VistaGen Therapeutics (VTGN)
NASDAQ:VTGN
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VistaGen Therapeutics
(NASDAQ:VTGN)
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Rating:45Neutral
Price Target:
$0.57
▲(3.82% Upside)
Action:ReiteratedDate:04/03/26
The score is held down primarily by weak financial performance (large ongoing losses and cash burn with funding dependence) and a weak longer-term technical trend (well below 100/200-day averages, negative MACD). The earnings call provides some support via clinical execution progress and cost controls, but is tempered by placebo-response uncertainty and regulatory/SAP risk; corporate events add additional Nasdaq compliance overhang.
Positive Factors
Low Leverage
Extremely low debt-to-equity (~0.02) materially reduces balance-sheet insolvency risk for a cash-burning biotech. This preserves financial optionality, limits fixed interest burden, and gives management time to pursue financing, partnerships or milestone-based deals without immediate creditor pressure.
Negative Factors
Cash Burn
Sustained negative operating and free cash flow (~-$60M TTM) creates ongoing funding dependence. Over multiple quarters this forces dilution risk, constraints on trial financing or slower program expansion, and requires credible financing or partnerships to avoid disruption to pivotal development timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Extremely low debt-to-equity (~0.02) materially reduces balance-sheet insolvency risk for a cash-burning biotech. This preserves financial optionality, limits fixed interest burden, and gives management time to pursue financing, partnerships or milestone-based deals without immediate creditor pressure.
Read all positive factors
VistaGen Therapeutics (VTGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.80M
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue Growth-33.00%
EPS Growth54.91%
CountryUS
Employees48
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.45
Shares Outstanding39,620,316
10 Day Avg. Volume1,055,596
30 Day Avg. Volume1,225,812
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)1.09
Price to Sales (P/S)157.98
P/FCF Ratio-1.82
Enterprise Value/Market Cap-1.27
Enterprise Value/Revenue-35.10
Enterprise Value/Gross Profit-64.18
Enterprise Value/Ebitda0.41
Forecast
1Y Price Target
$1.00Price Target Upside81.82% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-1.03
Revenue Forecast (FY)$606.00K
VistaGen Therapeutics Business Overview & Revenue Model
Company Description
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). The c...
How the Company Makes Money
VistaGen is a clinical-stage company and, as of the latest publicly available information within this response, it does not have established recurring revenue from product sales. Its operations have historically been funded primarily through finan...
VistaGen Therapeutics Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of progress and uncertainty. Positive elements include completion of PALISADE-3 randomized portion, PALISADE-4 enrollment on track, active open-label extensions, focused operational improvements, an AI/ML-driven analytic program, USAN adoption of refisolone with an IND planned in H1 2026, and $61.8M in reported cash with cost-control measures. Negative elements center on a higher placebo response in PALISADE-3 that necessitates additional analysis and operational remediation, unresolved efficacy clarity from top-line data, potential SAP modifications that would require FDA resubmission, reliance on exploratory AI/ML methods with no guarantees, and limited disclosure on financial runway timing. Given the roughly balanced number of material positives and material uncertainties, the overall tone is cautiously neutral.Positive Updates
Completion of PALISADE-3 Randomized Portion
The company completed the randomized portion of the PALISADE-3 Phase III trial in social anxiety disorder as guided and is analyzing results to inform PALISADE-4 and broader program strategy.
Negative Updates
Higher Placebo Response in PALISADE-3
Management acknowledged a notably higher placebo response in PALISADE-3 relative to PALISADE-2, which prompted retraining and operational changes and necessitates deeper analysis to understand drivers of the effect.
Read all updates
Q3-2026 Updates
Positive
Negative
Completion of PALISADE-3 Randomized Portion
The company completed the randomized portion of the PALISADE-3 Phase III trial in social anxiety disorder as guided and is analyzing results to inform PALISADE-4 and broader program strategy.
Read all positive updates
Company Guidance
On the FY2026 Q3 call (quarter ended December 31, 2025), management reiterated that the randomized portion of PALISADE‑3 is complete and PALISADE‑4 is ongoing and on track (enrollment continuing as planned after the Dec. 17 announcement), with the SAP already submitted/locked for the study (any changes would require FDA resubmission prior to database lock) and top‑line results to follow after last patient/last visit; open‑label extensions continue (using LSAS and SPIN), AI/ML analyses across PALISADE‑1/2/3 are underway to identify covariates that might inform SAP modifications and regulatory strategy, and PALISADE‑2 plus a successful PALISADE‑4 could support an NDA. Financially, the company reported $61.8 million in cash, cash equivalents and marketable securities as of 12/31/25, 39.7 million shares outstanding (42.0 million weighted‑average for the quarter), has implemented company‑wide cash‑preservation measures to extend runway, and plans a U.S. IND submission for refisolone (PH80) in H1 2026.VistaGen Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 790.00K | 486.00K | 1.06M | -227.00K | 1.11M | 1.09M |
| Gross Profit | 432.00K | 486.00K | 1.06M | -227.00K | 1.11M | 1.09M |
| EBITDA | -67.84M | -55.34M | -32.45M | -58.74M | -47.05M | -17.44M |
| Net Income | -67.05M | -51.42M | -29.36M | -59.25M | -47.76M | -17.93M |
Balance Sheet | ||||||
| Total Assets | 65.06M | 84.34M | 123.65M | 21.09M | 74.64M | 108.28M |
| Cash, Cash Equivalents and Short-Term Investments | 61.77M | 80.48M | 119.17M | 16.64M | 68.14M | 103.11M |
| Total Debt | 1.43M | 1.51M | 2.12M | 2.71M | 3.04M | 3.72M |
| Total Liabilities | 14.14M | 13.95M | 9.37M | 9.01M | 9.93M | 16.30M |
| Stockholders Equity | 50.92M | 70.39M | 114.29M | 12.08M | 64.72M | 91.98M |
Cash Flow | ||||||
| Free Cash Flow | -60.39M | -42.29M | -25.87M | -49.93M | -45.46M | -12.35M |
| Operating Cash Flow | -60.30M | -42.10M | -25.81M | -49.72M | -45.26M | -12.07M |
| Investing Cash Flow | -251.00K | -13.15M | -61.00K | -740.00K | -200.40K | -275.40K |
| Financing Cash Flow | 33.20M | 3.21M | 128.40M | -1.04M | 10.48M | 114.10M |
VistaGen Therapeutics Technical Analysis
Negative
0.55
Price Trends
0.58
Negative
1.51
Negative
2.37
Negative
Market Momentum
-0.02
Positive
41.10
Neutral
17.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTGN, the sentiment is Negative. The current price of 0.55 is below the 20-day moving average (MA) of 0.60, below the 50-day MA of 0.58, and below the 200-day MA of 2.37, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.10 is Neutral, neither overbought nor oversold. The STOCH value of 17.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VTGN.
VistaGen Therapeutics Risk Analysis
VistaGen Therapeutics disclosed 86 risk factors in its most recent earnings report. VistaGen Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VistaGen Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $342.87M | ― | -23.98% | ― | 946.61% | -11.30% | |
53 Neutral | $157.46M | 15.23 | 22.53% | ― | -67.38% | -1076.54% | |
52 Neutral | $219.27M | -1.36 | -120.20% | ― | -9.70% | 23.23% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $229.74M | -4.18 | -46.90% | ― | -100.00% | 79.01% | |
47 Neutral | $297.85M | -0.70 | ― | ― | -63.96% | -28.50% | |
45 Neutral | $21.80M | -0.37 | ― | ― | -33.00% | 54.91% |
* Healthcare Sector Average
VTGN
VistaGen Therapeutics
0.56
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-72.93%
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VistaGen Therapeutics Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
VistaGen Faces Nasdaq Audit Committee Compliance Setback
Negative
Apr 2, 2026
On April 1, 2026, VistaGen Therapeutics, Inc. notified Nasdaq that it had fallen out of compliance with Nasdaq Listing Rule 5605(c)(2) after director Mary Rotunno’s resignation that day reduced its Audit Committee from three independent memb...
Business Operations and Strategy
VistaGen Showcases Intranasal Pherine Pipeline in New Presentation
Positive
Mar 16, 2026
On March 16, 2026, VistaGen Therapeutics began using a new corporate presentation outlining its strategy to pioneer nose-to-brain neurocircuit modulation with non-systemic intranasal pherines. The deck highlights five clinical-stage candidates, fa...
Business Operations and Strategy
VistaGen Announces Workforce Reduction to Extend Cash Runway
Negative
Mar 11, 2026
On March 5, 2026, Vistagen Therapeutics, Inc. implemented a Board-approved workforce reduction of approximately 20% to tighten cash management while maintaining efficient execution of its PALISADE clinical program for fasedienol in social anxiety ...
Delistings and Listing ChangesRegulatory Filings and Compliance
VistaGen Receives Nasdaq Notice on Minimum Bid Compliance
Negative
Feb 6, 2026
On February 3, 2026, Vistagen Therapeutics, Inc. received a notice from Nasdaq that the company’s common stock had closed below the required minimum bid price of $1.00 per share for 30 consecutive business days, putting it out of compliance ...
Business Operations and Strategy
VistaGen updates corporate presentation highlighting neuroscience pipeline
Positive
Jan 9, 2026
On January 9, 2026, Vistagen Therapeutics began using a new corporate presentation that outlines its vision to pioneer breakthroughs in neuroscience by leveraging nose-to-brain neurocircuitry, highlighting a differentiated platform of intranasal p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.