Vistagen Therapeutics Inc (VTGN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VTGN SEC filings page.
Vistagen Therapeutics Inc (VTGN) reported $2.5M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Vistagen remains a development-stage business, with R&D spending and equity financing driving operations far more than revenue.
Revenue recovered in FY2026 while operating cash outflow widened to$66.4M , so increased commercial activity did not yet fund the development engine. R&D reached$55.0M against just$1.3M of revenue, showing that reported sales remain economically minor beside the investment required to develop the business.
The balance sheet carries low debt relative to equity: FY2026 debt-to-equity was 0.4x while liabilities were
Operating margin improved from
Financial Health Signals
Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
Vistagen Therapeutics Inc held $45.4M in cash, cash equivalents and investments at the end of fiscal year 2026, and its operations used $66.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Vistagen Therapeutics Inc scores 25/100 among other emerging companies.
Vistagen Therapeutics Inc had 41M shares outstanding at the end of fiscal year 2026, against 29M in fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Vistagen Therapeutics Inc scores 31/100 among other emerging companies.
Vistagen Therapeutics Inc spent $55.0M on research and development in fiscal year 2026, which was 74.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Vistagen Therapeutics Inc scores 93/100 among other emerging companies.
Vistagen Therapeutics Inc reported revenue of $1.3M in fiscal year 2026, against $486K in fiscal year 2025. Revenue Progress ranks emerging companies on the three-year path of that line, and Vistagen Therapeutics Inc scores 55/100 among other emerging companies.
Vistagen Therapeutics Inc's operations used $66.4M of cash in fiscal year 2026, against $42.1M used in fiscal year 2025. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Vistagen Therapeutics Inc scores 13/100 among other emerging companies.
Vistagen Therapeutics Inc's cash, cash equivalents and investments came to $45.4M at the end of fiscal year 2026, against $13.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Vistagen Therapeutics Inc scores 85/100 among other emerging companies.
Vistagen Therapeutics Inc scores -17.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.9M) relative to total liabilities ($13.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vistagen Therapeutics Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Vistagen Therapeutics Inc reported a net loss of $69.7M while operations used $66.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Vistagen Therapeutics Inc generated $1.5M in revenue in Q1 2027. This represents an increase of 504.9% from the same quarter a year earlier. Against the prior quarter it is up 218.1%.
Vistagen Therapeutics Inc's EBITDA was -$13.3M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.7% from the same quarter a year earlier. Against the prior quarter it is up 20.2%.
Vistagen Therapeutics Inc reported -$13.0M in net income in Q1 2027. This represents an increase of 13.7% from the same quarter a year earlier. Against the prior quarter it is up 20.0%.
Vistagen Therapeutics Inc earned -$0.30 per diluted share (EPS) in Q1 2027. This represents an increase of 36.2% from the same quarter a year earlier. Against the prior quarter it is up 18.9%.
Cash & Balance Sheet
Vistagen Therapeutics Inc held $17.0M in cash as of Q1 2027; long-term debt is not reported for that period.
Not reported for Q1 2027.
Not reported for Q1 2027.
Margins & Returns
Vistagen Therapeutics Inc's ROE was -53.2% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 26.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.4 percentage points.
Not reported for Q1 2027.
Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Vistagen Therapeutics Inc invested $10.9M in research and development in Q1 2027. This represents a decrease of 6.6% from the same quarter a year earlier. Against the prior quarter it is down 17.1%.
Not reported for Q1 2027.
Not reported for Q1 2027.
VTGN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M+504.9% | $464K | $303K+29.5% | $258K+41.0% | $244K+190.5% | N/A | $234K-43.1% | $183K-34.2% |
| R&D Expenses | $10.9M-6.6% | $13.2M | $14.2M+25.8% | $15.9M+55.8% | $11.7M+52.7% | N/A | $11.3M+149.2% | $10.2M+165.3% |
| SG&A Expenses | $3.9M-10.3% | $4.0M | $5.6M+38.9% | $4.4M+4.8% | $4.4M-4.3% | N/A | $4.0M+7.7% | $4.2M+30.8% |
| Operating Income | -$13.3M+15.5% | -$16.7M | -$19.5M-29.3% | -$20.1M-41.0% | -$15.8M-30.3% | N/A | -$15.1M-91.8% | -$14.2M-109.8% |
| EBITDA | -$13.3M+15.7% | -$16.7M | -$19.5M-29.2% | -$20.0M-40.9% | -$15.8M-30.3% | N/A | -$15.1M-92.0% | -$14.2M-110.3% |
| Income Tax | $0 | $7K | $0 | $0-100.0% | $0 | N/A | $0 | $7K |
| Net Income | -$13.0M+13.7% | -$16.3M | -$18.9M-34.1% | -$19.4M-49.8% | -$15.1M-40.6% | N/A | -$14.1M-121.9% | -$13.0M-96.7% |
| EPS (Basic) | -$0.30+36.2% | -$0.37+15.9% | -$0.45+2.2% | -$0.54-28.6% | -$0.47-34.3% | -$0.44-76.0% | -$0.46-109.1% | -$0.42+36.4% |
| EPS (Diluted) | -$0.30+36.2% | -$0.37+15.9% | -$0.45+2.2% | -$0.54-28.6% | -$0.47-34.3% | -$0.44-76.0% | -$0.46-109.1% | -$0.42 |
| Diluted Shares (Avg) | 43M+34.6% | N/A | 42M+37.5% | 36M+16.7% | 32M+4.3% | N/A | 31M+4.5% | 31M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
VTGN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $35.7M-48.2% | $48.6M-42.4% | $65.1M-29.5% | $80.9M-21.0% | $68.9M-39.3% | $84.3M-31.8% | $92.3M-29.6% | $102.5M+142.9% |
| Current Assets | $34.3M-48.6% | $46.9M-42.8% | $63.2M-29.7% | $78.9M-21.0% | $66.7M-39.8% | $82.1M-32.0% | $89.9M-29.8% | $99.9M+155.8% |
| Cash & Equivalents | $17.0M-65.3% | $30.8M-54.1% | $47.4M-36.6% | $62.8M-25.5% | $49.0M-52.4% | $67.1M-43.7% | $74.7M-41.0% | $84.2M+124.0% |
| Short-Term Investments | $14.7M+3.8% | $14.6M+9.5% | $14.4M+4.0% | $14.4M+7.9% | $14.2M+160.7% | $13.4M | $13.8M | $13.3M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $11.3M-7.4% | $13.0M-6.5% | $14.1M+26.4% | $14.6M+53.2% | $12.2M+39.0% | $14.0M+48.9% | $11.2M+43.7% | $9.5M+45.4% |
| Current Liabilities | $11.2M+0.3% | $12.8M+1.5% | $13.5M+40.6% | $13.6M+81.4% | $11.2M+78.9% | $12.6M+146.2% | $9.6M+131.0% | $7.5M+158.6% |
| Non-Current Liabilities | $63K-93.7% | $249K-81.4% | $607K-61.2% | $946K-52.7% | $1.0M-60.0% | $1.3M-68.4% | $1.6M-56.8% | $2.0M-45.1% |
| Total Equity | $24.5M-56.9% | $35.5M-49.5% | $50.9M-37.2% | $66.3M-28.6% | $56.8M-45.8% | $70.4M-38.4% | $81.1M-34.2% | $93.0M+160.8% |
| Retained Earnings | -$490.3M-16.0% | -$477.3M-17.1% | -$461.0M-17.0% | -$442.1M-16.4% | -$422.7M-15.2% | -$407.6M-14.4% | -$394.0M-13.6% | -$379.9M-11.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
VTGN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.7M+22.0% | -$16.2M | -$17.6M-71.5% | -$13.8M-26.4% | -$18.8M-73.4% | N/A | -$10.3M-116.6% | -$10.9M-75.9% |
| Depreciation & Amortization | $52K+30.0% | $52K | $54K+38.5% | $53K+43.2% | $40K+17.6% | N/A | $39K+25.8% | $37K+19.4% |
| Stock-Based Compensation | $991K+8.2% | N/A | $1.1M+1.5% | $1.1M-1.4% | $916K-21.0% | N/A | $1.1M+113.0% | $1.1M+90.4% |
| Investing Cash Flow | $0+100.0% | -$99K | $104K+124.6% | -$94K+98.8% | -$788K+85.6% | N/A | -$422K-1218.8% | -$7.8M |
| Financing Cash Flow | $909K-38.9% | -$283K | $2.1M+80.4% | $27.7M | $1.5M+1590.9% | N/A | $1.2M-98.8% | $0-100.0% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
VTGN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -904.3% | -3604.1% | -6450.8% | -7772.5% | -6477.1% | N/A | -6461.5% | -7774.3% |
| Net Margin | -882.8% | -3508.8% | -6237.3% | -7526.0% | -6186.5% | N/A | -6020.9% | -7082.5% |
| Return on Equity | -53.2%-26.6pp | -45.8% | -37.1%-19.7pp | -29.3%-15.3pp | -26.6%-16.4pp | N/A | -17.4%-12.2pp | -13.9%+4.5pp |
| Return on Assets | -36.5%-14.6pp | -33.5% | -29.0%-13.8pp | -24.0%-11.3pp | -21.9%-12.4pp | N/A | -15.3%-10.4pp | -12.7%+3.0pp |
| Current Ratio | 3.07-2.9x | 3.67-2.8x | 4.67-4.7x | 5.79-7.5x | 5.98-11.8x | 6.51-17.0x | 9.35-21.4x | 13.29-0.1x |
| Debt-to-Equity | 0.46+0.2x | 0.37+0.2x | 0.28+0.1x | 0.22+0.1x | 0.21+0.1x | 0.20+0.1x | 0.14+0.1x | 0.10-0.1x |
| Asset Turnover | 0.040.0x | 0.01 | 0.000.0x | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Vistagen Therapeutics Inc VTGN | FY2026 | $1.3M | -$69.7M | N/A | $10.9M | 50/100 |
| Adagene Inc. ADAG | FY2025 | $7.7M | -$17.6M | N/A | $240.4M | 62/100 |
| Macrogenics Inc MGNX | FY2025 | $149.5M | -$75K | -0.1% | $280.3M | 56/100 |
| Equillium EQ | FY2025 | N/A | -$22.4M | N/A | $140.1M | — |
| Biomea Fusion, Inc. BMEA | FY2025 | N/A | -$61.8M | N/A | $147.1M | — |
| Corbus Pharmaceu CRBP | FY2025 | N/A | -$78.5M | N/A | $214.3M | — |
Where Vistagen Therapeutics Inc Ranks
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.
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 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) recorded an outflow of $66.4M in operating cash flow during fiscal year 2026, representing cash used by 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.
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 P/E ratio?
Vistagen Therapeutics Inc (VTGN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $10.9M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vistagen Therapeutics Inc's price-to-sales ratio?
Vistagen Therapeutics Inc (VTGN) trades at 4.4x sales, its market capitalization divided by revenue of $2.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $10.9M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Vistagen Therapeutics Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, Vistagen Therapeutics Inc (VTGN) held $45.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $66.4M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Vistagen Therapeutics Inc's Altman Z-Score?
Vistagen Therapeutics Inc (VTGN) has an Altman Z-Score of -17.29, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vistagen Therapeutics Inc's Piotroski F-Score?
Vistagen Therapeutics Inc (VTGN) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $69.7M while operations used $66.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.