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

Vistagen Therapeutics Inc (VTGN) reported diluted earnings per share of $-1.67 for fiscal year 2025. This represents a -9.9% 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 Dec 31, 2025 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 26 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 2026-04-22

Drug-development economics dominate: R&D spending, not product sales, sets results, while periodic financings replenish a balance sheet still dominated by cash.

Cash fell from $119.2M to $67.1M as R&D spending nearly doubled year over year. Because financing added only $3.2M after $128.4M the year before, cash burn re-accelerated faster than external funding, making the balance sheet—not revenue—the real funding source of operations and strategic flexibility.

Revenue is economically irrelevant to the current cost structure: FY2025 revenue was $486K against $39.4M of R&D. Even outside the lab, SG&A was $17.1M, so overhead is sized for a research organization rather than for a business already supported by recurring customer demand or self-funding operations.

Balance-sheet pressure is mainly a funding issue, not a creditor issue: cash of $67.1M still exceeded total liabilities of $14.0M, leaving limited balance-sheet strain from obligations alone. Because operating cash flow was -$42.1M versus a net loss of -$51.4M, the reported loss is cash-real and depends on periodic external capital rather than accounting timing differences.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 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 -11517.1%, meaning the company retains $-11517 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 down from -3103.5% the prior year.

Leverage

Vistagen Therapeutics Inc carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.51, Vistagen Therapeutics Inc holds $6.51 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Vistagen Therapeutics Inc generates a -73.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -25.7% the prior year.

Piotroski F-Score Weak

1/9

Vistagen Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.82x

For every $1 of reported earnings, Vistagen Therapeutics Inc generates $0.82 in operating cash flow (-$42.1M OCF vs -$51.4M 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

$486K

YoY-54.3%

Vistagen Therapeutics Inc generated $486K in revenue in fiscal year 2025. This represents a decrease of 54.3% from the prior year.

EBITDA

-$55.8M

YoY-69.7%

Vistagen Therapeutics Inc's EBITDA was -$55.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 69.7% from the prior year.

Net Income

-$51.4M

YoY-75.1%

Vistagen Therapeutics Inc reported -$51.4M in net income in fiscal year 2025. This represents a decrease of 75.1% from the prior year.

EPS (Diluted)

$-1.67

YoY-9.9%

Vistagen Therapeutics Inc earned $-1.67 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$67.1M

YoY-43.7%

5Y CAGR+118.3%

10Y CAGR+98.7%

Vistagen Therapeutics Inc held $67.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

-11517.1%

YoY-8413.6pp

Vistagen Therapeutics Inc's operating margin was -11517.1% in fiscal year 2025, reflecting core business profitability. This is down 8413.6 percentage points from the prior year.

Net Margin

-10579.8%

YoY-7820.3pp

Vistagen Therapeutics Inc's net profit margin was -10579.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7820.3 percentage points from the prior year.

Return on Equity

-73.0%

YoY-47.4pp

Vistagen Therapeutics Inc's ROE was -73.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 47.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$39.4M

YoY+96.7%

5Y CAGR+24.1%

Vistagen Therapeutics Inc invested $39.4M in research and development in fiscal year 2025. This represents an increase of 96.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

VTGN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$486K-54.3%	$1.1M	N/A	$1.1M+1.8%	$1.1M	$0
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	$39.4M+96.7%	$20.0M-54.9%	$44.4M+25.3%	$35.4M+196.9%	$11.9M-10.8%	$13.4M
SG&A Expenses	$17.1M+21.5%	$14.1M-4.1%	$14.7M+8.8%	$13.5M+89.9%	$7.1M-4.4%	$7.4M
Operating Income	-$56.0M-69.5%	-$33.0M+44.3%	-$59.3M-24.0%	-$47.8M-166.4%	-$17.9M+13.8%	-$20.8M
Interest Expense	N/A	N/A	$26K+31.7%	$20K+1143.8%	$2K-94.7%	$30K
Income Tax	$7K+75.0%	$4K-33.3%	$6K+76.5%	$3K+30.8%	$3K0.0%	$3K
Net Income	-$51.4M-75.1%	-$29.4M+50.4%	-$59.2M-24.0%	-$47.8M-166.3%	-$17.9M+13.7%	-$20.8M
EPS (Diluted)	$-1.67-9.9%	$-1.52+82.1%	$-8.51	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$303K+17.4%	$258K+5.7%	$244K	N/A	$234K+27.9%	$183K+117.9%	$84K-57.6%	$198K
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	$14.2M-10.6%	$15.9M+36.3%	$11.7M	N/A	$11.3M+10.7%	$10.2M+33.6%	$7.6M+2.8%	$7.4M
SG&A Expenses	$5.6M+28.0%	$4.4M+0.6%	$4.4M	N/A	$4.0M-3.5%	$4.2M-8.1%	$4.6M+10.8%	$4.1M
Operating Income	-$19.5M+2.5%	-$20.1M-26.9%	-$15.8M	N/A	-$15.1M-6.3%	-$14.2M-17.3%	-$12.1M-6.8%	-$11.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	N/A	$0-100.0%	$7K	$0-100.0%	$1K
Net Income	-$18.9M+2.7%	-$19.4M-28.6%	-$15.1M	N/A	-$14.1M-8.7%	-$13.0M-20.8%	-$10.7M-12.7%	-$9.5M
EPS (Diluted)	$-0.45+16.7%	$-0.54-14.9%	$-0.47	N/A	$-0.46-9.5%	$-0.42-20.0%	$-0.35	N/A

VTGN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$84.3M-31.8%	$123.7M+486.3%	$21.1M-71.7%	$74.6M-31.1%	$108.3M+1775.9%	$5.8M
Current Assets	$82.1M-32.0%	$120.7M+589.3%	$17.5M-75.3%	$71.0M-31.8%	$104.1M+6488.9%	$1.6M
Cash & Equivalents	$67.1M-43.7%	$119.2M+616.2%	$16.6M-75.6%	$68.1M-33.9%	$103.1M+7508.9%	$1.4M
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	$14.0M+48.9%	$9.4M+4.0%	$9.0M-9.3%	$9.9M-39.1%	$16.3M+41.7%	$11.5M
Current Liabilities	$12.6M+146.2%	$5.1M+12.0%	$4.6M-20.7%	$5.8M+37.6%	$4.2M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$70.4M-38.4%	$114.3M+846.1%	$12.1M-81.3%	$64.7M-29.6%	$92.0M+1705.4%	-$5.7M
Retained Earnings	-$407.6M-14.4%	-$356.2M-9.0%	-$326.9M-22.1%	-$267.6M-21.7%	-$219.8M-8.9%	-$201.9M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$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-8.2%	$123.7M
Current Assets	$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-8.1%	$120.7M
Cash & Equivalents	$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-13.6%	$119.2M
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	$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-6.6%	$9.4M
Current Liabilities	$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+21.7%	$5.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-8.3%	$114.3M
Retained Earnings	-$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-3.0%	-$356.2M

VTGN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$42.1M-63.1%	-$25.8M+48.1%	-$49.7M-9.9%	-$45.3M-274.8%	-$12.1M+23.4%	-$15.8M
Capital Expenditures	N/A	$0-100.0%	$528K+163.5%	$200K-27.2%	$275K	$0
Free Cash Flow	N/A	-$25.8M+48.6%	-$50.2M-10.5%	-$45.5M-268.1%	-$12.3M+21.6%	-$15.8M
Investing Cash Flow	-$13.1M-21454.1%	-$61K+91.8%	-$740K-269.3%	-$200K+27.2%	-$275K	$0
Financing Cash Flow	$3.2M-97.5%	$128.4M+12434.5%	-$1.0M-109.9%	$10.5M-90.8%	$114.1M+2744.2%	$4.0M
Dividends Paid	N/A	N/A	N/A	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$17.6M-28.1%	-$13.8M+27.0%	-$18.8M	N/A	-$10.3M+5.6%	-$10.9M-0.2%	-$10.9M-55.6%	-$7.0M
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	$104K+210.6%	-$94K+88.1%	-$788K	N/A	-$422K+94.6%	-$7.8M-42.4%	-$5.5M-18751.7%	-$29K
Financing Cash Flow	$2.1M-92.4%	$27.7M+1758.5%	$1.5M	N/A	$1.2M	$0-100.0%	$88K+123.2%	-$380K
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-11517.1%-8413.6pp	-3103.5%	N/A	-4308.3%-2662.2pp	-1646.1%	N/A
Net Margin	-10579.8%-7820.3pp	-2759.6%	N/A	-4306.8%-2660.7pp	-1646.1%	N/A
Return on Equity	-73.0%-47.4pp	-25.7%+464.8pp	-490.5%-416.7pp	-73.8%-54.3pp	-19.5%	N/A
Return on Assets	-61.0%-37.2pp	-23.8%+257.2pp	-280.9%-217.0pp	-64.0%-47.4pp	-16.6%+343.3pp	-359.9%
Current Ratio	6.51-17.0	23.55+19.7	3.83-8.5	12.32-12.5	24.86	N/A
Debt-to-Equity	0.20+0.1	0.08-0.7	0.75+0.6	0.15-0.0	0.18+2.2	-2.01
FCF Margin	N/A	-2426.0%	N/A	-4098.9%-2965.5pp	-1133.5%	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-6450.8%+1321.6pp	-7772.5%-1295.4pp	-6477.1%	N/A	-6461.5%+1312.8pp	-7774.3%+6667.3pp	-14441.7%-8704.8pp	-5736.9%
Net Margin	-6237.3%+1288.7pp	-7526.0%-1339.5pp	-6186.5%	N/A	-6020.9%+1061.6pp	-7082.5%+5694.9pp	-12777.4%-7968.8pp	-4808.6%
Return on Equity	-37.1%-7.8pp	-29.3%-2.7pp	-26.6%	N/A	-17.4%-3.4pp	-13.9%-3.7pp	-10.2%-1.9pp	-8.3%
Return on Assets	-29.0%-5.1pp	-24.0%-2.1pp	-21.9%	N/A	-15.3%-2.6pp	-12.7%-3.2pp	-9.4%-1.8pp	-7.7%
Current Ratio	4.67-1.1	5.79-0.2	5.98-0.5	6.51-2.8	9.35-3.9	13.29-4.5	17.77-5.8	23.55
Debt-to-Equity	0.28+0.1	0.220.0	0.21+0.0	0.20+0.1	0.14+0.0	0.10+0.0	0.080.0	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 $486K in total revenue for fiscal year 2025. This represents a -54.3% 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 declined by 54.3% year-over-year, from $1.1M to $486K in fiscal year 2025.

Is Vistagen Therapeutics Inc profitable?

No, Vistagen Therapeutics Inc (VTGN) reported a net income of -$51.4M in fiscal year 2025, with a net profit margin of -10579.8%.

What is Vistagen Therapeutics Inc's EBITDA?

Vistagen Therapeutics Inc (VTGN) had EBITDA of -$55.8M in fiscal year 2025, 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 -11517.1% in fiscal year 2025, 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 -10579.8% in fiscal year 2025, 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 -73.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vistagen Therapeutics Inc's operating cash flow?

Vistagen Therapeutics Inc (VTGN) generated -$42.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Vistagen Therapeutics Inc's total assets?

Vistagen Therapeutics Inc (VTGN) had $84.3M in total assets as of fiscal year 2025, including both current and long-term assets.

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

Vistagen Therapeutics Inc (VTGN) invested $39.4M in research and development during fiscal year 2025.

What is Vistagen Therapeutics Inc's current ratio?

Vistagen Therapeutics Inc (VTGN) had a current ratio of 6.51 as of fiscal year 2025, 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 0.20 as of fiscal year 2025, 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 -61.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vistagen Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Vistagen Therapeutics Inc (VTGN) had $67.1M in cash against an annual operating cash burn of $42.1M. This gives an estimated cash runway of approximately 19 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 1 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 0.82x, 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 33 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.