VistaGen Therapeutics, Inc.
Severe listing-compliance risk
The share price is below $1 and the stored reverse-split/listing-risk level is HIGH. No verified reverse-split authorization or announced reverse split is currently recorded. This is a risk signal, not confirmation that Nasdaq has issued a deficiency notice.
VTGN · Price history
Price at last available close
$0.17
−$0.14 (-44.54%) 1M
2026-10-29
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Company & revenue
About VistaGen Therapeutics, Inc.
Primary reporting period: 2026-03-31 · Research updated Oct 13, 2026. A research update is not a new financial filing.
Who they are
VistaGen Therapeutics, Inc. is a clinical-stage biopharmaceutical entity dedicated to advancing and commercializing innovative medications for anxiety, depression, and various other disorders impacting the central nervous system (CNS). A key component of its CNS pipeline is PH94B, a fast-acting neuroactive nasal spray currently in Phase III trials for the rapid treatment of anxiety in adults experiencing social anxiety disorder. PH94B also shows potential for addressing a broader spectrum of anxiety conditions, including adjustment disorder with anxiety, postpartum anxiety, post-traumatic stress disorder (PTSD), pre-procedural anxiety, and panic disorders.
How they make money
VistaGen Therapeutics is a late clinical-stage biopharmaceutical company that does not currently generate revenue from product sales. Its business model relies on raising capital through equity offerings and potential future licensing or collaboration agreements to fund the research and development of its proprietary pherine-based intranasal product candidates.
Products & services
The company is developing a pipeline of intranasal product candidates, including fasedienol (PH94B) for social anxiety disorder, itruvone (PH10) for depression, and other pherine candidates for various neurological and psychiatric conditions.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Healthcare providers and patients with neurological or psychiatric disordersSource
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Contract Research Organizations (CROs) — The company relies on various unnamed third-party contract research organizations to conduct its clinical trials and manage data collection.Source
- Contract Manufacturing Organizations (CMOs) — The company utilizes unnamed third-party contract manufacturing organizations for the production and supply of its clinical trial materials.Source
Strengths
- Proprietary pherine-based intranasal neurocircuitry platformSource
Sources
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Diluted weighted-average shares increased 34.6% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
28
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
40
Weak
Financial Strength
48
Business Quality / Moat
25
Management
40
Growth Quality
73
Risk / Durability
5
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
33
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
44/100
Building Historical Record
Model Score 44/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
Reverse-split / listing-compliance risk: HIGH
This is a risk signal, not a prediction. It is separate from Wall Street Score and does not change the company score. It looks for listing-pressure signals such as prolonged Nasdaq trading below $1, very low share price, micro-cap size, negative free cash flow, and verified recent reverse splits.
Risk indicator: 70/100
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Balance-sheet / debt profile scores strongly
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for VTGN
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can VTGN maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can VTGN fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is VTGN likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for VTGN to reach sustainable profitability?
- •What future growth or profitability would be needed to justify VTGN's current valuation?
Essential Investment Snapshot
Wall Street Score
28
Opportunity Score
33
Market Cap
$7.6M
P/E Ratio
-0.1
EPS
$-1.70
52-Week High
$5.14
52-Week Low
$0.17
Beta
0.39
Analyst Target
$0.95
Shares Outstanding
38.1M
Total Revenue
$2.5M
Total Debt
$783K
Dividend
No current dividend
Liquidation Value / Share
$0.64
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on VTGN.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary pherine-based intranasal neurocircuitry platform.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −History of operating losses and expectation of future losses.
- −Dependence on successful clinical trial results and regulatory approval.
- −Need for additional capital to fund operations.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
27
Oct 1, 2026
Change
+0.2
points
Current Score
28
Oct 26, 2026
Category Changes
VTGN increased 0.2 points because Capital improved by 2 points.
Positive Contributors
- + Capital improved by 2 points
Projected Score
Projected Score
26
Projected Change
-1.6 points
Preliminary comparable-period financial changes suggest decline of approximately 1.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$0.17
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Large reported revenue change: +161.1%
Revenue changed sharply from 2025 to 2026. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M | $1.3M | $486K | $1.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $28K | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $2.5M | $1.3M | $486K | $1.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $54.2M | $55.0M | $39.4M | $20.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $18.0M | $18.4M | $17.1M | $14.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $72.1M | $73.4M | $56.5M | $34.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$69.3M | -$71.4M | -$50.8M | -$28.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$69.7M | -$72.1M | -$56.0M | -$33.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$67.6M | -$69.7M | -$51.4M | -$29.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $7K | $7K | $7K | $4K | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$67.6M | -$69.7M | -$51.4M | -$29.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-1.66 | $-1.83 | $-1.67 | $-1.52 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 42.98M | 38.07M | 30.88M | 19.35M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 42.98M | 38.07M | 30.88M | 19.35M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$1.5M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.30
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-66.8%
Cash Change
-65.3%
Margin Change
+5303.7 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Debt reduced
What Weakened
- Cash position declined
Potential Score Impact
Positive indicators included revenue growth, debt levels, net income margin. Pressure indicators included EPS growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 504.9%. EPS declined 36.2%. Cash declined 65.3%. Total debt declined 66.8%. Net income margin improved by 5303.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · VTGN
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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