The Company reported a net loss of $1,484,000 and $1,017,000 for the three months ended September 30, 2023 and 2022, respectively, and $2,902,000 and $1,904,000 for the six months ended September 30, 2023 and 2022, respectively. At September 30, 2023 and March 31, 2023, the Company’s accumulated deficit amounted to $192,416,000 and $189,514,000, respectively. The Company had working capital of $8,277,000 and $10,081,000 as of September 30, 2023 and March 31, 2023, respectively. The cash balance at September 30, 2023 and March 31, 2023 was $2,137,000 and $3,820,000, respectively. During the six months ended September 30, 2023 and 2022, net cash used in operating activities amounted to $1,446,000 and $3,363,000, respectively.

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 economic climate in the U.S. deteriorates, the Company’s ability to raise additional capital could be negatively impacted. 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.