VistaGen Therapeutics (VTGN) AI Stock Analysis

• Market Cap: $20.78M
• Dividend Yield: N/A
• Average Volume (3M): 1.34M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• Revenue Growth: -33.00%
• EPS Growth: 54.91%
• Country: US
• Employees: 48
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.54
• Shares Outstanding: 39,495,453
• 10 Day Avg. Volume: 1,004,418
• 30 Day Avg. Volume: 1,338,517
• 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: -2.14
• Enterprise Value/Revenue: -61.54
• Enterprise Value/Gross Profit: -80.38
• Enterprise Value/Ebitda: 0.70
• 1Y Price Target: $0.97
• Price Target Upside: 94.00% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $0.52 ▲(3.00% Upside)

The score is held down primarily by very weak financial performance (minimal revenue scale, large losses, and significant cash burn) and bearish technical signals (price well below key moving averages with negative MACD). The latest earnings call provides partial support via stated cash resources and multiple clinical milestones, but valuation metrics are not meaningfully supportive due to losses and no dividend yield.

Positive Factors

Differentiated intranasal platform

VistaGen's nose-to-brain intranasal pherine platform offers rapid, localized action with favorable safety, a durable technical differentiation. A multi-indication pipeline (SAD, MDD, menopausal VMS, others) increases clinical optionality and long-term partnering and commercialization prospects.

Solid near-term cash resources

Holding $77.2M in cash and equivalents through Sept 30, 2025 gives VistaGen runway to complete PALISADE Phase 3 activities and near-term regulatory work. That funding reduces immediate dilution pressure and preserves strategic options to pursue an NDA or negotiate partnerships around pivotal readouts.

Low financial leverage

Minimal debt and very low leverage lower solvency and refinancing risk, enabling management to prioritize R&D and strategic collaborations without large fixed interest burdens. This balance-sheet conservatism supports execution flexibility across multi-year clinical programs.

Negative Factors

PALISADE-3 Phase 3 failure

The PALISADE-3 primary endpoint failure materially weakens the lead program's commercial potential and bargaining power with partners. It may require additional trials, indication pivots, or deprioritization, delaying or diminishing future revenue prospects tied to fasedienol.

High cash burn, minimal revenue

Persistent negative operating and free cash flow versus negligible revenue shows sustained funding needs. Continued cash burn forces reliance on external financing or partnering, raising dilution and execution risk that could interrupt development timelines if capital access tightens.

Regulatory & execution uncertainty

Clinical site management issues and unclear eligibility for a priority review voucher heighten execution and regulatory risk. Site performance problems can delay trials; loss of voucher eligibility reduces expedited-review options and potential regulatory/financial leverage with partners or acquirers.

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 fundamentals are very weak: TTM revenue is minimal ($0.7M) with deeply negative profitability (EBIT margin ~-88.9%) and a large net loss (-$62.2M). Cash burn is heavy (TTM operating cash flow -$52.9M; free cash flow -$53.1M), implying ongoing funding needs. Balance sheet leverage is low (debt ~$1.9M; debt-to-equity ~0.03), but equity has declined meaningfully, consistent with sustained losses.

Income Statement

TTM (Trailing-Twelve-Months) revenue is very small ($0.7M) despite an 11.6% growth rate, and profitability remains deeply negative. Gross margin is solid (~76.6%), but operating losses are extreme (EBIT margin ~-88.9%) with a large net loss (-$62.2M), indicating a cost structure far ahead of current revenue. Annual results show losses have generally widened versus 2024, and historical revenue has been volatile (including a negative revenue year in 2023), limiting visibility on the path to break-even.

Balance Sheet

Leverage is low, with modest debt ($1.9M) and a very low debt-to-equity ratio (~0.03) in TTM (Trailing-Twelve-Months), which reduces near-term balance-sheet risk. However, equity has declined materially from 2024 ($114.3M) to 2025 annual ($70.4M) and further to TTM ($66.3M), consistent with ongoing losses and cash burn. Returns on equity are sharply negative (TTM ~-90.7%), highlighting that the capital base is not currently generating profitability.

Cash Flow

Cash generation is weak: TTM (Trailing-Twelve-Months) operating cash flow is -$52.9M and free cash flow is -$53.1M, signaling heavy ongoing funding needs. While free cash flow growth is positive in TTM (+5.9%), it remains deeply negative in absolute terms, and cash outflows have been persistently large across years. Free cash flow roughly tracks net loss (free cash flow to net income ~1.0), suggesting losses are translating directly into cash burn rather than being cushioned by non-cash items.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	721.00K	486.00K	1.06M	-227.00K	1.11M	1.09M
Gross Profit	552.00K	486.00K	1.06M	-227.00K	1.11M	1.09M
EBITDA	-63.45M	-55.34M	-32.45M	-58.74M	-47.05M	-17.44M
Net Income	-62.24M	-51.42M	-29.36M	-59.25M	-47.76M	-17.93M
Balance Sheet
Total Assets	80.93M	84.34M	123.65M	21.09M	74.64M	108.28M
Cash, Cash Equivalents and Short-Term Investments	77.17M	80.48M	119.17M	16.64M	68.14M	103.11M
Total Debt	1.86M	1.51M	2.12M	2.71M	3.04M	3.72M
Total Liabilities	14.59M	13.95M	9.37M	9.01M	9.93M	16.30M
Stockholders Equity	66.34M	70.39M	114.29M	12.08M	64.72M	91.98M
Cash Flow
Free Cash Flow	-53.09M	-42.29M	-25.87M	-49.93M	-45.46M	-12.35M
Operating Cash Flow	-52.95M	-42.10M	-25.81M	-49.72M	-45.26M	-12.07M
Investing Cash Flow	-777.00K	-13.15M	-61.00K	-740.00K	-200.40K	-275.40K
Financing Cash Flow	32.26M	3.21M	128.40M	-1.04M	10.48M	114.10M

VistaGen Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: 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 0.5 is below the 20-day moving average (MA) of 0.63, below the 50-day MA of 1.92, and below the 200-day MA of 2.75, indicating a bearish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 25.53 is Positive, neither overbought nor oversold. The STOCH value of 15.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$189.18M	-2.77	-131.71%	―	-100.00%	79.01%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$202.71M	-0.97	―	―	-63.96%	-28.50%
MGNX	48 Neutral	$109.44M	-1.41	-81.13%	―	-9.70%	23.23%
SPRO	48 Neutral	$129.02M	―	-95.29%	―	-67.38%	-1076.54%
OVID	47 Neutral	$192.67M	-2.84	-60.06%	―	946.61%	-11.30%
VTGN	46 Neutral	$20.78M	-0.32	―	―	-33.00%	54.91%

VistaGen Therapeutics Corporate Events

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.