Liquidity	6 Months Ended
Mar. 31, 2020
Liquidity
Liquidity	2. Liquidity The Company has incurred substantial losses and negative cash flows from operations since its inception and has a stockholders’ deficit of $20.5 million as of March 31, 2020. As of March 31, 2020, the Company had substantial indebtedness that included $7.8 million outstanding aggregate principal amount and accrued interest of convertible senior secured notes that mature on December 31, 2020 and $3.6 million unsecured notes that were due on demand as of such date. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited interim consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. On December 11, 2019, the Company received approval from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program to sell approximately $3.6 million of its unused New Jersey net operating losses (“NOLs”) and research and development tax credits (“R&D credits”). The Company received approximately $3.3 million of proceeds from the sale of the New Jersey NOLs and R&D credits in May 2020. Commencing in April 2020, following receipt of necessary stockholder approval, the holder of the convertible senior secured notes began exchanging the outstanding principal and accrued interest from those notes for the Company’s common stock per the terms of the notes. The holder exchanged $831,932 of principal and accrued interest for an aggregate 1,626,456 shares of the Company’s common stock between April 1, 2020 and May 13, 2020. On May 4, 2020, the Company received $0.9 million in proceeds from a loan granted pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Management believes that the Company’s existing cash as of March 31, 2020, the $3.3 million of proceeds from the sale of New Jersey NOLs and R&D credits, and the $0.9 million proceeds from a loan granted pursuant to the PPP received in May 2020 will be sufficient to fund its operations through August 2020, excluding any repayment of debt. Substantial additional financing will be needed by the Company to fund its operations in the future and to commercially develop its product candidates. Management is currently evaluating different strategies to obtain the required funding for future operations. These strategies may include but are not limited to: payments from potential strategic research and development partners, licensing and/or marketing arrangements with pharmaceutical companies, private placements of equity and/or debt securities, sale of its development stage product candidates to third parties and public offerings of equity and/or debt securities. There can be no assurance that these future funding efforts will be successful. The Company’s future operations are highly dependent on a combination of factors, including (i) the timely and successful completion of additional financing discussed above; (ii) the Company’s ability to complete revenue-generating partnerships with pharmaceutical companies; (iii) the success of its research and development; (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies, and, ultimately; (v) regulatory approval and market acceptance of the Company’s proposed future products.

2. Liquidity

The Company has incurred substantial losses and negative cash flows from operations since its inception and has a stockholders’ deficit of $20.5 million as of March 31, 2020. As of March 31, 2020, the Company had substantial indebtedness that included $7.8 million outstanding aggregate principal amount and accrued interest of convertible senior secured notes that mature on December 31, 2020 and $3.6 million unsecured notes that were due on demand as of such date. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited interim consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

On December 11, 2019, the Company received approval from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program to sell approximately $3.6 million of its unused New Jersey net operating losses (“NOLs”) and research and development tax credits (“R&D credits”). The Company received approximately $3.3 million of proceeds from the sale of the New Jersey NOLs and R&D credits in May 2020.

Commencing in April 2020, following receipt of necessary stockholder approval, the holder of the convertible senior secured notes began exchanging the outstanding principal and accrued interest from those notes for the Company’s common stock per the terms of the notes. The holder exchanged $831,932 of principal and accrued interest for an aggregate 1,626,456 shares of the Company’s common stock between April 1, 2020 and May 13, 2020.

On May 4, 2020, the Company received $0.9 million in proceeds from a loan granted pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

Management believes that the Company’s existing cash as of March 31, 2020, the $3.3 million of proceeds from the sale of New Jersey NOLs and R&D credits, and the $0.9 million proceeds from a loan granted pursuant to the PPP received in May 2020 will be sufficient to fund its operations through August 2020, excluding any repayment of debt. Substantial additional financing will be needed by the Company to fund its operations in the future and to commercially develop its product candidates. Management is currently evaluating different strategies to obtain the required funding for future operations. These strategies may include but are not limited to: payments from potential strategic research and development partners, licensing and/or marketing arrangements with pharmaceutical companies, private placements of equity and/or debt securities, sale of its development stage product candidates to third parties and public offerings of equity and/or debt securities. There can be no assurance that these future funding efforts will be successful.

The Company’s future operations are highly dependent on a combination of factors, including (i) the timely and successful completion of additional financing discussed above; (ii) the Company’s ability to complete revenue-generating partnerships with pharmaceutical companies; (iii) the success of its research and development; (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies, and, ultimately; (v) regulatory approval and market acceptance of the Company’s proposed future products.