VTGN

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Vistagen Therapeutics, Inc.

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Key Metrics

Previous Close: $0.24
52-Week Range: $0.20 – $5.14
Market Cap: $10.70M
P/E (TTM): —
EPS (TTM): -1.63
Dividend Yield: —

Advanced Metrics

Price/Book: 0.27
PEG Ratio: —
Return on Equity: -131.59%
Return on Assets: -67.84%
Gross Margin: 100.00%
Operating Margin: -3595.05%
Profit Margin: 0.00%
Current Ratio: 3.67
Debt/Equity: 0.03
Total Debt: $1.04M
Free Cash Flow: $-40.50M
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $-33.38M

VTGN Income statement, annual periods, in USD
USD	FY2023	FY2024	FY2025	FY2026
Revenue	-$227.00K	$1.06M	$486.00K	$1.27M
Research & Development	$44.38M	$20.02M	$39.38M	$54.97M
Selling, General & Admin	$14.66M	$14.06M	$17.08M	$18.42M
Operating Expenses	$59.04M	$34.09M	$56.46M	$73.39M
Operating Income	-$59.27M	-$33.02M	-$55.97M	-$72.13M
EBITDA	-$58.74M	-$32.45M	-$55.34M	-$71.39M
Pretax Income	-$59.24M	-$29.36M	-$51.41M	-$69.68M
Income Tax	$6.00K	$4.00K	$7.00K	$7.00K
Net Income	-$59.25M	-$29.36M	-$51.42M	-$69.69M
Diluted EPS	-8.51	-1.52	-1.67	-1.83
Diluted Shares	6.96M	19.35M	30.88M	38.07M

VTGN Balance Sheet statement, annual periods, in USD
USD	FY2023	FY2024	FY2025	FY2026
Cash & Equivalents	$16.64M	$119.17M	$67.13M	$30.79M
Receivables	$802.70K	—	—	—
Current Assets	$17.51M	$120.67M	$82.08M	$46.94M
Total Assets	$21.09M	$123.65M	$84.34M	$48.56M
Current Liabilities	$4.57M	$5.12M	$12.61M	$12.79M
Total Debt	$2.71M	$2.12M	$1.51M	$1.04M
Total Liabilities	$9.01M	$9.37M	$13.95M	$13.04M
Retained Earnings	-$326.85M	-$356.21M	-$407.63M	-$477.32M
Shareholders' Equity	$12.08M	$114.29M	$70.39M	$35.52M
Working Capital	$12.93M	$115.55M	$69.46M	$34.15M

VTGN Cash Flow statement, annual periods, in USD
USD	FY2023	FY2024	FY2025	FY2026
Operating Cash Flow	-$49.72M	-$25.81M	-$42.10M	-$66.44M
Capital Expenditure	-$212.00K	-$61.00K	-$191.00K	-$151.00K
Free Cash Flow	-$49.93M	-$25.87M	-$42.29M	-$66.59M
Depreciation & Amortisation	$532.00K	$568.00K	$635.00K	$733.00K
Stock-Based Compensation	$3.34M	$2.18M	$4.32M	$4.00M
Investing Cash Flow	-$740.00K	-$61.00K	-$13.15M	-$877.00K
Financing Cash Flow	-$1.04M	$128.40M	$3.21M	$30.97M
Share Repurchases	-$174.00K	—	—	—
Net Change in Cash	-$51.50M	$102.53M	-$52.03M	-$36.34M

VTGN Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	-$15.00K	$244.00K	$258.00K	$303.00K	$465.00K
Research & Development	$10.21M	$11.68M	$15.91M	$14.22M	$13.06M
Selling, General & Admin	$4.27M	$4.37M	$4.40M	$5.63M	$4.12M
Operating Expenses	$14.48M	$16.05M	$20.31M	$19.85M	$17.18M
Operating Income	-$14.49M	-$15.80M	-$20.05M	-$19.55M	-$16.72M
EBITDA	-$14.33M	-$15.63M	-$19.87M	-$19.36M	-$16.53M
Pretax Income	-$13.63M	-$15.10M	-$19.42M	-$18.90M	-$16.27M
Income Tax	$0.00	$0.00	$0.00	$0.00	$7.00K
Net Income	-$13.63M	-$15.10M	-$19.42M	-$18.90M	-$16.27M
Diluted EPS	—	-0.47	-0.54	-0.45	—
Diluted Shares	—	31.93M	35.75M	42.23M	—

VTGN Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$67.13M	$48.98M	$62.79M	$47.37M	$30.79M
Current Assets	$82.08M	$66.72M	$78.93M	$63.24M	$46.94M
Total Assets	$84.34M	$68.92M	$80.93M	$65.06M	$48.56M
Current Liabilities	$12.61M	$11.15M	$13.64M	$13.53M	$12.79M
Total Debt	$1.51M	$2.36M	$1.86M	$1.43M	$1.04M
Total Liabilities	$13.95M	$12.16M	$14.59M	$14.14M	$13.04M
Retained Earnings	-$407.63M	-$422.73M	-$442.14M	-$461.04M	-$477.32M
Shareholders' Equity	$70.39M	$56.77M	$66.34M	$50.92M	$35.52M
Working Capital	$69.46M	$55.56M	$65.29M	$49.72M	$34.15M

VTGN Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$10.06M	-$18.85M	-$13.76M	-$17.63M	-$16.20M
Capital Expenditure	-$88.00K	-$65.00K	-$60.00K	-$26.00K	—
Free Cash Flow	-$10.15M	-$18.91M	-$13.82M	-$17.66M	-$16.20M
Depreciation & Amortisation	$166.00K	$169.00K	$185.00K	$189.00K	$190.00K
Stock-Based Compensation	$963.00K	$916.00K	$1.10M	$1.10M	$889.00K
Investing Cash Flow	$527.00K	-$788.00K	-$94.00K	$104.00K	-$99.00K
Financing Cash Flow	$1.95M	$1.49M	$27.65M	$2.11M	-$283.00K
Net Change in Cash	-$7.58M	-$18.15M	$13.80M	-$15.41M	-$16.58M

Market Snapshot

About

Vistagen Therapeutics, Inc. is a clinical-stage biopharmaceutical company pioneering new treatments for psychiatric and neurological disorders based on nose-to-brain neurocircuitry. The company is developing a portfolio of investigational pherine drug candidates designed to activate chemosensory neurons in the nasal passages and modulate specific neural circuits without systemic exposure. Vistagen focuses on conditions including social anxiety disorder, major depressive disorder, and other CNS conditions.