Vistagen Therapeutics, Inc.

Listed Company

VTGNCIK 0001411685NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsNevadaFY ends Mar 31

Period

FY 2025

Revenue

—

Net Income

$-51.42M

Total Assets

$84.34M

Equity

$70.39M

Shares Out

39.62M

Op. Cash Flow

$-42.10M

Business

Vistagen Therapeutics, Inc. is a late clinical‑stage biopharmaceutical company developing a novel class of non‑systemic intranasal neuroactive products called pherines that rapidly activate nose‑to‑brain neurocircuits. Its main offerings are a diversified neuroscience pipeline of five clinical‑stage pherine product candidates (including lead candidate fasedienol for acute social anxiety disorder, itruvone for major depressive disorder, PH80 for vasomotor symptoms, PH15 for mental‑fatigue related impairment, and PH284 for cancer cachexia) plus an oral prodrug program (AV‑101). The company organizes activities around clinical development, manufacturing via CDMOs, regulatory programs, and strategic licensing and commercialization collaborations. It conducts U.S. registration‑directed trials and IND‑enabling work, uses CROs/CDMOs for development and supply, and pursues regional partnerships and licensing in Asia and other international markets.

Summary from filing dated 2025-06-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Total revenues	486,000	1	—	1	1
Research and development	39	20	44	35	12
General and administrative	17	14	15	13	7
Total operating expenses	56	34	59	49	19
Loss from operations	−56	−33	−59	−48	−18
Interest income, net	5	3	26,000	—	—
Other income, net	5,000	312,000	0	—	—
Loss before income taxes	−51	−29	−59	−48	−18
Income taxes	−7,000	−4,000	−6,000	−3,000	−2,600
Net loss	−51	−29	−59	−48	−18
Unrealized gain on marketable securities	5,000	0	—	—	—
Comprehensive loss	−51	−29	−59	—	—
Loss per share, basic (in dollars per share)	−1.67	−1.52	−8.51	−7.38	−0.49
Loss per share, diluted (in dollars per share)	−1.67	−1.52	−8.51	—	—
Weighted average common shares outstanding, basic (in shares)	31	19	7	7	—
Weighted average common shares outstanding, diluted (in shares)	31	19	7	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash and cash equivalents	67	119	17	68	103
Marketable securities	13	0	—	—	—
Prepaid expenses and other current assets	2	2	802,000	3	875,700
Total current assets	82	121	18	71	104
Property and equipment, net	476,000	435,000	507,000	414,300	367,400
Right-of-use asset - operating lease	1	2	2	3	3
Other assets	454,000	726,000	—	—	—
Total assets	84	124	21	75	108
Accounts payable	653,000	2	2	3	838,300
Accrued expenses	9	2	796,000	1	2
Deferred revenue - current portion	3	791,000	714,000	1	1
Less: operating lease liabilities - current portion	561,000	550,000	486,000	433,300	364,800
Total current liabilities	13	5	5	6	4
Deferred revenue - non-current portion	391,000	3	2	2	2
Operating lease liabilities - non-current portion	948,000	2	2	3	3
Total liabilities	14	9	9	10	16
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2025 and March 31, 2024; no shares outstanding at March 31, 2025 and March 31, 2024	0	0	0	0	—
Common stock, $0.001 par value; 325,000,000 shares authorized at March 31, 2025 and March 31, 2024; 29,001,481 and 27,029,731 shares issued at March 31, 2025 and March 31, 2024, respectively	29,000	27,000	7,000	6,900	180,800
Additional paid-in capital	482	474	343	336	316
Treasury stock, at cost, 4,522 shares of common stock held at March 31, 2025 and March 31, 2024	−4	−4	−4	−4	—
Accumulated other comprehensive gain	5,000	0	—	—	—
Accumulated deficit	−408	−356	−327	−268	−220
Total stockholders equity	70	114	12	65	92
Total liabilities and stockholders equity	84	124	21	75	108

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Depreciation and amortization	150,000	127,000	130,000	—	117,600
Loss on disposal of fixed assets	0	6,000	0	—	—
Stock-based compensation	4	2	3	3	2
Amortization of operating lease right-of-use asset	485,000	441,000	402,000	557,600	360,000
Accretion of marketable securities	−389,000	0	—	—	—
Prepaid expenses and other current assets	−88,000	250,000	3	−2	−328,400
Other assets	190,000	0	—	—	—
Operating lease liability	−611,000	−495,000	−433,000	−677,000	−313,500
Deferred sublicense revenue, net of deferred contract acquisition costs	−412,000	516,000	206,000	—	—
Accounts payable and accrued expenses	6	522,000	−934,000	2	51,000
Net cash used in operating activities	−42	−26	−50	−45	−12
Purchases of laboratory and other equipment	−191,000	−61,000	−212,000	−200,400	—
Sales and maturities of marketable securities	12	0	—	—	—
Purchases of marketable securities	−25	0	—	—	—
Net cash used in investing activities	−13	−61,000	−740,000	−200,400	−275,400
Proceeds from issuance of common stock and warrants, net of issuance costs	0	93	0	—	3
Repayment of note payable	0	−985,000	−1	0	−603,100
Net cash provided by financing activities	3	128	−1	10	114
Net increase (decrease) in cash and cash equivalents	−52	103	−51	−35	102
Insurance premiums settled by issuing note payable	0	879,000	1	0	322,200
Purchases of equipment included in accounts payable	0	29,000	0	—	—

Filings

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