Vistagen Therapeutics, Inc.VTGN

Vistagen Therapeutics, Inc. Leases Disclosure

10-KFiled Jun 17, 20252 min read
Leases
Operating Lease
We have a single lease for our headquarters, which includes office and laboratory space, in South San Francisco, California. The lease commenced in April 2013, and was subsequently amended in 2016 to extend the lease term to July 31, 2022, and included one five-year extension option. For the purpose of determining the right-of-use asset and associated lease liability, we determined that we would likely exercise the five-year extension option through July 2027. On October 14, 2021, we entered into an amendment to the lease (the Lease Amendment), pursuant to which the term of the lease was extended from August 1, 2022 to July 31, 2027. Under the terms of the Lease Amendment, we have the option to renew the lease for an additional five-year term commencing on August 1, 2027. We did not include the remaining renewal option in determining the lease term, as we were not reasonably certain to exercise either renewal option.
The following table summarizes the effect of operating lease costs in our consolidated statements of operations (in thousands):
Year Ended
March 31,
20252024
Operating lease costs$645 $645 
Variable lease costs309 246 
Total lease cost$954 $891 
Maturities of lease liabilities as of March 31, 2025 were as follows (in thousands):
Year ending March 31,
Amount
2026$672 
2027753 
2028254 
Thereafter— 
Total minimum lease payments1,679 
Less: amount representing interest(170)
Present value of operating lease liabilities1,509 
Less: operating lease liabilities - current portion561 
Operating lease liabilities - non-current portion$948 
The lease had a remaining term of 2.3 years and 3.3 years as of March 31, 2025 and 2024, respectively. The lease liability was calculated based on a weighted-average discount rate of 8.54% as of March 31, 2025 and 2024. During the years ended March 31, 2025 and 2024, we made cash payments for amounts included in the measurement of lease liabilities of $0.8 million and $0.7 million, respectively.

Historical Timeline

Fiscal YearFiled
2025Jun 17, 2025Showing above
2024Jun 11, 2024

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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