# VistaGen Therapeutics Inc. (VTGN)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $17M  
**Price:** $0.54 (-0.91%)

> VistaGen Therapeutics Inc. is a late clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for neuropsychiatric and neurological disorders using nose-to-brain neurocircuitry. The company pioneers pherine-based nasal spray technologies, with its lead candidate Fasedienol in Phase III clinical trials for the acute treatment of anxiety in adults with social anxiety disorder. Another key investigational product, Itruvone, is advancing in Phase II trials for major depressive disorder. VistaGen Therapeutics Inc. also explores additional pipeline candidates like PH284 for cancer cachexia and AV-101 for neuropathic pain, targeting unmet needs in mental health and neurology. These odorless, synthetic neuroactive pherines aim to provide rapid, non-systemic interventions by directly modulating brain neurocircuits via the nasal pathway. Founded in 2008 and headquartered in South San Francisco, California, VistaGen Therapeutics Inc. plays a significant role in advancing neuroscience innovations for disorders affecting millions worldwide, emphasizing clinical advancement and strategic presentations at key industry conferences.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $486,000 | — | -$56M | -$51M | — |
| 2024 | $1M | — | -$33M | -$29M | — |
| 2023 | -$227,000 | — | -$59M | -$59M | — |
| 2022 | $1M | — | -$48M | -$48M | — |
| 2021 | $1M | — | -$18M | -$18M | — |
| 2020 | — | — | -$21M | -$21M | — |
| 2018 | — | — | -$14M | -$14M | — |
| 2017 | $1M | — | -$10M | -$10M | — |
| 2016 | — | — | -$18M | -$47M | — |
| 2013 | $200,400 | — | -$7M | -$13M | — |
| 2012 | $1M | — | -$9M | -$12M | — |
| 2011 | $2M | — | -$7M | -$9M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $84M | $14M | $70M | $67M | — |
| 2024 | $124M | $9M | $114M | $119M | — |
| 2023 | $21M | $9M | $12M | $17M | — |
| 2022 | $75M | $10M | $65M | $68M | — |
| 2021 | $108M | $16M | $92M | $103M | — |
| 2020 | $6M | $12M | -$6M | $1M | — |
| 2018 | $11M | $4M | $7M | $10M | — |
| 2017 | $4M | $3M | $615,800 | $3M | — |
| 2016 | $989,800 | $4M | -$3M | $428,500 | $58,800 |
| 2013 | $263,700 | $13M | -$13M | $638,100 | — |
| 2012 | $881,500 | $13M | -$6M | $81,000 | — |
| 2011 | $323,600 | $19M | -$33M | $139,300 | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$42M | — | — |
| 2024 | -$26M | — | — |
| 2023 | -$50M | — | — |
| 2022 | -$45M | $200,400 | -$45M |
| 2021 | -$12M | $275,400 | -$12M |
| 2020 | -$16M | — | -$16M |
| 2019 | -$15M | $174,000 | -$15M |
| 2018 | -$9M | $1,600 | -$9M |
| 2015 | -$3M | — | — |
| 2014 | -$2M | — | — |
| 2013 | -$3M | — | — |
| 2012 | -$4M | — | — |
| 2011 | -$841,300 | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/VTGN)