Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets

The significant components of the Company’s deferred tax assets are comprised of the following:

	March 31,
	2021			2020
Net operating loss carryforward	$	20,123,621		$	14,562,024
Research and development credit carryforward		1,164,895			1,804,233
Orphan Drug Credit		2,002,559			—
Stock options - NQSOs		5,267,351			5,877,971
Accruals and other temporary differences		595,418			825,696
Gross deferred tax assets		29,153,844			23,069,924
Deferred tax valuation allowance		(29,153,844	)		(23,069,924	)
Net deferred taxes	$	—		$	—

Schedule of Reconciliation of Income Tax Benefit

A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	Year Ended
	March 31,
	2021			2020
U.S. statutory income tax rate		21.00	%		21.0	%
Permanent differences		(0.02	)%		3.30	%
Tax credit carryforwards		4.70	%		4.40	%
Valuation allowance		(20.98	)%		(28.70	)%
Stock compensation		(3.41	)%		—
Warrants		(1.29	)%		—
Effective tax rate		—	%		—	%

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended March 31,
	2021			2020
Gross unrecognized tax benefits at beginning of year	$	318,394		$	126,838
Increases (decreases) for tax positions in prior period		(99,063	)		70,293
Increase for tax positions in current period		339,631			121,263
Gross unrecognized tax benefits at end of year	$	558,962		$	318,394