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Stockholders’ Equity
 6 Months Ended
Sep. 30, 2024
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 4 – STOCKHOLDERS’ EQUITY

 

ATM Offering

 

In November 2023, the Company entered into a Sales Agreement (the ATM Agreement) with Leerink Partners LLC (Leerink) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock through an “at the market offering” program under which Leerink will act as sales agent or principal. The ATM Agreement provides that Leerink will be entitled to compensation for its services equal to 3.0% of the gross proceeds from sales of any shares of common stock under the ATM Agreement. The Company has no obligation to sell any shares under the ATM Agreement and may, at any time, suspend solicitation and offers under the ATM Agreement. During the three and six months ended September 30, 2024, under the ATM Agreement, the Company sold 824,514 shares of common stock for proceeds of approximately $1,933,000, which was net of commissions and legal fees of approximately $82,000.

 

Common Stock Purchase Warrants

 

As of September 30, 2024, the Company had the following common stock purchase warrants outstanding (share amounts in thousands):

 

   Number of
Shares		   Exercise
Price		   Expiration 
Balance as of March 31, 2024   12,521           
Warrants exercised   (55)  $1.22    May 2028 
Balance as of June 30, 2024   12,466           
Warrants exercised   (252)  $0.01    — 
Warrants exercised   (649)  $1.22    May 2028 
Warrants exercised   (39)  $1.32    May 2027 
Balance as of September 30, 2024   11,526           

 

As of March 31, 2024, the Company had the following warrants outstanding (share amounts in thousands):

 

Type  Number of
Shares		   Exercise
Price		   Expiration 
Common stock   1,348   $0.01    — 
Common stock   4,421    1.22    May 2028 
Common stock   535    1.32    May 2027 
Common stock   768    6.00    January 2027 - February 2027 
Common stock   4,011    6.60    February 2027 
Common stock   1,438   $6.60    November 2027 
Total   12,521           

 

The outstanding pre-funded warrants with an exercise price of $0.01 per share were included in the weighted average shares outstanding calculation for each of the three and six month periods ended September 30, 2024 and 2023. At March 31, 2024, the Company had a receivable from its transfer agent for approximately $142,000 for the proceeds from warrants exercised prior to March 31, 2024. The receivable was recorded in the prepaid and other line in the consolidated balance sheet at March 31, 2024 and was collected during the three months ended June 30, 2024.

 

Other

 

During the six months ended September 30, 2024 and 2023, the Company issued 30,000 and 1,429 shares of common stock with fair values of approximately $51,000 and $1,400, respectively to service providers.