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VTGN

VistaGen Therapeutics, Inc.

VTGN

VistaGen Therapeutics, Inc. • NASDAQ
$4.90 ▲ 7.93% (+0.36)
Market Cap $160.59 M
52w High $5.14
52w Low $1.90
Dividend Yield 0%
P/E -2.55
Volume 429.30K
Outstanding Shares 32.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $258K ▲ $20.311M ▲ $-19.417M ▼ -7.526K% ▼ $-0.54 ▼ $-19.232M ▼
Q1-2026 $244K ▲ $15.879M ▲ $-15.095M ▼ -6.186K% ▼ $-0.47 ▼ $-14.926M ▼
Q4-2025 $-15K ▼ $14.48M ▼ $-13.635M ▲ 90.9K% ▲ $-0.44 ▲ $-14.329M ▲
Q3-2025 $234K ▲ $15.354M ▲ $-14.089M ▼ -6.021K% ▲ $-0.46 ▼ $-14.959M ▼
Q2-2025 $183K $14.41M $-12.961M -7.083K% $-0.42 $-14.07M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $77.175M ▲ $80.929M ▲ $14.59M ▲ $66.339M ▲
Q1-2026 $63.18M ▼ $68.924M ▼ $12.159M ▼ $56.765M ▼
Q4-2025 $80.482M ▼ $84.341M ▼ $13.951M ▲ $70.39M ▼
Q3-2025 $88.56M ▼ $92.307M ▼ $11.185M ▲ $81.122M ▼
Q2-2025 $97.578M $102.496M $9.522M $92.974M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-19.417M ▼ $-13.759M ▲ $-94K ▲ $27.654M ▲ $13.801M ▲ $-13.819M ▲
Q1-2026 $-15.095M ▼ $-18.846M ▼ $-788K ▼ $1.488M ▼ $-18.146M ▼ $-18.846M ▼
Q4-2025 $-13.635M ▲ $-10.062M ▲ $527K ▲ $1.951M ▲ $-7.584M ▲ $-10.15M ▲
Q3-2025 $-14.089M ▼ $-10.28M ▲ $-422K ▲ $1.171M ▲ $-9.531M ▲ $-10.28M ▲
Q2-2025 $-12.961M $-10.886M $-7.786M $0 $-18.672M $-10.844M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement VistaGen is still a pure research company with no product sales yet. All of its recent results come from spending on development and overhead, which means steady operating losses each year. Losses have been meaningful but not unusual for a small clinical‑stage biotech. The pattern suggests a company still in the investment phase: costs are mainly tied to trials and corporate expenses, with no offsetting revenue until a drug is approved or partnered.

Balance Sheet

Balance Sheet The balance sheet is simple and lean. Assets are small and mostly made up of cash, with very little in long‑lived equipment or other hard assets. There is effectively no debt, which reduces financial strain but also reflects that the company relies on equity funding. Shareholders’ equity is positive but thin, and the history of reverse stock splits signals a long track record of dilution and capital raises to keep the pipeline moving.

Cash Flow

Cash Flow VistaGen consistently spends more cash than it brings in, entirely because of research and operating costs, as there is no commercial income yet. Cash burn has been steady over the past few years, with very little spent on physical assets. This is typical for a development‑stage biotech, but it also means the company’s future depends on its ability to raise more money or secure partnerships before existing cash runs low.

Competitive Edge

Competitive Edge VistaGen operates in a crowded and competitive neuroscience space, but its approach is distinct. The pherine nasal spray platform uses a nose‑to‑brain pathway and aims to deliver very fast relief for anxiety and depression with fewer systemic side effects. If the late‑stage trials are successful, this could give the company a differentiated position in social anxiety and potentially other mood disorders. However, VistaGen is still pre‑commercial, much smaller than major pharma peers, and will likely face strong competition from existing oral drugs, emerging rapid‑acting treatments, and larger companies with more marketing and sales strength.

Innovation and R&D

Innovation and R&D Innovation is the company’s main strength. VistaGen’s pherine platform is built around a novel, local mechanism in the nasal passages, with multiple drug candidates aimed at social anxiety, depression, and other CNS conditions. The lead program, fasedienol for social anxiety, has encouraging late‑stage data and more pivotal trials underway, while itruvone for depression and AV‑101 for other CNS uses add depth to the pipeline. These projects are expensive and high risk, but they create several potential shots on goal, plus opportunities for partnerships if the data stay positive.

Summary

VistaGen is an early‑stage neuroscience biotech: no revenues yet, ongoing losses, and a small but mostly cash‑based balance sheet with no real debt. The company’s value is tied almost entirely to its clinical pipeline, especially the pherine nasal spray platform targeting rapid relief of anxiety and depression. Success in upcoming late‑stage trials and regulatory steps could transform the financial profile, but setbacks or delays would likely require further dilution and could strain its limited resources. Overall, VistaGen offers high scientific and clinical upside potential, balanced by typical small‑cap biotech risks around funding, trial outcomes, and eventual commercialization execution.

NEWS

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November 10, 2025 · 8:30 AM UTC

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November 5, 2025 · 8:30 AM UTC

Vistagen to Participate in Stifel Healthcare Conference 2025

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November 3, 2025 · 8:30 AM UTC

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