{"id":45451,"date":"2022-06-23T23:01:30","date_gmt":"2022-06-23T21:01:30","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/vistagen-therapeutics-reports-fiscal-year-2022-financial-results-and-provides-corporate-update\/"},"modified":"2022-06-23T23:01:30","modified_gmt":"2022-06-23T21:01:30","slug":"vistagen-therapeutics-reports-fiscal-year-2022-financial-results-and-provides-corporate-update","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/vistagen-therapeutics-reports-fiscal-year-2022-financial-results-and-provides-corporate-update\/","title":{"rendered":"VistaGen Therapeutics Reports Fiscal Year 2022 Financial Results and Provides Corporate Update"},"content":{"rendered":"<div>\n<ul class=\"bwlistdisc\">\n<li>\n<i>Completed last patient out milestone for PALISADE-1 Phase 3 clinical trial of PH94B in social anxiety disorder (SAD). Topline results for PALISADE-1 anticipated mid-2022.<\/i>\n<\/li>\n<li>\n<i>PALISADE-2 on track for topline readout in late 2022.<\/i>\n<\/li>\n<li>\n<i>Received FDA consensus that data from nonclinical and clinical studies of PH94B completed to date provide no signal of abuse potential.<\/i>\n<\/li>\n<\/ul>\n<p>SOUTH SAN FRANCISCO, Calif.&#8211;(BUSINESS WIRE)&#8211;<a href=\"https:\/\/twitter.com\/search?q=%24VTGN&amp;src=ctag\" target=\"_blank\" rel=\"noopener\">$VTGN<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/mentalhealth?src=hash\" target=\"_blank\" rel=\"noopener\">#mentalhealth<\/a>&#8212;<a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.vistagen.com&amp;esheet=52760528&amp;newsitemid=20220623005927&amp;lan=en-US&amp;anchor=VistaGen+Therapeutics%2C+Inc.&amp;index=1&amp;md5=aa30a7c1300162a550432d93615c54a4\" rel=\"nofollow noopener\" shape=\"rect\">VistaGen Therapeutics, Inc.<\/a> (Nasdaq: VTGN), a late clinical-stage, central nervous system (CNS)-focused biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders, today reported its financial results for its fiscal year ended March 31, 2022 and provided a corporate update.\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20220623005927\/en\/1495889\/4\/VistaGen_logo_FINAL.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20220623005927\/en\/1495889\/21\/VistaGen_logo_FINAL.jpg\"><\/a><\/p>\n<p>\n\u201cMomentum from our accomplishments throughout our fiscal year 2022 have led us to a position of strength as we await topline results from our PALISADE-1 Phase 3 clinical trial of PH94B in social anxiety disorder. Our progress, most notably recent drug development and regulatory milestones, continues to drive our team forward as we strive to develop much needed innovative medicines for mental health,\u201d stated <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.vistagen.com%2Fmanagement%2Fshawn-singh&amp;esheet=52760528&amp;newsitemid=20220623005927&amp;lan=en-US&amp;anchor=Shawn+Singh%2C+Chief+Executive+Officer+of+VistaGen&amp;index=2&amp;md5=0caac39b76838c477b3273eabe0c4db3\" rel=\"nofollow noopener\" shape=\"rect\">Shawn Singh, Chief Executive Officer of VistaGen<\/a>.\n<\/p>\n<p>\n\u201cWe believe individuals should have access to medication that is not only effective, but also safe and without the potential for abuse and other harmful side effects. One of the major reasons we are passionate about developing PH94B is its potential to satisfy that need for the millions of individuals suffering from social anxiety disorder. Our recent consensus with the FDA that a Human Abuse Potential study is not required at this time based on PH94B\u2019s demonstrated safety in all studies completed to date adds to a growing body of evidence suggesting that PH94B has potential to achieve rapid-onset anti-anxiety effects without requiring systemic uptake or causing benzodiazepine-like side effects and safety concerns,\u201d said Singh.\n<\/p>\n<p>\n\u201cAt a time when the current drug treatment paradigm for social anxiety disorder is falling far short of delivering necessary relief without worrisome potential consequences, an innovative treatment alternative is imperative. If successfully developed in our ongoing PALISADE Phase 3 Program, PH94B has the potential to fill that void as the first fast-acting, on demand acute treatment of anxiety for the estimated 25 million Americans who suffer from social anxiety disorder. We remain steadfast in pursuit of our mission to improve mental health and well-being for individuals suffering from anxiety, depression and other CNS related disorders worldwide \u2013 One Mind at a Time,&#8221; concluded Singh.\n<\/p>\n<p>\n<b><span class=\"bwuline\">Fiscal Year 2022 &amp; Recent Business Highlights<\/span><\/b>\n<\/p>\n<p>\nVistaGen continued consistent progress across its nasal spray, pherine-based platform and novel oral NMDA (N-methyl-D-aspartate) receptor programs.\n<\/p>\n<p>\n<b>PALISADE Phase 3 Program for PH94B in Social Anxiety Disorder (SAD) reaches Last Patient Out Milestone in PALISADE-1 <\/b>\u2013 VistaGen\u2019s PALISADE-1 and PALISADE-2 Phase 3 studies are randomized, multi-center, double-blind, placebo-controlled clinical trials in the U.S. designed to evaluate the efficacy, safety and tolerability of PH94B for the acute treatment of anxiety in adults with SAD. PH94B is an odorless, tasteless, rapid-onset pherine nasal spray with a unique potential mechanism of action (MOA) and no signal of abuse potential in all studies completed to date. PH94B is designed to work differently than all therapies approved by the U.S. Food and Drug Administration (FDA) for SAD. Both Phase 3 studies are structured in a manner substantially similar to the public speaking component of a peer-reviewed Phase 2 study of PH94B in which researchers observed a statistically significant, rapid reduction in anxiety in individuals (within 15 minutes) in response to a public speaking challenge (p=0.002). In June 2022, PALISADE-1 reached the last patient out milestone. Consistent with prior guidance, the Company anticipates topline data for PALISADE-1 in mid-2022. PALISADE-2 is progressing, with topline results anticipated in late 2022. The Company\u2019s PALISADE-1 and PALISADE-2 studies are designed to anchor its potential PH94B U.S. New Drug Application (NDA) to the FDA should its PALISADE Phase 3 Program be successful, overall.\n<\/p>\n<p>\n<b>Consensus with FDA on abuse potential \u2013 No Human Abuse Potential (HAP) study required at this time <\/b>\u2013 The FDA recently indicated that it agrees with the Company that data from nonclinical and clinical studies of PH94B completed to date provide no signal of abuse potential.<i> <\/i>The FDA also agreed that additional nonclinical studies are not necessary to evaluate the abuse potential of PH94B and, at this time, based on studies completed to date, a HAP study with PH94B is not required. The Company believes that this consensus with the FDA regarding abuse liability is very important as PH94B continues to progress through its Phase 3 development program in SAD.\n<\/p>\n<p>\n<b>Nonclinical PH94B data support its differentiated, non-systemic MOA <\/b>\u2013 The Company recently presented preclinical data at the Annual Meeting of the Society of Biological Psychiatry (SOBP), the American Society of Clinical Psychopharmacology (ASCP), and the Medscape LIVE Psych Update Spring Meeting that support the MOA of PH94B binding to receptors of peripheral neurons in the nasal passages, rather than to neuronal receptors in the CNS, and without measurable systemic exposure. These data suggest that anxiolytic activity can be achieved without systemic exposure or transport into the brain, resulting in a lower potential risk for common side effects. As these preclinical data demonstrate, the proposed mechanism of action of PH94B is fundamentally unique from all currently available anti-anxiety therapies.\n<\/p>\n<p>\n<b>PALISADE Global Phase 3 Clinical Study in SAD<\/b> \u2013 The Company and AffaMed Therapeutics completed regulatory preparations necessary to initiate PALISADE Global in the U.S. and China in the second half of 2022. Modeled off VistaGen\u2019s PALISADE-1 and PALISADE-2 Phase 3 clinical studies, PALISADE Global is a replicate Phase 3 clinical trial designed to evaluate the efficacy, safety, and tolerability of PH94B for the acute treatment of SAD in adults. This study is intended to support the registration and commercialization of PH94B in Greater China and potential other markets outside of the U.S. should PALISADE Global and the Company\u2019s PALISADE Phase 3 Program in the U.S. be successful, overall.\n<\/p>\n<p>\n<b>Exploratory clinical evaluation of PH94B expands beyond SAD<\/b> \u2013 To evaluate PH94B\u2019s potential as a treatment for several distinct anxiety disorders beyond SAD, the Company is preparing to launch a series of Phase 2A exploratory clinical trials in addition to its ongoing Phase 2A clinical trial designed to evaluate the efficacy, safety and tolerability of PH94B as a potential treatment of adults with adjustment disorder with anxiety (AjDA). Topline data from this AjDA trial are anticipated in late 2022. The Phase 2A clinical trials are expected to include exploratory biomarker studies to assess potential PH94B development opportunities in post-traumatic stress disorder (PTSD), procedural anxiety and post-partum anxiety.\n<\/p>\n<p>\n<b>PH10 Nasal Spray development continues for multiple depression disorders <\/b>\u2013 Following positive results from the exploratory Phase 2A program of PH10 in major depressive disorder (MDD), the Company is conducting the necessary nonclinical studies to support the submission of an Investigational New Drug (IND) application to the FDA for further clinical development of PH10 in MDD in the U.S. The Company anticipates submission of the PH10 IND in MDD in 2022, and, if authorized by the FDA, to begin Phase 2B clinical development of PH10 for MDD as soon as practicable thereafter. The Company is considering the evaluation of PH10 as a potential treatment for several distinct depression disorders beyond MDD.\n<\/p>\n<p>\n<b>AV-101 + probenecid Phase 1B trial initiated <\/b>\u2013<b> <\/b>Following positive preclinical data, VistaGen initiated a Phase 1B drug-drug interaction study of AV-101 in combination with probenecid in late 2021. The Company is considering the evaluation of AV-101 in combination with probenecid as a potential treatment for several distinct neurological disorders.\n<\/p>\n<p>\n<b>Fiscal Year 2022 Financial Results<\/b>\n<\/p>\n<p>\n<b><i>Research and development (R&amp;D) expense<\/i>:<\/b> Research and development expense increased by $23.5 million, from $11.9 million to $35.4 million for the fiscal years ended March 31, 2021 and 2022, respectively. The increase in R&amp;D expense is primarily due to the preparation, initiation and continuation of the various clinical trials in the Company\u2019s PALISADE Phase 3 Program for PH94B in SAD, as well as the addition of senior management and other personnel across multiple R&amp;D disciplines.\n<\/p>\n<p>\n<b><i>General and administrative (G&amp;A) expense<\/i>:<\/b> General and administrative expense increased to approximately $13.5 million for the fiscal year ended March 31, 2022 compared to approximately $7.1 million for the fiscal year ended March 31, 2021. The increase in G&amp;A expense is primarily due to the addition of senior management and other personnel and phase-appropriate PH94B pre-launch commercialization activities.\n<\/p>\n<p>\n<b><i>Net loss<\/i>:<\/b> Net loss attributable to common stockholders for the fiscal year ended March 31, 2022 and 2021 was approximately $48.7 million and $42.3 million, respectively.\n<\/p>\n<p>\n<b><i>Cash position<\/i>:<\/b> At March 31, 2022, the Company had cash and cash equivalents of approximately $68.1 million.\n<\/p>\n<p>\nAs of June 22, 2022, the Company had 206,640,955 shares of common stock outstanding.\n<\/p>\n<p>\n<strong>Conference Call<\/strong>\n<\/p>\n<p>\nVistaGen will host a conference call and live audio webcast this afternoon at 5:00 p.m. Eastern Time to provide a corporate update and discuss its financial results for its fiscal year 2022 ended March 31, 2022.\n<\/p>\n<p>\nU.S. Dial-in (Toll-Free): 1-877-407-9716<br \/>\n<br \/>International Dial-in Number (Toll): 1-201-493-6779<br \/>\n<br \/>Conference ID: 13729400<br \/>\n<br \/>Webcast Link: <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Flinkprotect.cudasvc.com%2Furl%3Fa%3Dhttps%253a%252f%252fviavid.webcasts.com%252fstarthere.jsp%253fei%253d1544875%2526tp_key%253dfd5623fb33%26c%3DE%2C1%2CVADjjv3rhXTQD6hnIyXYiLAl79rBfCDK9fuNiFZuARt3bZXq6sionoW4Co9Xd7RtTeh_DQEHY-Xq8xx8ytcN64PJsT_yhgqVmeLE94QFGxeJGlfVywimgg%2C%2C%26typo%3D1&amp;esheet=52760528&amp;newsitemid=20220623005927&amp;lan=en-US&amp;anchor=https%3A%2F%2Fviavid.webcasts.com%2Fstarthere.jsp%3Fei%3D1544875%26amp%3Btp_key%3Dfd5623fb33&amp;index=3&amp;md5=dcff5e60672306e355820162d0c681ef\" rel=\"nofollow noopener\" shape=\"rect\">https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1544875&amp;tp_key=fd5623fb33<\/a>\n<\/p>\n<p>\nA live audio webcast of the conference call will also be available via the link provided above. Participants should access this webcast site 10 minutes before the start of the call. In addition, a telephone playback of the call will be available after approximately 8:00 pm Eastern Time on Thursday, June 23, 2022. To listen to the replay, call toll free 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally (toll). Please use the replay PIN number 13729400.\n<\/p>\n<p>\n<b>About VistaGen<\/b>\n<\/p>\n<p>\nVistaGen (Nasdaq: VTGN) is a late clinical-stage, CNS-focused biopharmaceutical company striving to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders. The Company is advancing therapeutics with the potential to be faster-acting, and with fewer side effects and safety concerns, than those that are currently available. VistaGen\u2019s clinical-stage candidates are targeting multiple forms of anxiety and depression. PH94B and PH10 belong to a new class of drugs known as pherines, which are odorless, neuroactive steroids that bind to distinct receptors on chemosensory neurons in the nasal passages and can impact the limbic amygdala without systemic uptake or direct activity on CNS neurons in the brain. VistaGen\u2019s lead candidate, PH94B, is a nasally administered spray currently in multiple Phase 3 trials in the U.S., with topline results anticipated in 2022. Should ongoing Phase 3 studies be successful, PH94B has the potential to be the first FDA-approved, fast-acting, acute treatment of anxiety for adults with social anxiety disorder. VistaGen is passionate about transforming mental health care and redefining what is possible in the treatment of anxiety and depression. Connect at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.VistaGen.com&amp;esheet=52760528&amp;newsitemid=20220623005927&amp;lan=en-US&amp;anchor=www.VistaGen.com&amp;index=4&amp;md5=fadb5b75e0cd70c7e26f401b4f04ca65\" rel=\"nofollow noopener\" shape=\"rect\">www.VistaGen.com<\/a>.\n<\/p>\n<p>\n<b>Forward-Looking Statements<\/b>\n<\/p>\n<p>\n<i>This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve known and unknown risks that are difficult to predict and include all matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of words such as \u201cmay,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201cstrategy,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cstrive,\u201d \u201cgoal,\u201d \u201ccontinue,\u201d \u201clikely,\u201d \u201cwill,\u201d \u201cwould\u201d and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by VistaGen and its management, are inherently uncertain. The Company\u2019s actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties relating to the completion and results of the Company\u2019s PALISADE-1 and PALISADE-2 Phase 3 clinical trials; the Company\u2019s ability to submit a NDA to the FDA following the completion of PALISADE-1 and\/or PALISADE-2 Phase 3 clinical trials; delays in launching, conducting and\/or completing other ongoing and planned clinical trials, including delays due to the impact of the ongoing COVID-19 pandemic; fluctuating costs of materials and other resources required to conduct the Company\u2019s ongoing and\/or planned clinical and non-clinical trials; market conditions; the impact of general economic, industry or political conditions in the United States or internationally; adverse healthcare reforms and changes of laws and regulations; manufacturing and marketing risks, which may include, but are not limited to, unavailability of or delays in delivery of raw materials for manufacture of the Company\u2019s CNS drug candidates due to the ongoing COVID-19 pandemic or otherwise; inadequate and\/or untimely supply of one or more of the Company\u2019s CNS drug candidates to meet demand; entry of competitive products; and other technical and unexpected hurdles in the development, manufacture and commercialization of the Company\u2019s CNS drug candidates; and the risks more fully discussed in the section entitled &#8220;Risk Factors&#8221; in the Company\u2019s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and in the Company\u2019s most recent Quarterly Report on Form 10-Q for the quarter ended December 31, 2021, as well as discussions of potential risks, uncertainties, and other important factors in our other filings with the U.S. Securities and Exchange Commission (SEC). The Company\u2019s SEC filings are available on the SEC\u2019s website at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=52760528&amp;newsitemid=20220623005927&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=5&amp;md5=ebc31725e363f41f60cf7f73076415af\" rel=\"nofollow noopener\" shape=\"rect\">www.sec.gov<\/a>. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing the Company\u2019s views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements, other than as may be required by law. If the Company does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.<\/i>\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>VISTAGEN THERAPEUTICS, INC.<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\">(Amounts in dollars, except share amounts)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>March 31,<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>March 31,<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>ASSETS<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Current assets:<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl4\" colspan=\"1\" rowspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n68,135,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n103,108,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl4\" colspan=\"1\" rowspan=\"1\">Prepaid expenses and other current assets<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,745,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n875,700\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Deferred contract acquisition costs &#8211; current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n116,900\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n133,500\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl7\" colspan=\"1\" rowspan=\"1\">Total current assets<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n70,998,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n104,117,500\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n414,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n367,400\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Right-of-use asset &#8211; operating lease<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,662,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,219,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Deferred offering costs<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n321,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n294,900\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Deferred contract acquisition costs &#8211; non-current portion<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n146,400\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n234,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Security deposits<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n100,900\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl7\" colspan=\"1\" rowspan=\"1\">Total assets<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n74,643,400\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n108,281,300\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Current liabilities:<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Accounts payable<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,758,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n838,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Accrued expenses<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,329,200\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,562,700\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Deferred revenue &#8211; current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,244,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,420,200\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Operating lease obligation &#8211; current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n433,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n364,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Financing lease obligation &#8211; current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl12\" colspan=\"1\" rowspan=\"1\">Total current liabilities<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,765,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,189,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Non-current liabilities:<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Accrued dividends on Series B Preferred Stock<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,272,700\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Deferred revenue &#8211; non-current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,557,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,490,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Operating lease obligation &#8211; non-current portion<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,605,400\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,350,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Total non-current liabilities<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,163,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12,113,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Total liabilities<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,928,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,302,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Commitments and contingencies<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\">Stockholders\u2019 equity:<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2022 and 2021:<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Series A Preferred, 500,000 shares authorized at March 31, 2022 and 2021; no shares and<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n500\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl9\" colspan=\"1\" rowspan=\"1\">500,000 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Series B Preferred; 4,000,000 shares authorized at March 31, 2022 and 2021; no shares and<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl9\" colspan=\"1\" rowspan=\"1\">1,131,669 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Series C Preferred; 3,000,000 shares authorized at March 31, 2022 and 2021; no shares and<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl9\" colspan=\"1\" rowspan=\"1\">2,318,012 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl6\" colspan=\"1\" rowspan=\"1\">Series D Preferred; 2,000,000 shares authorized at March 31, 2022 and 2021; no shares and<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl9\" colspan=\"1\" rowspan=\"1\">402,149 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n400\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Common stock, $0.001 par value; 325,000,000 shares authorized at March 31, 2022 and 2021;<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl9\" colspan=\"1\" rowspan=\"1\">206,676,620 shares and 180,751,234 shares issued at March 31, 2022 and March 31, 2021, respectively<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n206,700\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n180,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n336,080,700\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n315,603,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Treasury stock, at cost, 135,665 shares of common stock held at March 31, 2022 and 2021<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,968,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,968,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3\" colspan=\"1\" rowspan=\"1\">Accumulated deficit<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(267,604,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(219,841,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl12\" colspan=\"1\" rowspan=\"1\">Total stockholders\u2019 equity<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n64,715,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n91,978,500\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl12\" colspan=\"1\" rowspan=\"1\">Total liabilities and stockholders\u2019 equity<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n74,643,400\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n108,281,300\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>VISTAGEN THERAPEUTICS, INC.<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\">(Amounts in Dollars, except share amounts)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwpadl0 bwnowrap\" colspan=\"7\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Fiscal Years Ended March 31,<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Sublicense revenue<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,108,900\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,089,500\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl6\" colspan=\"1\" rowspan=\"1\">Total revenues<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,108,900\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,089,500\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Operating expenses:<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">Research and development<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,407,800\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,925,700\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">General and administrative<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13,480,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,097,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl6\" colspan=\"1\" rowspan=\"1\">Total operating expenses<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n48,887,800\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,023,300\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Loss from operations<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(47,778,900\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(17,933,800\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Other income, net:<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">Interest income, net<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,900\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,600\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">Other income<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Loss before income taxes<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(47,759,000\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(17,931,600\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Income taxes<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,400\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(2,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Net loss and comprehensive loss<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(47,762,400\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(17,934,200\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl3\" colspan=\"1\" rowspan=\"1\">Accrued dividends on Series B Preferred stock<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(945,100\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,385,600\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl3\" colspan=\"1\" rowspan=\"1\">Beneficial conversion feature on Series D Preferred<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(23,000,000\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Net loss attributable to common stockholders<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(48,707,500\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(42,319,800\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwdoublebottom bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Basic and diluted net loss attributable to common<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">stockholders per common share<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.25\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.49\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">Weighted average shares used in computing<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">basic and diluted net loss attributable to common<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl3\" colspan=\"1\" rowspan=\"1\">stockholders per common share<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n197,978,592\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n86,133,644\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>VistaGen Therapeutics, Inc.<br \/>\n<br \/>Investors:<\/b><br \/>Mark Flather<br \/>\n<br \/>Vice President, Investor Relations<br \/>\n<br \/>(650) 577-3617<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;a&#x69;l&#x74;o&#x3a;m&#x66;&#108;&#x61;&#116;&#x68;&#101;&#x72;&#64;v&#105;s&#x74;a&#x67;e&#x6e;&#46;&#x63;&#111;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#x6d;f&#x6c;&#97;&#x74;&#104;&#x65;&#x72;&#64;&#x76;&#105;&#x73;&#116;&#x61;&#103;e&#x6e;&#46;&#x63;&#111;&#x6d;<\/a>\n<\/p>\n<p>\nMedia:<br \/>\n<br \/>Nate Hitchings<br \/>\n<br \/>SKDK<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;a&#x69;l&#x74;o&#x3a;n&#x68;i&#x74;c&#x68;&#105;&#x6e;&#103;&#x73;&#64;&#x73;&#107;&#x64;&#107;&#x6e;&#105;&#x63;&#107;&#46;&#x63;o&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#x6e;h&#x69;&#116;&#x63;&#104;i&#x6e;&#103;&#x73;&#64;s&#x6b;&#100;&#x6b;&#110;i&#x63;k&#x2e;&#99;&#x6f;&#x6d;<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Completed last patient out milestone for PALISADE-1 Phase 3 clinical trial of PH94B in social anxiety disorder (SAD). Topline results for PALISADE-1 anticipated mid-2022. PALISADE-2 on track for topline readout in late 2022. Received FDA consensus that data from nonclinical and clinical studies of PH94B completed to date provide no signal of abuse potential. SOUTH &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/vistagen-therapeutics-reports-fiscal-year-2022-financial-results-and-provides-corporate-update\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-45451","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VistaGen Therapeutics Reports Fiscal Year 2022 Financial Results and Provides Corporate Update - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/vistagen-therapeutics-reports-fiscal-year-2022-financial-results-and-provides-corporate-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VistaGen Therapeutics Reports Fiscal Year 2022 Financial Results and Provides Corporate Update - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Completed last patient out milestone for PALISADE-1 Phase 3 clinical trial of PH94B in social anxiety disorder (SAD). Topline results for PALISADE-1 anticipated mid-2022. PALISADE-2 on track for topline readout in late 2022. Received FDA consensus that data from nonclinical and clinical studies of PH94B completed to date provide no signal of abuse potential. SOUTH ... 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