What is Vistagen Therapeutics Inc's earnings per share (EPS)?

Vistagen Therapeutics Inc (VTGN) reported diluted earnings per share of $-1.83 for fiscal year 2026. This represents a -9.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Vistagen Therapeutics Inc Financials

VTGN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Vistagen Therapeutics Inc (VTGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 27 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VTGN FY2025 2026-06-15

Vistagen’s reported economics are dominated by a cash-funded R&D cycle, with equity raises periodically resetting liquidity rather than sales funding operations.

The FY2024 liquidity rebound was financing-led, not operating-led: a $128.4M financing inflow rebuilt cash after the prior drawdown. In the latest year, operating cash burn returned to $42.1M while financing added only $3.2M, showing that current resources are being consumed rather than replenished by the business itself.

R&D intensity remains the main operating driver: research spending reached $39.4M against just $486K of revenue. That means the loss profile mostly reflects how aggressively the company funds development work, not whether a scaled sales model is covering overhead.

Short-term liquidity still looks comfortable because cash of $67.1M sits well above current liabilities of $12.6M. With no long-term debt reported, the balance sheet pressure point is cash consumption rather than interest or refinancing burden; solvency and self-funding are not the same thing.

Financial Health Signals

Financial Profile 36/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Vistagen Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Vistagen Therapeutics Inc has an operating margin of -5683.7%, meaning the company retains $-5684 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -11517.1% the prior year.

Growth

Vistagen Therapeutics Inc's revenue surged 161.1% year-over-year to $1.3M, reflecting rapid business expansion. This strong growth earns a score of 49/100.

Leverage

Vistagen Therapeutics Inc carries a low D/E ratio of 0.37, meaning only $0.37 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.67, Vistagen Therapeutics Inc holds $3.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Returns

Vistagen Therapeutics Inc generates a -196.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -73.0% the prior year.

Piotroski F-Score Weak

2/9

Vistagen Therapeutics Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.95x

For every $1 of reported earnings, Vistagen Therapeutics Inc generates $0.95 in operating cash flow (-$66.4M OCF vs -$69.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3M

YoY+161.1%

5Y CAGR+3.1%

Vistagen Therapeutics Inc generated $1.3M in revenue in fiscal year 2026. This represents an increase of 161.1% from the prior year.

EBITDA

-$71.9M

YoY-28.8%

Vistagen Therapeutics Inc's EBITDA was -$71.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.8% from the prior year.

Net Income

-$69.7M

YoY-35.5%

Vistagen Therapeutics Inc reported -$69.7M in net income in fiscal year 2026. This represents a decrease of 35.5% from the prior year.

EPS (Diluted)

$-1.83

YoY-9.6%

Vistagen Therapeutics Inc earned $-1.83 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 9.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$30.8M

YoY-54.1%

5Y CAGR-21.5%

10Y CAGR+53.3%

Vistagen Therapeutics Inc held $30.8M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

41M

Vistagen Therapeutics Inc had 41M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

N/A

Operating Margin

-5683.7%

YoY+5833.4pp

5Y CAGR-4037.6pp

Vistagen Therapeutics Inc's operating margin was -5683.7% in fiscal year 2026, reflecting core business profitability. This is up 5833.4 percentage points from the prior year.

Net Margin

-5491.3%

YoY+5088.5pp

5Y CAGR-3845.2pp

Vistagen Therapeutics Inc's net profit margin was -5491.3% in fiscal year 2026, showing the share of revenue converted to profit. This is up 5088.5 percentage points from the prior year.

Return on Equity

-196.2%

YoY-123.1pp

5Y CAGR-176.7pp

Vistagen Therapeutics Inc's ROE was -196.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 123.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$55.0M

YoY+39.6%

5Y CAGR+35.7%

10Y CAGR+30.2%

Vistagen Therapeutics Inc invested $55.0M in research and development in fiscal year 2026. This represents an increase of 39.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

VTGN Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$1.3M+161.1%	$486K-54.3%	$1.1M	N/A	$1.1M+1.8%	$1.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$55.0M+39.6%	$39.4M+96.7%	$20.0M-54.9%	$44.4M+25.3%	$35.4M+196.9%	$11.9M
SG&A Expenses	$18.4M+7.8%	$17.1M+21.5%	$14.1M-4.1%	$14.7M+8.8%	$13.5M+89.9%	$7.1M
Operating Income	-$72.1M-28.9%	-$56.0M-69.5%	-$33.0M+44.3%	-$59.3M-24.0%	-$47.8M-166.4%	-$17.9M
Interest Expense	N/A	N/A	N/A	$26K+31.7%	$20K+1143.8%	$2K
Income Tax	$7K0.0%	$7K+75.0%	$4K-33.3%	$6K+76.5%	$3K+30.8%	$3K
Net Income	-$69.7M-35.5%	-$51.4M-75.1%	-$29.4M+50.4%	-$59.2M-24.0%	-$47.8M-166.3%	-$17.9M
EPS (Diluted)	$-1.83-9.6%	$-1.67-9.9%	$-1.52+82.1%	$-8.51	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$464K+53.1%	$303K+17.4%	$258K+5.7%	$244K	N/A	$234K+27.9%	$183K+117.9%	$84K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$13.2M-7.5%	$14.2M-10.6%	$15.9M+36.3%	$11.7M	N/A	$11.3M+10.7%	$10.2M+33.6%	$7.6M
SG&A Expenses	$4.0M-28.4%	$5.6M+28.0%	$4.4M+0.6%	$4.4M	N/A	$4.0M-3.5%	$4.2M-8.1%	$4.6M
Operating Income	-$16.7M+14.4%	-$19.5M+2.5%	-$20.1M-26.9%	-$15.8M	N/A	-$15.1M-6.3%	-$14.2M-17.3%	-$12.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$7K	$0	$0	$0	N/A	$0-100.0%	$7K	$0
Net Income	-$16.3M+13.9%	-$18.9M+2.7%	-$19.4M-28.6%	-$15.1M	N/A	-$14.1M-8.7%	-$13.0M-20.8%	-$10.7M
EPS (Diluted)	N/A	$-0.45+16.7%	$-0.54-14.9%	$-0.47	N/A	$-0.46-9.5%	$-0.42-20.0%	$-0.35

VTGN Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$48.6M-42.4%	$84.3M-31.8%	$123.7M+486.3%	$21.1M-71.7%	$74.6M-31.1%	$108.3M
Current Assets	$46.9M-42.8%	$82.1M-32.0%	$120.7M+589.3%	$17.5M-75.3%	$71.0M-31.8%	$104.1M
Cash & Equivalents	$30.8M-54.1%	$67.1M-43.7%	$119.2M+616.2%	$16.6M-75.6%	$68.1M-33.9%	$103.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.0M-6.5%	$14.0M+48.9%	$9.4M+4.0%	$9.0M-9.3%	$9.9M-39.1%	$16.3M
Current Liabilities	$12.8M+1.5%	$12.6M+146.2%	$5.1M+12.0%	$4.6M-20.7%	$5.8M+37.6%	$4.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$35.5M-49.5%	$70.4M-38.4%	$114.3M+846.1%	$12.1M-81.3%	$64.7M-29.6%	$92.0M
Retained Earnings	-$477.3M-17.1%	-$407.6M-14.4%	-$356.2M-9.0%	-$326.9M-22.1%	-$267.6M-21.7%	-$219.8M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$48.6M-25.4%	$65.1M-19.6%	$80.9M+17.4%	$68.9M-18.3%	$84.3M-8.6%	$92.3M-9.9%	$102.5M-9.7%	$113.5M
Current Assets	$46.9M-25.8%	$63.2M-19.9%	$78.9M+18.3%	$66.7M-18.7%	$82.1M-8.7%	$89.9M-10.0%	$99.9M-9.8%	$110.8M
Cash & Equivalents	$30.8M-35.0%	$47.4M-24.6%	$62.8M+28.2%	$49.0M-27.0%	$67.1M-10.2%	$74.7M-11.3%	$84.2M-18.1%	$102.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.0M-7.7%	$14.1M-3.1%	$14.6M+20.0%	$12.2M-12.8%	$14.0M+24.7%	$11.2M+17.5%	$9.5M+8.9%	$8.7M
Current Liabilities	$12.8M-5.4%	$13.5M-0.8%	$13.6M+22.3%	$11.2M-11.6%	$12.6M+31.1%	$9.6M+27.9%	$7.5M+20.6%	$6.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$35.5M-30.2%	$50.9M-23.2%	$66.3M+16.9%	$56.8M-19.4%	$70.4M-13.2%	$81.1M-12.7%	$93.0M-11.3%	$104.8M
Retained Earnings	-$477.3M-3.5%	-$461.0M-4.3%	-$442.1M-4.6%	-$422.7M-3.7%	-$407.6M-3.5%	-$394.0M-3.7%	-$379.9M-3.5%	-$366.9M

VTGN Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$66.4M-57.8%	-$42.1M-63.1%	-$25.8M+48.1%	-$49.7M-9.9%	-$45.3M-274.8%	-$12.1M
Capital Expenditures	N/A	N/A	$0-100.0%	$528K+163.5%	$200K-27.2%	$275K
Free Cash Flow	N/A	N/A	-$25.8M+48.6%	-$50.2M-10.5%	-$45.5M-268.1%	-$12.3M
Investing Cash Flow	-$877K+93.3%	-$13.1M-21454.1%	-$61K+91.8%	-$740K-269.3%	-$200K+27.2%	-$275K
Financing Cash Flow	$31.0M+864.8%	$3.2M-97.5%	$128.4M+12434.5%	-$1.0M-109.9%	$10.5M-90.8%	$114.1M
Dividends Paid	N/A	N/A	N/A	N/A	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$16.2M+8.1%	-$17.6M-28.1%	-$13.8M+27.0%	-$18.8M	N/A	-$10.3M+5.6%	-$10.9M-0.2%	-$10.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$99K-195.2%	$104K+210.6%	-$94K+88.1%	-$788K	N/A	-$422K+94.6%	-$7.8M-42.4%	-$5.5M
Financing Cash Flow	-$283K-113.4%	$2.1M-92.4%	$27.7M+1758.5%	$1.5M	N/A	$1.2M	$0-100.0%	$88K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VTGN Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-5683.7%+5833.4pp	-11517.1%-8413.6pp	-3103.5%	N/A	-4308.3%-2662.2pp	-1646.1%
Net Margin	-5491.3%+5088.5pp	-10579.8%-7820.3pp	-2759.6%	N/A	-4306.8%-2660.7pp	-1646.1%
Return on Equity	-196.2%-123.1pp	-73.0%-47.4pp	-25.7%+464.8pp	-490.5%-416.7pp	-73.8%-54.3pp	-19.5%
Return on Assets	-143.5%-82.5pp	-61.0%-37.2pp	-23.8%+257.2pp	-280.9%-217.0pp	-64.0%-47.4pp	-16.6%
Current Ratio	3.67-2.8	6.51-17.0	23.55+19.7	3.83-8.5	12.32-12.5	24.86
Debt-to-Equity	0.37+0.2	0.20+0.1	0.08-0.7	0.75+0.6	0.15-0.0	0.18
FCF Margin	N/A	N/A	-2426.0%	N/A	-4098.9%-2965.5pp	-1133.5%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3604.1%+2846.7pp	-6450.8%+1321.6pp	-7772.5%-1295.4pp	-6477.1%	N/A	-6461.5%+1312.8pp	-7774.3%+6667.3pp	-14441.7%
Net Margin	-3507.3%+2730.0pp	-6237.3%+1288.7pp	-7526.0%-1339.5pp	-6186.5%	N/A	-6020.9%+1061.6pp	-7082.5%+5694.9pp	-12777.4%
Return on Equity	-45.8%-8.7pp	-37.1%-7.8pp	-29.3%-2.7pp	-26.6%	N/A	-17.4%-3.4pp	-13.9%-3.7pp	-10.2%
Return on Assets	-33.5%-4.5pp	-29.0%-5.1pp	-24.0%-2.1pp	-21.9%	N/A	-15.3%-2.6pp	-12.7%-3.2pp	-9.4%
Current Ratio	3.67-1.0	4.67-1.1	5.79-0.2	5.98-0.5	6.51-2.8	9.35-3.9	13.29-4.5	17.77
Debt-to-Equity	0.37+0.1	0.28+0.1	0.220.0	0.21+0.0	0.20+0.1	0.14+0.0	0.10+0.0	0.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Vistagen Therapeutics Inc's annual revenue?

Vistagen Therapeutics Inc (VTGN) reported $1.3M in total revenue for fiscal year 2026. This represents a 161.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vistagen Therapeutics Inc's revenue growing?

Vistagen Therapeutics Inc (VTGN) revenue grew by 161.1% year-over-year, from $486K to $1.3M in fiscal year 2026.

Is Vistagen Therapeutics Inc profitable?

No, Vistagen Therapeutics Inc (VTGN) reported a net income of -$69.7M in fiscal year 2026, with a net profit margin of -5491.3%.

What is Vistagen Therapeutics Inc's EBITDA?

Vistagen Therapeutics Inc (VTGN) had EBITDA of -$71.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vistagen Therapeutics Inc's operating margin?

Vistagen Therapeutics Inc (VTGN) had an operating margin of -5683.7% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Vistagen Therapeutics Inc's net profit margin?

Vistagen Therapeutics Inc (VTGN) had a net profit margin of -5491.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Vistagen Therapeutics Inc's return on equity (ROE)?

Vistagen Therapeutics Inc (VTGN) has a return on equity of -196.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Vistagen Therapeutics Inc's operating cash flow?

Vistagen Therapeutics Inc (VTGN) generated -$66.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Vistagen Therapeutics Inc's total assets?

Vistagen Therapeutics Inc (VTGN) had $48.6M in total assets as of fiscal year 2026, including both current and long-term assets.

How much does Vistagen Therapeutics Inc spend on research and development?

Vistagen Therapeutics Inc (VTGN) invested $55.0M in research and development during fiscal year 2026.

How many shares does Vistagen Therapeutics Inc have outstanding?

Vistagen Therapeutics Inc (VTGN) had 41M shares outstanding as of fiscal year 2026.

What is Vistagen Therapeutics Inc's current ratio?

Vistagen Therapeutics Inc (VTGN) had a current ratio of 3.67 as of fiscal year 2026, which is generally considered healthy.

What is Vistagen Therapeutics Inc's debt-to-equity ratio?

Vistagen Therapeutics Inc (VTGN) had a debt-to-equity ratio of 0.37 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vistagen Therapeutics Inc's return on assets (ROA)?

Vistagen Therapeutics Inc (VTGN) had a return on assets of -143.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Vistagen Therapeutics Inc's cash runway?

Based on fiscal year 2026 data, Vistagen Therapeutics Inc (VTGN) had $30.8M in cash against an annual operating cash burn of $66.4M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Vistagen Therapeutics Inc's Piotroski F-Score?

Vistagen Therapeutics Inc (VTGN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vistagen Therapeutics Inc's earnings high quality?

Vistagen Therapeutics Inc (VTGN) has an earnings quality ratio of 0.95x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Vistagen Therapeutics Inc?

Vistagen Therapeutics Inc (VTGN) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.