Vistagen Reports Fiscal Year 2027 Second Quarter Financial Results and Provides Corporate Update

Rhea-AI Summary

Vistagen (Nasdaq: VTGN) reported a narrower net loss for its fiscal 2027 second quarter while outlining further fasedienol development plans. For the quarter ended September 30, 2026, net loss was $10.740 million, versus $19.417 million a year earlier. Revenue fell to $138,000 from $258,000, while research and development expense fell to $6.554 million from $15.915 million.

Following FDA feedback, Vistagen plans future Phase 3 development for overall social anxiety disorder treatment rather than only acute treatment, using recommendations on the Liebowitz Social Anxiety Scale. Preliminary PALISADE-4 open-label extension data showed improvement over four months. Cash, cash equivalents and marketable securities totaled $20.0 million at September 30. Vistagen expects funding into 2027, but not beyond one year from the announcement, and has implemented cost-management initiatives.

13 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQuarterly net loss narrowed to $10.740 million from $19.417 million a year earlier.
• Moderate pointQuarterly R&D expense fell to $6.554 million from $15.915 million following study completions and headcount-related reductions.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fasedienol development: Vistagen plans Phase 3 studies for overall social anxiety disorder treatment following FDA feedback.
• Moderate pointCost-management initiatives implemented to prioritize clinical programs and extend operating runway.
• Minor pointQuarterly loss per share narrowed to $0.24 from $0.54 a year earlier.

8 minor points

• Minor pointSix-month revenue rose to $1.614 million from $502,000 a year earlier.
• Minor pointSix-month net loss narrowed to $23.770 million from $34.512 million a year earlier.
• Minor pointSix-month loss per share narrowed to $0.54 from $1.02 a year earlier.
• Minor pointSix-month R&D expense fell to $17.459 million from $27.693 million a year earlier.
• Minor pointSix-month G&A expense fell to $8.439 million from $8.667 million a year earlier.
• Minor pointPALISADE-4 preliminary open-label extension data showed clinician- and patient-rated improvement over four months.
• Minor pointFasedienol Phase 3 data showed a positive efficacy signal in participants with very severe social anxiety disorder.
• Minor pointTotal liabilities fell to $8.429 million at September 30, 2026, from $13.044 million at March 31.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.$20.0 million liquidity is expected to fund operations into 2027, but not beyond one year from the announcement.
• Moderate pointIssued common shares increased to 45,595,380 at September 30, 2026, from 39,624,839 at March 31.
• Moderate pointStockholders’ equity fell to $14.992 million at September 30, 2026, from $35.520 million at March 31.
• Minor pointCash and cash equivalents fell to $10.892 million from $30.789 million between March 31 and September 30, 2026.
• Minor pointMarketable securities fell to $9.142 million from $14.614 million between March 31 and September 30, 2026.

4 minor points

• Minor pointQuarterly revenue fell to $138,000 from $258,000 a year earlier.
• Minor pointQuarterly G&A expense rose to $4.521 million from $4.396 million, primarily reflecting higher consulting and professional fees.
• Minor pointQuarterly net interest income fell to $198,000 from $630,000 a year earlier.
• Minor pointSix-month net interest income fell to $515,000 from $1.342 million a year earlier.

News Explained

In its reported September 30, 2026 balance sheet, Vistagen listed 45,595,380 common shares issued, up from 39,624,839 at March 31, 2026; that higher share count reduces existing holders’ percentage ownership absent offsetting changes.

Key Figures

R&D expense: $6.6 million vs. $15.9 million G&A expense: $4.5 million vs. $4.4 million Net loss: $10.7 million vs. $19.4 million +3 more

R&D expense

$6.6 million vs. $15.9 million

Three months ended September 30, 2026 vs. September 30, 2025

G&A expense

$4.5 million vs. $4.4 million

Three months ended September 30, 2026 vs. September 30, 2025

Net loss

$10.7 million vs. $19.4 million

Three months ended September 30, 2026 vs. September 30, 2025

Cash, cash equivalents, and marketable securities

$20.0 million

As of September 30, 2026

Expected operating runway

Into 2027; not more than a year from now

Based on current operating plans

Basic and diluted net loss per common share

$(0.24) vs. $(0.54)

Three months ended September 30, 2026 vs. September 30, 2025

Previous Earnings Reports

2 past events · Latest: Aug 14

Same Type 2 events

1. Aug 14

   Q1 earnings

   24h Move

   +0.5%

   Prior-quarter report showed $31.7 million cash and expected funding into 2027, but less than one year.

2. Nov 13

   Q2 earnings

   24h Move

   +0.0%

   Same-period prior-year report recorded $19.4 million net loss and $15.9 million R&D expense.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

primary endpoint, open-label extension, intranasal

3 terms

primary endpoint medical

"use of the Liebowitz Social Anxiety Scale (LSAS) as the primary endpoint"

The primary endpoint is the single main result a clinical study is designed to measure to decide if a treatment works, like the finish line in a race that tells you who won. Investors care because meeting or missing this goal drives regulatory decisions, future sales expectations and stock value — it turns trial data into a clear yes-or-no signal about a drug’s commercial prospects.

open-label extension medical

"the open-label extension (OLE) portion of PALISADE-4"

An open-label extension is a continuation of a clinical trial where all participants and researchers know which treatment is being given, often after an initial blinded phase. It allows further study of a drug's long-term safety and effectiveness. For investors, it can indicate ongoing interest and confidence in a product's potential, influencing perceptions of its future value.

intranasal medical

"a new class of intranasal product candidates called pherines"

Administration or delivery of a drug or vaccine through the nose, typically via a spray or drops that are absorbed by the nasal tissues. For investors, intranasal products can matter because they often offer easier, needle-free use, faster onset of effect, and potential cost or compliance advantages that can widen a product’s market and affect regulatory review, manufacturing complexity, and commercial prospects — similar to how a convenient app can outsell a clunky desktop program.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Advancing potential to execute Phase 3 development plan for fasedienol in social anxiety disorder following constructive FDA feedback, with disciplined capital management and strategic flexibility

SOUTH SAN FRANCISCO, Calif., Nov. 13, 2026 (GLOBE NEWSWIRE) -- Vistagen (Nasdaq: VTGN), a late clinical-stage biopharmaceutical company pioneering neuroscience with nose-to-brain neurocircuitry to develop and commercialize a new class of intranasal product candidates called pherines, today reported financial results for its fiscal year 2027 second quarter ended September 30, 2026, and provided a corporate update. 

“Following our recent productive meeting with the FDA and our evaluation of the extensive body of efficacy, safety, and patient experience data generated throughout Phase 2 and Phase 3 development of fasedienol, we believe we have clarity on the potential regulatory pathways forward for fasedienol in social anxiety disorder,” said Shawn Singh, President and Chief Executive Officer of Vistagen. “Recent alignment of our operating structure and capital resources with our late-stage development opportunities in both social anxiety disorder and menopausal hot flashes, position us to execute our plan to advance these programs while maintaining flexibility to create long-term shareholder value.”

Corporate and Program Highlights

Phase 3 Development of Fasedienol in Social Anxiety Disorder

• FDA Type C Meeting Feedback: The U.S. Food and Drug Administration (FDA) provided constructive feedback regarding Vistagen’s potential Phase 3 study of fasedienol in adults with social anxiety disorder (SAD), including recommendations regarding use of the Liebowitz Social Anxiety Scale (LSAS) as the primary endpoint and interim assessments to assess whether acute effects of fasedienol could lead to longer-term overall functional improvement in patients as measured by the LSAS over time, consistent with the unique proposed mechanism of action and hypothesized treatment model for fasedienol. Feedback from the recent meeting also included FDA’s recognition of fasedienol’s reported safety profile and potential to benefit a broad population of patients with SAD. Based on the FDA’s feedback, Vistagen plans to focus future Phase 3 clinical development of fasedienol on the overall treatment of SAD (not only acute treatment) for the general SAD population.
  
• PALISADE-4 Phase 3 Study OLE: Announced preliminary positive data from the open-label extension (OLE) portion of PALISADE-4, the Company’s Phase 3 study of fasedienol for the acute treatment of social anxiety disorder. Clinically relevant improvement in social anxiety over time was observed on both clinician-administered and patient-reported scales over four months, as measured by the LSAS. The Company believes placebo-controlled Phase 2 data and data from the OLE portion of its PALISADE Phase 3 trials conducted to date in everyday life settings have shown that acute treatment with fasedienol, administered as-needed at the patient’s discretion up to six times a day, has the potential to provide therapeutic benefit in anxiety-provoking situations over time.

Corporate Updates

• New Board Member: Appointed Douglas J. Williamson, MD to its Board of Directors, bringing decades of neuroscience drug development and commercialization experience from Acadia Pharmaceuticals, Eli Lilly, Lundbeck, Avadel Pharmaceuticals, and QurAlis.
• Cost Management Initiatives: Implemented targeted cost-management initiatives designed to prioritize capital allocation across prioritized clinical-stage programs and- extend operating runway.
• Psych Congress Presentation: Presented Phase 3 data demonstrating a positive efficacy signal for fasedienol in participants with very severe social anxiety disorder at Psych Congress 2026.
  

Financial Results for Fiscal Year 2027 Second Quarter Ended September 30, 2026

Research and development (R&D) expense: R&D expense was $6.6 million for the three months ended September 30, 2026, as compared to $15.9 million for the three months ended September 30, 2025. The decrease was primarily due to lower clinical development expenses following the completion of the open label extension portions of the Company’s PALISADE-3 and PALISADE-4 Phase 3 studies and the randomized and open label extension portions of its exploratory Phase 2 repeat dose study as well as reduced headcount-related expenses.

General and administrative (G&A) expense: G&A expense was $4.5 million for the three months ended September 30, 2026, as compared to $4.4 million for the three months ended September 30, 2025. The increase was primarily due to higher consulting and professional fees, driven by higher legal fees, partially offset by lower compensation and related costs associated with reduced headcount-related expenses and lower stock-based compensation expense.

Net loss: Net loss was $10.7 million for the three months ended September 30, 2026, as compared to $19.4 million for the three months ended September 30, 2025.

Cash position: Cash, cash equivalents, and marketable securities were $20.0 million as of September 30, 2026. Based on current operating plans, Vistagen believes its cash, cash equivalents, and marketable securities will be sufficient to fund operations into 2027 but are not expected to be sufficient to extend the Company’s cash runway for more than a year from now.

About Vistagen

Vistagen (Nasdaq: VTGN) is a late clinical-stage biopharmaceutical company leveraging a deep understanding of nose-to-brain neurocircuitry to develop and commercialize a new class of rapid-onset neurocircuitry-focused intranasal product candidates called pherines. Vistagen’s pherine product candidates are designed to achieve therapeutic benefits without requiring absorption into the blood or uptake into the brain, giving them the potential to be a safer alternative to other pharmacological options if successfully developed and approved. Vistagen’s pherine pipeline currently consists of five investigational product candidates focused on improving the current standard of care for multiple highly prevalent indications, including social anxiety disorder, major depressive disorder, and vasomotor symptoms (hot flashes) due to menopause. Connect at www.Vistagen.com.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding Vistagen’s beliefs about the potential regulatory path forward for fasedienol and its continued Phase 3 development in SAD, Vistagen’s ability to advance the broader potential of its pherine pipeline and preserve strategic flexibility needed to create long-term shareholder value, Vistagen’s interpretation of FDA feedback concerning future Phase 3 development plans for fasedienol, Vistagen’s belief about the meaningfulness of data from the OLE portion of PALISADE-4, and Vistagen’s belief that its cash resources will support operations into 2027 but are not expected to be sufficient to support operations for more than one year from the date of this press release. Forward-looking statements include all matters that are not historical facts and involve known and unknown risks that are difficult to predict. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “project,” “outlook,” “strategy,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “strive,” “goal,” “continue,” “likely,” “will,” “would,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Vistagen and its management, are inherently uncertain. As with all pharmaceutical products, there are substantial risks and uncertainties in the process of development and commercialization, and actual results or developments may differ materially from those projected or implied in these forward-looking statements. Moreover, there can be no assurance that FDA feedback will result in a successful registrational pathway, that future clinical trials will demonstrate the safety and efficacy of fasedienol for either the overall or acute treatment of SAD, that existing clinical evidence and future study outcomes will be sufficient to support regulatory approval, or that Vistagen will obtain the financing necessary to advance its development plans. The FDA may require additional studies or information, and there can be no guarantee that fasedienol or any of Vistagen’s other product candidates will receive regulatory approval or be commercially successful. Other factors that may cause actual results to differ materially include, without limitation, risks and uncertainties relating to conducting future clinical trials as currently expected or at all; Vistagen’s ability to successfully employ cash preservation measures and/or secure adequate financing for its operations, including financing or collaborative support for continued clinical development of its product candidates; Vistagen's dependence on third-party collaborators for the development, regulatory approval, and/or commercialization of its product candidates and other aspects of its business, which are outside of Vistagen's full control; the scope and enforceability of Vistagen’s patents, including patents related to Vistagen’s pherine product candidates; fluctuating costs of materials and other resources and services required to conduct Vistagen’s ongoing and/or planned clinical and non-clinical trials; market conditions; the impact of general economic, industry or political conditions in the United States or internationally; and other technical and unexpected hurdles in the development, manufacture and commercialization of Vistagen’s product candidates. These risks and others are more fully discussed in the section entitled “Risk Factors” in Vistagen’s Annual Report on Form 10-K for the period ended March 31, 2026, and Quarterly Report on Form 10-Q for the period ended September 30, 2026, as well as discussions of potential risks, uncertainties, and other important factors in our other filings with the U.S. Securities and Exchange Commission (SEC). Vistagen’s SEC filings are available on the SEC’s website at www.sec.gov. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing Vistagen’s views as of any subsequent date. Vistagen explicitly disclaims any obligation to update any forward-looking statements other than as may be required by law. If Vistagen does update one or more forward-looking statements, no inference should be made that Vistagen will make additional updates with respect to those or other forward-looking statements.

VISTAGEN THERAPEUTICS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and par value amounts)
	September 30, 2026				March 31, 2026
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	10,892			$	30,789
Marketable securities		9,142				14,614
Prepaid expenses and other current assets		2,260				1,540
Total current assets		22,294				46,943
Property and equipment, net		325				427
Right-of-use asset - operating lease		513				801
Other assets		289				393
Total assets	$	23,421			$	48,564
LIABILITIES AND STOCKHOLDERS’EQUITY
Current liabilities:
Accounts payable	$	1,084			$	1,535
Accrued expenses		6,639				8,755
Note payable		—				96
Deferred revenue		96				1,710
Operating lease obligation - current portion		610				699
Total current liabilities		8,429				12,795
Operating lease obligation - non-current portion		—				249
Total liabilities		8,429				13,044
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at September 30, 2026 and March 31, 2026; no shares outstanding at September 30, 2026 and March 31, 2026		—				—
Common stock, $0.001 par value; 325,000,000 shares authorized at September 30, 2026 and March 31, 2026; 45,595,380 and 39,624,839 shares issued at September 30, 2026 and March 31, 2026, respectively		46				40
Additional paid-in capital		520,012				516,767
Treasury stock, at cost, 4,522 shares of common stock held at September 30, 2026 and March 31, 2026		(3,968	)			(3,968	)
Accumulated other comprehensive loss		(11	)			(2	)
Accumulated deficit		(501,087	)			(477,317	)
Total stockholders’ equity		14,992				35,520
Total liabilities and stockholders’ equity	$	23,421			$	48,564

VISTAGEN THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,								Six Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Sublicense and other revenue	$	138			$	258			$	1,614			$	502
Total revenues		138				258				1,614				502
Operating expenses:
Research and development		6,554				15,915				17,459				27,693
General and administrative		4,521				4,396				8,439				8,667
Total operating expenses		11,075				20,311				25,898				36,360
Loss from operations		(10,937	)			(20,053	)			(24,284	)			(35,858	)
Other income, net:
Interest income, net		198				630				515				1,342
Other income		(1	)			6				(1	)			4
Loss before income taxes		(10,740	)			(19,417	)			(23,770	)			(34,512	)
Income taxes		—				—				—				—
Net loss	$	(10,740	)		$	(19,417	)		$	(23,770	)		$	(34,512	)
Unrealized gain (loss) on marketable securities		(4	)			13				(9	)			14
Comprehensive loss	$	(10,744	)		$	(19,404	)		$	(23,779	)		$	(34,498	)
Basic and diluted net loss per common share	$	(0.24	)		$	(0.54	)		$	(0.54	)		$	(1.02	)
Weighted average common shares outstanding, basic and diluted		44,440,372				35,749,160				43,714,263				33,850,346

Investor Inquiries:
IR@vistagen.com 

Media Inquiries:
Media@vistagen.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Vistagen’s fiscal 2027 second-quarter financial results?

Vistagen reported a $10.740 million net loss, or $0.24 per share, for the three months ended September 30, 2026. A year earlier, net loss was $19.417 million, or $0.54 per share. Quarterly revenue was $138,000, compared with $258,000.

How long does Vistagen expect its September 2026 cash position to last?

Vistagen expects its $20.0 million in cash, cash equivalents and marketable securities at September 30, 2026, to fund operations into 2027 under current operating plans, but not for more than a year from the November 13, 2026 announcement.

What did FDA feedback cover for Vistagen’s next fasedienol Phase 3 study?

FDA recommendations covered using the Liebowitz Social Anxiety Scale, a measure of social anxiety, as the primary endpoint and conducting interim assessments. These assessments would examine whether acute effects could lead to longer-term overall functional improvement over time.