Equity Incentive Plan

9 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plan

Note 12. Equity Incentive Plan

Stock Options

As of December 31, 2020, there was approximately $4.8 million of total unrecognized compensation expense related to non-vested stock options. The cost is expected to be recognized over the remaining weighted average service period of 2.73 years.

As of December 31, 2020, there were 2,534,633 shares available for grant under the Company’s 2015 Equity Incentive Plan and 2016 Director Plan.

Stock based compensation expense was recognized as follows:

	Three Months Ended December 31,				Nine Months Ended                   December 31,
	2020		2019		2020		2019
General and administrative	$	490,000	$	959,000	$	1,589,000	$	2,748,000
Research and development		295,000		643,000		1,149,000		1,925,000
Total	$	785,000	$	1,602,000	$	2,738,000	$	4,673,000

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees and non-employees, the compensation expense is amortized on a straight-line basis over the requisite service period, which approximates the vesting period. The Company accounts for forfeitures as they occur, rather than estimating forfeitures as of an award’s grant date.

The expected volatility of options granted has been determined using the method described under ASC 718 using the expected volatility of similar companies. The expected term of options granted to employees, non-employees and consultants in the current fiscal period has been based on the term by using the simplified method as allowed under SAB No. 110 and ASU 2018-7.

The weighted average assumptions used to determine such values are presented in the following table:

	December 31, 2020			December 31, 2019
Risk free interest rate	0.17% - 0.53%			1.39% - 2.38%
Expected volatility	88.02% - 101.67%			71.65% - 76.22%
Expected term (in years)	2.8 - 6.1			2.5 - 6
Dividend yield		0	%		0	%

The following is a summary of the status of the Company’s stock options for the nine months ended December 31, 2020:

	Number of Options			Weighted Average Exercise Price
Outstanding at March 31, 2020		11,815,982		$	3.43
Granted		5,568,000		$	1.24
Cancelled/Forfeited		(1,927,460	)	$	1.75
Outstanding at December 31, 2020		15,456,522		$	2.85
Options exercisable at December 31, 2020		9,853,275		$	3.70

			Stock Options Outstanding						Stock Options Vested
Range of Exercise Price	Number Outstanding at December 31, 2020		Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Aggregate Intrinsic Value		Number Vested at December 31, 2020		Weighted Average Exercise Price		Aggregate Intrinsic Value
$0.95 - $8.75		15,456,522	$	2.85		7.5	$	438,795		9,853,275	$	3.70	$	39,000

The intrinsic value calculated as the excess of the market value as of December 31, 2020 over the exercise price of the options, is $438,795. The market value per share as of December 31, 2020 was $1.22 as reported by the NASDAQ Capital Market.