VistaGen Therapeutics (VTGN) AI Stock Analysis

• Market Cap: $22.08M
• Dividend Yield: N/A
• Average Volume (3M): 1.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: -33.00%
• EPS Growth: 54.91%
• Country: US
• Employees: 48
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.45
• Shares Outstanding: 39,620,316
• 10 Day Avg. Volume: 1,055,596
• 30 Day Avg. Volume: 1,225,812
• 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: -1.22
• Enterprise Value/Revenue: -34.05
• Enterprise Value/Gross Profit: -62.26
• Enterprise Value/Ebitda: 0.40
• 1Y Price Target: $0.97
• Price Target Upside: 67.24% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.78
• Revenue Forecast (FY): $943.00K

• Rating: 44 Neutral
• Price Target: $0.56 ▼(-2.76% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is weighed down primarily by weak financial performance (large losses and sustained cash burn on minimal revenue) and bearish technicals (price well below key moving averages with negative MACD). Earnings call updates are mixed but not decisively positive given efficacy and regulatory-plan uncertainty, while corporate events add further risk via Nasdaq bid-price noncompliance.

Positive Factors

Differentiated Intranasal Platform & Pipeline

VistaGen’s nose-to-brain intranasal pherine platform and multi-program pipeline (SAD, MDD, menopausal VMS, PD/cognitive impairment, cachexia) represent a structural R&D advantage. A differentiated delivery mode with repeated favorable safety signals increases partnering and commercialization optionality across several large therapeutic markets, supporting durable strategic flexibility even if one program falters.

Low Financial Leverage

Very low debt-to-equity (~0.02) reduces fixed financing obligations and lowers bankruptcy risk, giving management optionality to finance clinical programs via equity, partnerships, or non-dilutive arrangements. This balance sheet structure is a durable risk-mitigator for a development-stage biotech that must prioritize funding flexibility during multi-year trials.

Cash Position and Cost Controls

A cash reserve of $61.8M combined with active cost-preservation measures provides a measurable runway buffer to support ongoing PALISADE-4 enrollment, open-label extensions, and planned IND work for refisolone. This liquidity and disciplined expense management sustainably reduce short-term financing pressure and buy time for strategic outcomes or partner discussions.

Negative Factors

PALISADE-3 Primary Endpoint Failure

The PALISADE-3 Phase III primary endpoint miss materially weakens the lead asset’s probability of regulatory approval and near-term commercialization. For a clinical-stage company reliant on one lead program, such a durable efficacy setback can force program redesigns, additional trials, or lower partner interest, raising long-term funding and strategic execution risk.

Sustained Cash Burn

Persistent ~-$60M annual operating cash burn creates a structural need for external financing. Even with low debt, recurring negative FCF forces dilution via equity raises, milestone-dependent partnerships, or licensing exits. Over multiple quarters this constrains strategic choices, limits R&D optionality, and pressures management to prioritize near-term funding over long-term value creation.

Regulatory & Trial Design Uncertainty

A higher placebo response and consideration of SAP modifications introduce durable regulatory and timing risk: prospective SAP changes must be resubmitted and agreed with FDA before database lock. Reliance on post-hoc AI/ML covariate strategies further increases uncertainty, potentially delaying filings, complicating approval pathways, and undermining predictable program timelines.

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 company's CNS pipeline includes PH94B, a rapid-onset neuroactive nasal spray, which is in Phase III development for the acute treatment of anxiety in adults with social anxiety disorder. Its PH94B product candidature also has potential to treat a range of anxiety disorders, including adjustment disorder with anxiety, postpartum anxiety, post-traumatic stress disorder, preprocedural anxiety, and panic disorders. The company's CNS pipeline also comprises PH10, a rapid-onset neuroactive nasal spray, which is in preparation for Phase 2B clinical development as a stand-alone treatment for major depressive disorder (MDD); and AV-101, an oral N-methyl-D-aspartate receptor antagonist, which is in development in combination with oral probenecid as a potential treatment of levodopa-induced dyskinesia, MDD, neuropathic pain, and suicidal ideation. It has contract research and development agreement with Cato Research Ltd.; license agreement with Pherin Pharmaceuticals, Inc.; and license and collaboration agreement with EverInsight Therapeutics Inc. VistaGen Therapeutics, Inc. was founded in 1998 and is headquartered in South San Francisco, California.

How the Company Makes Money

VistaGen Therapeutics primarily generates revenue through strategic partnerships, collaborations, and potential licensing agreements with larger pharmaceutical companies. These partnerships often involve shared development costs and milestone payments tied to clinical progress and regulatory approvals. Additionally, the company may receive royalties from the commercialization of successful products. As a clinical-stage entity, VistaGen does not yet have significant commercial revenues but relies on funding from equity offerings and grants to support its research and development activities until its products reach the market.

VistaGen Therapeutics Financial Statement Overview

Summary

Operating profile is weak: very small TTM revenue (~$0.8M) alongside large net losses (~$67.0M) and substantial cash burn (operating/FCF about -$60M TTM). A key offset is low leverage (debt-to-equity ~0.02), but declining equity and deeply negative ROE signal ongoing capital pressure and funding dependence.

Income Statement

TTM (Trailing-Twelve-Months) revenue is very small (~$0.8M) despite modest growth (+9.6%), and profitability is deeply negative (net loss of ~$67.0M with sharply negative margins). Gross margin is positive (~40% in TTM), but operating costs dominate and losses have widened versus the prior annual periods, indicating limited scale and weak operating leverage.

Balance Sheet

Leverage is low (debt-to-equity ~0.02 in both TTM and the latest annual period), which reduces balance sheet risk. However, equity has declined meaningfully over time and returns on equity are very negative (TTM ROE about -1.10), reflecting ongoing heavy losses and continued pressure on the capital base if losses persist.

Cash Flow

Cash burn remains substantial with negative operating cash flow (~-$60.3M TTM) and negative free cash flow (~-$60.4M TTM). Free cash flow has improved versus the prior annual period (positive growth in TTM), but cash generation is still firmly negative, and cash outflows broadly track net losses, highlighting continued funding dependence.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 0.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTGN, the sentiment is Neutral. The current price of 0.58 is above the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.85, and below the 200-day MA of 2.63, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 39.15 is Neutral, neither overbought nor oversold. The STOCH value of 77.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VTGN.

VistaGen Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IKT	54 Neutral	$248.60M	-3.75	-131.71%	―	-100.00%	79.01%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$231.43M	-1.24	―	―	-63.96%	-28.50%
MGNX	48 Neutral	$109.44M	-1.59	-81.13%	―	-9.70%	23.23%
SPRO	48 Neutral	$125.64M	-2.79	-95.29%	―	-67.38%	-1076.54%
OVID	47 Neutral	$196.58M	-3.17	-60.06%	―	946.61%	-11.30%
VTGN	44 Neutral	$22.08M	-0.37	―	―	-33.00%	54.91%

VistaGen Therapeutics Corporate Events

VistaGen Receives Nasdaq Notice on Minimum Bid Compliance

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 with Nasdaq’s continued listing standards. While the letter has no immediate impact on the stock’s current listing, Vistagen now has until August 3, 2026 to restore its share price to at least $1.00 for 10 consecutive business days, with the possibility of an additional 180-day compliance period if it meets other listing criteria, a development that underscores ongoing pressure on the company’s share price and introduces potential delisting risk for investors if compliance is not regained.

The most recent analyst rating on (VTGN) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on VistaGen Therapeutics stock, see the VTGN Stock Forecast page.

VistaGen updates corporate presentation highlighting neuroscience pipeline

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 pherine candidates designed for rapid-onset, localized action without systemic absorption or direct brain uptake. The deck underscores favorable safety and tolerability across completed trials, details an advancing clinical pipeline led by fasedienol in an ongoing PALISADE Phase 3 program for acute treatment of social anxiety disorder—supported by positive results from two Phase 2 and one Phase 3 study—as well as other candidates in major depressive disorder, psychomotor/cognitive impairment, menopausal vasomotor symptoms, premenstrual dysphoric disorder, and cancer cachexia, positioning the company to pursue substantial partnering and commercialization opportunities in multiple high-need therapeutic markets.

The most recent analyst rating on (VTGN) stock is a Hold with a $0.68 price target. To see the full list of analyst forecasts on VistaGen Therapeutics stock, see the VTGN Stock Forecast page.

VistaGen’s PALISADE-3 Trial Fails Primary Endpoint in SAD

On December 17, 2025, Vistagen Therapeutics reported that its PALISADE-3 Phase 3 clinical trial of intranasal fasedienol for the acute treatment of social anxiety disorder failed to meet its primary endpoint, with no meaningful difference observed between fasedienol and placebo on the Subjective Units of Distress Scale, and no treatment difference on secondary endpoints, although the drug continued to show a favorable safety profile consistent with prior studies. The negative Phase 3 outcome represents a significant setback for the company’s lead social anxiety program and may prompt reassessment of its late-stage development strategy and timelines, even as the safety data could preserve some optionality for future clinical or partnering considerations.

The most recent analyst rating on (VTGN) stock is a Hold with a $0.72 price target. To see the full list of analyst forecasts on VistaGen Therapeutics stock, see the VTGN Stock Forecast page.

VistaGen Therapeutics Appoints New CFO Nick B. Tressler

On December 1, 2025, Vistagen appointed Nick B. Tressler as Chief Financial Officer and Treasurer, succeeding Shawn K. Singh in his interim role. Tressler, with over 20 years of experience in financial leadership within the life sciences industry, is expected to contribute significantly to Vistagen’s strategic growth and transformation. His appointment comes with a comprehensive compensation package, including stock options, reflecting the company’s commitment to advancing its financial strategies and enhancing shareholder value.

The most recent analyst rating on (VTGN) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on VistaGen Therapeutics stock, see the VTGN Stock Forecast page.