VTGN

MKT CAP:$19M

VistaGen Therapeutics, Inc.

Market Cap

$19M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.58-$0.10 (-14.96%)

Apr 24, 2026

Company Details

VistaGen Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in developing and commercializing various medicines with the potential to care for anxiety, depression, and other disorders of the central nervous system (CNS)...

CEO

Shawn K. Singh

IPO Date

Jun 21, 2011

Website

www.vistagen.com

Key Metrics TTM

Revenue

$790.0K

+13.1% YoY

Net Income

-$67M

EPS (Diluted)

-$1.90

Free Cash Flow

-$60M

Revenue / Share

$0.02

Gross Margin

54.7%

Operating Margin

-8847.8%

Net Margin

-8486.8%

FCF Margin

-7643.8%

P/S

24.4x

P/E

—

Earnings Reports

Q3 2026

Feb 12, 2026

$303.0K+29.5%EPS -$0.45

Q2 2026

Nov 13, 2025

$258.0K+41.0%EPS -$0.54

Q1 2026

Aug 7, 2025

$244.0K+190.5%EPS -$0.47

FY 2025

Jun 17, 2025

$486.0KEPS -$1.67

Q4 2025

Jun 17, 2025

-$15.0K-107.6%EPS -$0.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$38.9K	$38.9K	-$17M
Q1 23	$310.1K	$310.1K	-$20M
Q2 23	-$892.5K	-$892.5K	-$17M
Q3 23	$179.6K	$179.6K	-$10M
Q4 23	$175.6K	$175.6K	-$12M
Q1 24	$177.0K	$177.0K	-$7M
Q2 24	$278.0K	$278.0K	-$7M
Q3 24	$411.4K	$411.4K	-$8M
Q4 24	$197.3K	$197.3K	-$11M
Q1 25	$84.0K	$84.0K	-$12M
Q2 25	$183.0K	$183.0K	-$14M
Q3 25	$234.0K	$234.0K	-$15M
Q4 25	-$15.0K	-$15.0K	-$14M
Q1 26	$244.0K	$75.0K	-$16M
Q2 26	$258.0K	$258.0K	-$20M
Q3 26	$303.0K	$114.0K	-$20M

Valuation

Quarter	P/S	P/E
Q4 22	17.4x	—
Q1 23	18.1x	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	23.8x	—
Q3 24	18.5x	—
Q4 24	18.1x	—
Q1 25	19.9x	—
Q2 25	22.0x	—
Q3 25	27.6x	—
Q4 25	39.7x	—
Q1 26	29.9x	—
Q2 26	26.8x	—
Q3 26	24.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$16M	-$16M
Q1 23	-$16M	-$16M
Q2 23	-$16M	-$16M
Q3 23	-$10M	-$10M
Q4 23	-$7M	-$7M
Q1 24	-$8M	-$8M
Q2 24	-$6M	-$6M
Q3 24	-$5M	-$5M
Q4 24	-$7M	-$7M
Q1 25	-$11M	-$11M
Q2 25	-$11M	-$11M
Q3 25	-$10M	-$10M
Q4 25	-$10M	-$10M
Q1 26	-$19M	-$19M
Q2 26	-$14M	-$14M
Q3 26	-$18M	-$18M

Capital Expenditures

Quarter	CapEx
Q4 22	$100
Q1 23	$175.1K
Q2 23	$24.4K
Q3 23	$12.5K
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$32.0K
Q4 24	$28.7K
Q1 25	$42.0K
Q2 25	$42.0K
Q3 25	$0
Q4 25	$88.0K
Q1 26	$0
Q2 26	$60.0K
Q3 26	$60.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-91.2%	+151.2%
Q1 23	-12.4%	+147.9%
Q2 23	-349.3%	+26.1%
Q3 23	-49.8%	-8.7%
Q4 23	+351.4%	-25.8%
Q1 24	-42.9%	-64.3%
Q2 24	+131.1%	-57.5%
Q3 24	+129.1%	-16.6%
Q4 24	+12.4%	-6.9%
Q1 25	-52.5%	+70.2%
Q2 25	-34.2%	+104.2%
Q3 25	-43.1%	+85.1%
Q4 25	-107.6%	+25.3%
Q1 26	+190.5%	+31.4%
Q2 26	+41.0%	+41.0%
Q3 26	+29.5%	+29.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	0.0%
Q1 23	$956.9K	308.6%
Q2 23	$1M	—
Q3 23	$746.3K	415.5%
Q4 23	$601.5K	342.5%
Q1 24	$0	0.0%
Q2 24	$583.7K	210.0%
Q3 24	$507.0K	123.2%
Q4 24	$522.5K	264.8%
Q1 25	$1M	1381.0%
Q2 25	$1M	607.7%
Q3 25	$1M	461.5%
Q4 25	$963.0K	—
Q1 26	$916.0K	375.4%
Q2 26	$1M	424.8%
Q3 26	$1M	361.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$12M	$4M	$1M
Q1 23	$15M	$3M	$1M
Q2 23	$13M	$4M	—
Q3 23	$7M	$3M	—
Q4 23	$9M	$3M	$84.0K
Q1 24	$4M	$3M	—
Q2 24	$4M	$3M	—
Q3 24	$5M	$4M	—
Q4 24	$7M	$4M	—
Q1 25	$8M	$5M	—
Q2 25	$10M	$4M	—
Q3 25	$11M	$4M	—
Q4 25	$10M	$4M	—
Q1 26	$12M	$4M	—
Q2 26	$16M	$4M	—
Q3 26	$14M	$5M	—

Revenue Segments

Quarter	License
Q4 22	$39.0K
Q1 23	$310.1K
Q4 23	$176.0K
Q1 24	$177.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$68M	$0	$68M
Q1 23	$52M	$0	$52M
Q2 23	$35M	$0	$35M
Q3 23	$25M	$0	$25M
Q4 23	$17M	$0	$17M
Q1 24	$10M	$0	$10M
Q2 24	$38M	$0	$38M
Q3 24	$127M	$0	$127M
Q4 24	$119M	$0	$119M
Q1 25	$103M	$5M	$108M
Q2 25	$84M	$13M	$98M
Q3 25	$75M	$14M	$89M
Q4 25	$67M	$13M	$80M
Q1 26	$49M	$14M	$63M
Q2 26	$63M	$14M	$77M
Q3 26	$47M	$14M	$62M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	7M	+2.0%	+42.4%
Q1 23	7M	+0.1%	+8.8%
Q2 23	7M	+0.1%	+7.0%
Q3 23	7M	+0.0%	+2.2%
Q4 23	7M	+3.9%	+4.1%
Q1 24	7M	+3.0%	+7.1%
Q2 24	10M	+36.1%	+45.7%
Q3 24	15M	+46.4%	+113.2%
Q4 24	27M	+83.9%	+277.3%
Q1 25	31M	+13.2%	+314.8%
Q2 25	31M	+0.1%	+205.0%
Q3 25	31M	+0.3%	+108.9%
Q4 25	31M	0.0%	+13.6%
Q1 26	32M	+4.0%	+4.3%
Q2 26	36M	+12.0%	+16.7%
Q3 26	42M	+18.1%	+37.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$1.1K	36
Q1 23	$8.6K	36
Q2 23	-$24.8K	36
Q3 23	$5.0K	36
Q4 23	$5.3K	33
Q1 24	$5.4K	33
Q2 24	$8.4K	33
Q3 24	$12.5K	33
Q4 24	$7.9K	25
Q1 25	$3.4K	25
Q2 25	$7.3K	25
Q3 25	$9.4K	25
Q4 25	-$268	56
Q1 26	$4.4K	56
Q2 26	$4.6K	56
Q3 26	$5.4K	56

Revenue / Employee