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what it is
Vistagen develops nasal-spray drugs for anxiety, depression, hot flashes, and other brain and women’s health problems.
how it gets paid
Last year Vistagen made $486K in trailing revenue in this feed.
why growth slowed
The trailing year is down ~54% on a tiny base. A single quarter can still show a big vs. prior year percent from easy comparables—that does not undo the full-year print.
what just happened
Revenue hit $804K in the latest quarter, but the company still lost money.
At a glance
C++ balance sheet — some cracks in the foundation
50/100 earnings predictability — expect surprises
-$1.67 fy2024 eps est
~$486K trailing revenue in feed
operating margin not meaningful — losses vs tiny revenue
xvary composite: 42/100 — below average
What they do
Vistagen develops nasal-spray drugs for anxiety, depression, hot flashes, and other brain and women’s health problems.
The moat is time. PH94B is in Phase 3, which means late human testing, and PH10 is in Phase 2, which means mid-stage human testing. You are not buying sales today. You are buying shots at approval, backed by 57 employees and $486K of annual revenue.
How they make money
$486K
annual revenue · revenue declined -54.3% last year
total revenue
$486K
54.3%
The products that matter
intranasal drug development
Pherine Pipeline
pre-revenue core asset base
This is the real business. Against ~$486K in trailing revenue on this page, the pipeline is what decides whether the company becomes worth more than cash on hand.
binary outcome
partner-related licensing revenue
Sublicense Revenue
sublicense line (period varies)
One filing slice showed ~$303K of sublicense revenue in a quarter that does not reconcile to the ~$804K consolidated quarter highlighted above—those lines are easy to mix across periods. Useful cash when real, but nowhere near enough to fund a biotech pipeline on its own.
declining
miscellaneous non-core revenue
Other Revenue
other revenue (period varies)
Another slice showed ~$183K of other revenue—again, do not assume $303K + $183K equals the $804K headline quarter without matching the same period in the source.
not the thesis
Key numbers
$486K
annual revenue
That is less than one decent house in San Francisco, and it still has to fund a drug pipeline.
n/m
operating margin
Operating losses dwarf revenue at this scale—percentage margin is not a useful read.
$0M
long-term debt
No long-term debt means lenders are not squeezing the story. Shareholders still carry the risk.
1.0
beta
A beta of 1.0 says the stock moves about like the market. The business underneath it does not.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $0M (2% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for VTGN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $804K in the latest quarter, but the company still lost money.
Revenue rose 165% vs. prior year. EPS was -$1.46, so the growth came from a tiny base.
~$804K
rev (q)
-$1.46
eps (q)
~+165%
rev vs. prior year (q)
the number that mattered
The $804K quarter matters because it was up 165% vs. prior year, but it still leaves the company miles from self-funding.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is clinical failure in the pherine pipeline before the cash pile proves worth more than the burn.
med
Pipeline failure
There is no commercial product to fall back on. With ~$486K in trailing revenue on this page, unsuccessful clinical data would leave very little operating business for investors to underwrite.
Impact: the investment case would fall back to cash on hand, restructuring, and whatever salvage value the market assigns to the remaining pipeline.
med
Cash burn and dilution risk
The company ended the period with $61.8M in cash and securities and then cut 20% of staff. That tells you runway is being actively managed, not ignored.
Impact: if cash drops faster than expected, the market can keep valuing the equity below cash because future financing becomes the next obvious question.
med
Legal overhang
A securities fraud investigation was announced on Mar 4, 2026. Clinical-stage names already depend on credibility, and legal noise does not help.
Impact: even a headline-only overhang can pressure sentiment, absorb management attention, and make capital raising harder if needed.
med
Revenue that does not matter enough
Sublicense revenue was $303K last quarter, down from $502K in the prior quarter. Other revenue added $183K. That is too small to change the equity story.
Impact: without meaningful commercial revenue, almost every headline that matters still comes from trial execution and balance-sheet management.
With a $24M market cap, $61.8M in cash and securities, and ~$486K in trailing revenue on this page, this stock is mostly a bet on whether clinical progress arrives before the cash discount gets used up.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
cash and securities versus market cap
$61.8M of cash and securities against a $24M market cap is the core disconnect. If that gap narrows, the market is giving management more credit. If it widens, distrust is winning.
calendar
PALISADE-4 program updates
Management said it is enhancing this key clinical program. Watch for timeline changes, protocol updates, or any signal that the path to data is getting cleaner or messier.
trend
sublicense revenue direction
$303K last quarter versus $502K in the prior quarter is not enough to build a thesis, but it does tell you whether non-dilutive cash sources are improving or fading.
risk
investigation and financing headlines
The Mar 4, 2026 securities investigation adds a trust issue. Pair that with any future capital raise language and you have the two headlines most likely to move this stock before trial data does.
Analyst rankings
earnings predictability
50 / 100
In human-speak: the quarterly numbers are too small and too uneven to model with much confidence.
risk rank
3
This system says safer than 50% of stocks. That sounds calmer than the business actually feels because biotech event risk does not show up neatly in one rank.
price stability
5 / 100
The stock barely qualifies as stable. You should expect violent moves around clinical and financing headlines.
source: institutional data
Institutional activity
institutional ownership data for VTGN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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