Vistagen Therapeutics, Inc. VTGN
We are a late clinical-stage therapeutics company focused on developing and potentially commercializing new medicines for patients with social anxiety disorder, depression, menopausal hot flashes, psychomotor impairment due to mental fatigue, and cancer cachexia. Each of the five clinical-stage intranasal pherine product candidates in our neuroscience pipeline has a novel neurocircuitry-focused proposed mechanism of action (MOA) and at least one positive clinical study in its targeted patient population. Leveraging our deep understanding of nose-to-brain neurocircuitry, we have designed our intranasal pherine product candidates are designed to rapidly, specifically and selectively bind to peripheral receptors in human nasal chemosensory neurons and rapidly activate neurocircuits believed to regulate brain areas, without requiring systemic absorption or uptake into the brain to achieve desired therapeutic benefits.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $486.0K | $1.1M | -$227.0K | $1.1M | $1.1M | $0 | — | $0 | $1.2M |
| R&D | $55.0M | $39.4M | $20.0M | $44.4M | $35.4M | $11.9M | $13.4M | $17.1M | $7.8M | $5.2M |
| SG&A | $18.4M | $17.1M | $14.1M | $14.7M | $13.5M | $7.1M | $7.4M | $7.5M | $6.4M | $6.3M |
| Total operating expenses | $73.4M | $56.5M | $34.1M | $59.0M | $48.9M | $19.0M | $20.8M | $24.6M | $14.2M | $11.5M |
| Operating income | -$72.1M | -$56.0M | -$33.0M | -$59.3M | -$47.8M | -$17.9M | -$20.8M | -$24.6M | -$14.2M | -$10.2M |
| Interest expense | — | — | — | $26.2K | $19.9K | $1.6K | $30.1K | $8.0K | $8.9K | $4.6K |
| Pre-tax income | -$69.7M | -$51.4M | -$29.4M | -$59.2M | -$47.8M | -$17.9M | -$20.8M | -$24.6M | -$14.3M | -$10.3M |
| Income tax | $7.0K | $7.0K | $4.0K | $6.0K | $3.4K | $2.6K | $2.6K | $2.6K | $2.4K | $2.4K |
| Net income | -$69.7M | -$51.4M | -$29.4M | -$59.2M | -$47.8M | -$17.9M | -$20.8M | -$24.6M | -$14.3M | -$10.3M |
| EPS, basic | -1.83 | -1.67 | -1.52 | -8.51 | -7.38 | -0.49 | — | — | — | — |
| EPS, diluted | -1.83 | -1.67 | -1.52 | -8.51 | — | -0.49 | -0.50 | -0.90 | -1.12 | -1.54 |
| Shares, diluted (wtd. avg.) | $38.1M | $30.9M | $19.4M | $7.0M | $6.6M | $86.1M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.8M | $67.1M | $119.2M | $16.6M | $68.1M | $103.1M | $1.4M | $13.1M | $10.4M | $2.9M |
| Short-term investments | $14.6M | $13.4M | $0 | — | — | — | — | — | — | — |
| Total current assets | $46.9M | $82.1M | $120.7M | $17.5M | $71.0M | $104.1M | $1.6M | $13.6M | $11.0M | $3.4M |
| Property, plant and equipment | $427.0K | $476.0K | $435.0K | $507.0K | $414.3K | $367.4K | $209.6K | $312.7K | $207.4K | $286.5K |
| Total assets | $48.6M | $84.3M | $123.7M | $21.1M | $74.6M | $108.3M | $5.8M | $14.0M | $11.3M | $3.7M |
| Accounts payable | $1.5M | $653.0K | $1.5M | $2.5M | $2.8M | $838.3K | $1.8M | $1.1M | $1.2M | $867.3K |
| Total current liabilities | $12.8M | $12.6M | $5.1M | $4.6M | $5.8M | $4.2M | $27.7M | $2.8M | $1.5M | $1.4M |
| Total liabilities | $13.0M | $14.0M | $9.4M | $9.0M | $9.9M | $16.3M | $11.5M | $6.9M | $4.4M | $3.1M |
| Retained earnings | -$477.3M | -$407.6M | -$356.2M | -$326.9M | -$267.6M | -$219.8M | -$201.9M | -$181.1M | -$156.5M | -$142.0M |
| Total equity | $35.5M | $70.4M | $114.3M | $12.1M | $64.7M | $92.0M | -$5.7M | $7.1M | $6.9M | $615.8K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$66.4M | -$42.1M | -$25.8M | -$49.7M | -$45.3M | -$12.1M | -$15.8M | -$14.5M | -$9.1M | -$7.3M |
| Depreciation and amortisation | $199.0K | $150.0K | $127.0K | $130.0K | — | $117.6K | $103.1K | $91.2K | $80.7K | $54.9K |
| Stock-based compensation | $4.0M | $4.3M | $2.2M | $3.3M | $3.5M | $2.3M | — | — | — | — |
| Capital expenditure | — | — | $0 | $528.0K | $0 | $275.4K | $0 | $174.0K | $1.6K | $239.1K |
| Investing cash flow | -$877.0K | -$13.1M | -$61.0K | -$740.0K | -$200.4K | -$275.4K | $0 | -$174.0K | -$1.6K | -$239.1K |
| Financing cash flow | $31.0M | $3.2M | $128.4M | -$1.0M | $10.5M | $114.1M | $4.0M | $17.4M | $16.5M | $10.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-051404.
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