The Company reported a net loss of $1,939,000 and $3,843,000 for the three and nine months ended December 31, 2022. At December 31, 2022 and March 31, 2022, the Company’s accumulated deficit amounted to $188,206,000 and $184,363,000, respectively. The Company had working capital of $7,298,000 and $10,611,000 as of December 31, 2022 and March 31, 2022, respectively. The cash balance at December 31, 2022 and March 31, 2022 was $2,634,000 and $7,396,000, respectively. Net cash used by operating activities during the nine months ended December 31, 2022 was $3,711,000.

Management believes that the Company has access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company cannot provide any assurance that other new financings will be available on commercially acceptable terms, if needed. If the Company is unable to secure additional capital, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company’s continued efforts to commercialize its products, which is critical to the realization of its business plan and the future operations of the Company. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.