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Stockholders’ Equity
 6 Months Ended
Sep. 30, 2025
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, for aggregate gross proceeds of up to $6,500,000 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, 2025, under the ATM Agreement, the Company sold 9,200 and 1,009,200 shares of common stock for net proceeds of $6,286 and $733,786, respectively.

 

Warrant Inducement Offering

In September 2025, the Company entered into inducement offer letter agreements (the “Inducement Letters”) with certain holders (the “Holders”) of warrants issued in May 2023 (the “2023 Warrants”) and in March 2025 (the “March 2025 Warrants” and, collectively with the 2023 Warrants, the “Existing Warrants”) to purchase up to an aggregate of 6,504,731 shares of the Company’s common stock. Pursuant to the Inducement Letters, the Holders agreed to exercise for cash i) 2023 Warrants to purchase 1,901,700 shares of common stock with an original exercise price of $1.22 per share and ii) March 2025 Warrants to purchase 4,603,031 shares with an original exercise price of $1.12 per share at a reduced exercise price of $0.68 per share in consideration for the Company’s agreement to issue in a private placement new common stock purchase warrants to purchase an aggregate of 3,252,366 shares (the “September 2025 Warrants”). The September 2025 Warrants have an exercise price of 0.84 per share, were exercisable upon issuance and expire on the five-year anniversary of the date of issuance.

 

As of September 30, 2025, the Company had issued 5,860,483 shares of common stock and 2,930,242 September 2025 Warrants, and the processing of the exercise of 175,500 2023 Warrants and 468,748 2025 Warrants was pending. As a result, as of September 30, 2025, 644,248 shares of common stock (the “Issuable Shares”) and 322,124 September 2025 Warrants were pending issuance. The fair value of the unissued Issuable Shares has been presented separately as issuable shares on the condensed consolidated balance sheets and statements of stockholders’ equity as of September 30, 2025. The Company accounted for the issuance of the: i) shares of its common stock and ii) the September 2025 Warrants as a single equity transaction for gross proceeds of approximately $4.4 million, which proceeds had been received in full as of September 30, 2025.

 

In relation to the above warrant inducement offering, the Company engaged Newbridge Securities Corporation as the servicing agent and paid a fee of $400,000 and expense reimbursement of $50,000.

 

Equity-Classified Warrants

 

The following table sets forth changes in the number of common stock purchase warrants outstanding during fiscal 2026 (share amounts in thousands):

 

   Number of   Exercise    
   Shares   Price ($)   Expiration
Balance as of March 31, 2025   18,561         
Warrants exercised   (531)  0.01   —
Balance as of June 30, 2025   18,030         
Warrants issued   2,930   0.84   September 2030
Warrants exercised   (1,726)  0.68   May 2028
Warrants exercised   (4,134)  0.68   March 2029
Balance as of September 30, 2025   15,100         

 

As of September 30, 2025, the Company had the following warrants outstanding (share amounts in thousands):

 

   Number of   Exercise    
Type  Shares   Price ($)   Expiration
Common stock   2,930   0.84   September 2030
Common stock   2,374    1.12   March 2029
Common stock   1,839    1.22   May 2028
Common stock   484    1.32   May 2027
Common stock   875    1.40   March 2029
Common stock   381    1.875   November 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   15,100         

Share Issuances to Service Providers

 

During the six months ended September 30, 2025 and 2024, the Company issued 10,000 and 30,000 shares of common stock, respectively, with fair values of approximately $11,000 and $51,000, respectively, to service providers.