> PART <a name="part2"></a>II: OTHER INFORMATION</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="legal">I</a>tem 1. Legal Proceedings</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> None.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> <a name="risk">I</a>tem 1A. Risk Factors</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px"> Investing in our securities involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Quarterly Report on Form 10-Q (Report) and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended March 31, 2017 before investing in our securities. The risks described below are not the only risks facing our Company.  Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition and/or operating results. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Risks Related to Product Development, Regulatory Approval and Commercialization</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We depend heavily on the success of AV-101. We cannot be certain that we will be able to obtain regulatory approval for, or successfully commercialize AV-101, or any product candidate.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We currently have no drug products for sale and may never be able to develop and commercialize marketable drug products. Our business depends heavily on the successful development, regulatory approval and commercialization of AV-101 for depression, including for MDD, and, potentially, various other diseases and disorders involving the CNS, as well as, but to a more limited extent, our ability to produce, develop and commercialize NCEs from our drug rescue programs. AV-101 will require substantial additional nonclinical and clinical testing and regulatory approval before it may be commercialized. It is unlikely to achieve regulatory approval, if at all, until at least 2021. Each drug rescue NCE will require substantial nonclinical development, all phases of clinical development, and regulatory approval before it may be commercialized. The nonclinical and clinical development of our product candidates are, and the manufacturing and marketing of our product candidates will be, subject to extensive and rigorous review and regulation by numerous government authorities in the United States and in other countries where we intend to test and, if approved, market any product candidate. Before obtaining regulatory approvals for the commercial sale of any product candidate, we must demonstrate through numerous nonclinical and clinical studies that the product candidate is safe and effective for use in each target indication. Drug development is a long, expensive and uncertain process, and delay or failure can occur at any stage of any of our nonclinical or clinical studies. This process takes many years and may also include post-marketing studies and surveillance obligations, which would require the expenditure of substantial resources beyond the proceeds we have raised to date. Of the large number of drugs in development in the United States, only a small percentage will successfully complete the FDA regulatory approval process and will be commercialized. Accordingly, we cannot assure you that AV-101, any drug rescue NCE, or any other future product candidate will be successfully developed or commercialized.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We are not permitted to market our product candidates in the United States until we receive approval of a New Drug Application (</font><font style="font-style: italic; color: #000000">NDA</font><font style="color: #000000">) from the FDA, or in any foreign countries until we receive the requisite approval from such countries. We expect the FDA to require us to complete the planned AV-101 MDD Phase 2 Adjunctive Treatment Study and at least two pivotal Phase 3 clinical trials in order to submit an NDA for AV-101 as an adjunctive treatment for MDD patients with an inadequate response to standard, FDA-approved antidepressants. Also, we anticipate that the FDA will require that we conduct additional toxicology studies, additional nonclinical and certain small clinical studies before submitting an NDA for AV-101. The results of all of these studies are not known until after the studies are concluded.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Obtaining FDA approval of an NDA is a complex, lengthy, expensive and uncertain process, and the FDA may delay, limit or deny approval of AV-101 or any other product candidate we may seek to develop for many reasons, including, among others:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> if we submit an NDA and it is reviewed by an advisory committee, the FDA may have difficulties scheduling an advisory committee meeting in a timely manner or the advisory committee may recommend against approval of our application or may recommend that the FDA require, as a condition of approval, additional non-clinical or clinical studies, limitations on approved labeling or distribution and use restrictions;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">the FDA may require development of a Risk Evaluation and Mitigation Strategy (</font> <font style="font-style: italic; color: rgb(0, 0, 0);">REMS</font><font style="color: rgb(0, 0, 0);">) as a condition of approval or post-approval;</font></font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">the FDA or the applicable foreign regulatory agency may determine that the manufacturing processes or facilities of third-party contract manufacturers with which we contract do not conform to applicable requirements, including current Good Manufacturing Practices (</font> <font style="font-style: italic; color: rgb(0, 0, 0);">cGMPs</font><font style="color: rgb(0, 0, 0);">); or</font></font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 27 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the FDA or applicable foreign regulatory agency may change its approval policies or adopt new regulations.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Any of these factors, many of which are beyond our control, could jeopardize our ability to obtain regulatory approval for and successfully commercialize AV-101 or any other product candidate we may develop, including drug rescue NCEs. Any such setback in our pursuit of regulatory approval for any product candidate would have a material adverse effect on our business and prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> We have applied for a Fast Track designation from the FDA for AV-101, initially for adjunctive treatment of MDD patients with an inadequate response to standard antidepressants. Even if the FDA approves Fast Track designation for AV-101 for this indication, it may not actually lead to a faster development or regulatory review or approval process.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The Fast Track designation is a program offered by the FDA pursuant to certain mandates under the FDA Modernization Act of 1997, designed to facilitate drug development and to expedite the review of new drugs that are intended to treat serious or life threatening conditions. Compounds selected must demonstrate the potential to address unmet medical needs. The Fast Track designation allows for close and frequent interaction with the FDA. A designated Fast Track drug may also be considered for priority review with a shortened review time, rolling submission, and accelerated approval if applicable. The designation does not, however, guarantee approval or expedited approval of any application for the product.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In October 2017 we applied for FDA Fast Track designation for AV-101, initially for adjunctive treatment of MDD patients with an inadequate response to standard antidepressants, and we may do so for other CNS indications, as well as for other product candidates. The FDA has broad discretion whether or not to grant a Fast Track designation, and even if we believe AV-101 and other product candidates are eligible for this designation, we cannot be sure that the review or approval will compare to conventional FDA procedures. Even if granted, the FDA may withdraw Fast Track designation if it believes that the designation is no longer supported by data from our clinical development programs.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The number of patients suffering from MDD has not been established with precision. If the actual number of patients with MDD is smaller than we anticipate, we or our collaborators may encounter difficulties in enrolling patients in AV-101 clinical trials, including the NIMH AV-101 MDD Phase 2 Monotherapy Study and our planned AV-101 MDD Phase 2 Adjunctive Treatment Study, thereby delaying completion such studies or preventing additional clinical development.  Further, if AV-101 is approved for adjunctive treatment of MDD patients with an inadequate response to standard antidepressants, and the market for this indication is smaller than we anticipate, our ability to achieve profitability could be limited.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The results of preclinical studies and early clinical trials of AV-101 and/or other product candidates, including positive results, may not be predictive of the results of later-stage clinical trials. AV-101 or other product candidates in later stages of clinical trials may fail to show the desired safety and efficacy results despite having progressed through preclinical studies and initial clinical trials. Many companies in the biopharmaceutical industry have suffered significant setbacks in advanced clinical trials due to adverse safety profiles or lack of efficacy, notwithstanding promising results in earlier studies. Similarly, our future clinical trial results may not be successful for these or other reasons.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Moreover, preclinical and clinical data are often susceptible to varying interpretations and analyses, and many companies that believed their product candidates performed satisfactorily in preclinical studies and clinical trials nonetheless failed to obtain FDA approval. We have not yet completed a Phase 2 clinical trial for AV-101, and if the NIMH AV-101 MDD Phase 2 Monotherapy Study and/or our AV-101 MDD Phase 2 Adjunctive Treatment Study fail(s) to produce positive results, the development timeline and regulatory approval and commercialization prospects for AV-101 and, correspondingly, our business and financial prospects, could be materially adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> This drug candidate development risk is heightened by any changes in planned timing or nature of clinical trials compared to completed clinical trials. As product candidates are developed through preclinical to early and late stage clinical trials towards approval and commercialization, it is customary that various aspects of the development program, such as manufacturing and methods of administration, are altered along the way in an effort to optimize processes and results. While these types of changes are common and are intended to optimize the product candidates for later stage clinical trials, approval and commercialization, such changes do carry the risk that they will not achieve these intended objectives.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> For example, the results of planned clinical trials may be adversely affected if we or our collaborator seek to optimize and scale-up production of a product candidate. In such case, we will need to demonstrate comparability between the newly manufactured drug substance and/or drug product relative to the previously manufactured drug substance and/or drug product. Demonstrating comparability may cause us to incur additional costs or delay initiation or completion of our clinical trials, including the need to initiate a dose escalation study and, if unsuccessful, could require us to complete additional nonclinical or clinical studies of our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 28 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If serious adverse events or other undesirable side effects are identified during the use of AV-101 in clinical trials, it may adversely affect our development of AV-101 for MDD and other CNS indications.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> AV-101 as a monotherapy is currently being tested by the NIMH in the NIMH AV-101 MDD Phase 2 Monotherapy Study and may be subjected to testing in the future for other CNS indications in additional investigator sponsored clinical trials. If serious adverse events or other undesirable side effects, or unexpected characteristics of AV-101 are observed in investigator-sponsored clinical trials of AV-101 or our clinical trials of AV-101, it may adversely affect or delay our clinical development of AV-101, and the occurrence of these events would have a material adverse effect on our business and financial prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Failures or delays in the commencement or completion of our planned clinical trials and nonclinical studies of our product candidates could result in increased costs to us and could delay, prevent or limit our ability to generate revenue and continue our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Under our CRADA with the NIMH, the NIMH is conducting and funding the NIMH AV-101 MDD Phase 2 Monotherapy Study. We will need to complete the planned AV-101 MDD Phase 2 Adjunctive Treatment Study, at least two additional large Phase 3 pivotal clinical trials, additional toxicology and other nonclinical studies and certain smaller clinical studies prior to the submission of an NDA for AV-101 as a new generation adjunctive treatment for MDD. Successful completion of our nonclinical and clinical trials is a prerequisite to submitting an NDA to the FDA and, consequently, the ultimate approval required before commercial marketing of AV-101 for MDD and any other product candidates we may develop. Except as disclosed herein, we do not know whether the NIMH AV-101 MDD Phase 2 Monotherapy Study, our AV-101 MDD Phase 2 Adjunctive Treatment Study or any of our future-planned nonclinical and clinical trials will be completed on schedule, if at all, as the commencement and completion of nonclinical and clinical trials can be delayed or prevented for a number of reasons, including, among others:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the FDA may deny permission to proceed with our planned clinical trials or any other clinical trials we may initiate, or may place a planned or ongoing clinical trial on hold;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> delays in filing or receiving approvals of additional INDs that may be required;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> negative results from our ongoing nonclinical studies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> delays in reaching or failing to reach agreement on acceptable terms with prospective CROs, investigators and clinical trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs, investigators and clinical trial sites;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> delays in the manufacturing of, or insufficient supply of, AV-101 or other product candidates necessary to conduct nonclinical or clinical trials, including delays in the manufacturing of sufficient supply or finished drug product resulting from our new manufacturing process for AV-101;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> inability to manufacture or obtain clinical supplies of a product candidate meeting required quality standards;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">difficulties obtaining Institutional Review Board (</font> <font style="font-style: italic; color: rgb(0, 0, 0);">IRB</font><font style="color: rgb(0, 0, 0);">) approval to conduct a clinical trial at a prospective clinical site or sites;</font></font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> challenges in recruiting and enrolling patients to participate in clinical trials, including the proximity of patients to clinical trial sites;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> eligibility criteria for a clinical trial, the nature of a clinical trial protocol, the availability of approved effective treatments for the relevant disease and competition from other clinical trial programs for similar indications;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">● </font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> severe or unexpected drug-related side effects experienced by patients in a clinical trial;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> delays in validating any endpoints utilized in a clinical trial;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the FDA may disagree with our clinical trial design and our interpretation of data from prior nonclinical studies or clinical trials, or may change the requirements for approval even after it has reviewed and commented on the design for our clinical trials;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> reports from nonclinical or clinical testing of other CNS indications or therapies that raise safety or efficacy concerns; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 29 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> difficulties retaining patients who have enrolled in a clinical trial but may be prone to withdraw due to rigors of the clinical trial, lack of efficacy, side effects, personal issues or loss of interest.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">    </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Clinical trials may also be delayed or terminated prior to completion as a result of ambiguous or negative interim results. In addition, a clinical trial may be suspended or terminated by us, the FDA, the IRBs at the sites where the IRBs are overseeing a clinical trial, a data and safety monitoring board (</font><font style="font-style: italic; color: #000000">DSMB</font><font style="color: #000000">), overseeing the clinical trial at issue or other regulatory authorities due to a number of factors, including, among others:</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> failure to conduct the clinical trial in accordance with regulatory requirements or approved clinical protocols;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> inspection of the clinical trial operations or trial sites by the FDA or other regulatory authorities that reveals deficiencies or violations that require us to undertake corrective action, including the imposition of a clinical hold;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> unforeseen safety issues, including any that could be identified in our ongoing nonclinical carcinogenicity studies, adverse side effects or lack of effectiveness;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> changes in government regulations or administrative actions;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> problems with clinical supply materials that may lead to regulatory actions; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">lack of adequate funding to continue nonclinical or clinical studies.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Changes in regulatory requirements, FDA guidance or unanticipated events during our nonclinical studies and clinical trials of AV-101 or other product candidates may occur, which may result in changes to nonclinical studies and clinical trial protocols or additional nonclinical studies and clinical trial requirements, which could result in increased costs to us and could delay our development timeline.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Changes in regulatory requirements, FDA guidance or unanticipated events during our nonclinical studies and clinical trials may force us to amend nonclinical studies and clinical trial protocols or the FDA may impose additional nonclinical studies and clinical trial requirements. Amendments or changes to our clinical trial protocols would require resubmission to the FDA and IRBs for review and approval, which may adversely impact the cost, timing or successful completion of clinical trials. Similarly, amendments to our nonclinical studies may adversely impact the cost, timing, or successful completion of those non-clinical studies. If we experience delays completing, or if we terminate, any of our nonclinical studies or clinical trials, or if we are required to conduct additional nonclinical studies or clinical trials, the commercial prospects for AV-101 or other product candidates may be harmed and our ability to generate product revenue will be delayed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We rely, and expect that we will continue to rely, on third parties to conduct non-clinical and clinical trials of AV-101 and any other product candidates. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, completion of non-clinical and clinical trials and development of AV-101 and other product candidates may be delayed and we may not be able to obtain regulatory approval for or commercialize AV-101 or other product candidates and our business could be substantially harmed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We do not have the internal staff resources to independently conduct nonclinical and clinical trials completely on our own. We rely on our network of strategic relationships with various medical institutions, nonclinical and clinical investigators, contract laboratories and other third parties, such as contract research and development organizations (</font><font style="font-style: italic; color: #000000">CROs</font><font style="color: #000000">), to conduct nonclinical and clinical trials of our product candidates. We enter into agreements with third-party CROs to provide monitors for and to manage data for our clinical trials, as well as provide other services necessary to prepare for, conduct and complete clinical trials. We rely heavily on these and other third-parties for execution of nonclinical and clinical trials for our product candidates and control only certain aspects of their activities. As a result, we have less direct control over the conduct, timing and completion of these nonclinical and clinical trials and the management of data developed through nonclinical and clinical trials than would be the case if we were relying entirely upon our own staff. Communicating with outside parties can also be challenging, potentially leading to mistakes as well as difficulties in coordinating activities. Outside parties may:</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> have staffing difficulties and/or undertake obligations beyond their anticipated capabilities and resources;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> fail to comply with contractual obligations;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 30 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> experience regulatory compliance issues;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> undergo changes in priorities or become financially distressed; or</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> form relationships with other entities, some of which may be our competitors.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> These factors may materially adversely affect the willingness or ability of third parties to conduct our nonclinical and clinical trials and may subject us to unexpected cost increases that are beyond our control. Nevertheless, we are responsible for ensuring that each of our nonclinical studies and clinical trials is conducted in accordance with the applicable protocol, legal, regulatory and scientific requirements and standards, and our reliance on CROs or the NIH does not relieve us of our regulatory responsibilities. We and our CROs and the NIMH are required to comply with regulations and guidelines, including current cGCPs for conducting, monitoring, recording and reporting the results of clinical trials to ensure that the data and results are scientifically credible and accurate, and that the trial patients are adequately informed of the potential risks of participating in clinical trials. These regulations are enforced by the FDA, the Competent Authorities of the Member States of the European Economic Area and comparable foreign regulatory authorities for any products in clinical development. The FDA enforces cGCP regulations through periodic inspections of clinical trial sponsors, principal investigators and trial sites. If we or any of our CROs fail to comply with applicable cGCPs, the clinical data generated in our clinical trials may be deemed unreliable and the FDA or comparable foreign regulatory authorities may require us to perform additional clinical trials before approving our marketing applications. We cannot assure you that, upon inspection, the FDA will determine that any of our clinical trials comply with cGCPs. In addition, our clinical trials must be conducted with product candidates produced under cGMPs regulations and will require a large number of test patients. Our failure or the failure of our CROs to comply with these regulations may require us to repeat clinical trials, which would delay the regulatory approval process and could also subject us to enforcement action up to and including civil and criminal penalties.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we design our clinical trials for our product candidates, we plan to have CROs, and in the case of the NIMH AV-101 MDD Phase 2 Monotherapy Study, the NIMH, conduct the AV-101 Phase 2 and Phase 3 clinical trials. As a result, many important aspects of our drug development programs are outside of our direct control. In addition, the CROs or the NIMH, as the case may be, may not perform all of their obligations under arrangements with us or in compliance with regulatory requirements, but we remain responsible and are subject to enforcement action that may include civil penalties up to and including criminal prosecution for any violations of FDA laws and regulations during the conduct of our clinical trials. If the NIMH or CROs do not perform clinical trials in a satisfactory manner, breach their obligations to us or fail to comply with regulatory requirements, the development and commercialization of AV-101 and other product candidates may be delayed or our development program materially and irreversibly harmed. We cannot control the amount and timing of resources these CROs or the NIMH devote to our program or our clinical products. If we are unable to rely on non-clinical and clinical data collected by our CROs or the NIMH, we could be required to repeat, extend the duration of, or increase the size of our clinical trials and this could significantly delay commercialization and require significantly greater expenditures.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If any of our relationships with these third-party CROs or the NIMH terminate, we may not be able to enter into arrangements with alternative CROs or collaborators.  If CROs or the NIMH do not successfully carry out their contractual duties or obligations or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to the failure to adhere to our clinical protocols, regulatory requirements or for other reasons, any clinical trials that such CROs or the NIMH are associated with may be extended, delayed or terminated, and we may not be able to obtain regulatory approval for or successfully develop and commercialize our product candidates. As a result, we believe that our financial results and the commercial prospects for our product candidates in the subject indication would be harmed, our costs would increase and our ability to generate revenue would be delayed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We rely completely on third-parties to manufacture and prepare supplies of AV-101 for all nonclinical and clinical studies of AV-101, and we intend to continue to rely on third-parties to produce all nonclinical, clinical and commercial supplies of AV-101 in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We do not currently have, nor do we plan to acquire or develop, the necessary infrastructure internal resources or technical capabilities to manufacture and prepare supplies of AV-101, or any future product candidates, for use in nonclinical and clinical studies, and we lack the internal resources and the capability to manufacture any product candidate on a clinical or commercial scale.  As a result, we rely completely on third-party contract manufacturing organizations (</font><font style="font-style: italic; color: #000000">CMO</font><font style="color: #000000">s) to manufacture AV-101 active pharmaceutical ingredient (</font><font style="font-style: italic; color: #000000">API</font><font style="color: #000000">) and prepare AV-101 final drug product. The facilities used by our CMOs to manufacture AV-101 API and final drug product must complete a pre-approval inspection by the FDA and other comparable foreign regulatory agencies to assess compliance with applicable requirements, including cGMPs, after we submit our AV-101 INDs, NDAs or relevant foreign regulatory submission equivalent to the applicable regulatory agency.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 31 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We do not directly control either the supply or quality of materials used in the manufacturing and preparation of AV-101 or the AV-101 manufacturing process, and we are completely dependent on our CMOs to comply with all cGMPs for manufacture of both AV-101 API and AV-101 finished drug product. If our CMOs cannot secure adequate supplies of suitable raw materials or successfully manufacture AV-101 API that conforms to our specifications and the strict regulatory requirements of the FDA or applicable foreign regulatory agencies, production of sufficient supplies of AV-101 API and finished drug product may be delayed and our CMOs may not be able to secure and/or maintain regulatory approval for their manufacturing facilities, or the FDA may take other actions, including the imposition of a clinical hold. In addition, we have no direct control over our CMOs’ ability to maintain adequate quality control, quality assurance and qualified personnel. All of our CMOs are engaged with other companies to supply and/or manufacture materials or products for such other companies, which exposes our CMOs to regulatory risks for the production of such materials and products. As a result, failure to satisfy the regulatory requirements for the production of those materials and products may affect the regulatory clearance of our CMO’s facilities generally or affect the timing of manufacture of AV-101 for required or planned nonclinical and/or clinical studies of AV-101. If the FDA or an applicable foreign regulatory agency determines now or in the future that our CMOs’ facilities are noncompliant, we may need to find alternative manufacturing facilities, which would adversely impact our ability to develop, obtain regulatory approval for or market AV-101. Our reliance on CMOs also exposes us to the possibility that they, or third parties with access to their facilities, will have access to and may appropriate our trade secrets or other proprietary information.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We do not yet have long-term AV-101 supply agreements in place with our CMOs and each batch of AV-101 is individually contracted under a separate supply agreement. If we engage new CMOs, such contractors must complete an inspection by the FDA and other applicable foreign regulatory agencies. We plan to continue to rely upon CMOs and, potentially, collaboration partners, to manufacture research, development and, if approved, commercial quantities of AV-101 and any other product candidates we may seek to develop in the future. Although we believe our current scale of manufacturing for AV-101 and current and projected supply of AV-101 API and finished drug product will be adequate to support our planned nonclinical and clinical studies of AV-101, no assurance can be given that unanticipated AV-101 supply shortages, CMO-related delays in manufacture and production of AV-101 API and finished drug product will not occur in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic; color: #000000"> Even if we receive marketing approval for AV-101 or any other product candidate in the United States, we may never receive regulatory approval to market AV-101 or any other product candidate outside of the United States.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have not yet selected any markets outside of the United States where we intend to seek regulatory approval to market our product candidates. In order to market any product outside of the United States, however, we must establish and comply with the numerous and varying safety, efficacy and other regulatory requirements of other countries. Approval procedures vary among countries and can involve additional product candidate testing and additional administrative review periods. The time required to obtain approvals in other countries might differ from that required to obtain FDA approval. The marketing approval processes in other countries may implicate all of the risks detailed above regarding FDA approval in the United States as well as other risks. In particular, in many countries outside of the United States, products must receive pricing and reimbursement approval before the product can be commercialized. Obtaining this approval can result in substantial delays in bringing products to market in such countries. Marketing approval in one country does not ensure marketing approval in another, but a failure or delay in obtaining marketing approval in one country may have a negative effect on the regulatory process in others. Failure to obtain marketing approval in other countries or any delay or other setback in obtaining such approval would impair our ability to market our product candidates in such foreign markets. Any such impairment would reduce the size of our potential market, which could have a material adverse impact on our business, results of operations and prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> If any of our product candidates are ultimately regulated as controlled substances, we, our contract manufacturers, as well as future distributors, prescribers, and dispensers will be required to comply with additional regulatory requirements which could delay the marketing of our product candidates, and increase the cost and burden of manufacturing, distributing, dispensing, and prescribing our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Before we can commercialize our product candidates, the United States Drug Enforcement Administration (</font><font style="font-style: italic; color: #000000">DEA</font><font style="color: #000000">) may need to determine the controlled substance schedule, taking into account the recommendation of the FDA. This may be a</font><font style="color: #000000; font-family: Times New Roman"> </font><font style="color: #000000">lengthy process that could delay our marketing of a product candidate and could potentially diminish any regulatory exclusivity periods for which we may be eligible, which would increase the cost associated with commercializing such products and, in turn, may have an adverse impact on our results of operations. While we currently do not know whether any of our product candidates will be considered to be controlled substances, certain of our product candidates, including AV-101, may be regulated as controlled substances.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 32 -</font></div> </div> <div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"> <!--page break line--></div> <div id="hdr"> <div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If any of our product candidates are regulated as controlled substances, depending on the controlled substance schedule in which the product candidates are placed, we, our contract manufacturers, and any future distributers, prescribers, and dispensers of the scheduled product candidates may be subject to significant regulatory requirements, such as registration, security, recordkeeping, reporting, storage, distribution, importation, exportation, inventory, quota and other requirements administered by the DEA. Moreover, if any of our product candidates are regulated as controlled substances, we and our contract manufacturers would be subject to initial and periodic DEA inspection. If we or our contract manufacturers are not able to obtain or maintain any necessary DEA registrations, we may not be able to commercialize any product candidates that are deemed to be controlled substances or we may need to find alternative contract manufacturers, which would take time and cause us to incur additional costs, delaying or limit our commercialization efforts.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Because of their restrictive nature, these laws and regulations could limit commercialization of our product candidates, should they be deemed to contain controlled substances. Failure to comply with the applicable controlled substance laws and regulations can also result in administrative, civil or criminal enforcement. The DEA may seek civil penalties, refuse to renew necessary registrations, or initiate administrative proceedings to revoke those registrations. In some circumstances, violations could result in criminal proceedings or consent decrees. Individual states also independently regulate controlled substances.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be able to generate any revenue.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We do not currently have an infrastructure for the sale, marketing and distribution of pharmaceutical products, nor do we intend to create such capabilities. Therefore, in order to market our product candidates, if approved by the FDA or any other regulatory body, we must make contractual arrangements with third parties to perform services related to sales, marketing, managerial and other non-technical capabilities relating to the commercialization of our product candidates. If we are unable to establish adequate contractual arrangements for such sales, marketing and distribution capabilities, or if we are unable to do so on commercially reasonable terms, our business, results of operations, financial condition and prospects will be materially adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Even if we receive marketing approval for our product candidates, our product candidates may not achieve broad market acceptance, which would limit the revenue that we generate from their sales.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The commercial success of our product candidates, if approved by the FDA or other applicable regulatory authorities, will depend upon the awareness and acceptance of our product candidates among the medical community, including physicians, patients and healthcare payors. Market acceptance of our product candidates, if approved, will depend on a number of factors, including, among others:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the efficacy and safety of our product candidates as demonstrated in clinical trials, and, if required by any applicable regulatory authority in connection with the approval for the applicable indications, to provide patients with incremental health benefits, as compared with other available therapies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 33 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> limitations or warnings contained in the labeling approved for our product candidates by the FDA or other applicable regulatory authorities;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the clinical indications for which our product candidates are approved;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> availability of alternative treatments already approved or expected to be commercially launched in the near future;</font></div> </div> </div> <div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -48px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the potential and perceived advantages of our product candidates over current treatment options or alternative treatments, including future alternative treatments;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the willingness of the target patient population to try new therapies and of physicians to prescribe these therapies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the strength of marketing and distribution support and timing of market introduction of competitive products;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">publicity concerning our products or competing products and treatments;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">pricing and cost effectiveness;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the effectiveness of our sales and marketing strategies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">our ability to increase awareness of our product candidates through marketing efforts;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our ability to obtain sufficient third-party coverage or reimbursement; or</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);"> </font> </font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the willingness of patients to pay out-of-pocket in the absence of third-party coverage.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If our product candidates are approved but do not achieve an adequate level of acceptance by patients, physicians and payors, we may not generate sufficient revenue from our product candidates to become or remain profitable. Before granting reimbursement approval, healthcare payors may require us to demonstrate that our product candidates, in addition to treating these target indications, also provide incremental health benefits to patients. Our efforts to educate the medical community and third-party payors about the benefits of our product candidates may require significant resources and may never be successful.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our product candidates may cause undesirable safety concerns and side effects that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Undesirable safety concerns and side effects caused by our product candidates could cause us or regulatory authorities to interrupt, delay or halt non-clinical studies and clinical trials and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA or other regulatory authorities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Further, clinical trials by their nature utilize a sample of potential patient populations. With a limited number of patients and limited duration of exposure, rare and severe side effects of our product candidates may only be uncovered with a significantly larger number of patients exposed to the product candidate. If our product candidates receive marketing approval and we or others identify undesirable safety concerns or side effects caused by such product candidates (or any other similar products) after such approval, a number of potentially significant negative consequences could result, including:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">regulatory authorities may withdraw or limit their approval of such product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> regulatory authorities may require the addition of labeling statements, such as a “black box” warning or a contraindication;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we may be required to change the way such product candidates are distributed or administered, conduct additional clinical trials or change the labeling of the product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we may be subject to regulatory investigations and government enforcement actions;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);"> </font>  </font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">we may decide to remove such product candidates from the marketplace;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 34 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we could be sued and held liable for injury caused to individuals exposed to or taking our product candidates; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our reputation may suffer.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We believe that any of these events could prevent us from achieving or maintaining market acceptance of the affected product candidates and would substantially increase the costs of commercializing our product candidates and significantly impact our ability to successfully commercialize our product candidates and generate revenues.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Even if we receive marketing approval for our product candidates, we may still face future development and regulatory difficulties.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Even if we receive marketing approval for our product candidates, regulatory authorities may still impose significant restrictions on our product candidates, indicated uses or marketing or impose ongoing requirements for potentially costly post-approval studies. Our product candidates will also be subject to ongoing regulatory requirements governing the labeling, packaging, storage and promotion of the product and record keeping and submission of safety and other post-market information. The FDA has significant post-marketing authority, including, for example, the authority to require labeling changes based on new safety information and to require post-marketing studies or clinical trials to evaluate serious safety risks related to the use of a drug. The FDA also has the authority to require, as part of an NDA or post-approval, the submission of a REMS. Any REMS required by the FDA may lead to increased costs to assure compliance with new post-approval regulatory requirements and potential requirements or restrictions on the sale of approved products, all of which could lead to lower sales volume and revenue.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Manufacturers of drug products and their facilities are subject to continual review and periodic inspections by the FDA and other regulatory authorities for compliance with cGMPs and other regulations. If we or a regulatory agency discover problems with our product candidates, such as adverse events of unanticipated severity or frequency, or problems with the facility where our product candidates are manufactured, a regulatory agency may impose restrictions on our product candidates, the manufacturer or us, including requiring withdrawal of our product candidates from the market or suspension of manufacturing. If we, our product candidates or the manufacturing facilities for our product candidates fail to comply with applicable regulatory requirements, a regulatory agency may, among other things:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">issue warning letters or untitled letters;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> seek an injunction or impose civil or criminal penalties or monetary fines;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> suspend or withdraw marketing approval;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> suspend any ongoing clinical trials;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> refuse to approve pending applications or supplements to applications submitted by us;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> suspend or impose restrictions on operations, including costly new manufacturing requirements; or</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> seize or detain products, refuse to permit the import or export of products, or require that we initiate a product recall.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Competing therapies could emerge adversely affecting our opportunity to generate revenue from the sale of our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The pharmaceuticals industry is highly competitive. There are many public and private pharmaceutical companies, universities, governmental agencies and other research organizations actively engaged in the research and development of product candidates that may be similar to our product candidates or address similar markets. It is probable that the number of companies seeking to develop product candidates similar to our product candidates will increase.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Currently, management is unaware of any FDA-approved oral adjunctive therapy for MDD patients with an inadequate response to standard antidepressants having the same mechanism of action and safety profile as AV-101. However, new antidepressant products with other mechanisms of action or products approved for other indications, including the anesthetic ketamine hydrochloride, are being or may be used off-label for treatment of MDD, as well as other CNS indications for which AV-101 may have therapeutic potential. Additionally, other non-pharmaceutical treatment options, such psychotherapy and electroconvulsive therapy (</font><font style="font-style: italic; color: #000000">ECT</font><font style="color: #000000">) are sometimes used before or instead of standard antidepressant medications to treat patients with MDD.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 35 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In the field of new generation, orally available, adjunctive treatments of adult MDD patients with an inadequate response to standard antidepressants, we believe our principal competitor is Alkermes’ orally available drug candidate in Phase 3 development, ALKS-5461.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Many of our potential competitors, alone or with their strategic partners, have substantially greater financial, technical and human resources than we do and significantly greater experience in the discovery and development of product candidates, obtaining FDA and other regulatory approvals of treatments and the commercialization of those treatments.  We believe that a range of pharmaceutical and biotechnology companies have programs to develop small molecule drug candidates for the treatment of depression, including MDD, Parkinson’s disease levodopa induced dyskinesia, neuropathic pain, epilepsy, and other neurological conditions and diseases, including, but not limited to, Abbott Laboratories, Acadia, Allergan, Alkermes, Astra Zeneca, Eli Lilly, GlaxoSmithKline, IntraCellular, Johnson & Johnson/Janssen, Lundbeck, Merck, Novartis, Ono, Otsuka, Pfizer, Roche, Sage, Sumitomo Dainippon, and Takeda, as well as any affiliates of the foregoing companies.  Mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even more resources being concentrated among a smaller number of our competitors. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors also may obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may seek to establish collaborations, and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization plans.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our drug development programs and the potential commercialization of our product candidates will require substantial additional cash to fund expenses. For some of our product candidates, we may decide to collaborate with pharmaceutical and biotechnology companies for the development and potential commercialization of those product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We face significant competition in seeking appropriate collaborators. Whether we reach a definitive agreement for collaboration will depend, among other things, upon our assessment of the collaborator’s resources and expertise, the terms and conditions of the proposed collaboration and the proposed collaborator’s evaluation of a number of factors. Those factors may include the design or results of clinical trials, the likelihood of approval by the FDA or similar regulatory authorities outside the United States, the potential markets for the subject product candidate, the costs and complexities of manufacturing and delivering such product candidate to patients, the potential of competing products, the existence of uncertainty with respect to our ownership of technology, which can exist if there is a challenge to such ownership without regard to the merits of the challenge and industry and market conditions generally. The collaborator may also consider alternative product candidates or technologies for similar indications that may be available to collaborate on and whether such collaboration could be more attractive than the one with us for our product candidate. The terms of any collaboration or other arrangements that we may establish may not be favorable to us.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We may also be restricted under existing collaboration agreements from entering into future agreements on certain terms with potential collaborators. Collaborations are complex and time-consuming to negotiate and document. In addition, there have been a significant number of recent business combinations among large pharmaceutical companies that have resulted in a reduced number of potential future collaborators.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We may not be able to negotiate collaborations on a timely basis, on acceptable terms, or at all. If we are unable to do so, we may have to curtail the development of the product candidate for which we are seeking to collaborate, reduce or delay its development program or one or more of our other development programs, delay its potential commercialization or reduce the scope of any sales or marketing activities, or increase our expenditures and undertake development or commercialization activities at our own expense. If we elect to increase our expenditures to fund development or commercialization activities on our own, we may need to obtain additional capital, which may not be available to us on acceptable terms or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates or bring them to market and generate product revenue.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, any future collaboration that we enter into may not be successful. The success of our collaboration arrangements will depend heavily on the efforts and activities of our collaborators. Collaborators generally have significant discretion in determining the efforts and resources that they will apply to these collaborations. Disagreements between parties to a collaboration arrangement regarding clinical development and commercialization matters can lead to delays in the development process or commercializing the applicable product candidate and, in some cases, termination of the collaboration arrangement. These disagreements can be difficult to resolve if neither of the parties has final decision-making authority. Collaborations with pharmaceutical or biotechnology companies and other third parties often are terminated or allowed to expire by the other party. Any such termination or expiration would adversely affect us financially and could harm our business reputation.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 36 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may not be successful in our efforts to identify or discover additional product candidates or we may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The success of our business depends primarily upon our ability to identify, develop and commercialize product candidates with commercial and therapeutic potential. Although AV-101 is in Phase 2 clinical development for treatment of depression, we may fail to pursue additional CNS-related Phase 2 development opportunities for AV-101, or identify additional product candidates for clinical development for a number of reasons. Our research methodology may be unsuccessful in identifying new product candidates or our product candidates may be shown to have harmful side effects or may have other characteristics that may make the products unmarketable or unlikely to receive marketing approval.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Because we currently have limited financial and management resources, we necessarily focus on a limited number of research and development programs and product candidates and are currently focused primarily on development of AV-101, with additional limited focus on NCE drug rescue and RM. As a result, we may forego or delay pursuit of opportunities with other product candidates or for other potential CNS-related indications for AV-101 that later prove to have greater commercial potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial drugs or profitable market opportunities. Our spending on current and future research and development programs and product candidates for specific indications may not yield any commercially viable drugs. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may relinquish valuable rights to that product candidate through future collaboration, licensing or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If any of these events occur, we may be forced to abandon our development efforts for a program or programs, which would have a material adverse effect on our business and could potentially cause us to cease operations. Research and development programs to identify and advance new product candidates require substantial technical, financial and human resources. We may focus our efforts and resources on potential programs or product candidates that ultimately prove to be unsuccessful.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We are subject to healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we do not currently have any products on the market, once we begin commercializing our products, we may be subject to additional healthcare statutory and regulatory requirements and enforcement by the federal government and the states and foreign governments in which we conduct our business. Healthcare providers, physicians and others will play a primary role in the recommendation and prescription of our product candidates, if approved. Our future arrangements with third-party payors will expose us to broadly applicable fraud and abuse and other healthcare laws and regulations that may constrain the business or financial arrangements and relationships through which we market, sell and distribute our product candidates, if we obtain marketing approval. Restrictions under applicable federal and state healthcare laws and regulations include the following:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> The federal anti-kickback statute prohibits, among other things, persons from knowingly and willfully soliciting, offering, receiving or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward either the referral of an individual for, or the purchase, order or recommendation of, any good or service, for which payment may be made under federal healthcare programs such as Medicare and Medicaid.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> The federal False Claims Act imposes criminal and civil penalties, including those from civil whistleblower or qui tam actions, against individuals or entities for knowingly presenting, or causing to be presented, to the federal government, claims for payment that are false or fraudulent or making a false statement to avoid, decrease, or conceal an obligation to pay money to the federal government.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> The federal Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, imposes criminal and civil liability for executing a scheme to defraud any healthcare benefit program and also imposes obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> The federal false statements statute prohibits knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false statement in connection with the delivery of or payment for healthcare benefits, items or services.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> The federal transparency requirements, sometimes referred to as the “Sunshine Act,” under the Patient Protection and Affordable Care Act, require manufacturers of drugs, devices, biologics and medical supplies that are reimbursable under Medicare, Medicaid, or the Children’s Health Insurance Program to report to the Department of Health and Human Services information related to physician payments and other transfers of value and physician ownership and investment interests.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Analogous state laws and regulations, such as state anti-kickback and false claims laws and transparency laws, may apply to sales or marketing arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private insurers, and some state laws require pharmaceutical companies to comply with the pharmaceutical industry’s voluntary compliance guidelines and the relevant compliance.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Guidance promulgated by the federal government in addition to requiring drug manufacturers to report information related to payments to physicians and other healthcare providers or marketing expenditures and drug pricing.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 37 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Ensuring that our future business arrangements with third parties comply with applicable healthcare laws and regulations could be costly. It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations, including anticipated activities to be conducted by our sales team, were found to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil, criminal and administrative penalties, damages, fines and exclusion from government funded healthcare programs, such as Medicare and Medicaid, any of which could substantially disrupt our operations. If any of the physicians or other providers or entities with whom we expect to do business is found not to be in compliance with applicable laws, they may be subject to criminal, civil or administrative sanctions, including exclusions from government funded healthcare programs.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses. If we are found to have improperly promoted off-label uses, we may become subject to significant liability.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The FDA and other regulatory agencies strictly regulate the promotional claims that may be made about prescription products, such as AV-101, if approved. In particular, a product may not be promoted for uses that are not approved by the FDA or such other regulatory agencies as reflected in the product’s approved labeling. For example, if we receive marketing approval for AV-101 as an adjunctive treatment of MDD, physicians may nevertheless prescribe AV-101 to their patients in a manner that is inconsistent with the approved label. If we are found to have promoted such off-label uses, we may become subject to significant liability. The federal government has levied large civil and criminal fines against companies for alleged improper promotion and has enjoined several companies from engaging in off-label promotion. The FDA has also requested that companies enter into consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed. If we cannot successfully manage the promotion of our product candidates, if approved, we could become subject to significant liability, which would materially adversely affect our business and financial condition.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Even if approved, reimbursement policies could limit our ability to sell our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Market acceptance and sales of our product candidates will depend heavily on reimbursement policies and may be affected by healthcare reform measures. Government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which medications they will pay for and establish reimbursement levels for those medications. Cost containment is a primary concern in the U.S. healthcare industry and elsewhere. Government authorities and these third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications. We cannot be sure that reimbursement will be available for our product candidates and, if reimbursement is available, the level of such reimbursement. Reimbursement may impact the demand for, or the price of, our product candidates. If reimbursement is not available or is available only at limited levels, we may not be able to successfully commercialize our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In some foreign countries, particularly in Canada and European countries, the pricing of prescription pharmaceuticals is subject to strict governmental control. In these countries, pricing negotiations with governmental authorities can take six months or longer after the receipt of regulatory approval and product launch. To obtain favorable reimbursement for the indications sought or pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our product candidates with other available therapies. If reimbursement for our product candidates is unavailable in any country in which we seek reimbursement, if it is limited in scope or amount, if it is conditioned upon our completion of additional clinical trials, or if pricing is set at unsatisfactory levels, our operating results could be materially adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may seek FDA Orphan Drug designation for one or more of our product candidates, including AV-101. Even if we have obtained FDA Orphan Drug designation for AV-101 of other product candidates, there may be limits to the regulatory exclusivity afforded by such designation.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We may, in the future, choose to seek FDA Orphan Drug designation for one or more of our product candidates, including AV-101. Even if we obtain Orphan Drug designation from the FDA for AV-101 or any other product candidates, there are limitations to the exclusivity afforded by such designation. In the United States, the company that first obtains FDA approval for a designated orphan drug for the specified rare disease or condition receives orphan drug marketing exclusivity for that drug for a period of seven years. This orphan drug exclusivity prevents the FDA from approving another application, including a full NDA to market the same drug for the same orphan indication, except in very limited circumstances, including when the FDA concludes that the later drug is safer, more effective or makes a major contribution to patient care. For purposes of small molecule drugs, the FDA defines “same drug” as a drug that contains the same active moiety and is intended for the same use as the drug in question. To obtain Orphan Drug status for a drug that shares the same active moiety as an already approved drug, it must be demonstrated to the FDA that the drug is safer or more effective than the approved orphan designated drug, or that it makes a major contribution to patient care. In addition, a designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which it received orphan designation. In addition, orphan drug exclusive marketing rights in the United States may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition or if another drug with the same active moiety is determined to be safer, more effective, or represents a major contribution to patient care.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 38 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our future growth may depend, in part, on our ability to penetrate foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our future profitability may depend, in part, on our ability to commercialize our product candidates in foreign markets for which we may rely on collaboration with third parties. If we commercialize our product candidates in foreign markets, we would be subject to additional risks and uncertainties, including:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our customers’ ability to obtain reimbursement for our product candidates in foreign markets;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our inability to directly control commercial activities because we are relying on third parties;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the burden of complying with complex and changing foreign regulatory, tax, accounting and legal requirements;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> different medical practices and customs in foreign countries affecting acceptance in the marketplace;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> import or export licensing requirements;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> longer accounts receivable collection times;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> longer lead times for shipping;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">language barriers for technical training;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">reduced protection of intellectual property rights in some foreign countries;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font>  </font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">the existence of additional potentially relevant third party intellectual property rights;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">foreign currency exchange rate fluctuations; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the interpretation of contractual provisions governed by foreign laws in the event of a contract dispute.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Foreign sales of our product candidates could also be adversely affected by the imposition of governmental controls, political and economic instability, trade restrictions and changes in tariffs.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We are a development stage biopharmaceutical company with no current revenues or approved products, and limited experience developing new drug, biological and/or regenerative medicine candidates, including conducting clinical trials and other areas required for the successful development and commercialization of therapeutic products, which makes it difficult to assess our future viability.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We are a development stage biopharmaceutical company. Although our lead drug candidate is in Phase 2 development, we currently have no approved products and currently generate no revenues, and we have not yet fully demonstrated an ability to overcome many of the fundamental risks and uncertainties frequently encountered by development stage companies in new and rapidly evolving fields of technology, particularly biotechnology. To execute our business plan successfully, we will need to accomplish the following fundamental objectives, either on our own or with strategic collaborators:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> produce product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> develop and obtain required regulatory approvals for commercialization of product candidates we produce;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">maintain, leverage and expand our intellectual property portfolio;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 39 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> establish and maintain sales, distribution and marketing capabilities, and/or enter into strategic partnering arrangements to access such capabilities;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> gain market acceptance for our products; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> obtain adequate capital resources and manage our spending as costs and expenses increase due to research, production, development, regulatory approval and commercialization of product candidates.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">  </font><font style="font-weight: bold; font-style: italic; color: #000000"> </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our future success is highly dependent upon our ability to successfully develop and commercialize AV-101 and discover, as well as produce, develop and commercialize proprietary drug rescue NCEs using our stem cell technology, and we cannot provide any assurance that we will successfully develop and commercialize AV-101 or drug rescue NCEs, or that, if produced, AV-101 or any drug rescue NCE will be successfully commercialized.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Research programs designed to identify and produce drug rescue NCEs require substantial technical, financial and human resources, whether or not any NCEs are ultimately identified and produced. In particular, our drug rescue programs may initially show promise in identifying potential NCEs, yet fail to yield a lead NCE suitable for preclinical, clinical development or commercialization for many reasons, including the following:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our drug rescue research and development methodology may not be successful in identifying and developing potential drug rescue NCEs;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> competitors may develop alternatives that render our drug rescue NCEs obsolete;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> a drug rescue NCE may, on further study, be shown to have harmful side effects or other characteristics that indicate it is unlikely to be effective or otherwise does not meet applicable regulatory criteria;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> a drug rescue NCE may not be capable of being produced in commercial quantities at an acceptable cost, or at all; or</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> a drug rescue NCE may not be accepted as safe and effective by regulatory authorities, patients, the medical community or third-party payors.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, we do not have a sales or marketing infrastructure, and we, including our executive officers, do not have any significant pharmaceutical sales, marketing or distribution experience. We may seek to collaborate with others to develop and commercialize AV-101, drug rescue NCEs and/or other product candidates if and when they are developed.  If we enter into arrangements with third parties to perform sales, marketing and distribution services for our products, the resulting revenues or the profitability from these revenues to us are likely to be lower than if we had sold, marketed and distributed our products ourselves. In addition, we may not be successful in entering into arrangements with third parties to sell, market and distribute AV-101, any drug rescue NCEs or other product candidates or may be unable to do so on terms that are favorable to us.  We likely will have little control over such third parties, and any of these third parties may fail to devote the necessary resources and attention to sell, market and distribute our products effectively.  If we do not establish sales, marketing and distribution capabilities successfully, in collaboration with third parties, we will not be successful in commercializing our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We have limited operating history with respect to drug development, including our anticipated focus on the identification and assessment of potential drug rescue NCEs and no operating history with respect to the production of drug rescue NCEs, and we may never be able to produce a drug rescue NCE.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If we are unable to develop and commercialize AV-101 or produce suitable drug rescue NCEs, we may not be able to generate sufficient revenues to execute our business plan, which likely would result in significant harm to our financial position and results of operations, which could adversely impact our stock price.  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> There are a number of factors, in addition to the utility of </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D, that may impact our ability to identify and produce, develop or out-license and commercialize drug rescue NCEs, independently or with strategic partners, including:</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our ability to identify potential drug rescue candidates in the public domain, obtain sufficient quantities of them, and assess them using our bioassay systems;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> if we seek to rescue drug rescue candidates that are not available to us in the public domain, the extent to which third parties may be willing to out-license or sell certain drug rescue candidates to us on commercially reasonable terms;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 40 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">our medicinal chemistry collaborator’s ability to design and produce proprietary drug rescue NCEs based on the novel biology and structure-function insight we provide using</font> <font style="font-style: italic; color: rgb(0, 0, 0);">CardioSafe</font> <font style="color: rgb(0, 0, 0);">3D; and</font></font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> financial resources available to us to develop and commercialize lead drug rescue NCEs internally, or, if we out-license them to strategic partners, the resources such partners choose to dedicate to development and commercialization of any drug rescue NCEs they license from us.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Even if we do produce proprietary drug rescue NCEs, we can give no assurance that we will be able to develop and commercialize them as a marketable drug, on our own or in collaboration with others. Before we generate any revenues from AV-101 and/or additional drug rescue NCEs we or our potential collaborators must complete preclinical and clinical developments, submit clinical and manufacturing data to the FDA, qualify a third party contract manufacturer, receive regulatory approval in one or more jurisdictions, satisfy the FDA that our contract manufacturer is capable of manufacturing the product in compliance with cGMP, build a commercial organization, make substantial investments and undertake significant marketing efforts ourselves or in partnership with others. We are not permitted to market or promote any of our product candidates before we receive regulatory approval from the FDA or comparable foreign regulatory authorities, and we may never receive such regulatory approval for any of our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> <font style="font-style: italic; color: #000000">If CardioSafe</font><font style="color: #000000"> 3D </font><font style="font-style: italic; color: #000000">fails to predict accurately and efficiently the cardiac effects, both toxic and nontoxic, of drug rescue candidates and drug rescue NCEs, then our drug rescue programs will be adversely affected.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Our success is partly dependent on our ability to use </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D to identify and predict, accurately and efficiently, the potential toxic and nontoxic cardiac effects of drug rescue candidates</font><font style="font-style: italic; color: #000000"> </font><font style="color: #000000">and drug rescue NCEs. If </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D is not capable of providing physiologically relevant and clinically predictive information regarding human cardiac biology, our drug rescue business will be adversely affected.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> <font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D </font><font style="font-style: italic; color: #000000">may not be meaningfully more predictive of the behavior of human cells than existing methods.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The success of our drug rescue programs is highly dependent upon </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D being more accurate, efficient and clinically predictive than long-established surrogate safety models, including animal cells and live animals, and immortalized, primary and transformed cells, currently used by pharmaceutical companies and others. We cannot give assurance that </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D will be more efficient or accurate at predicting the heart safety of new drug candidates than the testing models currently used. If </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D fails to provide a meaningful difference compared to existing or new models in predicting the behavior of human heart, respectively, their utility for drug rescue will be limited and our drug rescue business will be adversely affected.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may invest in producing drug rescue NCEs for which there proves to be no demand.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> To generate revenue from our drug rescue activities, we must produce proprietary drug rescue NCEs for which there proves to be demand within the healthcare marketplace, and, if we intend to out-license a particular drug rescue NCE for development and commercialization prior to market approval, then also among pharmaceutical companies and other potential collaborators. However, we may produce drug rescue NCEs for which there proves to be no or limited demand in the healthcare market and/or among pharmaceutical companies and others. If we misinterpret market conditions, underestimate development costs and/or seek to rescue the wrong drug rescue candidates, we may fail to generate sufficient revenue or other value, on our own or in collaboration with others, to justify our investments, and our drug rescue business may be adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may experience difficulty in producing human cells and our future stem cell technology research and development efforts may not be successful within the timeline anticipated, if at all.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our human pluripotent stem cell technology is technically complex, and the time and resources necessary to develop various human cell types and customized bioassay systems are difficult to predict in advance. We might decide to devote significant personnel and financial resources to research and development activities designed to expand, in the case of drug rescue, and explore, in the case of drug discovery and regenerative medicine, potential applications of our stem cell technology platform. In particular, we may conduct exploratory non-clinical RM programs involving blood, bone, cartilage, and/or liver cells. Although we and our collaborators have developed proprietary protocols for the production of multiple differentiated cell types, we could encounter difficulties in differentiating and producing sufficient quantities of particular cell types, even when following these proprietary protocols. These difficulties could result in delays in production of certain cells, assessment of certain drug rescue candidates and drug rescue NCEs, design and development of certain human cellular assays and performance of certain exploratory non-clinical regenerative medicine studies. In the past, our stem cell research and development projects have been significantly delayed when we encountered unanticipated difficulties in differentiating human pluripotent stem cells into heart and liver cells. Although we have overcome such difficulties in the past, we may have similar delays in the future, and we may not be able to overcome them or obtain any benefits from our future stem cell technology research and development activities. Any delay or failure by us, for example, to produce functional, mature blood, bone, cartilage, and liver cells could have a substantial and material adverse effect on our potential drug discovery, drug rescue and regenerative medicine business opportunities and results of operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 41 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Restrictions on research and development involving human embryonic stem cells and religious and political pressure regarding such stem cell research and development could impair our ability to conduct or sponsor certain potential collaborative research and development programs and adversely affect our prospects, the market price of our common stock and our business model.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Some of our research and development programs may involve the use of human cells derived from our controlled differentiation of human embryonic stem cells (</font><font style="font-style: italic; color: #000000">hESC</font><font style="color: #000000">s). Some believe the use of hESCs gives rise to ethical and social issues regarding the appropriate use of these cells. Our research related to differentiation of hESCs may become the subject of adverse commentary or publicity, which could significantly harm the market price of our common stock. Although now substantially less than in years past, certain political and religious groups in the United States and elsewhere voice opposition to hESC technology and practices. We may use hESCs derived from excess fertilized eggs that have been created for clinical use in </font><font style="font-style: italic; color: #000000">in vitro</font><font style="color: #000000"> fertilization (</font><font style="font-style: italic; color: #000000">IVF</font><font style="color: #000000">) procedures and have been donated for research purposes with the informed consent of the donors after a successful IVF procedure because they are no longer desired or suitable for IVF. Certain academic research institutions have adopted policies regarding the ethical use of human embryonic tissue. These policies may have the effect of limiting the scope of future collaborative research opportunities with such institutions, thereby potentially impairing our ability to conduct certain research and development in this field that we believe is necessary to expand the drug rescue capabilities of our technology, which would have a material adverse effect on our business.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The use of embryonic or fetal tissue in research (including the derivation of hESCs) in other countries is regulated by the government, and varies widely from country to country. Government-imposed restrictions with respect to use of hESCs in research and development could have a material adverse effect on us by harming our ability to establish critical collaborations, delaying or preventing progress in our research and development, and causing a decrease in the market interest in our stock.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The foregoing potential ethical concerns do not apply to our use of induced pluripotent stem cells </font><font style="font-style: italic; color: #000000">(iPSC</font><font style="color: #000000">s) because their derivation does not involve the use of embryonic tissues.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> We have assumed that the biological capabilities of iPSCs and hESCs are likely to be comparable. If it is discovered that this assumption is incorrect, our exploratory research and development activities focused on potential regenerative medicine applications of our stem cell technology platform could be harmed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We may use both hESCs and iPSCs to produce human cells for our customized </font><font style="font-style: italic; color: #000000">in vitro</font><font style="color: #000000"> assays for drug discovery and drug rescue purposes. However, we anticipate that our future exploratory research and development, if any, focused on potential regenerative medicine applications of our stem cell technology platform primarily will involve iPSCs. With respect to iPSCs, we believe scientists are still somewhat uncertain about the clinical utility, life span, and safety of such cells, and whether such cells differ in any clinically significant ways from hESCs. If we discover that iPSCs will not be useful for whatever reason for potential regenerative medicine programs, this would negatively affect our ability to explore expansion of our platform in that manner, including, in particular, where it would be preferable to use iPSCs to reproduce rather than approximate the effects of certain specific genetic variations.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the handling, use, storage, treatment and disposal of hazardous materials and wastes. Our operations involve the use of hazardous and flammable materials, including chemicals and biological materials. Our operations also produce hazardous waste products. We generally contract with third parties for the disposal of these materials and wastes. We cannot eliminate the risk of contamination or injury from these materials. In the event of contamination or injury resulting from our use of hazardous materials, we could be held liable for any resulting damages, and any liability could exceed our resources. We also could incur significant costs associated with civil or criminal fines and penalties.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we maintain workers' compensation insurance to cover us for costs and expenses we may incur due to injuries to our employees resulting from the use of hazardous materials, this insurance may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental liability or toxic tort claims that may be asserted against us in connection with our storage or disposal of biological, hazardous or radioactive materials.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, we may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations. These current or future laws and regulations may impair our research, development or production efforts. Failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions, which could have a material adverse effect on our operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 42 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> To the extent our research and development activities involve using iPSCs, we will be subject to complex and evolving laws and regulations regarding privacy and informed consent. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our research and development programs and objectives, increased cost of operations or otherwise harm the Company.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> To the extent that we pursue research and development activities involving iPSCs, we will be subject to a variety of laws and regulations in the United States and abroad that involve matters central to such research and development activities, including obligations to seek informed consent from donors for the use of their blood and other tissue to produce, or have produced for us, iPSCs, as well as state and federal laws that protect the privacy of such donors. United States federal and state and foreign laws and regulations are constantly evolving and can be subject to significant change. If we engage in iPSC-related research and development activities in countries other than the United States, we may become subject to foreign laws and regulations relating to human subjects research and other laws and regulations that are often more restrictive than those in the United States. In addition, both the application and interpretation of these laws and regulations are often uncertain, particularly in the rapidly evolving stem cell technology sector in which we operate. These laws and regulations can be costly to comply with and can delay or impede our research and development activities, result in negative publicity, increase our operating costs, require significant management time and attention and subject us to claims or other remedies, including fines or demands that we modify or cease existing business practices.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Legal, social and ethical concerns surrounding the use of iPSCs, biological materials and genetic information could impair our operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> To the extent that our future stem cell research and development activities involve the use of iPSCs and the manipulation of human tissue and genetic information, the information we derive from such iPSC-related research and development activities could be used in a variety of applications, which may have underlying legal, social and ethical concerns, including the genetic engineering or modification of human cells, testing for genetic predisposition for certain medical conditions and stem cell banking. Governmental authorities could, for safety, social or other purposes, call for limits on or impose regulations on the use of iPSCs and genetic testing or the manufacture or use of certain biological materials involved in our iPSC-related research and development programs. Such concerns or governmental restrictions could limit our future research and development activities, which could have a material adverse effect on our business, financial condition and results of operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our human cellular bioassay systems and human cells we derive from human pluripotent stem cells, although not currently subject to regulation by the FDA or other regulatory agencies as biological products or drugs, could become subject to regulation in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The human cells we produce from hPSCs and our customized bioassay systems using such cells, including </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D, are not currently sold, for research purposes or any other purpose, to biotechnology or pharmaceutical companies, government research institutions, academic and nonprofit research institutions, medical research organizations or stem cell banks, and they are not therapeutic procedures. As a result, they are not subject to regulation as biological products or drugs by the FDA or comparable agencies in other countries. However, if, in the future, we seek to include human cells we derive from hPSCs in therapeutic applications or product candidates, such applications and/or product candidates would be subject to the FDA’s pre- and post-market regulations. For example, if we seek to develop and market human cells we produce for use in performing regenerative medicine applications, such as tissue engineering or organ replacement, we would first need to obtain FDA pre-market clearance or approval. Obtaining such clearance or approval from the FDA is expensive, time-consuming and uncertain, generally requiring many years to obtain, and requiring detailed and comprehensive scientific and clinical data. Notwithstanding the time and expense, these efforts may not result in FDA approval or clearance. Even if we were to obtain regulatory approval or clearance, it may not be for the uses that we believe are important or commercially attractive.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Risks Related to Our Financial Position</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We have incurred significant net losses since inception and we will continue to incur substantial operating losses for the foreseeable future. We may never achieve or sustain profitability, which would depress the market price of our common stock, and could cause you to lose all or a part of your investment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have incurred significant net losses in each fiscal year since our inception in 1998, including net losses of $10.3 million and $47.2 million, which includes $26.7 million of non-cash expense related to the extinguishment of essentially all of our outstanding promissory notes and certain other indebtedness, during the fiscal years ended March 31, 2017 and 2016, respectively. We incurred a net loss of approximately $7.3 million in the six months ended September 30, 2017 and, as of that date, we had an accumulated deficit of approximately $149.3 million. We do not know whether or when we will become profitable. Substantially all of our operating losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We expect to incur increasing levels of operating losses over the next several years and for the foreseeable future. Our prior losses, combined with expected future losses, have had and will continue to have an adverse effect on our stockholders’ equity (deficit) and working capital. We expect our research and development expenses to significantly increase in connection with non-clinical studies and clinical trials of our product candidates. In addition, if we obtain marketing approval for our product candidates, we may incur significant sales, marketing and outsourced-manufacturing expenses should we elect not to collaborate with one or more third parties for such services and capabilities. As a public company, we incur additional costs associated with operating as a public company. As a result, we expect to continue to incur significant and increasing operating losses for the foreseeable future. Because of the numerous risks and uncertainties associated with developing pharmaceutical products, we are unable to predict the extent of any future losses or when we will become profitable, if at all. Even if we do become profitable, we may not be able to sustain or increase our profitability on a quarterly or annual basis.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 43 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our ability to become profitable depends upon our ability to generate revenues. To date, we have generated approximately $17.7 million in revenues, including receipt of non-dilutive cash payments from collaborators, sublicense revenue, and research and development grant awards from the NIH, not including the fair market value of the ongoing NIMH AV-101 MDD Phase 2 Monotherapy Study under our NIMH CRADA. We have not yet commercialized any product or generated any revenues from product sales, and we do not know when, or if, we will generate any revenue from product sales. We do not expect to generate significant revenue unless and until we obtain marketing approval of, and begin to experience sales of, AV-101, or we enter into one or more development and commercialization agreements with respect to AV-101 or one or more other product candidates. Our ability to generate revenue depends on a number of factors, including, but not limited to, our ability to:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> initiate and successfully complete non-clinical and clinical trials that meet their prescribed endpoints;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> initiate and successfully complete all safety studies required to obtain U.S. and foreign marketing approval for our product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> commercialize our product candidates, if approved, by developing a sales force or entering into collaborations with third parties; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> achieve market acceptance of our product candidates in the medical community and with third-party payors.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Unless we enter into a development and commercialization collaboration or partnership agreement, we expect to incur significant sales and marketing costs as we prepare to commercialize AV-101 or other product candidates. Even if we initiate and successfully complete pivotal clinical trials of AV-101 or other product candidates, and AV-101 or other product candidates are approved for commercial sale, and despite expending these costs, AV-101 or other product candidates may not be commercially successful. We may not achieve profitability soon after generating product sales, if ever. If we are unable to generate product revenue, we will not become profitable and may be unable to continue operations without continued funding.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We require additional financing to execute our business plan and continue to operate as a going concern.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our audited consolidated financial statements for the year ended March 31, 2017, as well as the unaudited condensed consolidated financial statements for the period ended September 30, 2017 included elsewhere in this Report, have been prepared assuming we will continue to operate as a going concern, although we and our auditors have indicated that our continuing losses and negative cash flows from operations raise substantial doubt about our ability to continue as such. Because we continue to experience net operating losses, our ability to continue as a going concern is subject to our ability to obtain necessary funding from outside sources, including obtaining additional funding from the sale of our securities or obtaining loans and grant awards from financial institutions and/or government agencies where possible. Our continued net operating losses increase the difficulty in completing such sales or securing alternative sources of funding, and there can be no assurances that we will be able to obtain such funding on favorable terms or at all. If we are unable to obtain sufficient financing from the sale of our securities or from alternative sources, we may be required to reduce, defer, or discontinue certain or all of our research and development activities or we may not be able to continue as a going concern.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Since our inception, most of our resources have been dedicated to research and development of AV-101 and the drug rescue capabilities of our stem cell technology platform. In particular, we have expended substantial resources advancing AV-101 through preclinical development and Phase 1 clinical safety studies, and developing </font><font style="font-style: italic; color: #000000">CardioSafe</font><font style="color: #000000"> 3D and our cardiac stem cell technology for drug rescue and potential regenerative medicine applications, and we will continue to expend substantial resources for the foreseeable future developing and commercializing AV-101 for multiple CNS indications, and, potentially, developing drug rescue NCEs and RM therapies, on our own or in collaborations similar to the BlueRock Agreement. These expenditures will include costs associated with general and administrative costs, facilities costs, research and development, acquiring new technologies, manufacturing product candidates, conducting nonclinical experiments and clinical trials and obtaining regulatory approvals, as well as commercializing any products approved for sale.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> At September 30, 2017, our existing cash and cash equivalents were not sufficient to fund our current operations for the next 12 months or to complete our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study. Further, we have no current source of revenue to sustain our present activities, and we do not expect to generate revenue until, and unless, we (i) out-license or sell AV-101, a drug rescue NCE, and/or another drug candidate unrelated to AV-101 to third-parties, (ii) enter into license arrangements involving our stem cell technology, or (iii) obtain approval from the FDA or other regulatory authorities and successfully commercialize, on our own or through a future collaboration, one or more of our compounds.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 44 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As the outcome of our AV-101 and NCE drug rescue activities and future anticipated clinical trials is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of our product candidates, on our own or in collaboration with others. In addition, other unanticipated costs may arise. As a result of these and other factors, we will need to seek additional capital in the near term to meet our future operating requirements, including capital necessary to develop, obtain regulatory approval for, and to commercialize our product candidates, and may seek additional capital in the event there exists favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. We are considering a range of potential sources of funding, including public or private equity or debt financings, government or other third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements or a combination of these approaches, and we may complete additional financing arrangements in 2017 and beyond. Raising funds in the current economic environment may present additional challenges. Even if we believe we have sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific strategic considerations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our future capital requirements depend on many factors, including:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the number and characteristics of the product candidates we pursue, including AV-101 and drug rescue NCEs;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the scope, progress, results and costs of researching and developing our product candidates, and conducting preclinical and clinical studies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the timing of, and the costs involved in, obtaining regulatory approvals for our product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the cost of commercialization activities if any of our product candidates are approved for sale, including marketing, sales and distribution costs;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the cost of manufacturing our product candidates and any products we successfully commercialize;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our ability to establish and maintain strategic partnerships, licensing or other arrangements and the financial terms of such agreements;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">● </font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> market acceptance of our products;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">● </font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the effect of competing technological and market developments;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our ability to obtain government funding for our programs;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the costs involved in obtaining and enforcing patents to preserve our intellectual property;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the costs involved in defending against such claims that we infringe third-party patents or violate other intellectual property rights and the outcome of such litigation;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the timing, receipt and amount of potential future licensee fees, milestone payments, and sales of, or royalties on, our future products, if any; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the extent to which we acquire or invest in businesses, products and technologies, although we currently have no commitments or agreements relating to any of these types of transactions.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Any additional fundraising efforts will divert certain members of our management team from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. In addition, we cannot guarantee that future financing will be available in sufficient amounts, in a timely manner, or on terms acceptable to us, if at all, and the terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. The sale of additional equity securities and the conversion or exchange of certain of our outstanding securities will dilute all of our stockholders. The incurrence of debt could result in increased fixed payment obligations and we could be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and we may be required to relinquish rights to some of our technologies or product candidate or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our business, operating results and prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 45 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If we are unable to obtain additional funding on a timely basis and on acceptable terms, we may be required to significantly curtail, delay or discontinue one or more of our research or product development programs or the commercialization of any product candidate or be unable to continue or expand our operations or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> <font style="font-style: italic; color: #000000">We have identified material weaknesses in our internal control over financial reporting, and our business and stock price may be adversely affected if we do not adequately address those weaknesses or if we have other material weaknesses or significant deficiencies in our internal control over financial reporting</font><font style="color: #000000">.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px"> We have identified material weaknesses in our internal control over financial reporting. In particular, we concluded that (i) the size and capabilities of the Company’s staff does not permit appropriate segregation of duties to prevent one individual from overriding the internal control system by initiating, authorizing and completing all transactions, and (ii) the Company utilizes accounting software that does not prevent erroneous or unauthorized changes to previous reporting periods and/or can be adjusted so as to not provide an adequate auditing trail of entries made in the accounting software.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF"> T</font><font style="color: #000000">he existence of one or more material weaknesses or significant deficiencies could result in errors in our financial statements, and substantial costs and resources may be required to rectify any internal control deficiencies. If we cannot produce reliable financial reports, investors could lose confidence in our reported financial information, we may be unable to obtain additional financing to operate and expand our business and our business and financial condition could be harmed.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> Raising additional capital will cause substantial dilution to our existing stockholders, may restrict our operations or require us to relinquish rights, and may require us to seek stockholder approval to authorize additional shares of our common stock.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We intend to pursue private and public equity offerings, debt financings, strategic collaborations and licensing arrangements during 2017 and beyond. To the extent that we raise additional capital through the sale of common stock or securities convertible or exchangeable into common stock, or to the extent, for strategic purposes, we convert or exchange certain of our outstanding securities into common stock, our current stockholders’ ownership interest in our company will be substantially diluted. In addition, the terms of any such securities may include liquidation or other preferences that materially adversely affect rights of our stockholders. Debt financing, if available, would increase our fixed payment obligations and may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration, strategic partnerships and licensing arrangements with third parties, we may have to relinquish valuable rights to our product candidates, our intellectual property, future revenue streams or grant licenses on terms that are not favorable to us.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Some of our programs have been partially supported by government grant awards, which may not be available to us in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Since inception, we have received substantial funds under grant award programs funded by state and federal governmental agencies, such as the NIH, the NIH’s National Institute of Neurological Disease and Stroke (</font><font style="font-style: italic; color: #000000">NINDS</font><font style="color: #000000">) and the NIMH, and the California Institute for Regenerative Medicine (</font><font style="font-style: italic; color: #000000">CIRM</font><font style="color: #000000">). To fund a portion of our future research and development programs, we may apply for additional grant funding from such or similar governmental organizations.  However, funding by these governmental organizations may be significantly reduced or eliminated in the future for a number of reasons. For example, some programs are subject to a yearly appropriations process in Congress. In addition, we may not receive funds under future grants because of budgeting constraints of the agency administering the program. Therefore, we cannot assure you that we will receive any future grant funding from any government organization or otherwise.  A restriction on the government funding available to us could reduce the resources that we would be able to devote to future research and development efforts. Such a reduction could delay the introduction of new products and hurt our competitive position.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> As of March 31, 2017, we had federal and state net operating loss carryforwards of $77.1 million and $67.6 million, respectively, which begin to expire in fiscal 2018.  Under Section 382 of the Internal Revenue Code of 1986, as amended (the </font><font style="font-style: italic; color: #000000">Code</font><font style="color: #000000">) changes in our ownership may limit the amount of our net operating loss carryforwards that could be utilized annually to offset our future taxable income, if any. This limitation would generally apply in the event of a cumulative change in ownership of our company of more than 50% within a three-year period. Any such limitation may significantly reduce our ability to utilize our net operating loss carryforwards and tax credit carryforwards before they expire. Any such limitation, whether as the result of future offerings, prior private placements, sales of our common stock by our existing stockholders or additional sales of our common stock by us in the future, could have a material adverse effect on our results of operations in future years. We have not completed a study to assess whether an ownership change for purposes of Section 382 has occurred, or whether there have been multiple ownership changes since our inception, due to the significant costs and complexities associated with such study.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 46 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> General Company-Related Risks</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If we fail to attract and retain senior management and key scientific personnel, we may be unable to successfully produce, develop and commercialize AV-101, drug rescue NCEs, other potential product candidates and other commercial applications of our stem cell technology.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our success depends in part on our continued ability to attract, retain and motivate highly qualified management and scientific and technical personnel. We are highly dependent upon our Chief Executive Officer, President and Chief Scientific Officer, Chief Medical Officer and Chief Financial Officer, as well as other employees, consultants and scientific collaborators. As of the date of this Report, we have nine full-time employees, which may make us more reliant on our individual employees than companies with a greater number of employees. The loss of services of any of these individuals could delay or prevent the successful development of AV-101, drug rescue NCEs, other product candidates, and other applications of our stem cell technology, including our production and assessment of potential drug recuse NCEs or disrupt our administrative functions.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we have not historically experienced unique difficulties attracting and retaining qualified employees, we could experience such problems in the future. For example, competition for qualified personnel in the biotechnology and pharmaceuticals field is intense. We will need to hire additional personnel as we expand our research and development and administrative activities. We may not be able to attract and retain quality personnel on acceptable terms.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, we rely on a diverse range of strategic consultants and advisors, including manufacturing, scientific and clinical development, and regulatory advisors, to assist us in designing and implementing our research and development and regulatory strategies and plans, including our AV-101 development and drug rescue strategies and plans. Our consultants and advisors may be employed by employers other than us and may have commitments under consulting or advisory contracts with other entities that may limit their availability to us.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As we seek to advance development of AV-101 for MDD and other CNS-related conditions, as well as stem cell technology-related drug rescue and RM programs, we will need to expand our research and development capabilities and/or contract with third parties to provide these capabilities for us. As our operations expand, we expect that we will need to manage additional relationships with various strategic partners and other third parties. Future growth will impose significant added responsibilities on members of management. Our future financial performance and our ability to develop and commercialize our product candidates and to compete effectively will depend, in part, on our ability to manage any future growth effectively. To that end, we must be able to manage our research and development efforts effectively and hire, train and integrate additional management, administrative and technical personnel. The hiring, training and integration of new employees may be more difficult, costly and/or time-consuming for us because we have fewer resources than a larger organization. We may not be able to accomplish these tasks, and our failure to accomplish any of them could prevent us from successfully growing the company.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If we develop AV-101, drug rescue NCEs, other product candidates, or regenerative medicine product candidates, either on our own or in collaboration with others, we will face inherent risks of product liability as a result of the required clinical testing of such product candidates, and will face an even greater risk if we or our collaborators commercialize any such product candidates. For example, we may be sued if AV-101, any drug rescue NCE, other product candidate, or regenerative medicine product candidate we develop allegedly causes injury or is found to be otherwise unsuitable during product testing, manufacturing, marketing or sale. Any such product liability claims may include allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in the product, negligence, strict liability, and a breach of warranties. Claims could also be asserted under state consumer protection acts. If we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit commercialization of our product candidates. Even successful defense would require significant financial and management resources. Regardless of the merits or eventual outcome, liability claims may result in:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">● </font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> decreased demand for products that we may develop;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font> </font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> injury to our reputation;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> withdrawal of clinical trial participants;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> costs to defend the related litigation;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> a diversion of management's time and our resources;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 47 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> substantial monetary awards to trial participants or patients;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> product recalls, withdrawals or labeling, marketing or promotional restrictions;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our inability to obtain and retain sufficient product liability insurance at an acceptable cost to protect against potential product liability claims could prevent or inhibit the commercialization of products we develop. Although we maintain liability insurance, any claim that may be brought against us could result in a court judgment or settlement in an amount that is not covered, in whole or in part, by our insurance or that is in excess of the limits of our insurance coverage. Our insurance policies also have various exclusions, and we may be subject to a product liability claim for which we have no coverage. We will have to pay any amounts awarded by a court or negotiated in a settlement that exceed our coverage limitations or that are not covered by our insurance, and we may not have, or be able to obtain, sufficient capital to pay such amounts.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> As a public company, we incur significant administrative workload and expenses to comply with U.S. regulations and requirements imposed by The NASDAQ Stock Market concerning corporate governance and public disclosure.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As a public company with common stock listed on The NASDAQ Capital Market, we must comply with various laws, regulations and requirements, including certain provisions of the Sarbanes-Oxley Act of 2002, as well as rules implemented by the SEC and The NASDAQ Stock Market. Complying with these statutes, regulations and requirements, including our public company reporting requirements, continues to occupy a significant amount of the time of management and involves significant accounting, legal and other expenses. Furthermore, these laws, regulations and requirements require us to observe greater corporate governance practices than we have employed in the past, including, but not limited to maintaining a sufficient number of independent directors, increased frequency of board meetings, and holding annual stockholder meetings. Our efforts to comply with these regulations are likely to result in increased general and administrative expenses and management time and attention directed to compliance activities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Unfavorable global economic or political conditions could adversely affect our business, financial condition or results of operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our results of operations could be adversely affected by global political conditions, as well as general conditions in the global economy and in the global financial and stock markets. Global financial and political crises cause extreme volatility and disruptions in the capital and credit markets. A severe or prolonged economic downturn, such as the recent global financial crisis, could result in a variety of risks to our business, including, weakened demand for our product candidates and our ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy could also strain our suppliers, possibly resulting in supply disruption, or cause our customers to delay making payments for our services. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We or the third parties upon whom we depend may be adversely affected by natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Natural disasters could severely disrupt our operations, and have a material adverse effect on our business, results of operations, financial condition and prospects. If a natural disaster, power outage or other event occurred that prevented us from using all or a significant portion of our headquarters, that damaged critical infrastructure, such as the manufacturing facilities of our third-party CMOs, or that otherwise disrupted operations, it may be difficult or, in certain cases, impossible for us to continue our business for a substantial period of time. The disaster recovery and business continuity plans we have in place may prove inadequate in the event of a serious disaster or similar event. We may incur substantial expenses as a result of the limited nature of our disaster recovery and business continuity plans, which could have a material adverse effect on our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our internal computer systems, or those of our third-party CROs or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product candidates’ development programs.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Despite the implementation of security measures, our internal computer systems and those of our third-party CROs and other contractors and consultants are vulnerable to damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. While we have not experienced any such system failure, accident, or security breach to date, if such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our programs. For example, the loss of clinical trial data for AV-101 or other product candidates could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure of confidential or proprietary information, we could incur liabilities and the further development of our product candidates could be delayed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 48 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may acquire businesses or products, or form strategic alliances, in the future, and we may not realize the benefits of such acquisitions.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We may acquire additional businesses or products, form strategic alliances or create joint ventures with third parties that we believe will complement or augment our existing business. If we acquire businesses with promising markets or technologies, we may not be able to realize the benefit of acquiring such businesses if we are unable to successfully integrate them with our existing operations and company culture. We may encounter numerous difficulties in developing, manufacturing and marketing any new products resulting from a strategic alliance or acquisition that delay or prevent us from realizing their expected benefits or enhancing our business. We cannot assure you that, following any such acquisition, we will achieve the expected synergies to justify the transaction.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Risks Related to Our Intellectual Property Rights</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If we are unable to adequately protect our proprietary technology, or obtain and maintain issued patents that are sufficient to protect our product candidates, others could compete against us more directly, which would have a material adverse impact on our business, results of operations, financial condition and prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We strive to protect and enhance the proprietary technologies that we believe are important to our business, including seeking patents intended to cover our products and compositions, their methods of use and any other inventions we consider are important to the development of our business. We also rely on trade secrets to protect aspects of our business that are not amenable to, or that we do not consider appropriate for, patent protection.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our success will depend significantly on our ability to obtain and maintain patent and other proprietary protection for commercially important technology, inventions and know-how related to our business, to defend and enforce our patents, should they issue, to preserve the confidentiality of our trade secrets and to operate without infringing the valid and enforceable patents and proprietary rights of third parties. We also rely on know-how, continuing technological innovation and in-licensing opportunities to develop, strengthen and maintain the proprietary position of our product candidates. We own patent applications related to AV-101 and we own and have licensed patents and patent applications related to human pluripotent stem cell technology.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we have an issued patent relating to AV-101 in the European Union, we cannot yet provide any assurances that any of our numerous pending U.S. and additional foreign patent applications relating to AV-101 will mature into issued patents and, if they do, that such patents will include claims with a scope sufficient to protect AV-101 or otherwise provide any competitive advantage. Moreover, other parties may have developed technologies that may be related or competitive to our approach, and may have filed or may file patent applications and may have received or may receive patents that may overlap or conflict with our patent applications, either by claiming the same methods or formulations or by claiming subject matter that could dominate our patent position. Such third-party patent positions may limit or even eliminate our ability to obtain patent protection.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The patent positions of biotechnology and pharmaceutical companies, including our patent position, involve complex legal and factual questions, and, therefore, the issuance, scope, validity and enforceability of any additional patent claims that we may obtain cannot be predicted with certainty. Patents, if issued, may be challenged, deemed unenforceable, invalidated, or circumvented. U.S. patents and patent applications may also be subject to interference proceedings, </font><font style="font-style: italic; color: #000000">ex parte</font><font style="color: #000000"> reexamination, or </font><font style="font-style: italic; color: #000000">inter partes</font><font style="color: #000000"> review proceedings, supplemental examination and challenges in district court. Patents may be subjected to opposition, post-grant review, or comparable proceedings lodged in various foreign, both national and regional, patent offices. These proceedings could result in either loss of the patent or denial of the patent application or loss or reduction in the scope of one or more of the claims of the patent or patent application. In addition, such proceedings may be costly. Thus, any patents that we may own or exclusively license may not provide any protection against competitors. Furthermore, an adverse decision in an interference proceeding can result in a third party receiving the patent right sought by us, which in turn could affect our ability to develop, market or otherwise commercialize our product candidates.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Furthermore, though a patent is presumed valid and enforceable, its issuance is not conclusive as to its validity or its enforceability and it may not provide us with adequate proprietary protection or competitive advantages against competitors with similar products. Even if a patent issues and is held to be valid and enforceable, competitors may be able to design around our patents, such as using pre-existing or newly developed technology. Other parties may develop and obtain patent protection for more effective technologies, designs or methods. We may not be able to prevent the unauthorized disclosure or use of our technical knowledge or trade secrets by consultants, vendors, former employees and current employees. The laws of some foreign countries do not protect our proprietary rights to the same extent as the laws of the United States, and we may encounter significant problems in protecting our proprietary rights in these countries. If these developments were to occur, they could have a material adverse effect on our sales.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our ability to enforce our patent rights depends on our ability to detect infringement. It is difficult to detect infringers who do not advertise the components that are used in their products. Moreover, it may be difficult or impossible to obtain evidence of infringement in a competitor’s or potential competitor’s product. Any litigation to enforce or defend our patent rights, even if we were to prevail, could be costly and time-consuming and would divert the attention of our management and key personnel from our business operations. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded if we were to prevail may not be commercially meaningful.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 49 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, proceedings to enforce or defend our patents could put our patents at risk of being invalidated, held unenforceable, or interpreted narrowly. Such proceedings could also provoke third parties to assert claims against us, including that some or all of the claims in one or more of our patents are invalid or otherwise unenforceable. If any patents covering our product candidates are invalidated or found unenforceable, our financial position and results of operations would be materially and adversely impacted. In addition, if a court found that valid, enforceable patents held by third parties covered our product candidates, our financial position and results of operations would also be materially and adversely impacted.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The degree of future protection for our proprietary rights is uncertain, and we cannot ensure that:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> any of our AV-101 or other pending patent applications, if issued, will include claims having a scope sufficient to protect AV-101 or any other products or product candidates, particularly considering that the compound patent to AV-101 has expired;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> any of our pending patent applications will issue as patents at all;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we will be able to successfully commercialize our product candidates, if approved, before our relevant patents expire;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we were the first to make the inventions covered by each of our patents and pending patent applications;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we were the first to file patent applications for these inventions;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">others will not develop similar or alternative technologies that do not infringe our patents;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> others will not use pre-existing technology to effectively compete against us;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> any of our patents, if issued, will be found to ultimately be valid and enforceable;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> any patents issued to us will provide a basis for an exclusive market for our commercially viable products, will provide us with any competitive advantages or will not be challenged by third parties;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we will develop additional proprietary technologies or product candidates that are separately patentable; or</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> that our commercial activities or products will not infringe upon the patents or proprietary rights of others.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We also rely upon unpatented trade secrets, unpatented know-how and continuing technological innovation to develop and maintain our competitive position, which we seek to protect, in part, by confidentiality agreements with our employees and our collaborators and consultants. It is possible that technology relevant to our business will be independently developed by a person that is not a party to such an agreement.  Furthermore, if the employees and consultants who are parties to these agreements breach or violate the terms of these agreements, we may not have adequate remedies for any such breach or violation, and we could lose our trade secrets through such breaches or violations. Further, our trade secrets could otherwise become known or be independently discovered by our competitors.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from commercializing or increase the costs of commercializing our product candidates, if approved.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our success will depend in part on our ability to operate without infringing the intellectual property and proprietary rights of third parties. We cannot assure you that our business, products and methods do not or will not infringe the patents or other intellectual property rights of third parties.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 50 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The pharmaceutical industry is characterized by extensive litigation regarding patents and other intellectual property rights. Other parties may allege that our product candidates or the use of our technologies infringes patent claims or other intellectual property rights held by them or that we are employing their proprietary technology without authorization. As we continue to develop and, if approved, commercialize our current product candidates and future product candidates, competitors may claim that our technology infringes their intellectual property rights as part of business strategies designed to impede our successful commercialization. There may be third-party patents or patent applications with claims to materials, formulations, methods of manufacture or methods for treatment related to the use or manufacture of our product candidates. Because patent applications can take many years to issue, third parties may have currently pending patent applications that may later result in issued patents that our product candidates may infringe, or which such third parties claim are infringed by our technologies. The outcome of intellectual property litigation is subject to uncertainties that cannot be adequately quantified in advance. The coverage of patents is subject to interpretation by the courts, and the interpretation is not always uniform. If we are sued for patent infringement, we would need to demonstrate that our product candidates, products or methods either do not infringe the patent claims of the relevant patent or that the patent claims are invalid, and we may not be able to do this. Even if we are successful in these proceedings, we may incur substantial costs and the time and attention of our management and scientific personnel could be diverted in pursuing these proceedings, which could have a material adverse effect on us. In addition, we may not have sufficient resources to bring these actions to a successful conclusion.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Patent and other types of intellectual property litigation can involve complex factual and legal questions, and their outcome is uncertain. Any claim relating to intellectual property infringement that is successfully asserted against us may require us to pay substantial damages, including treble damages and attorney’s fees if we are found to be willfully infringing another party’s patents, for past use of the asserted intellectual property and royalties and other consideration going forward if we are forced to take a license. In addition, if any such claim was successfully asserted against us and we could not obtain such a license, we may be forced to stop or delay developing, manufacturing, selling or otherwise commercializing our product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Even if we are successful in these proceedings, we may incur substantial costs and divert management time and attention in pursuing these proceedings, which could have a material adverse effect on us. If we are unable to avoid infringing the patent rights of others, we may be required to seek a license, defend an infringement action or challenge the validity of the patents in court, or redesign our products. Patent litigation is costly and time-consuming. We may not have sufficient resources to bring these actions to a successful conclusion. In addition, intellectual property litigation or claims could force us to do one or more of the following:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> cease developing, selling or otherwise commercializing our product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> pay substantial damages for past use of the asserted intellectual property;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> obtain a license from the holder of the asserted intellectual property, which license may not be available on reasonable terms, if at all; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> in the case of trademark claims, redesign, or rename, some or all of our product candidates to avoid infringing the intellectual property rights of third parties, which may not be possible and, even if possible, could be costly and time-consuming.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Any of these risks coming to fruition could have a material adverse effect on our business, results of operations, financial condition and prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We enter into confidentiality and intellectual property assignment agreements with our employees, consultants, outside scientific collaborators, sponsored researchers and other advisors. These agreements generally provide that inventions conceived by the party in the course of rendering services to us will be our exclusive property. However, these agreements may not be honored and may not effectively assign intellectual property rights to us. For example, even if we have a consulting agreement in place with an academic advisor pursuant to which such academic advisor is required to assign any inventions developed in connection with providing services to us, such academic advisor may not have the right to assign such inventions to us, as it may conflict with his or her obligations to assign all such intellectual property to his or her employing institution.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Litigation may be necessary to defend against these and other claims challenging inventorship or ownership. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> The U.S. Patent and Trademark Office (</font><font style="font-style: italic; color: #000000">USPTO</font><font style="color: #000000">), European Patent Office (</font><font style="font-style: italic; color: #000000">EPO</font><font style="color: #000000">) and various other foreign governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other provisions during the patent process. There are situations in which noncompliance can result in abandonment or lapse of a patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. In such an event, competitors might be able to enter the market earlier than would otherwise have been the case.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px"> <font style="color: #000000">Third parties may initiate legal proceedings against us alleging that we infringe their intellectual property rights or we may initiate legal proceedings against third parties to challenge the validity or scope of intellectual property rights controlled by third parties, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.</font> <font style="color: #000000; font-family: Times New Roman">Any lawsuit we are engaged in to protect or enforce our patents or the patents of our licensors could be expensive, time-consuming and unsuccessful.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Even if the patent applications we own or license are issued, competitors may infringe these patents. To counter infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time-consuming. In addition, in an infringement proceeding, a court may decide that a patent of ours or our licensors is not valid, is unenforceable and/or is not infringed, or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology in question. An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being invalidated or interpreted narrowly and could put our patent applications at risk of not issuing.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 51 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <font style="font-family: Times New Roman; font-size: 13px"></font> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Further, third parties may initiate legal proceedings against us or our licensors or collaborators alleging that we or our licensors or collaborators infringe their intellectual property rights or we or our licensors or collaborators may initiate legal proceedings against third parties to challenge the validity or scope of intellectual property rights controlled by third parties, including in oppositions, interferences, reexaminations, inter partes reviews or derivation proceedings before the United States or other jurisdictions. These proceedings can be expensive and time-consuming and many of our or our licensors’ or collaborators’ adversaries in these proceedings may have the ability to dedicate substantially greater resources to prosecuting these legal actions than we or our licensors or collaborators can.</font> <font style="color: #000000; font-family: Times New Roman">Our defense of litigation or interference proceedings may fail and, even if successful, may result in substantial costs and distract our management and other employees. We may not be able to prevent, alone or with our licensors, misappropriation of our intellectual property rights, particularly in countries where the laws may not protect those rights as fully as in the United States or European Union.</font></font> </font><br></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> An unfavorable outcome could require us or our licensors or collaborators to cease using the related technology or developing or commercializing our product candidates, or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does not offer us or our licensors or collaborators a license on commercially reasonable terms or at all. Even if we or our licensors or collaborators obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed to us or our licensors or collaborators. In addition, we could be found liable for monetary damages, including treble damages and attorneys’ fees, if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our product candidates or force us to cease some of our business operations, which could materially harm our business.</font><br></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of our common stock.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Issued patents covering our product candidates could be found invalid or unenforceable if challenged in court.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If we or one of our licensing partners initiated legal proceedings against a third party to enforce a patent, if and when issued, covering one of our product candidates, the defendant could counterclaim that the patent covering our product candidate is invalid and/or unenforceable. In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds for a validity challenge include alleged failures to meet any of several statutory requirements, including lack of novelty, obviousness or non-enablement. Grounds for unenforceability assertions include allegations that someone connected with prosecution of the patent withheld relevant information from the USPTO or EPO, or made a misleading statement, during prosecution. Third parties may also raise similar claims before administrative bodies in the United States or abroad, even outside the context of litigation. Such mechanisms include re-examination, post grant review and equivalent proceedings in foreign jurisdictions, e.g., opposition proceedings. Such proceedings could result in revocation or amendment of our patents in such a way that they no longer cover our product candidates or competitive products. The outcome following legal assertions of invalidity and unenforceability is unpredictable. With respect to validity, for example, we cannot be certain that there is no invalidating prior art, of which we and the patent examiner were unaware during prosecution. If a defendant were to prevail on a legal assertion of invalidity and/or unenforceability, we would lose at least part, and perhaps all, of the patent protection on our product candidates. Such a loss of patent protection would have a material adverse impact on our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We will not seek to protect our intellectual property rights in all jurisdictions throughout the world and we may not be able to adequately enforce our intellectual property rights even in the jurisdictions where we seek protection.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Filing, prosecuting and defending patents on product candidates in all countries and jurisdictions throughout the world is prohibitively expensive, and our intellectual property rights in some countries outside the United States could be less extensive than those in the United States, assuming that rights are obtained in the United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws in the United States. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. The statutory deadlines for pursuing patent protection in individual foreign jurisdictions are based on the priority date of each of our patent applications. For the patent applications relating to AV-101, as well as for many of the patent families that we own or license, the relevant statutory deadlines have not yet expired. Thus, for each of the patent families that we believe provide coverage for our lead product candidates or technologies, we will need to decide whether and where to pursue protection outside the United States.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Competitors may use our technologies in jurisdictions where we do not pursue and obtain patent protection to develop their own products and further, may export otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United States. These products may compete with our products and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing. Even if we pursue and obtain issued patents in particular jurisdictions, our patent claims or other intellectual property rights may not be effective or sufficient to prevent third parties from so competing.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 52 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The laws of some foreign countries do not protect intellectual property rights to the same extent as the laws of the United States. Many companies have encountered significant problems in protecting and defending intellectual property rights in certain foreign jurisdictions. The legal systems of some countries, particularly developing countries, do not favor the enforcement of patents and other intellectual property protection, especially those relating to biotechnology. This could make it difficult for us to stop the infringement of our patents, if obtained, or the misappropriation of our other intellectual property rights. For example, many foreign countries have compulsory licensing laws under which a patent owner must grant licenses to third parties. In addition, many countries limit the enforceability of patents against third parties, including government agencies or government contractors. In these countries, patents may provide limited or no benefit. Patent protection must ultimately be sought on a country-by-country basis, which is an expensive and time-consuming process with uncertain outcomes. Accordingly, we may choose not to seek patent protection in certain countries, and we will not have the benefit of patent protection in such countries.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> An unfavorable outcome could require us or our licensors or collaborators to cease using the related technology or developing or commercializing our product candidates, or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does not offer us or our licensors or collaborators a license on commercially reasonable terms or at all. Even if we or our licensors or collaborators obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed to us or our licensors or collaborators. In addition, we could be found liable for monetary damages, including treble damages and attorneys’ fees, if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our product candidates or force us to cease some of our business operations, which could materially harm our business.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of our common stock.</font></font></div>   <font> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Furthermore, proceedings to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly, could put our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We are dependent, in part, on licensed intellectual property. If we were to lose our rights to licensed intellectual property, we may not be able to continue developing or commercializing our product candidates, if approved. If we breach any of the agreements under which we license the use, development and commercialization rights to our product candidates or technology from third parties or, in certain cases, we fail to meet certain development or payment deadlines, we could lose license rights that are important to our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> We are a party to a number of license agreements under which we are granted rights to intellectual property that are or could become important to our business, and we expect that we may need to enter into additional license agreements in the future. Our existing license agreements impose, and we expect that future license agreements will impose on us, various development, regulatory and/or commercial diligence obligations, payment of fees, milestones and/or royalties and other obligations. If we fail to comply with our obligations under these agreements, or we are subject to a bankruptcy, the licensor may have the right to terminate the license, in which event we would not be able to develop or market products, which could be covered by the license. Our business could suffer, for example, if any current or future licenses terminate, if the licensors fail to abide by the terms of the license, if the licensed patents or other rights are found to be invalid or unenforceable, or if we are unable to enter into necessary licenses on acceptable terms. See “</font><font style="font-style: italic; color: #000000">Business —Intellectual Property</font><font style="color: #000000">” herein for a description of our license agreements, which includes a description of the termination provisions of these agreements.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As we have done previously, we may need to obtain licenses from third parties to advance our research or allow commercialization of our product candidates, and we cannot provide any assurances that third-party patents do not exist that might be enforced against our current product candidates or future products in the absence of such a license. We may fail to obtain any of these licenses on commercially reasonable terms, if at all. Even if we are able to obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. In that event, we may be required to expend significant time and resources to develop or license replacement technology. If we are unable to do so, we may be unable to develop or commercialize the affected product candidates, which could materially harm our business and the third parties owning such intellectual property rights could seek either an injunction prohibiting our sales, or, with respect to our sales, an obligation on our part to pay royalties and/or other forms of compensation.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Licensing of intellectual property is of critical importance to our business and involves complex legal, business and scientific issues. Disputes may arise between us and our licensors regarding intellectual property subject to a license agreement, including:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the scope of rights granted under the license agreement and other interpretation-related issues;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> whether and the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our right to sublicense patent and other rights to third parties under collaborative development relationships;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our diligence obligations with respect to the use of the licensed technology in relation to our development and commercialization of our product candidates, and what activities satisfy those diligence obligations; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us and our partners.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">   </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 53 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If disputes over intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have entered into several licenses to support our various stem cell technology-related programs. We may enter into additional license(s) to third-party intellectual property that are necessary or useful to our business. Our current licenses and any future licenses that we may enter into impose various royalty payments, milestone, and other obligations on us. For example, the licensor may retain control over patent prosecution and maintenance under a license agreement, in which case, we may not be able to adequately influence patent prosecution or prevent inadvertent lapses of coverage due to failure to pay maintenance fees. If we fail to comply with any of our obligations under a current or future license agreement, our licensor(s) may allege that we have breached our license agreement and may accordingly seek to terminate our license with them. In addition, future licensor(s) may decide to terminate our license at will. Termination of any of our current or future licenses could result in our loss of the right to use the licensed intellectual property, which could materially adversely affect our ability to develop and commercialize a product candidate or product, if approved, as well as harm our competitive business position and our business prospects.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, if our licensors fail to abide by the terms of the license, if the licensors fail to prevent infringement by third parties, if the licensed patents or other rights are found to be invalid or unenforceable, or if we are unable to enter into necessary licenses on acceptable terms our business could suffer.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Some intellectual property which we have licensed may have been discovered through government funded programs and thus may be subject to federal regulations such as “march-in” rights, certain reporting requirements, and a preference for U.S. industry. Compliance with such regulations may limit our exclusive rights, subject us to expenditure of resources with respect to reporting requirements, and limit our ability to contract with non-U.S. manufacturers.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Some of the intellectual property rights we have licensed or license in the future may have been generated through the use of U.S. government funding and may therefore be subject to certain federal regulations. As a result, the U.S. government may have certain rights to intellectual property embodied in our current or future product candidates pursuant to the Bayh-Dole Act of 1980 (</font><font style="font-style: italic; color: #000000">Bayh-Dole Act</font><font style="color: #000000">). These U.S. government rights in certain inventions developed under a government-funded program include a non-exclusive, non-transferable, irrevocable worldwide license to use inventions for any governmental purpose. In addition, the U.S. government has the right to require us to grant exclusive, partially exclusive, or non-exclusive licenses to any of these inventions to a third party if it determines that: (i) adequate steps have not been taken to commercialize the invention; (ii) government action is necessary to meet public health or safety needs; or (iii) government action is necessary to meet requirements for public use under federal regulations (also referred to as “march-in rights”). The U.S. government also has the right to take title to these inventions if we fail, or the applicable licensor fails, to disclose the invention to the government and fail to file an application to register the intellectual property within specified time limits. In addition, the U.S. government may acquire title to these inventions in any country in which a patent application is not filed within specified time limits. Intellectual property generated under a government funded program is also subject to certain reporting requirements, compliance with which may require us, or the applicable licensor, to expend substantial resources. In addition, the U.S. government requires that any products embodying the subject invention or produced through the use of the subject invention be manufactured substantially in the U.S. The manufacturing preference requirement can be waived if the owner of the intellectual property can show that reasonable but unsuccessful efforts have been made to grant licenses on similar terms to potential licensees that would be likely to manufacture substantially in the U.S. or that under the circumstances domestic manufacture is not commercially feasible. This preference for U.S. manufacturers may limit our ability to contract with non-U.S. product manufacturers for products covered by such intellectual property.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In the event we apply for additional U.S. government funding, and we discover compounds or drug candidates as a result of such funding, intellectual property rights to such discoveries may be subject to the applicable provisions of the Bayh-Dole Act.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If we do not obtain additional protection under the Hatch-Waxman Amendments and similar foreign legislation by extending the patent terms and obtaining data exclusivity for our product candidates, our business may be materially harmed.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Depending upon the timing, duration and specifics of FDA marketing approval of our product candidates, one or more of the U.S. patents we own or license may be eligible for limited patent term restoration under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments. The Hatch-Waxman Amendments permit a patent restoration term of up to five years as compensation for patent term lost during product development and the FDA regulatory review process. However, we may not be granted an extension because of, for example, failing to apply within applicable deadlines, failing to apply prior to expiration of relevant patents or otherwise failing to satisfy applicable requirements. For example, we may not be granted an extension if the active ingredient of AV-101 is used in another drug company’s product candidate and that product candidate is the first to obtain FDA approval. Moreover, the applicable time period or the scope of patent protection afforded could be less than we request. If we are unable to obtain patent term extension or restoration or the term of any such extension is less than we request, our competitors may obtain approval of competing products following our patent expiration, and our ability to generate revenues could be materially adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 54 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> As is the case with other biotechnology companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the biotechnology industry involve both technological and legal complexity, and is therefore costly, time-consuming and inherently uncertain. In addition, the United States has recently enacted and is currently implementing wide-ranging patent reform legislation: the Leahy-Smith America Invents Act, referred to as the America Invents Act. The America Invents Act includes a number of significant changes to U.S. patent law. These include provisions that affect the way patent applications will be prosecuted and may also affect patent litigation. It is not yet clear what, if any, impact the America Invents Act will have on the operation of our business. However, the America Invents Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of any patents that may issue from our patent applications, all of which could have a material adverse effect on our business and financial condition.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In addition, recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations. The full impact of these decisions is not yet known. For example, on March 20, 2012 in Mayo Collaborative Services, DBA Mayo Medical Laboratories, et al. v. Prometheus Laboratories, Inc., the Court held that several claims drawn to measuring drug metabolite levels from patient samples and correlating them to drug doses were not patentable subject matter. The decision appears to impact diagnostics patents that merely apply a law of nature via a series of routine steps and it has created uncertainty around the ability to obtain patent protection for certain inventions. Additionally, on June 13, 2013 in Association for Molecular Pathology v. Myriad Genetics, Inc., the Court held that claims to isolated genomic DNA are not patentable, but claims to complementary DNA molecules are patent eligible because they are not a natural product. The effect of the decision on patents for other isolated natural products is uncertain. Additionally, on March 4, 2014, the USPTO issued a memorandum to patent examiners providing guidance for examining claims that recite laws of nature, natural phenomena or natural products under the Myriad and Prometheus decisions. This guidance did not limit the application of Myriad to DNA but, rather, applied the decision to other natural products. Further, in 2015, in Ariosa Diagnostics, Inc. v. Sequenom, Inc., the Court of Appeals for the Federal Circuit held that methods for detecting fetal genetic defects were not patent eligible subject matter.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition to increasing uncertainty with regard to our ability to obtain future patents, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on these and other decisions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce any patents that may issue in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of their former employers.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Certain of our current employees have been, and certain of our future employees may have been, previously employed at other biotechnology or pharmaceutical companies, including our competitors or potential competitors. We also engage advisors and consultants who are concurrently employed at universities or who perform services for other entities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Although we are not aware of any claims currently pending or threatened against us, we may be subject to claims that we or our employees, advisors or consultants have inadvertently or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of a former employer or other third party. We have and may in the future also be subject to claims that an employee, advisor or consultant performed work for us that conflicts with that person’s obligations to a third party, such as an employer, and thus, that the third party has an ownership interest in the intellectual property arising out of work performed for us. Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management. If we fail in defending such claims, in addition to paying monetary claims, we may lose valuable intellectual property rights or personnel. A loss of key personnel or their work product could hamper or prevent our ability to commercialize our product candidates, which would materially adversely affect our commercial development efforts.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Numerous factors may limit any potential competitive advantage provided by our intellectual property rights.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, provide a barrier to entry against our competitors or potential competitors, or permit us to maintain our competitive advantage. Moreover, if a third party has intellectual property rights that cover the practice of our technology, we may not be able to fully exercise or extract value from our intellectual property rights. The following examples are illustrative:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> others may be able to develop and/or practice technology that is similar to our technology or aspects of our technology but that is not covered by the claims of patents, should such patents issue from our patent applications;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we might not have been the first to make the inventions covered by a pending patent application that we own;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 55 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we might not have been the first to file patent applications covering an invention;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> others may independently develop similar or alternative technologies without infringing our intellectual property rights;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> pending patent applications that we own or license may not lead to issued patents;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> patents, if issued, that we own or license may not provide us with any competitive advantages, or may be held invalid or unenforceable, as a result of legal challenges by our competitors;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> third parties may compete with us in jurisdictions where we do not pursue and obtain patent protection;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> we may not be able to obtain and/or maintain necessary or useful licenses on reasonable terms or at all; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the patents of others may have an adverse effect on our business.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Should any of these events occur, they could significantly harm our business and results of operations.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> If, instead of identifying drug rescue candidates based on information available to us in the public domain, we seek to in-license drug rescue candidates from biotechnology, medicinal chemistry and pharmaceutical companies, academic, governmental and nonprofit research institutions, including the NIH, or other third-parties, there can be no assurances that we will obtain material ownership or economic participation rights over intellectual property we may derive from such licenses or similar rights to the drug rescue NCEs we may produce and develop. If we are unable to obtain ownership or substantial economic participation rights over intellectual property related to drug rescue NCEs we produce and develop, our business may be adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Risks Related to our Securities</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> The limited public market for our securities may adversely affect an investor’s ability to liquidate an investment in the Company.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Our common stock is currently quoted on the NASDAQ Capital Market and there is presently limited trading activity.  We can give no assurance that an active market will develop, or if developed, that it will be sustained.  If an investor acquires shares of our common stock, the investor may not be able to liquidate the shares should there be a need or desire to do so.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Market volatility may affect our stock price and the value of your investment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The market price for our common stock, similar to other biopharmaceutical companies, is likely to be highly volatile. The market price of our common stock may fluctuate significantly in response to a number of factors, most of which we cannot control, including, among others:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> plans for, progress of or results from non-clinical and clinical development activities related to our product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the failure of the FDA to approve our product candidates;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> announcements of new products, technologies, commercial relationships, acquisitions or other events by us or our competitors;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> the success or failure of other CNS therapies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> regulatory or legal developments in the United States and other countries;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> failure of our product candidates, if approved, to achieve commercial success;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> fluctuations in stock market prices and trading volumes of similar companies;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> general market conditions and overall fluctuations in U.S. equity markets;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 56 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> variations in our quarterly operating results;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> changes in our financial guidance or securities analysts’ estimates of our financial performance;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> changes in accounting principles;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> our ability to raise additional capital and the terms on which we can raise it;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> sales of large blocks of our common stock, including sales by our executive officers, directors and significant stockholders;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> additions or departures of key personnel;</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> discussion of us or our stock price by the press and by online investor communities; and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="display: table;"> <div style="display: table-row;"> <div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">●</font></font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> other risks and uncertainties described in these risk factors.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Future sales and issuances of our common stock may cause our stock price to decline.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Sales or issuances of a substantial number of shares of our common stock in the public market, or the perception that such sales or issuances are occurring or might occur, could significantly reduce the market price of our common stock and impair our ability to raise adequate capital through the sale of additional equity securities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The stock market in general, and small biopharmaceutical companies like ours in particular, have frequently experienced significant volatility in the market prices for securities that often has been unrelated to the operating performance of the underlying companies. These broad market and industry fluctuations may adversely affect the market price of our common stock, regardless of our actual operating performance. In certain recent situations in which the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against such company that issued the stock. If any of our stockholders were to bring a lawsuit against us, the defense and disposition of the lawsuit could be costly and divert the time and attention of our management and harm our operating results. Additionally, if the trading volume of our common stock remains low and limited there will be an increased level of volatility and you may not be able to generate a return on your investment.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> A significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the near future. Future sales of shares by existing stockholders could cause our stock price to decline, even if our business is doing well.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our common stock. Historically, there has been a limited public market for shares of our common stock. Future sales and issuances of a substantial number of shares of our common stock in the public market, including shares issued upon the conversion of our Series A Preferred, Series B Preferred or Series C Preferred, and the exercise of outstanding options and warrants for common stock which are issuable upon exercise, in the public market, or the perception that these sales and issuances are occurring or might occur, could significantly reduce the market price for our common stock and impair our ability to raise adequate capital through the sale of equity securities.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">    </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> Our principal institutional stockholders may continue to have substantial control over us and could limit your ability to influence the outcome of key transactions, including changes in control.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Certain of our current institutional stockholders own a substantial portion of our outstanding capital stock, including our common stock, Series A Preferred, Series B Preferred, and Series C Preferred, all of which preferred stock is convertible into a substantial number of shares of common stock.  Accordingly, institutional stockholders may exert significant influence over us and over the outcome of any corporate actions requiring approval of holders of our common stock, including the election of directors and amendments to our organizational documents, such as increases in our authorized shares of common stock, any merger, consolidation or sale of all or substantially all of our assets or any other significant corporate transactions. These stockholders may also delay or prevent a change of control of us, even if such a change of control would benefit our other stockholders. The significant concentration of stock ownership may adversely affect the trading price of our common stock due to investors’ perception that conflicts of interest may exist or arise. Furthermore, the interests of our principal institutional stockholders may not always coincide with your interests or the interests of other stockholders may act in a manner that advances its best interests and not necessarily those of other stockholders, including seeking a premium value for its common stock, which might affect the prevailing market price for our common stock.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 57 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> If equity research analysts do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price of our common stock could decline.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The trading market for our common stock relies in part on the research and reports that equity research analysts publish about us and our business. We do not control these analysts. The price of our common stock could decline if one or more equity research analysts downgrade our common stock or if such analysts issue other unfavorable commentary or cease publishing reports about us or our business.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> There may be additional issuances of shares of preferred stock in the future.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Our Restated Articles of Incorporation (the </font><font style="font-style: italic; color: #000000">Articles</font><font style="color: #000000">) permit us to issue up to 10.0 million shares of preferred stock.  Our Board has authorized the issuance of (i) 500,000 shares of Series A Preferred, all of which shares are issued and outstanding at September 30, 2017; (ii) 4.0 million shares of Series B 10% Convertible Preferred stock, of which approximately 1.2 million shares remain issued and outstanding at September 30, 2017; and (iii) 3.0 million shares of Series C Convertible Preferred Stock, of which approximately 2.3 million shares are issued and outstanding at September 30, 2017. Our Board could authorize the issuance of additional series of preferred stock in the future and such preferred stock could grant holders preferred rights to our assets upon liquidation, the right to receive dividends before dividends would be declared to holders of our common stock, and the right to the redemption of such shares, possibly together with a premium, prior to the redemption of the common stock. In the event and to the extent that we do issue additional preferred stock in the future, the rights of holders of our common stock could be impaired thereby, including without limitation, with respect to liquidation.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We do not intend to pay dividends on our common stock and, consequently, our stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> We have never declared or paid any cash dividend on our common stock and do not currently intend to do so in the foreseeable future. We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends in the foreseeable future. Therefore, the success of an investment in shares of our common stock will depend upon any future appreciation in their value. There is no guarantee that shares of our common stock will appreciate in value or even maintain the price at which our stockholders purchased them.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px"> We incur significant costs to ensure compliance with corporate governance, federal securities law and accounting requirements.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> Since becoming a public company by means of a reverse merger in 2011, we have been subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (</font><font style="font-style: italic; color: #000000">Exchange Act</font><font style="color: #000000">), which requires that we file annual, quarterly and current reports with respect to our business and financial condition, and the rules and regulations implemented by the SEC, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Act, and the Public Company Accounting Oversight Board, each of which imposes additional reporting and other obligations on public companies.  We have incurred and will continue to incur significant costs to comply with these public company reporting requirements, including accounting and related audit costs, legal costs to comply with corporate governance requirements and other costs of operating as a public company. These legal and financial compliance costs will continue to require us to divert a significant amount of money that we could otherwise use to achieve our research and development and other strategic objectives.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> The filing and internal control reporting requirements imposed by federal securities laws, rules and regulations on companies that are not “smaller reporting companies” under federal securities laws are rigorous and, once we are no longer a smaller reporting company, we may not be able to meet them, resulting in a possible decline in the price of our common stock and our inability to obtain future financing. Certain of these requirements may require us to carry out activities we have not done previously and complying with such requirements may divert management’s attention from other business concerns, which could have a material adverse effect on our business, results of operations, financial condition and cash flows. Any failure to adequately comply with applicable federal securities laws, rules or regulations could subject us to fines or regulatory actions, which may materially adversely affect our business, results of operations and financial condition.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We will continue to invest resources to comply with evolving laws, regulations and standards, however this investment may result in increased general and administrative expenses and a diversion of management’s time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us and our business may be adversely affected.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 58 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div id="glhdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#tableof"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic"> Table of Contents</font></a></div> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px"> <a name="equity">I</a>tem 2.  Un<a name="itemm2">r</a>egistered Sales of Equity Securities and Use of Proceeds</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000"> In September 2017, we reduced the exercise price of all warrants issued in private placement transactions completed between April 1 and June 27, 2017 (the</font> <font style="font-style: italic; color: #000000">Spring 2017 Private Placement</font><font style="color: #000000">) from a weighted average of $3.99 per share to $2.00 per share. We also issued to each of the Spring 2017 Private Placement investors, each of who were accredited investors, additional warrants to purchase an aggregate total of 247,501 shares of common stock, with an exercise price of $2.00 per share.</font></font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> In September 2017, we issued an aggregate total of 477,500 shares of unregistered common stock, having an aggregate fair value of $744,100, to certain professional service providers. In October 2017, we issued an aggregate total of 70,000 shares of unregistered shares of common stock with a fair value of $83,800 to certain professional service providers.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px"> Proceeds from each of the offerings were used for general corporate purposes. All of the above sales were made in reliance on Section 4(a)(2) of the Securities Act as transactions by and issuer not involving any public offering, Regulation D of the Securities Act, and/or Section 3(a)(9) under the Securities Act. In all such transactions, certain inquiries were made by the Company to establish that such sales qualified for such exemption from the registration requirements. In particular, the Company confirmed that, with respect to the exemption claimed under Section 4(a)(2) of the Securities Act, that (i) all offers of sales and sales were made by personal contact from officers and directors of the Company or other persons closely associated with the Company, (ii) each investor made representations that he, she or it was an accredited investor as defined in Rule 501 of Regulation D under the Securities Act (and the Company had no reason to believe that such representations were incorrect), (iii) each purchaser gave assurance of investment intent, and (iv) offers and sales within any offering were made only to a limited number of persons.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Item 3. D<a name="itemm3">e</a>faults Upon Senior Securities</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> None.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> <a name="exhibits">I</a>tem 6. E<a name="itemm6">X</a>HIBITS</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: bottom; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Exhibit</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 91%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Number</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 91%; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> Description</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> <a href="ex31-1.htm">31.1</a></font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Certification of the Principal Executive Officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> <a href="ex31-2.htm">31.2</a></font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Certification of the Principal Financial Officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> <a href="ex32.htm">32</a></font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Certification of the Principal Executive and Financial Officers required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.INS </font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Instance Document</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.SCH</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Taxonomy Extension Schema</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.CAL</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Taxonomy Extension Calculation Linkbase</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.DEF</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Taxonomy Extension Definition Linkbase</font></div> </td> </tr><tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.LAB</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Taxonomy Extension Label Linkbase</font></div> </td> </tr><tr style=""> <td style="vertical-align: top; width: 8%;"> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> 101.PRE</font></div> </td> <td style="vertical-align: bottom; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px"> </font></div> </td> <td style="vertical-align: top; width: 91%;"> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> XBRL Taxonomy Extension Presentation Linkbase</font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">- 59 -</font></div> </div> <div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px"> SIGN<a name="sigs">A</a>TURES</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px"> <tr> <td style="vertical-align: middle; width: 45%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: middle; width: 3%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: middle; width: 4%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: middle; width: 46%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td style="vertical-align: middle; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr> <td style="vertical-align: top; width: 45%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td colspan="3" style="vertical-align: middle; width: 54%;"> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> VISTAGEN THERAPEUTICS, INC. </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> <font style="text-decoration: underline">/s/ Shawn K. Singh</font></font></div> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Shawn K. Singh</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="font-style: italic; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Chief Executive Officer (Principal Executive Officer)</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">  </font></div> </td> <td style="vertical-align: middle; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr> <td style="vertical-align: middle; width: 45%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td colspan="3" style="vertical-align: middle; width: 54%;"> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> <font style="text-decoration: underline">/s/ Jerrold D. Dotson</font></font></div> </td> <td style="vertical-align: middle; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr> <td style="vertical-align: middle; width: 45%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td colspan="3" style="vertical-align: middle; width: 54%;"> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Jerrold D. Dotson</font></div> </td> <td style="vertical-align: middle; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr> <td style="vertical-align: middle; width: 45%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> <td colspan="3" style="vertical-align: middle; width: 54%;"> <div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;"> <font style="font-style: italic; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;"> Chief Financial Officer (Principal Financial and Accounting Officer</font></div> </td> <td style="vertical-align: middle; width: 1%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr><tr> <td colspan="5" style="vertical-align: middle; width: 100%;"> <div><font style="font-family: Times New Roman; font-size: 13px;"> </font></div> </td> </tr></table> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">  </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="color: #000000; font-family: Times New Roman; font-size: 13px"> Dated: November 9, 2017</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">     </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px;">- 60 -<br></font></div> <div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <font><br></font></div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-31.1 <SEQUENCE>2 <FILENAME>ex31-1.htm <DESCRIPTION>CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 <TEXT> <html> <head> <!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com --> <!-- Copyright 2017 Issuer Direct Corporation --> <title>Blueprint</title> </head> <body style="font-family: Times New Roman; font-size: 13px;"> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> EXHIBIT 31.1</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> CERTIFICATION</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">I, Shawn K. Singh, certify that;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman">1.</font>             I have reviewed this quarterly report on Form 10-Q of VistaGen Therapeutics, Inc.;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">2.             Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">5.             The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table"> <div style="display: table-row"> <div style="display: table-cell; width: 480px"><font style="font-family: Times New Roman; font-size: 13px">November 9, 2017                                                                                                            </font></div> <div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> /s/ Shawn K. Singh</font><br> <font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> </font><font style="font-family: Times New Roman; font-size: 13px;">Shawn K. Singh</font><br> <font style="font-family: Times New Roman; font-size: 13px;">Principal Executive Officer</font></div> </div> </div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 456px"> <font style="font-family: Times New Roman; font-size: 13px">        </font><br> </div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> <div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-31.2 <SEQUENCE>3 <FILENAME>ex31-2.htm <DESCRIPTION>CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 <TEXT> <html> <head> <!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com --> <!-- Copyright 2017 Issuer Direct Corporation --> <title>Blueprint</title> </head> <body style="font-family: Times New Roman; font-size: 13px;"> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> EXHIBIT 31.2</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> CERTIFICATION</font></div> <div><font style="font-family: Times New Roman; font-size: 10"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">I, Jerrold D. Dotson, certify that:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman">1.</font>             I have reviewed this quarterly report on Form 10-Q of VistaGen Therapeutics, Inc.;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">2.             Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">5.             The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px"> <font style="font-family: Times New Roman; font-size: 13px">b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="display: table"> <div style="display: table-row"> <div style="display: table-cell; width: 432px"><font style="font-family: Times New Roman; font-size: 13px">November 9, 2017                                                                                                 </font></div> <div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> /s/ Jerrold D. Dotson</font><br> <font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> </font><font style="font-family: Times New Roman; font-size: 13px;">Jerrold D. Dotson</font><br> <font style="font-family: Times New Roman; font-size: 13px;">Principal Financial Officer</font></div> </div> </div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 384px"> <font style="font-family: Times New Roman; font-size: 13px">              </font><br> </div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> <div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-32 <SEQUENCE>4 <FILENAME>ex32.htm <DESCRIPTION>CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 <TEXT> <html> <head> <!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com --> <!-- Copyright 2017 Issuer Direct Corporation --> <title>Blueprint</title> </head> <body style="font-family: Times New Roman; font-size: 13px;"> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="hdr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> </div> <div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> EXHIBIT 32</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> AS ADOPTED PURSUANT T9</font></div> <div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">In connection with the Quarterly Report on Form 10-Q of VistaGen Therapeutics, Inc. (the “<font style="font-style: italic">Company</font>”) for the quarter ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “<font style="font-style: italic">Report</font>”), Shawn K. Singh, JD, the Company’s Principal Executive Officer, and Jerrold D. Dotson, the Company’s Principal Financial Officer, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of their knowledge:</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="margin-left: 0px; display: table"> <div style="display: table-row"> <div style="text-align: left; display: table-cell; width: 48px"> <font style="font-family: Times New Roman; font-size: 13px">1.</font></div> <div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Report fully complies with the requirement of Section 13(a) or Section 15 (d) of the Securities Exchange Act of 1934, and</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="margin-left: 0px; display: table"> <div style="display: table-row"> <div style="text-align: left; display: table-cell; width: 48px"> <font style="font-family: Times New Roman; font-size: 13px">2.</font></div> <div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div> </div> </div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">November 9, 2017</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> /s/ Shawn K. Singh</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Shawn K. Singh</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Principal Executive Officer</font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px"> /s/ Jerrold D. Dotson</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Jerrold D. Dotson</font></div> <div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px">Principal Financial Officer</font></div> <div><font style="font-family: Times New Roman; font-size: 10"> </font></div> <div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> <div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"> <div id="ftr"> <div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"> <font style="font-family: Times New Roman; font-size: 13px"> </font></div> </div> <div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"> <!--page break--></div> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-101.INS <SEQUENCE>5 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We believe AV-101 also has potential as a non-opioid treatment alternative for neuropathic pain, as well as several additional CNS indications <font style="color: #333333; background-color: white">where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit</font>, including Parkinson&#8217;s disease levodopa&#160;-induced dyskinesia (<i>PD LID</i>), epilepsy and Huntington&#8217;s disease.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Clinical studies conducted at the U.S. National Institute of Mental Health (<i>NIMH</i>), part of the U.S. National Institutes of Health (<i>NIH</i>), by Dr. Carlos Zarate, Jr., Chief of the NIMH&#8217;s Experimental Therapeutics &#38; Pathophysiology Branch and its Section on Neurobiology and Treatment of Mood and Anxiety Disorders, have focused on the antidepressant effects of ketamine hydrochloride injection (<i>ketamine</i>), an ion-channel blocking NMDA receptor antagonist approved by the FDA as an anesthetic, in MDD patients with inadequate therapeutic responses to multiple standard antidepressants. These NIMH studies, as well as clinical research at Yale University and other academic institutions, have demonstrated ketamine&#8217;s robust antidepressant effects in treatment-resistant MDD patients within twenty-four hours of a single sub-anesthetic dose administered by intravenous (<i>IV</i>) infusion.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe AV-101 may have potential to deliver ketamine-like antidepressant effects without the need for IV administration and ketamine&#8217;s psychological and other negative side effects. As published in the October 2015 issue of the peer-reviewed&#160;<i>Journal of Pharmacology and Experimental Therapeutics,&#160;</i>in an article titled,&#160;<i>The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by NMDA/glycineB-site inhibition,</i>&#160;using well-established preclinical models of depression, AV-101 was shown to induce fast-acting, dose-dependent, persistent and statistically significant antidepressant-like responses following a single treatment. These responses were equivalent to those seen with a single sub-anesthetic control dose of ketamine. In addition, these studies confirmed that the fast-acting antidepressant effects of AV-101 were mediated through both inhibiting the GlyB site of the NMDA receptor and activating the AMPA receptor pathway in the brain.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to our Cooperative Research and Development Agreement (<i>CRADA</i>) with the NIMH, the NIMH is currently funding, and Dr. Zarate, as Principal Investigator, and his team are currently conducting, a small Phase 2 clinical study of AV-101 as a monotherapy in adult subjects with treatment-resistant MDD (the&#160;<i>NIMH AV-101 MDD Phase 2 Monotherapy Study</i>). In October 2017, we received FDA authorization to launch our 180-patient Phase 2 multi-center, multi-dose, double blind, placebo-controlled efficacy and safety study of AV-101 as a new generation adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to standard, FDA-approved antidepressants (the&#160;<i>AV-101 MDD Phase 2 Adjunctive Treatment Study</i>).&#160;&#160;Subject to obtaining sufficient financing, we intend to launch the AV-101 MDD Phase 2 Adjunctive Treatment Study in the first quarter of 2018, with Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital (<i>MGH</i>) Research Institute, as Principal Investigator.&#160;&#160;Dr. Fava was the co-Principal Investigator with Dr. A. 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We expect to complete this study by the end of 2018, with top line results available in the first quarter of 2019.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VistaStem Therapeutics (<i>VistaStem</i>) is our wholly owned subsidiary focused on applying human pluripotent stem cell (<i>hPSC</i>) technology to discover, 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 hPSC-derived blood, cartilage, heart and liver cells. &#160;Our internal drug rescue programs are designed to utilize&#160;<i>CardioSafe 3D</i>, our customized cardiac bioassay system, to develop small molecule NCEs for our pipeline.&#160; To advance potential RM applications of our cardiac stem cell technology, in December 2016, we exclusively sublicensed to BlueRock Therapeutics LP, a next generation RM company established by Bayer AG 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&#160;<i>BlueRock Agreement</i>).&#160;In a manner similar to our exclusive sublicense agreement with BlueRock Therapeutics, we may pursue additional RM collaborations or licensing transactions involving blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy, (B) cell repair therapy, and/or (C) tissue engineering.&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></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">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, VistaStem is our wholly-owned subsidiary. 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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, 2017 has been derived from our audited consolidated financial statements at that date but does not include all disclosures required by U.S. GAAP.&#160; The operating results for the three and six months ended September 30, 2107 are not necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2018, or for any other future interim or other period.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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 should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2017 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (<i>SEC</i>) on June 29, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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 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 $149.3 million accumulated from inception (May 1998) through September 30, 2017. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of AV-101, initially as an adjunctive treatment for MDD, and subsequently as a new treatment alternative for other CNS-related conditions, as well as exploring and potentially executing drug rescue and development opportunities using <i>CardioSafe</i> 3D, and potential RM programs related to VistaStem&#8217;s technology platform.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From our inception through September 30, 2017, 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 $47.6 million, as well as from an aggregate of approximately $17.6 million of government research grant awards, strategic collaboration payments, intellectual property sublicensing and other revenues. 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xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_Warrant11Member_lbl" xml:lang="en-US">Warrant 11 [Member]</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_Warrant12Member" xlink:label="VTGN_Warrant12Member" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_Warrant12Member" xlink:to="VTGN_Warrant12Member_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_Warrant12Member_lbl" xml:lang="en-US">Warrant 12 [Member]</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_September2017WarrantsMember" xlink:label="VTGN_September2017WarrantsMember" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_September2017WarrantsMember" xlink:to="VTGN_September2017WarrantsMember_lbl" xlink:type="arc" /> <link:label xlink:type="resource" 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xlink:to="VTGN_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" /> <link:labelArc 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xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" 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xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total operating expenses</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" 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xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:type="arc" /> <link:label xlink:type="resource" 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xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" /> <link:label xlink:type="resource" 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xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Antidilutive securities</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_PrepaidExpensesDetailsAbstract" xlink:label="VTGN_PrepaidExpensesDetailsAbstract" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_PrepaidExpensesDetailsAbstract" xlink:to="VTGN_PrepaidExpensesDetailsAbstract_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_PrepaidExpensesDetailsAbstract_lbl" xml:lang="en-US">Prepaid Expenses And Other Current Assets Details</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidInsurance" xlink:label="us-gaap_PrepaidInsurance" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidInsurance" xlink:to="us-gaap_PrepaidInsurance_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidInsurance_lbl" xml:lang="en-US">Insurance</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_PrepaidAv101DevelopmentExpense" xlink:label="VTGN_PrepaidAv101DevelopmentExpense" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_PrepaidAv101DevelopmentExpense" xlink:to="VTGN_PrepaidAv101DevelopmentExpense_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_PrepaidAv101DevelopmentExpense_lbl" xml:lang="en-US">AV-101 materials and services</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_PublicOfferingExpenses" xlink:label="VTGN_PublicOfferingExpenses" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_PublicOfferingExpenses" xlink:to="VTGN_PublicOfferingExpenses_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_PublicOfferingExpenses_lbl" xml:lang="en-US">Public offering expenses</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherPrepaidExpenseCurrent" xlink:label="us-gaap_OtherPrepaidExpenseCurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherPrepaidExpenseCurrent" xlink:to="us-gaap_OtherPrepaidExpenseCurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherPrepaidExpenseCurrent_lbl" xml:lang="en-US">All other</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Total</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_AccruedExpensesDetailsAbstract" xlink:label="VTGN_AccruedExpensesDetailsAbstract" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_AccruedExpensesDetailsAbstract" xlink:to="VTGN_AccruedExpensesDetailsAbstract_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_AccruedExpensesDetailsAbstract_lbl" xml:lang="en-US">Accrued Expenses Details</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedProfessionalFeesCurrent" xlink:label="us-gaap_AccruedProfessionalFeesCurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedProfessionalFeesCurrent" xlink:to="us-gaap_AccruedProfessionalFeesCurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedProfessionalFeesCurrent_lbl" xml:lang="en-US">Accrued professional services</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_AccruedDevelopmentExpenses" xlink:label="VTGN_AccruedDevelopmentExpenses" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_AccruedDevelopmentExpenses" xlink:to="VTGN_AccruedDevelopmentExpenses_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_AccruedDevelopmentExpenses_lbl" xml:lang="en-US">Accrued AV-101 development and related expenses</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedBonusesCurrentAndNoncurrent" xlink:label="us-gaap_AccruedBonusesCurrentAndNoncurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedBonusesCurrentAndNoncurrent" xlink:to="us-gaap_AccruedBonusesCurrentAndNoncurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedBonusesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued compensation</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xml:lang="en-US">All other</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_2_lbl" xml:lang="en-US">Total</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProductOrServiceAxis" xlink:label="us-gaap_ProductOrServiceAxis" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProductOrServiceAxis" xlink:to="us-gaap_ProductOrServiceAxis_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProductOrServiceAxis_lbl" xml:lang="en-US">Products and Services [Axis]</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2_lbl" xml:lang="en-US">Related Party [Axis]</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="us-gaap_TitleOfIndividualAxis" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TitleOfIndividualAxis" xlink:to="us-gaap_TitleOfIndividualAxis_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TitleOfIndividualAxis_lbl" xml:lang="en-US">Title of Individual [Axis]</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConvertibleNotesPayable" xlink:label="us-gaap_ConvertibleNotesPayable" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleNotesPayable" xlink:to="us-gaap_ConvertibleNotesPayable_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleNotesPayable_lbl" xml:lang="en-US">Principal Balance</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued Interest</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConvertibleDebt" xlink:label="us-gaap_ConvertibleDebt" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleDebt" xlink:to="us-gaap_ConvertibleDebt_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ConvertibleDebt_lbl" xml:lang="en-US">Total</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConvertibleDebtCurrent" xlink:label="us-gaap_ConvertibleDebtCurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleDebtCurrent" xlink:to="us-gaap_ConvertibleDebtCurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleDebtCurrent_lbl" xml:lang="en-US">less: current portion</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConvertibleDebtNoncurrent" xlink:label="us-gaap_ConvertibleDebtNoncurrent" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleDebtNoncurrent" xlink:to="us-gaap_ConvertibleDebtNoncurrent_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleDebtNoncurrent_lbl" xml:lang="en-US">Net non-current portion</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_2_lbl" xml:lang="en-US">Range [Axis]</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExpectedTerm" xlink:to="us-gaap_FairValueAssumptionsExpectedTerm_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueAssumptionsExpectedTerm_2_lbl" xml:lang="en-US">Term (Years)</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Number of warrant shares</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_FairValueAssumptionsPerShare" xlink:label="VTGN_FairValueAssumptionsPerShare" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_FairValueAssumptionsPerShare" xlink:to="VTGN_FairValueAssumptionsPerShare_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_FairValueAssumptionsPerShare_lbl" xml:lang="en-US">Weighted average fair value per share</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightAxis" xlink:to="us-gaap_ClassOfWarrantOrRightAxis_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_2_lbl" xml:lang="en-US">Class of Warrant or Right [Axis]</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_lbl" xml:lang="en-US">Exercise price per share</link:label> <link:loc xlink:type="locator" xlink:href="vtgn-20170930.xsd#VTGN_ExpirateDateRange" xlink:label="VTGN_ExpirateDateRange" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_ExpirateDateRange" xlink:to="VTGN_ExpirateDateRange_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="VTGN_ExpirateDateRange_lbl" xml:lang="en-US">Expiration date range</link:label> <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding" /> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xml:lang="en-US">Warrants outstanding</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" xlink:to="us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_2_lbl" xml:lang="en-US">Incurred expenses on research and subsequent other projects</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_ExpenseRelatedToModificationOfWarrants" xlink:to="VTGN_ExpenseRelatedToModificationOfWarrants_doc" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="VTGN_ExpenseRelatedToModificationOfWarrants_doc" xml:lang="en-US">Custom Element</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger" xlink:to="VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger_doc" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger_doc" xml:lang="en-US">Custom Element</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VTGN_FairValueAssumptionsPerShare" xlink:to="VTGN_FairValueAssumptionsPerShare_doc" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="VTGN_FairValueAssumptionsPerShare_doc" xml:lang="en-US">Fair value price of a single share of a number of saleable stocks of a company.</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" 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xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_2_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price</link:label> <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_2_lbl" xlink:type="arc" /> <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_2_lbl" xml:lang="en-US">Class of Warrant or Right, Outstanding</link:label> </link:labelLink> </link:linkbase> </XBRL> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-101.PRE <SEQUENCE>10 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e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751122736"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> <th class="th" colspan="1"></th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Nov. 09, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td> <td class="text">VistaGen Therapeutics, Inc.<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td> <td class="text">0001411685<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td> <td class="text">10-Q<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td> <td class="text">Sep. 30, 2017<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td> <td class="text">false<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td> <td class="text">--03-31<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td> <td class="text">No<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td> <td class="text">No<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td> <td class="text">Yes<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td> <td class="text">Smaller Reporting Company<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td> <td class="text"> <span></span> </td> <td class="nump">11,698,974<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td> <td class="text">Q2<span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td> <td class="text">2018<span></span> </td> <td class="text"> <span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_DocumentAndEntityInformationAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_DocumentAndEntityInformationAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_AmendmentFlag</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:booleanItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:gMonthDayItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:fiscalPeriodItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:gYearItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:dateItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_DocumentType</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:submissionTypeItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityCentralIndexKey</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:centralIndexKeyItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:yesNoItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityFilerCategory</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:filerCategoryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityRegistrantName</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:normalizedStringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:yesNoItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>dei_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>dei:yesNoItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>12 <FILENAME>R2.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751796336"> <tr> <th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br></strong></div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td> <td class="nump">$ 1,764,400<span></span> </td> <td class="nump">$ 2,921,300<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses and other current assets</a></td> <td class="nump">563,300<span></span> </td> <td class="nump">456,600<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td> <td class="nump">2,327,700<span></span> </td> <td class="nump">3,377,900<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td> <td class="nump">242,000<span></span> </td> <td class="nump">286,500<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Security deposits and other assets</a></td> <td class="nump">47,800<span></span> </td> <td class="nump">47,800<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td> <td class="nump">2,617,500<span></span> </td> <td class="nump">3,712,200<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td> <td class="nump">1,151,000<span></span> </td> <td class="nump">867,300<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td> <td class="nump">625,600<span></span> </td> <td class="nump">443,000<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansPayableCurrent', window );">Current notes payable</a></td> <td class="nump">105,200<span></span> </td> <td class="nump">54,800<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsCurrent', window );">Capital lease obligations</a></td> <td class="nump">2,500<span></span> </td> <td class="nump">2,400<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td> <td class="nump">1,884,300<span></span> </td> <td class="nump">1,367,500<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_AccruedDividendsOnSeriesBPreferredStock', window );">Accrued dividends on Series B Preferred Stock</a></td> <td class="nump">2,081,400<span></span> </td> <td class="nump">1,577,800<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCredit', window );">Deferred rent liability</a></td> <td class="nump">312,700<span></span> </td> <td class="nump">139,200<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsNoncurrent', window );">Capital lease obligations</a></td> <td class="nump">10,700<span></span> </td> <td class="nump">11,900<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td> <td class="nump">2,404,800<span></span> </td> <td class="nump">1,728,900<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td> <td class="nump">4,289,100<span></span> </td> <td class="nump">3,096,400<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity (deficit):</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at September 30, 2017 and March 31, 2017, respectively; 11,764,639 and 8,974,386 shares issued and outstanding at September 30, 2017 and March 31, 2017, respectively</a></td> <td class="nump">11,800<span></span> </td> <td class="nump">9,000<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td> <td class="nump">151,541,700<span></span> </td> <td class="nump">146,569,600<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost, 135,665 shares of common stock held at September 30, 2017 and March 31, 2017</a></td> <td class="num">(3,968,100)<span></span> </td> <td class="num">(3,968,100)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td> <td class="num">(149,261,000)<span></span> </td> <td class="num">(141,998,700)<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity (deficit)</a></td> <td class="num">(1,671,600)<span></span> </td> <td class="nump">615,800<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity (deficit)</a></td> <td class="nump">2,617,500<span></span> </td> <td class="nump">3,712,200<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity (deficit):</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock</a></td> <td class="nump">500<span></span> </td> <td class="nump">500<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity (deficit):</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock</a></td> <td class="nump">1,200<span></span> </td> <td class="nump">1,200<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity (deficit):</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock</a></td> <td class="nump">$ 2,300<span></span> </td> <td class="nump">$ 2,300<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_AccruedDividendsOnSeriesBPreferredStock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_AccruedDividendsOnSeriesBPreferredStock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_Assets</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AssetsCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of capital lease obligation due within one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=84164758&loc=d3e45023-112735<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CapitalLeaseObligationsCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsNoncurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=84164758&loc=d3e45023-112735<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CapitalLeaseObligationsNoncurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommonStockValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCredit"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property by the lessor or lessee, respectively.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=77902458&loc=d3e39896-112707<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_DeferredRentCredit</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_Liabilities</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansPayableCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of the portions of all long-term notes and loans payable due within one year or the operating cycle if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NotesAndLoansPayableCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&oid=68074540&loc=d3e5879-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6405813&loc=d3e23239-112655<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_TreasuryStockValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>13 <FILENAME>R3.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752188192"> <tr> <th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares<br></strong></div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders deficit:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Stock, par value</a></td> <td class="nump">$ 0.001<span></span> </td> <td class="nump">$ .001<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock, Authorized</a></td> <td class="nump">10,000,000<span></span> </td> <td class="nump">10,000,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Stock, Par Value Par Share</a></td> <td class="nump">$ .001<span></span> </td> <td class="nump">$ .001<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock, Shares Authorized</a></td> <td class="nump">100,000,000<span></span> </td> <td class="nump">30,000,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock, Shares, Issued</a></td> <td class="nump">11,764,639<span></span> </td> <td class="nump">8,974,386<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockOtherSharesOutstanding', window );">Common Stock, Shares, Outstanding</a></td> <td class="nump">11,764,639<span></span> </td> <td class="nump">8,974,386<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury Stock, Shares</a></td> <td class="nump">135,665<span></span> </td> <td class="nump">135,665<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders deficit:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock, Authorized</a></td> <td class="nump">500,000<span></span> </td> <td class="nump">500,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Stock, Shares Outstanding</a></td> <td class="nump">500,000<span></span> </td> <td class="nump">500,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders deficit:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock, Authorized</a></td> <td class="nump">4,000,000<span></span> </td> <td class="nump">4,000,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Stock, Shares Issued</a></td> <td class="nump">1,160,240<span></span> </td> <td class="nump">1,160,240<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Stock, Shares Outstanding</a></td> <td class="nump">1,160,240<span></span> </td> <td class="nump">1,160,240<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C Preferred Stock [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders deficit:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock, Authorized</a></td> <td class="nump">3,000,000<span></span> </td> <td class="nump">3,000,000<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Stock, Shares Issued</a></td> <td class="nump">2,318,012<span></span> </td> <td class="nump">2,318,012<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Stock, Shares Outstanding</a></td> <td class="nump">2,318,012<span></span> </td> <td class="nump">2,318,012<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockOtherSharesOutstanding"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares of other common stock instruments held by shareholders, such as exchangeable shares. May be all or portion of the number of common shares authorized.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommonStockOtherSharesOutstanding</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6405813&loc=d3e23239-112655<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>14 <FILENAME>R4.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751697904"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)<br></strong></div></th> <th class="th" colspan="2">3 Months Ended</th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost', window );">Research and development</a></td> <td class="nump">$ 2,426,600<span></span> </td> <td class="nump">$ 1,606,100<span></span> </td> <td class="nump">$ 3,522,800<span></span> </td> <td class="nump">$ 2,431,800<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td> <td class="nump">2,567,100<span></span> </td> <td class="nump">1,493,600<span></span> </td> <td class="nump">3,731,400<span></span> </td> <td class="nump">2,631,200<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td> <td class="nump">4,993,700<span></span> </td> <td class="nump">3,099,700<span></span> </td> <td class="nump">7,254,200<span></span> </td> <td class="nump">5,063,000<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Loss from operations</a></td> <td class="num">(4,993,700)<span></span> </td> <td class="num">(3,099,700)<span></span> </td> <td class="num">(7,254,200)<span></span> </td> <td class="num">(5,063,000)<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other expenses, net:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense, net</a></td> <td class="num">(3,300)<span></span> </td> <td class="num">(1,400)<span></span> </td> <td class="num">(5,700)<span></span> </td> <td class="num">(2,800)<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Loss before income taxes</a></td> <td class="num">(4,997,000)<span></span> </td> <td class="num">(3,101,100)<span></span> </td> <td class="num">(7,259,900)<span></span> </td> <td class="num">(5,065,800)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td> <td class="nump">0<span></span> </td> <td class="nump">0<span></span> </td> <td class="num">(2,400)<span></span> </td> <td class="num">(2,400)<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td> <td class="num">(4,997,000)<span></span> </td> <td class="num">(3,101,100)<span></span> </td> <td class="num">(7,262,300)<span></span> </td> <td class="num">(5,068,200)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Accrued dividends on Series B Preferred stock</a></td> <td class="num">(256,300)<span></span> </td> <td class="num">(241,000)<span></span> </td> <td class="num">(503,600)<span></span> </td> <td class="num">(780,800)<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RedeemablePreferredStockDividends', window );">Deemed dividend on Series B Preferred Units</a></td> <td class="nump">0<span></span> </td> <td class="nump">0<span></span> </td> <td class="nump">0<span></span> </td> <td class="num">(111,100)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss attributable to common stockholders</a></td> <td class="num">$ (5,253,300)<span></span> </td> <td class="num">$ (3,342,100)<span></span> </td> <td class="num">$ (7,765,900)<span></span> </td> <td class="num">$ (5,960,100)<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss attributable to common stockholders per common share</a></td> <td class="num">$ (0.53)<span></span> </td> <td class="num">$ (0.42)<span></span> </td> <td class="num">$ (0.82)<span></span> </td> <td class="num">$ (0.91)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share</a></td> <td class="nump">9,892,016<span></span> </td> <td class="nump">8,041,619<span></span> </td> <td class="nump">9,465,459<span></span> </td> <td class="nump">6,577,769<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_InterestExpense</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&oid=96947427&loc=d3e1377-109256<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpenseAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OperatingExpenses</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsAndOtherAdjustments"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&oid=96947427&loc=d3e1377-109256<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PreferredStockDividendsAndOtherAdjustments</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RedeemablePreferredStockDividends"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&oid=96947427&loc=d3e1377-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RedeemablePreferredStockDividends</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The costs incurred in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, excluding in-process research and development acquired in a business combination consummated during the period. Excludes software research and development, which has a separate concept.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>15 <FILENAME>R5.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751067008"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br></strong></div></th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td> <td class="num">$ (7,262,300)<span></span> </td> <td class="num">$ (5,068,200)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td> <td class="nump">46,200<span></span> </td> <td class="nump">26,000<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation</a></td> <td class="nump">697,600<span></span> </td> <td class="nump">306,700<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpenseRelatedToModificationOfWarrants', window );">Expense related to modification of warrants, including exchange of warrants for common stock</a></td> <td class="nump">279,700<span></span> </td> <td class="nump">57,400<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredCharges', window );">Amortization of deferred rent</a></td> <td class="nump">173,500<span></span> </td> <td class="num">(18,100)<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger', window );">Fair value of common stock granted for services</a></td> <td class="nump">1,392,000<span></span> </td> <td class="nump">217,000<span></span> </td> </tr> <tr class="re"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_FairValueOfSeriesBPreferredStockGrantedForServices', window );">Fair value of Series B Preferred stock granted for services</a></td> <td class="nump">0<span></span> </td> <td class="nump">375,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims', window );">Fair value of warrants granted for services</a></td> <td class="nump">0<span></span> </td> <td class="nump">227,500<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td> <td class="nump">197,000<span></span> </td> <td class="nump">40,400<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses, including accrued interest</a></td> <td class="nump">466,400<span></span> </td> <td class="num">(36,800)<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td> <td class="num">(4,009,900)<span></span> </td> <td class="num">(3,873,100)<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireMachineryAndEquipment', window );">Purchases of equipment</a></td> <td class="num">(1,600)<span></span> </td> <td class="num">(7,700)<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td> <td class="num">(1,600)<span></span> </td> <td class="num">(7,700)<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from issuance of common stock and warrants, including Units</a></td> <td class="nump">2,947,700<span></span> </td> <td class="nump">9,537,100<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ProceedsFromExerciseOfModifiedWarrants1', window );">Net proceeds from issuance of Series B Preferred Units</a></td> <td class="nump">0<span></span> </td> <td class="nump">278,000<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermCapitalLeaseObligations', window );">Repayment of capital lease obligations</a></td> <td class="num">(1,200)<span></span> </td> <td class="num">(500)<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfNotesPayable', window );">Repayment of notes payable</a></td> <td class="num">(91,900)<span></span> </td> <td class="num">(105,200)<span></span> </td> </tr> <tr class="reu"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td> <td class="nump">2,854,600<span></span> </td> <td class="nump">9,709,400<span></span> </td> </tr> <tr class="rou"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td> <td class="num">(1,156,900)<span></span> </td> <td class="nump">5,828,600<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td> <td class="nump">2,921,300<span></span> </td> <td class="nump">428,500<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td> <td class="nump">1,764,400<span></span> </td> <td class="nump">6,257,100<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpenseAbstract', window );"><strong>Supplemental disclosure of noncash activites:</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_InsurancePremiumsSettledByIssuingNotePayable', window );">Insurance premiums settled by issuing note payable</a></td> <td class="nump">142,400<span></span> </td> <td class="nump">117,500<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Accrued dividends on Series B Preferred</a></td> <td class="nump">$ 503,600<span></span> </td> <td class="nump">$ 780,800<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_ExpenseRelatedToModificationOfWarrants"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Custom Element</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_ExpenseRelatedToModificationOfWarrants</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Custom Element</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_FairValueOfCommonStockGrantedForServicesFollowingMerger</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_FairValueOfSeriesBPreferredStockGrantedForServices"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_FairValueOfSeriesBPreferredStockGrantedForServices</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_InsurancePremiumsSettledByIssuingNotePayable"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_InsurancePremiumsSettledByIssuingNotePayable</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_ProceedsFromExerciseOfModifiedWarrants1"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_ProceedsFromExerciseOfModifiedWarrants1</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=98513438&loc=d3e33268-110906<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_DividendsPreferredStock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredCharges"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredCharges</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3574-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3574-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3536-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpenseAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OtherNoncashIncomeExpenseAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireMachineryAndEquipment"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for acquisition of machinery and equipment.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3213-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PaymentsToAcquireMachineryAndEquipment</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3255-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermCapitalLeaseObligations"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the obligation for a lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermCapitalLeaseObligations</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfNotesPayable"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for a borrowing supported by a written promise to pay an obligation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RepaymentsOfNotesPayable</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>16 <FILENAME>R6.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742400176"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Description of Business<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Description of Business</a></td> <td class="text"><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. (NASDAQ: VTGN), a Nevada corporation, is a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other central nervous system (<i>CNS</i>) disorders.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">AV-101 is our oral CNS product candidate in Phase 2 clinical development in the United States, initially as a new generation adjunctive treatment for Major Depressive Disorder (<i>MDD</i>) in patients with an inadequate response to standard antidepressants approved by the U.S. Food and Drug Administration (<i>FDA</i>).  AV-101’s mechanism of action (<i>MOA</i>) involves both NMDA (N-methyl-D-aspartate) and AMPA (alpha-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid) receptors in the brain responsible for fast excitatory synaptic activity throughout the CNS.  AV-101’s MOA is fundamentally differentiated from all FDA-approved antidepressants, as well as all atypical antipsychotics, such as aripiprazole, often used adjunctively to augment them. We believe AV-101 also has potential as a non-opioid treatment alternative for neuropathic pain, as well as several additional CNS indications <font style="color: #333333; background-color: white">where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit</font>, including Parkinson’s disease levodopa -induced dyskinesia (<i>PD LID</i>), epilepsy and Huntington’s disease.</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">Clinical studies conducted at the U.S. National Institute of Mental Health (<i>NIMH</i>), part of the U.S. National Institutes of Health (<i>NIH</i>), by 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, have focused on the antidepressant effects of ketamine hydrochloride injection (<i>ketamine</i>), an ion-channel blocking NMDA receptor antagonist approved by the FDA as an anesthetic, in MDD patients with inadequate therapeutic responses to multiple standard antidepressants. These NIMH studies, as well as clinical research at Yale University and other academic institutions, have demonstrated ketamine’s robust antidepressant effects in treatment-resistant MDD patients within twenty-four hours of a single sub-anesthetic dose administered by intravenous (<i>IV</i>) infusion.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe AV-101 may have potential to deliver ketamine-like antidepressant effects without the need for IV administration and ketamine’s psychological and other negative side effects. As published in the October 2015 issue of the peer-reviewed <i>Journal of Pharmacology and Experimental Therapeutics, </i>in an article titled, <i>The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by NMDA/glycineB-site inhibition,</i> using well-established preclinical models of depression, AV-101 was shown to induce fast-acting, dose-dependent, persistent and statistically significant antidepressant-like responses following a single treatment. These responses were equivalent to those seen with a single sub-anesthetic control dose of ketamine. In addition, these studies confirmed that the fast-acting antidepressant effects of AV-101 were mediated through both inhibiting the GlyB site of the NMDA receptor and activating the AMPA receptor pathway in the brain.</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">Pursuant to our Cooperative Research and Development Agreement (<i>CRADA</i>) with the NIMH, the NIMH is currently funding, and Dr. Zarate, as Principal Investigator, and his team are currently conducting, a small Phase 2 clinical study of AV-101 as a monotherapy in adult subjects with treatment-resistant MDD (the <i>NIMH AV-101 MDD Phase 2 Monotherapy Study</i>). In October 2017, we received FDA authorization to launch our 180-patient Phase 2 multi-center, multi-dose, double blind, placebo-controlled efficacy and safety study of AV-101 as a new generation adjunctive treatment of MDD in adult patients with an inadequate therapeutic response to standard, FDA-approved antidepressants (the <i>AV-101 MDD Phase 2 Adjunctive Treatment Study</i>).  Subject to obtaining sufficient financing, we intend to launch the AV-101 MDD Phase 2 Adjunctive Treatment Study in the first quarter of 2018, with Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital (<i>MGH</i>) Research Institute, as Principal Investigator.  Dr. Fava was the co-Principal Investigator with Dr. A. John Rush of the STAR*D study, the largest clinical trial conducted in depression to date, whose findings 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>). We expect to complete this study by the end of 2018, with top line results available in the first quarter of 2019.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VistaStem Therapeutics (<i>VistaStem</i>) is our wholly owned subsidiary focused on applying human pluripotent stem cell (<i>hPSC</i>) technology to discover, 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 hPSC-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 pipeline.  To advance potential RM applications of our cardiac stem cell technology, in December 2016, we exclusively sublicensed to BlueRock Therapeutics LP, a next generation RM company established by Bayer AG 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 our exclusive sublicense agreement with BlueRock Therapeutics, we may pursue additional RM collaborations or licensing transactions involving blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy, (B) cell repair therapy, and/or (C) tissue engineering. </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Subsidiaries</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, VistaStem 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><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&trid=2134479<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NatureOfOperations</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>17 <FILENAME>R7.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6630541184"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">Basis of Presentation</a></td> <td class="text"><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, 2017 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 six months ended September 30, 2107 are not necessarily indicative of the operating results to be expected for our fiscal year ending March 31, 2018, 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 should be read in conjunction with our audited Consolidated Financial Statements for our fiscal year ended March 31, 2017 contained in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (<i>SEC</i>) on June 29, 2017.</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 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 $149.3 million accumulated from inception (May 1998) through September 30, 2017. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further development of AV-101, initially as an adjunctive treatment for MDD, and subsequently as a new treatment alternative for other CNS-related conditions, as well as exploring and potentially executing drug rescue and development opportunities using <i>CardioSafe</i> 3D, and potential RM programs related to VistaStem’s technology platform.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From our inception through September 30, 2017, 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 $47.6 million, as well as from an aggregate of approximately $17.6 million of government research grant awards, strategic collaboration payments, intellectual property sublicensing and other revenues. We have also issued equity securities with an approximate value at issuance of $32.3 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. Additionally, pursuant to our February 2015 Cooperative Research and Development Agreement (<i>CRADA)</i> with the NIH, substantial ongoing Phase 2 clinical development activities relating to AV-101 as a potential new generation antidepressant are being sponsored in full, at no cost to us other than supplying clinical trial material, by the NIMH under the direction of Dr. Carlos Zarate Jr. as Principal Investigator.</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 September 30, 2017, we had a cash and cash equivalents balance of $1.76 million. This amount was not sufficient to enable us to fund our planned operations, including expected cash expenditures of approximately $12 million for the twelve months following the issuance of these financial statements, including expenditures required to launch and satisfy a portion of the projected expenses associated with our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study.</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 limited cash position at September 30, 2017 considered with our recurring and anticipated losses and negative cash flows from operations make it probable, in the absence of additional financing, that we will not be able to meet our obligations as they come due within one year from the date of this Report, raising substantial doubt that we can continue as a going concern. However, to alleviate that doubt, we plan, as we have numerous times in the past, to raise additional financing when and as needed, primarily through the sale of our equity securities in one or more private placements to accredited investors or public offerings. In September 2017, we completed a firm commitment underwritten public offering pursuant to which we offered and sold shares of our common stock and warrants to two of our existing institutional investors, resulting in gross proceeds of approximately $2.4 million under our Registration Statement on Form S-3 (Registration No. 333-215671) (the <i>S-3 Registration Statement</i>) that had been previously declared effective by the Securities and Exchange Commission (the <i>Commission</i>) to cover potential future sales of our equity securities in one or more public offerings from time to time. (See Note 7, <i>Capital Stock</i>, for additional information regarding the September 2017 public offering.) 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.</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">Additionally, in September 2017, to facilitate potential future issuances and sales of our equity securities for ordinary corporate finance and general corporate purposes and as recommended by our Board of Directors (<i>Board</i>), our stockholders approved an amendment to our Restated and Amended Articles of Incorporation to increase the number of shares of common stock available for issuance thereunder from 30 million shares to 100 million shares, an amount our Board determined is customary and appropriate for a Nasdaq-listed, clinical-stage biopharmaceutical company. Following that approval, in October 2017, we filed a Registration Statement on Form S-1 (Registration No. 333-221009) (the <i>S-1 Registration Statement</i>) pursuant to which we anticipate completing an offering of our equity securities with proceeds sufficient to enable the launch and completion of the AV-101 MDD Phase 2 Adjunctive Treatment Study and fund our internal operations for at least the next twelve months. There can be no assurance, however, that we will achieve effectiveness of the S-1 Registration Statement or successfully complete an offering thereunder.</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 sale of our equity securities, we may also seek to enter research and development collaborations that could generate revenue or provide substantial funding for development of AV-101 and additional product candidates. We may also seek additional government grant awards or agreements similar to our current CRADA with the NIMH, which provides for the NIMH to fully fund the NIMH AV-101 MDD Phase 2 Monotherapy 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. In a manner similar to the BlueRock Agreement, we may also pursue similar arrangements with third-parties covering other of our intellectual property. Although we may seek additional collaborations with the U.S. government or other third-parties that could generate revenue and/or non-dilutive funding for development of AV-101 and other product candidates and technologies, 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 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 AV-101, initially as an adjunctive treatment for MDD, and for other potential CNS conditions, as well as various potential 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 and opportunities related to 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 financing will be available 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 later in 2017 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><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BasisOfAccounting"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&trid=2122369<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_BasisOfAccounting</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>18 <FILENAME>R8.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742400464"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Summary of Significant Accounting Policies</a></td> <td class="text"><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 $1.25 million of sublicense revenue recorded in the quarter ended December 31, 2016 under the BlueRock Agreement, 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 of our scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with nonclinical and clinical development of AV-101, now in Phase 2 clinical development, initially for MDD, stem cell technology-related research and development costs, and costs related to the filing, maintenance and prosecution of patents and patent applications, technology licenses and protection of other intellectual property. All such costs are charged to expense as incurred.</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>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 or consultants based on the grant date fair value of the award. Non-cash stock-based compensation expense is recognized over the period during which the employee or consultant is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have no awards with market or performance conditions. For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting change in value is recognized as an expense during the period over which the services are performed.</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 six months ended September 30, 2017 and 2016.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Three Months Ended</b></font></td> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Six Months Ended</b></font></td> <td> </td></tr> <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> September 30,</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> September 30,</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> 2017</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> 2016</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> <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> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Research and development expense:</font></td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt"> Stock option grants</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">82,000</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">328,300</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">126,000</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</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">82,000</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">328,300</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">126,000</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> General and administrative expense:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Stock option grants</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">193,700</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">116,800</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">369,300</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">180,700</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">193,700</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">116,800</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">369,300</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">180,700</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Total stock-based compensation expense</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">330,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">198,800</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">697,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">306,700</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2017, our Board approved the grant of options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board, our officers and our employees. In September 2017, our stockholders approved an amendment to our 2016 Amended and Restated Stock Incentive Plan (the <i>2016 Plan</i>) to increase the number of shares issuable thereunder from 3.0 million shares to 10.0 million shares. Following that approval, our Board authorized the grant of options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, our officers, employees and certain consultants. We valued the options granted in April 2017 and September 2017 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>April <br /> 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.96</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.56</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.96</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.56</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">2.02</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.99</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.48</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.70</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">83.24</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">92.29</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> <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">880,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">770,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <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>1.42</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>1.20</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">In June 2016, our Board approved the grant of options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including our then-newly-hired Chief Medical Officer. In September 2016, the Board approved the grant of an option to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to another then-newly-hired officer. We valued the options granted in June 2016 and September 2016 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>June <br /> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.49</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">4.27</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.49</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.27</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">1.34</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.29</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.68</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.25</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">81.69</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">83.26</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><font style="font-size: 8pt">Shares</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">655,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">125,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <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>2.50</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>3.05</b></font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2017, there were stock options outstanding to purchase 3,279,871 shares of our common stock at a weighted average exercise price of $3.23 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"><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"><b> </b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income (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 income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) 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.</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 the periods presented, potentially dilutive securities were excluded from the computation of net loss per share, as their effect would be antidilutive. For the three and six-month periods ended September 30, 2017 and 2016, the accrual for dividends on our Series B 10% Convertible Preferred Stock (<i>Series B Preferred</i>) and, in 2016, the deemed dividend attributable to our sale and issuance of Series B Preferred Units, each consisting of one share of Series B Preferred and a five-year warrant to purchase one share of our common stock for $7.00, represent deductions from our net loss to arrive at net loss attributable to common stockholders for those 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">Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </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 September 30,</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>2017</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>2016</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: 76%"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td> <td style="width: 1%"> </td> <td style="width: 0%"> </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: 0%"> </td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">750,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,160,240</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> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3,279,871</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,100,643</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td> <td 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">6,965,151</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">4,678,414</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Total</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">14,473,274</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">10,007,309</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">____________</font></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> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><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> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Fair Value Measurements</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. We carried no assets or liabilities at fair value at September 30, 2017 or March 31, 2017.</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 six months ended September 30, 2017, as compared to the recent accounting pronouncements described in our Form 10-K for the fiscal year ended March 31, 2017, 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 July 2017, the Financial Accounting Standards Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (<i>ASU 2017-11</i>). Part I of this ASU provides that an entity will no longer have to consider “down round” features (i.e., a provision in an equity-linked financial instrument, such as a free-standing warrant, or an embedded feature, such as a conversion option in a convertible instrument, that reduces the exercise price of such instrument if the entity subsequently sells stock for a lower price or issues an equity-linked instrument with a lower exercise price) when determining whether certain equity-linked financial instruments or embedded features are indexed to its own stock. The definition of a down round feature in ASU 2017-11 excludes standard antidilution provisions related to changes in an entity’s capital structure. Accounting Standards Codification Topic 815-40, “Derivatives and Hedging–Contracts in Entity’s Own Equity” (<i>ASC 815-40</i>) requires that a freestanding equity-linked financial instrument be indexed to the issuer’s own stock to be classified as equity. An equity-linked embedded feature that meets the definition of a derivative may avoid bifurcation and derivative accounting if it is indexed to the issuer’s own stock. Under the terms of prior guidance, a freestanding financial instrument or embedded feature was not considered indexed to the issuer’s own stock if it had a down round provision. Consequently, the freestanding financial instrument was classified as a liability (or asset), and if it met the definition of a derivative, was measured at fair value with changes in fair value recorded through earnings. Similarly, an embedded feature was bifurcated and separately accounted for as a derivative if it met all other criteria for bifurcation under ASC 815-40. The bifurcated embedded feature was also measured at fair value through earnings. Under the provisions of ASU 2017-11, an entity that presents earnings per share (<i>EPS</i>) under Accounting Standards Codification Topic 260, “Earnings Per Share” will recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. The new guidance requires new disclosures for financial instruments with down round features and other terms that change conversion or exercise prices. Part I of ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods therein, however early adoption is permitted. We early-adopted ASU 2017-11 effective for the quarter ended September 30, 2017 and applied its guidance to certain of the warrants issued in the September 2017 Public Offering, as described more completely in Note 7, <i>Capital Stock</i>. No retrospective adjustments to our financial statements were required as a result of our adoption of ASU 2017-11.</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 No. 2016-2, “Leases.” This ASU requires substantially all leases, including operating leases, to be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability. This ASU is effective for our interim and annual reporting periods beginning April 1, 2019 and early adoption is permitted. We are currently evaluating the impact that the adoption of this ASU will have on our financial statements.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplified several aspects of the accounting for share-based payments, including immediate recognition of all excess tax benefits and deficiencies in the income statement, changing the threshold to qualify for equity classification up to the employees’ maximum statutory tax rates, allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, and clarifying the classification on the statement of cash flows for the excess tax benefit and employee taxes paid when an employer withholds shares for tax-withholding purposes. This ASU became effective for our interim and annual reporting periods beginning April 1, 2017, and the adoption of this standard did not have a material impact on our financial statements. Pursuant to our adoption of this standard, we elected to account for the impact of option forfeitures as they occur.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&trid=2122369<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>19 <FILENAME>R9.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6632653248"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid Expenses and Other Current Assets<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsDisclosureTextBlock', window );">Prepaid Expenses and Other Current Assets</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Prepaid expenses and other current assets are composed of the following at September 30, 2017 and March 31, 2017:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> September 30,</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> March 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</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: 76%"><font style="font-size: 8pt"> Insurance</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">130,800</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">85,800</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> AV-101 materials and services</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">357,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">352,800</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Public offering expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">30,900</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,600</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> All other</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">44,600</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,400</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">563,300</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">456,600</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OtherAssetsDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>20 <FILENAME>R10.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742456640"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Expenses<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock', window );">Accrued Expenses</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accrued expenses are composed of the following at September 30, 2017 and March 31, 2017:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> September 30,</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> March 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</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: 76%"><font style="font-size: 8pt"> Accrued professional services</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">61,300</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">37,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Accrued AV-101 development and related expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">102,400</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">402,400</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Accrued compensation</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">451,900</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> All other</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,000</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,600</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">625,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">443,000</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a),20,24)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>21 <FILENAME>R11.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6629746736"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Notes Payable<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Notes Payable</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes our unsecured promissory notes at September 30, 2017 and March 31, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 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"><font style="font-size: 8pt"><b>Principal</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accrued</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Principal</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accrued</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Balance</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>Interest</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>Total</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>Balance</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>Interest</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>Total</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <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><font style="font-size: 8pt">7.95% and 8.25% Notes payable to insurance</font></td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <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: 40%"><font style="font-size: 8pt">premium financing company (current)</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">105,200</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">105,200</font></td> <td style="padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">54,800</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">54,800</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Total notes payable to unrelated parties</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">105,200</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">105,200</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">54,800</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">54,800</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 9pt"><font style="font-size: 8pt">less: current portion</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">(105,200</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">-</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">(105,200</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">(54,800</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">-</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">(54,800</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Net non-current portion</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, we executed a 7.95% promissory note in the principal amount of $142,400 in connection with insurance policy premiums. The note is payable in monthly installments of $14,800, including principal and interest, through March 2018, and had a remaining outstanding balance of $86,600 at September 30, 2017. In February 2017, we executed a promissory note in the principal amount of $60,700 in connection with other insurance policy premiums. That note is payable in monthly installments of $6,300, including principal and interest, and had an outstanding balance of $18,600 at September 30, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&trid=2208564<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_DebtDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>22 <FILENAME>R12.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742387744"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Stock<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Capital Stock</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At our Annual Meeting of Stockholders on September 15, 2017, as approved by and recommended to our stockholders by our Board, our stockholders approved an amendment to our Restated and Amended Articles of Incorporation to increase the authorized number of shares of common stock that the Company may issue from 30.0 million shares to 100.0 million shares. The amendment became effective on September 15, 2017, upon our filing of a certificate of amendment with the Secretary of State of the state of Nevada.</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 Firm Commitment Underwritten</i></b> <b><i>Public Offering</i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 6, 2017, we completed a firm commitment underwritten public offering pursuant to which we offered and sold shares of our common stock and warrants to two of our existing institutional investors, resulting in gross proceeds of approximately $2.4 million (the <i>September 2017 Public Offering</i>). We issued an aggregate of 1,371,430 shares of our common stock, Series A1 Warrants to purchase up to 1,388,931 shares of common stock and Series A2 Warrants to purchase up to 503,641 of common stock (collectively, the <i>Warrants</i>), each exercisable for $1.82 per share in the September 2017 Public Offering. The Series A1 Warrants will be exercisable by the investors for a five-year period commencing on March 7, 2018, and the Series A2 Warrants are exercisable at any time through September 6, 2022. The common stock and the shares of common stock underlying the Warrants issued in the September 2017 Public Offering were offered, issued and sold pursuant to our S-3 Registration Statement that had previously been declared effective by the Securities and Exchange Commission (the <i>Commission</i>) to cover this and potential future sales of our equity securities in one or more public offerings from time to time. We received net proceeds of approximately $2.0 million from the September 2017 Public Offering, after deducting underwriter’s commission and other expenses related to the offering.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 1,388,931 Series A1 Warrants issued in the September 2017 Public Offering have no anti-dilution or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend, and, accordingly, we have accounted for them as equity warrants. The 503,641 Series A2 Warrants contain anti-dilution protection provisions that will take effect upon the issuance of any common stock, securities convertible into common stock or certain other issuances at a price below the then-current (currently $1.82 per share) exercise price of the Series A2 Warrants, with certain exceptions; provided, however, that such anti-dilution protection will terminate automatically on the trading day following the date on which we have raised at least $20.0 million in aggregate gross proceeds through one or more issuances of common stock or equity-linked securities. The anti-dilution protection provisions in the Series A2 Warrants constitute a down round feature subject to the guidance in ASU 2017-11. Since the Series A2 Warrants contain no other provisions which require their treatment as liability warrants rather than equity warrants, including the exercise price or share reset features, except as is customary with respect to a change in our capital structure in the event of a stock split or dividend and which are also present in the Series A1 Warrants, we have also accounted for the Series A2 Warrants as equity warrants.</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 Private Placements</i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended June 30, 2017, in self-placed private placement transactions, we accepted subscription agreements from individual accredited investors, pursuant to which we sold to such investors units, at a weighted average purchase price of $2.00 per unit, consisting of an aggregate of 437,751 unregistered shares of our common stock and warrants, exercisable through April 30, 2021, to purchase an aggregate of 218,875 unregistered shares of our common stock at a weighted average exercise price of $3.99 per share. 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 six months and one day following the date of issuance. We received aggregate cash proceeds of $873,300 in connection with these self-placed private placement transactions, 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">In August 2017, in a self-placed private placement transaction, we sold to an accredited investor units consisting of 28,572 shares of our unregistered common stock and warrants exercisable through April 30, 2021 to purchase 28,572 unregistered shares of our common stock at an exercise price of $4.00 per share. The purchaser of the units has 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 six months and one day following the date of issuance. We received cash proceeds of $50,000 from this sale of our securities, 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>Issuance of Common Stock 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, 2017, we issued 25,000 shares of our unregistered common stock having a fair value on the date of issuance of $49,800 as partial compensation to an investor relations service provider.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended September 30, 2017, our Board of Directors (<i>Board</i>) approved the issuance of an aggregate of 927,500 unregistered shares of our common stock, of which 477,500 shares were issued from our 2016 Amended and Restated Stock Incentive Plan, for various professional services, including contract research, legal, investor relations and financial advisory services. The common stock issued had an aggregate fair value of $1,503,600 on the dates issued, of which all but $161,300 has been recognized as noncash expense during the quarter ended September 30, 2017. The un-expensed portion at September 30, 2017 is being recognized in expense ratably through July 2019 in accordance with the terms of work orders for certain contract research services to be provided through that 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"><b><i>Modification of Warrants Issued in Private Placements</i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares for which the warrants were exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the additional fair value, $279,700, as warrant modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement of Operations and Comprehensive Loss for the quarter ended September 30, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.54</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.54</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.99</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2.00</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">1.62</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.62</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 contractual term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3.62</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3.62</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">95.5</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">95.5</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 warrant shares</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">247,500</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">495,001</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>0.71</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>0.92</b></font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>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">Following the warrant issuances in the September 2017 Public Offering and in the self-placed private placement transactions and the warrant modifications described above, at September 30, 2017, we had outstanding warrants to purchase shares of our common stock at a weighted average exercise price of $4.77 per share as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise Price</b></font></td> <td> </td> <td style="text-align: center"><font style="font-size: 8pt"><b>Expiration</b></font></td> <td> </td> <td colspan="2"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Warrants Outstanding at September 30,</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>per Share</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"><font style="font-size: 8pt"><b>Date</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 0%"><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.82</font></td> <td> </td> <td><font style="font-size: 8pt">9/6/2022 to 3/7/2023</font></td> <td style="width: 1%"> </td> <td style="width: 0%"> </td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,892,572</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2.00</font></td> <td> </td> <td><font style="font-size: 8pt">4/30/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">495,001</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.51</font></td> <td> </td> <td><font style="font-size: 8pt">12/31/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">50,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.00</font></td> <td> </td> <td><font style="font-size: 8pt">4/30/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">28,572</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.50</font></td> <td> </td> <td><font style="font-size: 8pt">9/26/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">25,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5.30</font></td> <td> </td> <td><font style="font-size: 8pt">5/16/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,705,883</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">6.00</font></td> <td> </td> <td><font style="font-size: 8pt">9/26/2019 to 11/30/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">97,750</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">7.00</font></td> <td> </td> <td><font style="font-size: 8pt">12/11/2018 to 3/3/2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,346,931</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8.00</font></td> <td> </td> <td><font style="font-size: 8pt">3/25/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">185,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">10.00</font></td> <td> </td> <td><font style="font-size: 8pt">11/15/2017 to 1/11/2020</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">24,394</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">20.00</font></td> <td> </td> <td><font style="font-size: 8pt">9/15/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">110,448</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 8pt">30.00</font></td> <td style="padding-bottom: 1.5pt"> </td> <td><font style="font-size: 8pt">11/20/2017</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">3,600</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> 6,965,151</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">With the exception of 2,705,883 shares of common stock underlying the warrants exercisable at $5.30 per share issued in our May 2016 public offering and 1,892,572 shares of common stock underlying the warrants exercisable at $1.82 per share issued in our September 2017 Public Offering, all of the common shares issuable upon exercise of our outstanding warrants are unregistered.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -URI http://asc.fasb.org/topic&trid=2208762<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>23 <FILENAME>R13.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742401008"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions</a></td> <td class="text"><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>) recently engaged by us 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 and other potential CNS indications. CBV is among our largest institutional stockholders at September 30, 2017, holding approximately 7.8% of our outstanding common stock. In October 2012, we issued certain unsecured promissory notes in the aggregate principal amount of approximately $1.3 million to CBV and CRL (the <i>Cato Notes</i>) as payment in full for all contract research and development services and regulatory advice previously rendered to us by CRL for nonclinical and Phase 1 development of AV-101. In June 2015, the Cato Notes and additional amounts payable to CRL for CRO services related to AV-101 were extinguished in exchange for our issuance of an aggregate of 328,571 shares of Series B Preferred stock to CBV, which shares of Series B Preferred stock were automatically converted in accordance with their terms into an equal number of registered shares of our common stock as a result of our May 2016 public offering.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, including AV-101, 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 May 2007 master services agreement with CRL, we incurred expenses of $484,000 and $27,800 during the quarters ended September 30, 2017 and 2016, respectively, and $612,200 and $78,200 in the six-month periods ended September 30, 2017 and 2016, respectively. During the quarter ended September 30, 2017, we issued an aggregate of 300,000 unregistered shares of our common stock to CRL under the terms of certain work orders for current and future CRO services relating to our development of AV-101 for MDD, the fair value of which represented approximately $364,000 of the reported CRO expense for the quarter then ended. We anticipate periodic expenses for CRO services from CRL related to nonclinical and clinical development of, and regulatory affairs related to, AV-101 and other potential product candidates will increase in future periods.</p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&trid=2122745<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>24 <FILENAME>R14.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6614784768"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0">We have evaluated subsequent events through November 9, 2017 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>Issuance of Common Stock 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">In October 2017, we issued an aggregate of 70,000 shares of our unregistered common stock having an aggregate fair value of $83,800 to certain professional service providers.</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"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_NotesToFinancialStatementsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_NotesToFinancialStatementsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&trid=2122774<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>25 <FILENAME>R15.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6640033344"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Policies)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_SummaryOfSignificantAccountingPoliciesPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies Policies</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td> <td class="text"><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 $1.25 million of sublicense revenue recorded in the quarter ended December 31, 2016 under the BlueRock Agreement, we do not currently have, nor have we had during the periods covered by this report, any arrangements requiring the recognition of revenue.</p><span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpensePolicy', window );">Research and Development Expenses</a></td> <td class="text"><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 of our scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with nonclinical and clinical development of AV-101, now in Phase 2 clinical development, initially for MDD, stem cell technology-related research and development costs, and costs related to the filing, maintenance and prosecution of patents and patent applications, technology licenses and protection of other intellectual property. All such costs are charged to expense as incurred.</p><span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsPolicyTextBlock', window );">Stock-Based Compensation</a></td> <td class="text"><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 or consultants based on the grant date fair value of the award. Non-cash stock-based compensation expense is recognized over the period during which the employee or consultant is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have no awards with market or performance conditions. For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting change in value is recognized as an expense during the period over which the services are performed.</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 six months ended September 30, 2017 and 2016.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Three Months Ended</b></font></td> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Six Months Ended</b></font></td> <td> </td></tr> <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> September 30,</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> September 30,</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> 2017</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> 2016</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> <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> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Research and development expense:</font></td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt"> Stock option grants</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">82,000</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">328,300</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">126,000</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</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">82,000</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">328,300</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">126,000</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> General and administrative expense:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Stock option grants</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">193,700</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">116,800</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">369,300</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">180,700</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">193,700</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">116,800</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">369,300</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">180,700</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Total stock-based compensation expense</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">330,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">198,800</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">697,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">306,700</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2017, our Board approved the grant of options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board, our officers and our employees. In September 2017, our stockholders approved an amendment to our 2016 Amended and Restated Stock Incentive Plan (the <i>2016 Plan</i>) to increase the number of shares issuable thereunder from 3.0 million shares to 10.0 million shares. Following that approval, our Board authorized the grant of options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, our officers, employees and certain consultants. We valued the options granted in April 2017 and September 2017 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>April <br /> 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.96</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.56</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.96</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.56</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">2.02</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.99</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.48</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.70</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">83.24</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">92.29</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> <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">880,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">770,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <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>1.42</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>1.20</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">In June 2016, our Board approved the grant of options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including our then-newly-hired Chief Medical Officer. In September 2016, the Board approved the grant of an option to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to another then-newly-hired officer. We valued the options granted in June 2016 and September 2016 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>June <br /> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.49</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">4.27</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.49</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.27</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">1.34</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.29</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.68</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.25</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">81.69</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">83.26</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><font style="font-size: 8pt">Shares</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">655,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">125,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <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>2.50</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>3.05</b></font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2017, there were stock options outstanding to purchase 3,279,871 shares of our common stock at a weighted average exercise price of $3.23 per share.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Loss</a></td> <td class="text"><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><span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Income (Loss) per Common Share</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) 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.</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 the periods presented, potentially dilutive securities were excluded from the computation of net loss per share, as their effect would be antidilutive. For the three and six-month periods ended September 30, 2017 and 2016, the accrual for dividends on our Series B 10% Convertible Preferred Stock (<i>Series B Preferred</i>) and, in 2016, the deemed dividend attributable to our sale and issuance of Series B Preferred Units, each consisting of one share of Series B Preferred and a five-year warrant to purchase one share of our common stock for $7.00, represent deductions from our net loss to arrive at net loss attributable to common stockholders for those 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">Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </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 September 30,</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>2017</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>2016</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: 76%"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td> <td style="width: 1%"> </td> <td style="width: 0%"> </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: 0%"> </td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">750,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,160,240</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> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3,279,871</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,100,643</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td> <td 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">6,965,151</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">4,678,414</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Total</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">14,473,274</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">10,007,309</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">____________</font></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> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><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> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table><span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements</a></td> <td class="text"><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 at fair value at September 30, 2017 or March 31, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td> <td class="text"><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 six months ended September 30, 2017, as compared to the recent accounting pronouncements described in our Form 10-K for the fiscal year ended March 31, 2017, 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 July 2017, the Financial Accounting Standards Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (<i>ASU 2017-11</i>). Part I of this ASU provides that an entity will no longer have to consider “down round” features (i.e., a provision in an equity-linked financial instrument, such as a free-standing warrant, or an embedded feature, such as a conversion option in a convertible instrument, that reduces the exercise price of such instrument if the entity subsequently sells stock for a lower price or issues an equity-linked instrument with a lower exercise price) when determining whether certain equity-linked financial instruments or embedded features are indexed to its own stock. The definition of a down round feature in ASU 2017-11 excludes standard antidilution provisions related to changes in an entity’s capital structure. Accounting Standards Codification Topic 815-40, “Derivatives and Hedging–Contracts in Entity’s Own Equity” (<i>ASC 815-40</i>) requires that a freestanding equity-linked financial instrument be indexed to the issuer’s own stock to be classified as equity. An equity-linked embedded feature that meets the definition of a derivative may avoid bifurcation and derivative accounting if it is indexed to the issuer’s own stock. Under the terms of prior guidance, a freestanding financial instrument or embedded feature was not considered indexed to the issuer’s own stock if it had a down round provision. Consequently, the freestanding financial instrument was classified as a liability (or asset), and if it met the definition of a derivative, was measured at fair value with changes in fair value recorded through earnings. Similarly, an embedded feature was bifurcated and separately accounted for as a derivative if it met all other criteria for bifurcation under ASC 815-40. The bifurcated embedded feature was also measured at fair value through earnings. Under the provisions of ASU 2017-11, an entity that presents earnings per share (<i>EPS</i>) under Accounting Standards Codification Topic 260, “Earnings Per Share” will recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. The new guidance requires new disclosures for financial instruments with down round features and other terms that change conversion or exercise prices. Part I of ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods therein, however early adoption is permitted. We early-adopted ASU 2017-11 effective for the quarter ended September 30, 2017 and applied its guidance to certain of the warrants issued in the September 2017 Public Offering, as described more completely in Note 7, <i>Capital Stock</i>. No retrospective adjustments to our financial statements were required as a result of our adoption of ASU 2017-11.</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 No. 2016-2, “Leases.” This ASU requires substantially all leases, including operating leases, to be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability. This ASU is effective for our interim and annual reporting periods beginning April 1, 2019 and early adoption is permitted. We are currently evaluating the impact that the adoption of this ASU will have on our financial statements.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplified several aspects of the accounting for share-based payments, including immediate recognition of all excess tax benefits and deficiencies in the income statement, changing the threshold to qualify for equity classification up to the employees’ maximum statutory tax rates, allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, and clarifying the classification on the statement of cash flows for the excess tax benefit and employee taxes paid when an employer withholds shares for tax-withholding purposes. This ASU became effective for our interim and annual reporting periods beginning April 1, 2017, and the adoption of this standard did not have a material impact on our financial statements. Pursuant to our adoption of this standard, we elected to account for the impact of option forfeitures as they occur.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_SummaryOfSignificantAccountingPoliciesPoliciesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_SummaryOfSignificantAccountingPoliciesPoliciesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsPolicyTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18726-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f(1))<br> -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CompensationRelatedCostsPolicyTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. 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Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpensePolicy"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpensePolicy</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6132-108592<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_UseOfEstimates</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>26 <FILENAME>R16.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6871000768"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Tables)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_SummaryOfSignificantAccountingPoliciesTablesAbstract', window );"><strong>Summary Of Significant Accounting Policies Tables</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock', window );">Summary of stock-based compensation expense</a></td> <td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Three Months Ended</b></font></td> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font-size: 8pt"><b> Six Months Ended</b></font></td> <td> </td></tr> <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> September 30,</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> September 30,</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> 2017</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> 2016</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> <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> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Research and development expense:</font></td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt"> Stock option grants</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">82,000</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">328,300</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 0%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">126,000</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">136,900</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">82,000</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">328,300</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">126,000</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> General and administrative expense:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Stock option grants</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">193,700</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">116,800</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">369,300</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">180,700</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 style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">193,700</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">116,800</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">369,300</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">180,700</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Total stock-based compensation expense</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">330,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">198,800</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">697,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">306,700</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table><span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock', window );">Warrant assumptions</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2017, our Board approved the grant of options to purchase an aggregate of 880,000 shares of our common stock at an exercise price of $1.96 per share to the independent members of our Board, our officers and our employees. In September 2017, our stockholders approved an amendment to our 2016 Amended and Restated Stock Incentive Plan (the <i>2016 Plan</i>) to increase the number of shares issuable thereunder from 3.0 million shares to 10.0 million shares. Following that approval, our Board authorized the grant of options to purchase an aggregate of 770,000 shares of our common stock at an exercise price of $1.56 per share to the independent members of our Board, our officers, employees and certain consultants. We valued the options granted in April 2017 and September 2017 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>April <br /> 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.96</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.56</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.96</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.56</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">2.02</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.99</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.48</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.70</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">83.24</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">92.29</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> <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">880,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">770,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <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>1.42</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>1.20</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">In June 2016, our Board approved the grant of options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including our then-newly-hired Chief Medical Officer. In September 2016, the Board approved the grant of an option to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to another then-newly-hired officer. We valued the options granted in June 2016 and September 2016 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>June <br /> 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 2016</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share at grant date</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.49</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">4.27</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.49</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.27</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">1.34</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.29</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">Contractual or estimated term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.68</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">6.25</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">81.69</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">83.26</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><font style="font-size: 8pt">Shares</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">655,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">125,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table><span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock', window );">Schedule of potentially dilutive securities excluded from computation of earnings per share</a></td> <td class="text"><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 September 30,</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>2017</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>2016</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: 76%"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td> <td style="width: 1%"> </td> <td style="width: 0%"> </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: 0%"> </td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">750,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,160,240</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> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding options under the Amended and Restated 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3,279,871</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,100,643</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td> <td 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">6,965,151</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">4,678,414</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Total</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">14,473,274</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">10,007,309</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">____________</font></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> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><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> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom"><font style="font-size: 8pt">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_SummaryOfSignificantAccountingPoliciesTablesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_SummaryOfSignificantAccountingPoliciesTablesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901<br><br>Reference 2: 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cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (k)<br> -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ScheduleOfAssumptionsUsedTableTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>27 <FILENAME>R17.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618547312"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid Expenses and Other Current Assets (Tables)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_PrepaidExpensesTablesAbstract', window );"><strong>Prepaid Expenses And Other Current Assets Tables</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock', window );">Prepaid Expenses</a></td> <td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> September 30,</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> March 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</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: 76%"><font style="font-size: 8pt"> Insurance</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">130,800</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">85,800</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> AV-101 materials and services</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">357,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">352,800</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Public offering expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">30,900</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,600</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> All other</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">44,600</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,400</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">563,300</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">456,600</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_PrepaidExpensesTablesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_PrepaidExpensesTablesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>28 <FILENAME>R18.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617366928"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Expenses (Tables)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_AccruedExpensesTablesAbstract', window );"><strong>Accrued Expenses Tables</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock', window );">Accrued Expenses</a></td> <td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> September 30,</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> March 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</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: 76%"><font style="font-size: 8pt"> Accrued professional services</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">61,300</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">37,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Accrued AV-101 development and related expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">102,400</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">402,400</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> Accrued compensation</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">451,900</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> All other</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,000</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,600</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">625,600</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">443,000</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_AccruedExpensesTablesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_AccruedExpensesTablesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of accrued liabilities.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>29 <FILENAME>R19.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742459760"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Notes Payable (Tables)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ConvertiblePromissoryNotesAndOtherNotesPayableTablesAbstract', window );"><strong>Convertible Promissory Notes And Other Notes Payable Tables</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtTableTextBlock', window );">Notes Payable</a></td> <td class="text"><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="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>September 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 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"><font style="font-size: 8pt"><b>Principal</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accrued</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Principal</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accrued</b></font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Balance</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>Interest</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>Total</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>Balance</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>Interest</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>Total</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <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><font style="font-size: 8pt">7.95% and 8.25% Notes payable to insurance</font></td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <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: 40%"><font style="font-size: 8pt">premium financing company (current)</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">105,200</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">105,200</font></td> <td style="padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">54,800</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 1%; padding-bottom: 3pt"> </td> <td style="width: 0%; border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">54,800</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Total notes payable to unrelated parties</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">105,200</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">105,200</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">54,800</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">54,800</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 9pt"><font style="font-size: 8pt">less: current portion</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">(105,200</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">-</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">(105,200</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">(54,800</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</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">-</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">(54,800</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">Net non-current portion</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_ConvertiblePromissoryNotesAndOtherNotesPayableTablesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_ConvertiblePromissoryNotesAndOtherNotesPayableTablesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDebtTableTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ScheduleOfDebtTableTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>30 <FILENAME>R20.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6874340832"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Stock (Tables)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"><div>Sep. 30, 2017</div></th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_CapitalStockTablesAbstract', window );"><strong>Capital Stock Tables</strong></a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_AdditionalWarrantModificationsTableTextBlock', window );">Additional Warrant Modifications</a></td> <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2017, the Board authorized the modification of outstanding warrants issued in private placement transactions between March 2017 and June 2017 to reduce the exercise prices and increase the number of shares for which the warrants were exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. We recognized the additional fair value, $279,700, as warrant modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations and Comprehensive Loss for the quarter ended September 30, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.54</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.54</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.99</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2.00</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">1.62</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1.62</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 contractual term in years</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3.62</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">3.62</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">95.5</font></td> <td><font style="font-size: 8pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">95.5</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 warrant shares</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">247,500</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">495,001</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>0.71</b></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt"><b>$</b></font></td> <td style="text-align: right"><font style="font-size: 8pt"><b>0.92</b></font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p><span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock', window );">Warrants outstanding</a></td> <td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Exercise Price</b></font></td> <td> </td> <td style="text-align: center"><font style="font-size: 8pt"><b>Expiration</b></font></td> <td> </td> <td colspan="2"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Warrants Outstanding at September 30,</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>per Share</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"><font style="font-size: 8pt"><b>Date</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 0%"><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1.82</font></td> <td> </td> <td><font style="font-size: 8pt">9/6/2022 to 3/7/2023</font></td> <td style="width: 1%"> </td> <td style="width: 0%"> </td> <td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,892,572</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2.00</font></td> <td> </td> <td><font style="font-size: 8pt">4/30/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">495,001</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">3.51</font></td> <td> </td> <td><font style="font-size: 8pt">12/31/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">50,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.00</font></td> <td> </td> <td><font style="font-size: 8pt">4/30/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">28,572</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4.50</font></td> <td> </td> <td><font style="font-size: 8pt">9/26/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">25,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5.30</font></td> <td> </td> <td><font style="font-size: 8pt">5/16/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,705,883</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">6.00</font></td> <td> </td> <td><font style="font-size: 8pt">9/26/2019 to 11/30/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">97,750</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">7.00</font></td> <td> </td> <td><font style="font-size: 8pt">12/11/2018 to 3/3/2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,346,931</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8.00</font></td> <td> </td> <td><font style="font-size: 8pt">3/25/2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">185,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">10.00</font></td> <td> </td> <td><font style="font-size: 8pt">11/15/2017 to 1/11/2020</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">24,394</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">20.00</font></td> <td> </td> <td><font style="font-size: 8pt">9/15/2019</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">110,448</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 8pt">30.00</font></td> <td style="padding-bottom: 1.5pt"> </td> <td><font style="font-size: 8pt">11/20/2017</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">3,600</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"></td> <td style="vertical-align: bottom; padding-bottom: 3pt"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> 6,965,151</font></td> <td> </td></tr> </table><span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_AdditionalWarrantModificationsTableTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_AdditionalWarrantModificationsTableTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_CapitalStockTablesAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_CapitalStockTablesAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(i))<br> -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>nonnum:textBlockItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>31 <FILENAME>R21.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741124688"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation (Details Narrative) - USD ($)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> <th class="th" colspan="1"></th> <th class="th" colspan="1"></th> <th class="th" colspan="1"></th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> <th class="th"><div>Mar. 31, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_BasisOfPresentationAndGoingConcernDetailsTextualsAbstract', window );"><strong>Basis Of Presentation And Going Concern Details Narrative</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated Deficit during its development stage</a></td> <td class="num">$ (149,261,000)<span></span> </td> <td class="num">$ (141,998,700)<span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Cash proceeds from issuance of common stock</a></td> <td class="nump">47,600,000<span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromGrantors', window );">Cash proceeds from grant awards and other events</a></td> <td class="nump">32,300,000<span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td> <td class="nump">$ 1,764,400<span></span> </td> <td class="nump">$ 2,921,300<span></span> </td> <td class="nump">$ 6,257,100<span></span> </td> <td class="nump">$ 428,500<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_BasisOfPresentationAndGoingConcernDetailsTextualsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_BasisOfPresentationAndGoingConcernDetailsTextualsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromGrantors"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received from grantors during the current period related to operating activities. This element represents receipts from a guarantor for the amount of guarantee provided.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3536-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ProceedsFromGrantors</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3255-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOrSaleOfEquity</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>32 <FILENAME>R22.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741086800"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details) - USD ($)<br></strong></div></th> <th class="th" colspan="2">3 Months Ended</th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option expense</a></td> <td class="nump">$ 330,600<span></span> </td> <td class="nump">$ 198,800<span></span> </td> <td class="nump">$ 697,600<span></span> </td> <td class="nump">$ 306,700<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">ResearchAndDevelopmentExpenseMember</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option expense</a></td> <td class="nump">136,900<span></span> </td> <td class="nump">82,000<span></span> </td> <td class="nump">328,300<span></span> </td> <td class="nump">126,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">ResearchAndDevelopmentExpenseMember | Options [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option expense</a></td> <td class="nump">136,900<span></span> </td> <td class="nump">82,000<span></span> </td> <td class="nump">328,300<span></span> </td> <td class="nump">126,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">GeneralAndAdministrativeExpenseMember</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option expense</a></td> <td class="nump">193,700<span></span> </td> <td class="nump">116,800<span></span> </td> <td class="nump">369,300<span></span> </td> <td class="nump">180,700<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">GeneralAndAdministrativeExpenseMember | Options [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option expense</a></td> <td class="nump">$ 193,700<span></span> </td> <td class="nump">$ 116,800<span></span> </td> <td class="nump">$ 369,300<span></span> </td> <td class="nump">$ 180,700<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3602-108585<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=us-gaap_ResearchAndDevelopmentExpenseMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_OptionMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_OptionMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=us-gaap_GeneralAndAdministrativeExpenseMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>33 <FILENAME>R23.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752173216"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details 1) - Options [Member] - $ / shares<br></strong></div></th> <th class="th" colspan="2">1 Months Ended</th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Apr. 30, 2017</div></th> <th class="th"><div>Jun. 30, 2016</div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Market Price (in dollars per share)</a></td> <td class="nump">$ 1.96<span></span> </td> <td class="nump">$ 3.49<span></span> </td> <td class="nump">$ 1.56<span></span> </td> <td class="nump">$ 4.27<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price per share</a></td> <td class="nump">1.96<span></span> </td> <td class="nump">3.49<span></span> </td> <td class="nump">1.56<span></span> </td> <td class="nump">4.27<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice', window );">Market price per share at grant date</a></td> <td class="nump">1.96<span></span> </td> <td class="nump">3.49<span></span> </td> <td class="nump">1.56<span></span> </td> <td class="nump">4.27<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice', window );">Exercise price per share</a></td> <td class="nump">$ 1.96<span></span> </td> <td class="nump">$ 3.49<span></span> </td> <td class="nump">$ 1.56<span></span> </td> <td class="nump">$ 4.27<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td> <td class="nump">2.02%<span></span> </td> <td class="nump">1.34%<span></span> </td> <td class="nump">1.99%<span></span> </td> <td class="nump">1.29%<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Expected term (years)</a></td> <td class="text">6 years 5 months 23 days<span></span> </td> <td class="text">6 years 8 months 5 days<span></span> </td> <td class="text">6 years 8 months 12 days<span></span> </td> <td class="text">6 years 3 months<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td> <td class="nump">83.24%<span></span> </td> <td class="nump">81.69%<span></span> </td> <td class="nump">92.29%<span></span> </td> <td class="nump">83.26%<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedDividendRate', window );">Dividend rate</a></td> <td class="nump">0.00%<span></span> </td> <td class="nump">0.00%<span></span> </td> <td class="nump">0.00%<span></span> </td> <td class="nump">0.00%<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Shares</a></td> <td class="nump">880,000<span></span> </td> <td class="nump">655,000<span></span> </td> <td class="nump">770,000<span></span> </td> <td class="nump">125,000<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Fair Value per share</a></td> <td class="nump">$ 1.42<span></span> </td> <td class="nump">$ 2.50<span></span> </td> <td class="nump">$ 1.20<span></span> </td> <td class="nump">$ 3.05<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExercisePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreed upon price for the exchange of the underlying asset.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExercisePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedDividendRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected dividends to be paid to holders of the underlying shares or financial instruments (expressed as a percentage of the share or instrument's price).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedDividendRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedTerm"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedTerm</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:durationItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedVolatilityRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Risk-free interest rate assumption used in valuing an instrument.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsRiskFreeInterestRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in the weighted average exercise price of options outstanding.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees could acquire or could have acquired the underlying shares with respect to any other type of change in shares reserved for issuance.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_SharePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_OptionMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_OptionMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>34 <FILENAME>R24.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741502832"> <tr> <th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details 2) - shares<br></strong></div></th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="nump">14,473,274<span></span> </td> <td class="nump">10,007,309<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td> <td class="nump">750,000<span></span> </td> <td class="nump">750,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td> <td class="nump">1,160,240<span></span> </td> <td class="nump">1,160,240<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C Preferred Stock [Member]</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td> <td class="nump">2,318,012<span></span> </td> <td class="nump">2,318,012<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=VTGN_IncentivePlanMember', window );">2016 (formerly 2008) and 1999 Stock Incentive Plans [Member]</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="nump">3,279,871<span></span> </td> <td class="nump">1,100,643<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_WarrantMember', window );">Warrant [Member]</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive securities</a></td> <td class="th" style="border-bottom: 0px;"><sup></sup></td> <td class="nump">6,965,151<span></span> </td> <td class="nump">4,678,414<span></span> </td> </tr> <tr><td colspan="4"></td></tr> <tr><td colspan="4"><table class="outerFootnotes" width="100%"> <tr class="outerFootnote"> <td style="vertical-align: top; width: 12pt;" valign="top">[1]</td> <td style="vertical-align: top;" valign="top">Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended</td> </tr> <tr class="outerFootnote"> <td style="vertical-align: top; width: 12pt;" valign="top">[2]</td> <td style="vertical-align: top;" valign="top">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</td> </tr> <tr class="outerFootnote"> <td style="vertical-align: top; width: 12pt;" valign="top">[3]</td> <td style="vertical-align: top;" valign="top">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</td> </tr> </table></td></tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesAPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesAPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesBPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesBPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesCPreferredStockMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_SeriesCPreferredStockMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=VTGN_IncentivePlanMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=VTGN_IncentivePlanMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_WarrantMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_WarrantMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>35 <FILENAME>R25.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6879547152"> <tr> <th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Prepaid Expenses and Other Current Assets (Details) - USD ($)<br></strong></div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_PrepaidExpensesDetailsAbstract', window );"><strong>Prepaid Expenses And Other Current Assets Details</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidInsurance', window );">Insurance</a></td> <td class="nump">$ 13,080<span></span> </td> <td class="nump">$ 85,800<span></span> </td> </tr> <tr class="re"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_PrepaidAv101DevelopmentExpense', window );">AV-101 materials and services</a></td> <td class="nump">357,000<span></span> </td> <td class="nump">352,800<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_PublicOfferingExpenses', window );">Public offering expenses</a></td> <td class="nump">30,900<span></span> </td> <td class="nump">11,600<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherPrepaidExpenseCurrent', window );">All other</a></td> <td class="nump">44,600<span></span> </td> <td class="nump">6,400<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Total</a></td> <td class="nump">$ 563,300<span></span> </td> <td class="nump">$ 456,000<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_PrepaidAv101DevelopmentExpense"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_PrepaidAv101DevelopmentExpense</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_PrepaidExpensesDetailsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_PrepaidExpensesDetailsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_PublicOfferingExpenses"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_PublicOfferingExpenses</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherPrepaidExpenseCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for other costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6787-107765<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OtherPrepaidExpenseCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidInsurance"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for insurance that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)(1)<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&oid=68074540&loc=d3e5865-108316<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&oid=68074540&loc=d3e5879-108316<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_PrepaidInsurance</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>36 <FILENAME>R26.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6878525504"> <tr> <th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued Expenses (Details) - USD ($)<br></strong></div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_AccruedExpensesDetailsAbstract', window );"><strong>Accrued Expenses Details</strong></a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedProfessionalFeesCurrent', window );">Accrued professional services</a></td> <td class="nump">$ 61,300<span></span> </td> <td class="nump">$ 37,000<span></span> </td> </tr> <tr class="re"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_AccruedDevelopmentExpenses', window );">Accrued AV-101 development and related expenses</a></td> <td class="nump">102,400<span></span> </td> <td class="nump">402,400<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedBonusesCurrentAndNoncurrent', window );">Accrued compensation</a></td> <td class="nump">451,900<span></span> </td> <td class="nump">0<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">All other</a></td> <td class="nump">10,000<span></span> </td> <td class="nump">3,600<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td> <td class="nump">$ 625,600<span></span> </td> <td class="nump">$ 443,000<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_AccruedDevelopmentExpenses"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_AccruedDevelopmentExpenses</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_AccruedExpensesDetailsAbstract"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_AccruedExpensesDetailsAbstract</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedBonusesCurrentAndNoncurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccruedBonusesCurrentAndNoncurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedProfessionalFeesCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6911-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_AccruedProfessionalFeesCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6911-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&oid=82887183&loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>37 <FILENAME>R27.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6870397936"> <tr> <th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Notes Payable (Details) - Notes Payable 1 [Member] - USD ($)<br></strong></div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Mar. 31, 2017</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleNotesPayable', window );">Principal Balance</a></td> <td class="nump">$ 105,200<span></span> </td> <td class="nump">$ 54,800<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td> <td class="nump">0<span></span> </td> <td class="nump">0<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebt', window );">Total</a></td> <td class="nump">$ 105,200<span></span> </td> <td class="nump">$ 54,800<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleDebt"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ConvertibleDebt</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleNotesPayable"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(13))<br> -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ConvertibleNotesPayable</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrentAndNoncurrent"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest payable on debt, including, but not limited to, trade payables.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_InterestPayableCurrentAndNoncurrent</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>credit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=VTGN_NotesPayable1Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=VTGN_NotesPayable1Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>38 <FILENAME>R28.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751491952"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Stock (Details) - September 2017 Warrants<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"> <div>Sep. 30, 2017 </div> <div>$ / shares </div> <div>shares</div> </th></tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=VTGN_September2017WarrantsMember', window );">Pre-Modification</a></td> <td class="text"> <span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Market Price (in dollars per share)</a></td> <td class="nump">$ 1.54<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price per share</a></td> <td class="nump">$ 3.99<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td> <td class="nump">1.62%<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (Years)</a></td> <td class="text">3 years 7 months 13 days<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td> <td class="nump">95.50%<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedDividendRate', window );">Dividend rate</a></td> <td class="nump">0.00%<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Number of warrant shares | shares</a></td> <td class="nump">247,500<span></span> </td> </tr> <tr class="re"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_FairValueAssumptionsPerShare', window );">Weighted average fair value per share</a></td> <td class="nump">$ .71<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=VTGN_September2017WarrantsMember', window );">Post-Modification</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Market Price (in dollars per share)</a></td> <td class="nump">1.54<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price per share</a></td> <td class="nump">$ 2.00<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td> <td class="nump">1.62%<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (Years)</a></td> <td class="text">3 years 7 months 13 days<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td> <td class="nump">95.50%<span></span> </td> </tr> <tr class="ro"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedDividendRate', window );">Dividend rate</a></td> <td class="nump">0.00%<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Number of warrant shares | shares</a></td> <td class="nump">495,001<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_FairValueAssumptionsPerShare', window );">Weighted average fair value per share</a></td> <td class="nump">$ .92<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_FairValueAssumptionsPerShare"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value price of a single share of a number of saleable stocks of a company.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_FairValueAssumptionsPerShare</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExercisePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreed upon price for the exchange of the underlying asset.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExercisePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedDividendRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected dividends to be paid to holders of the underlying shares or financial instruments (expressed as a percentage of the share or instrument's price).</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedDividendRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedTerm"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedTerm</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:durationItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedVolatilityRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Risk-free interest rate assumption used in valuing an instrument.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_FairValueAssumptionsRiskFreeInterestRate</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:percentItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_SharePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=VTGN_September2017WarrantsMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=VTGN_September2017WarrantsMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=VTGN_PreModificationMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RangeAxis=VTGN_PreModificationMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=VTGN_PostModificationMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RangeAxis=VTGN_PostModificationMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>39 <FILENAME>R29.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751386752"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Stock (Details 1)<br></strong></div></th> <th class="th" colspan="1">6 Months Ended</th> </tr> <tr><th class="th"> <div>Sep. 30, 2017 </div> <div>$ / shares </div> <div>shares</div> </th></tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">6,965,151<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant1Member', window );">Warrant 1 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 1.82<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">9/6/2022 to 3/7/2023<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">1,892,572<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant2Member', window );">Warrant 2 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 2.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">4/30/2021<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">495,001<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant3Member', window );">Warrant 3 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 3.51<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">12/31/2021<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">50,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant4Member', window );">Warrant 4 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 4.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">4/30/2021<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">28,572<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant5Member', window );">Warrant 5 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 4.50<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">9/26/2019<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">25,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant6Member', window );">Warrant 6 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 5.30<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">5/16/2021<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">2,705,883<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant7Member', window );">Warrant 7 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 6.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">9/26/2019 to 11/30/2019<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">97,750<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant8Member', window );">Warrant 8 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 7.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">12/11/2018 to 3/3/2023<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">1,346,931<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant9Member', window );">Warrant 9 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 8.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">3/25/2021<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">185,000<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant10Member', window );">Warrant 10 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 10.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">11/15/2017 to 1/11/2020<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">24,394<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant11Member', window );">Warrant 11 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 20.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">9/15/2019<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">110,448<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant12Member', window );">Warrant 12 [Member]</a></td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise price per share | $ / shares</a></td> <td class="nump">$ 30.00<span></span> </td> </tr> <tr class="ro"> <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_VTGN_ExpirateDateRange', window );">Expiration date range</a></td> <td class="text">11/20/2017<span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants outstanding</a></td> <td class="nump">3,600<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_VTGN_ExpirateDateRange"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">VTGN_ExpirateDateRange</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>VTGN_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:stringItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightOutstanding"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of warrants or rights outstanding.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i))<br> -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightOutstanding</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:sharesItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>num:perShareItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>instant</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant1Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant1Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant2Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant2Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant3Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant3Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant4Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant4Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant5Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant5Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant6Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant6Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant7Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant7Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant8Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant8Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant9Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant9Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant10Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant10Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant11Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant11Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant12Member"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=VTGN_Warrant12Member</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>XML <SEQUENCE>40 <FILENAME>R30.htm <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> <html> <head> <title></title> <link rel="stylesheet" type="text/css" href="report.css"> <script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript"> function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } }</script> </head> <body> <span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741461312"> <tr> <th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Details Narrative) - USD ($)<br></strong></div></th> <th class="th" colspan="2">3 Months Ended</th> <th class="th" colspan="2">6 Months Ended</th> </tr> <tr> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> <th class="th"><div>Sep. 30, 2017</div></th> <th class="th"><div>Sep. 30, 2016</div></th> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost', window );">Incurred expenses on research and subsequent other projects</a></td> <td class="nump">$ 2,426,600<span></span> </td> <td class="nump">$ 1,606,100<span></span> </td> <td class="nump">$ 3,522,800<span></span> </td> <td class="nump">$ 2,431,800<span></span> </td> </tr> <tr class="rh"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=VTGN_CRLMember', window );">CRL [Member]</a></td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> <td class="text"> <span></span> </td> </tr> <tr class="re"> <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost', window );">Incurred expenses on research and subsequent other projects</a></td> <td class="nump">$ 484,000<span></span> </td> <td class="nump">$ 27,800<span></span> </td> <td class="nump">$ 612,200<span></span> </td> <td class="nump">$ 78,200<span></span> </td> </tr> </table> <div style="display: none;"> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The costs incurred in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, excluding in-process research and development acquired in a business combination consummated during the period. Excludes software research and development, which has a separate concept.</p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373<br></p></div> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td>us-gaap_</td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>xbrli:monetaryItemType</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td>debit</td> </tr> <tr> <td><strong> Period Type:</strong></td> <td>duration</td> </tr> </table></div> </div></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=VTGN_CRLMember"> <tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr> <tr><td><div class="body" style="padding: 2px;"> <a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"> <tr> <td><strong> Name:</strong></td> <td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=VTGN_CRLMember</td> </tr> <tr> <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td> <td></td> </tr> <tr> <td><strong> Data Type:</strong></td> <td>na</td> </tr> <tr> <td><strong> Balance Type:</strong></td> <td></td> </tr> <tr> <td><strong> Period Type:</strong></td> <td></td> </tr> </table></div> </div></td></tr> </table> </div> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EXCEL <SEQUENCE>41 <FILENAME>Financial_Report.xlsx <DESCRIPTION>IDEA: XBRL DOCUMENT <TEXT> begin 644 Financial_Report.xlsx M4$L#!!0 ( !>$:4L?(\\#P !," + 7W)E;',O+G)E;'.MDD^+ MPD ,Q;]*F?L:5\'#8CUYZ6U9_ )Q)OU#.Y,A$[%^>X>];+=44/ 87O+>CT?V M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F' M.>RGGD7E2B.5^S3%":4A+<TXP)6E/S/WJVR;A5ND9T*YKCM+1[873T$7LF<; M!I99-G\LCNVW<+ZT+/0:S>,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C M-R."?S]PN -02P,$% @ %X1I2V;S"V"" L0 ! !D;V-0<F]P M<R]A<' N>&UL38Y-"\(P$$3_2NG=;BGB06) L$?!D_>0;FP@R8;-"OGYIH(? 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