Vistagen Therapeutics, Inc.
VTGN Nasdaq Pharmaceutical Preparations Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$1.3M
161.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−5,683.7%
5,833.4 pts
Net income
Profit after all expenses, interest and tax.
−$69.7M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.66 EPS (TTM)
What Vistagen Therapeutics, Inc. does
No business description yet.
- Legal name
- Vistagen Therapeutics, Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · Jun 15, 2026
- Accession · CIK
- 0001628280-26-043271
0001411685
Revenue and margins
Vistagen Therapeutics, Inc. had $1.3M of revenue in fiscal 2026, up 161.1% on the year before.
FY17
Revenue $1.3M
FY18
Revenue $0.0M
FY19
Revenue −$0.0M
FY20
Revenue $0.0M
FY21
Revenue $1.1M
FY22
Revenue $1.1M
FY23
Revenue −$0.2M
FY24
Revenue $1.1M
FY25
Revenue $0.5M
FY26
Revenue $1.3M
Q2 '24
Revenue $0.3M
Q3 '24
Revenue $0.4M
Q4 '24
Revenue $0.2M
Q1 '25
Revenue $0.1M
Q2 '25
Revenue $0.2M
Q3 '25
Revenue $0.2M
Q4 '25
Revenue −$0.0M
Q1 '26
Revenue $0.2M
Q2 '26
Revenue $0.3M
Q3 '26
Revenue $0.3M
Q4 '26
Revenue $0.5M
Q1 '27
Revenue $1.5M
FY17
Gross —
Operating −819.9%
Net −820.4%
FCF −600.1%
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating 306,953.8%
Net 307,370.0%
FCF 183,768.8%
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating −1,646.1%
Net −1,646.1%
FCF −1,133.4%
FY22
Gross —
Operating −4,308.3%
Net −4,306.8%
FCF −4,098.9%
FY23
Gross —
Operating 26,109.3%
Net 26,100.4%
FCF 22,133.9%
FY24
Gross —
Operating −3,103.5%
Net −2,759.6%
FCF −2,426.0%
FY25
Gross —
Operating −11,517.1%
Net −10,579.8%
FCF —
FY26
Gross —
Operating −5,683.7%
Net −5,491.3%
FCF —
Gross
Operating
Net
FCF
Q2 '24
Gross —
Operating −2,438.8%
Net −2,369.8%
FCF —
Q3 '24
Gross —
Operating −1,918.2%
Net −1,545.0%
FCF —
Q4 '24
Gross —
Operating −5,766.0%
Net −4,833.0%
FCF —
Q1 '25
Gross —
Operating −14,441.7%
Net −12,777.4%
FCF —
Q2 '25
Gross —
Operating −7,774.3%
Net −7,082.5%
FCF —
Q3 '25
Gross —
Operating −6,461.5%
Net −6,020.9%
FCF —
Q4 '25
Gross —
Operating 96,633.3%
Net 90,900.0%
FCF —
Q1 '26
Gross —
Operating −6,477.0%
Net −6,186.5%
FCF —
Q2 '26
Gross —
Operating −7,772.5%
Net −7,526.0%
FCF —
Q3 '26
Gross —
Operating −6,450.8%
Net −6,237.3%
FCF —
Q4 '26
Gross —
Operating −3,595.1%
Net −3,499.8%
FCF —
Q1 '27
Gross —
Operating −904.3%
Net −882.8%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$10.3M
FY18
Net income −$14.3M
FY19
Net income −$24.6M
FY20
Net income −$20.8M
FY21
Net income −$17.9M
FY22
Net income −$47.8M
FY23
Net income −$59.2M
FY24
Net income −$29.4M
FY25
Net income −$51.4M
FY26
Net income −$69.7M
Q2 '24
Net income −$6.6M
Q3 '24
Net income −$6.4M
Q4 '24
Net income −$9.5M
Q1 '25
Net income −$10.7M
Q2 '25
Net income −$13.0M
Q3 '25
Net income −$14.1M
Q4 '25
Net income −$13.6M
Q1 '26
Net income −$15.1M
Q2 '26
Net income −$19.4M
Q3 '26
Net income −$18.9M
Q4 '26
Net income −$16.3M
Q1 '27
Net income −$13.0M
FY17
Diluted EPS −$1.54
FY18
Diluted EPS −$1.12
FY19
Diluted EPS −$0.90
FY20
Diluted EPS −$0.50
FY21
Diluted EPS −$0.49
FY22
Diluted EPS —
FY23
Diluted EPS −$8.51
FY24
Diluted EPS −$1.52
FY25
Diluted EPS −$1.67
FY26
Diluted EPS −$1.83
Q2 '24
Diluted EPS −$0.66
Q3 '24
Diluted EPS −$0.22
Q4 '24
Diluted EPS $0.30
Q1 '25
Diluted EPS −$0.35
Q2 '25
Diluted EPS −$0.42
Q3 '25
Diluted EPS −$0.46
Q4 '25
Diluted EPS −$0.44
Q1 '26
Diluted EPS −$0.47
Q2 '26
Diluted EPS −$0.54
Q3 '26
Diluted EPS −$0.45
Q4 '26
Diluted EPS −$0.37
Q1 '27
Diluted EPS −$0.30
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity −1,665.4%
Return on assets −276.3%
FY18
Return on capital —
Return on equity −380.9%
Return on assets −191.4%
FY19
Return on capital —
Return on equity −351.5%
Return on assets −194.5%
FY20
Return on capital —
Return on equity −3,087.2%
Return on assets −210.0%
FY21
Return on capital —
Return on equity −41.6%
Return on assets −31.4%
FY22
Return on capital —
Return on equity −61.0%
Return on assets −52.2%
FY23
Return on capital —
Return on equity −154.3%
Return on assets −123.8%
FY24
Return on capital —
Return on equity −46.5%
Return on assets −40.6%
FY25
Return on capital —
Return on equity −55.7%
Return on assets −49.4%
FY26
Return on capital —
Return on equity −131.6%
Return on assets −104.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2026, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$7.5M
FY18
Free cash flow −$9.1M
FY19
Free cash flow −$14.7M
FY20
Free cash flow −$15.8M
FY21
Free cash flow −$12.3M
FY22
Free cash flow −$45.5M
FY23
Free cash flow −$50.2M
FY24
Free cash flow −$25.8M
FY25
Free cash flow —
FY26
Free cash flow —
FY17
Cash from operations −$7.3M
Capital spending $0.2M
FY18
Cash from operations −$9.1M
Capital spending $0.0M
FY19
Cash from operations −$14.5M
Capital spending $0.2M
FY20
Cash from operations −$15.8M
Capital spending $0.0M
FY21
Cash from operations −$12.1M
Capital spending $0.3M
FY22
Cash from operations −$45.3M
Capital spending $0.2M
FY23
Cash from operations −$49.7M
Capital spending $0.5M
FY24
Cash from operations −$25.8M
Capital spending $0.0M
FY25
Cash from operations −$42.1M
Capital spending —
FY26
Cash from operations −$66.4M
Capital spending —
Cash from operations
Capital spending
Q2 '24
Cash from operations −$6.2M
Capital spending —
Q3 '24
Cash from operations −$4.7M
Capital spending —
Q4 '24
Cash from operations −$7.0M
Capital spending —
Q1 '25
Cash from operations −$10.9M
Capital spending —
Q2 '25
Cash from operations −$10.9M
Capital spending —
Q3 '25
Cash from operations −$10.3M
Capital spending —
Q4 '25
Cash from operations −$10.1M
Capital spending —
Q1 '26
Cash from operations −$18.8M
Capital spending —
Q2 '26
Cash from operations −$13.8M
Capital spending —
Q3 '26
Cash from operations −$17.6M
Capital spending —
Q4 '26
Cash from operations −$16.2M
Capital spending —
Q1 '27
Cash from operations −$14.7M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Vistagen Therapeutics, Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 23.3%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.09B
FY22
Diluted shares —
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.03B
FY26
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Vistagen Therapeutics, Inc. can carry it.
FY17
Cash $2.9M
Debt —
FY18
Cash $10.4M
Debt —
FY19
Cash $13.1M
Debt —
FY20
Cash $1.4M
Debt —
FY21
Cash $103M
Debt —
FY22
Cash $68.1M
Debt —
FY23
Cash $16.6M
Debt —
FY24
Cash $119M
Debt —
FY25
Cash $80.5M
Debt —
FY26
Cash $45.4M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $68.1M | $16.6M | $119M | $80.5M | $45.4M |
| Current ratio | 12.3x | 3.8x | 23.6x | 6.5x | 3.7x |
| Quick ratio | 12.3x | 3.8x | 23.6x | 6.5x | 3.7x |
| Total assets | $74.6M | $21.1M | $124M | $84.3M | $48.6M |
| Total liabilities | $9.9M | $9.0M | $9.4M | $14.0M | $13.0M |
| Shareholders' equity | $64.7M | $12.1M | $114M | $70.4M | $35.5M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 3 / 7 | 1 / 7 | 2 / 7 | 4 / 7 | — / 6 | — / 6 | 4 / 7 | 1 / 7 | 2 / 7 |
| Accruals ratio | −80.6% | −70.5% | −79.6% | −50.7% | −10.3% | −2.7% | −19.9% | −4.9% | −9.0% | −4.9% |
| Altman Z'' | −139.49 | −46.48 | −47.78 | −168.47 | 4.25 | −3.41 | −63.98 | 7.76 | −9.52 | −34.55 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3M | $0.0M | −$0.0M | $0.0M | $1.1M | $1.1M | −$0.2M | $1.1M | $0.5M | $1.3M |
| Net interest income | — | — | −$0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — | — | — |
| Research and development | $5.2M | $7.8M | $17.1M | $13.4M | $11.9M | $35.4M | $44.4M | $20.0M | $39.4M | $55.0M |
| Operating income | −$10.2M | −$14.2M | −$24.6M | −$20.8M | −$17.9M | −$47.8M | −$59.3M | −$33.0M | −$56.0M | −$72.1M |
| Interest expense | $0.0M | $0.0M | $0.0M | — | — | — | — | — | — | — |
| Pretax income | −$10.3M | −$14.3M | −$24.6M | −$20.8M | −$17.9M | −$47.8M | −$59.2M | −$29.4M | −$51.4M | −$69.7M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | −$10.3M | −$14.3M | −$24.6M | −$20.8M | −$17.9M | −$47.8M | −$59.2M | −$29.4M | −$51.4M | −$69.7M |
| Net income to common | −$11.6M | −$15.6M | −$25.7M | −$22.0M | −$42.3M | −$48.7M | −$59.2M | — | — | — |
| Diluted EPS | −$1.54 | −$1.12 | −$0.90 | −$0.50 | −$0.49 | — | −$8.51 | −$1.52 | −$1.67 | −$1.83 |
| Diluted shares | 0.01B | 0.01B | 0.03B | 0.04B | 0.09B | — | 0.01B | 0.02B | 0.03B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | −$7.3M | −$9.1M | −$14.5M | −$15.8M | −$12.1M | −$45.3M | −$49.7M | −$25.8M | −$42.1M | −$66.4M |
| Capital expenditure | $0.2M | $0.0M | $0.2M | $0.0M | $0.3M | $0.2M | $0.5M | $0.0M | — | — |
| Free cash flow | −$7.5M | −$9.1M | −$14.7M | −$15.8M | −$12.3M | −$45.5M | −$50.2M | −$25.8M | — | — |
| Depreciation and amortization | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.2M | $0.1M | $0.1M | $0.2M | $0.2M |
| Stock-based compensation | $0.9M | $2.3M | $3.4M | $3.8M | $2.3M | $3.5M | $3.3M | $2.2M | $4.3M | $4.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.9M | $10.4M | $13.1M | $1.4M | $103M | $68.1M | $16.6M | $119M | $80.5M | $45.4M |
| Finance lease liabilities | — | — | — | — | — | — | $0.0M | — | — | — |
| Current assets | $3.4M | $11.0M | $13.6M | $1.6M | $104M | $71.0M | $17.5M | $121M | $82.1M | $46.9M |
| Current liabilities | $1.4M | $1.5M | $2.8M | $27.7M | $4.2M | $5.8M | $4.6M | $5.1M | $12.6M | $12.8M |
| Property and equipment, net | $0.3M | $0.2M | $0.3M | $0.2M | $0.4M | $0.4M | $0.5M | $0.4M | $0.5M | $0.4M |
| Total assets | $3.7M | $11.3M | $14.0M | $5.8M | $108M | $74.6M | $21.1M | $124M | $84.3M | $48.6M |
| Total liabilities | $3.1M | $4.4M | $6.9M | $11.5M | $16.3M | $9.9M | $9.0M | $9.4M | $14.0M | $13.0M |
| Preferred stock | — | — | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $0.6M | $6.9M | $7.1M | −$5.7M | $92.0M | $64.7M | $12.1M | $114M | $70.4M | $35.5M |
| Margins | ||||||||||
| Operating margin | −819.9% | — | 306,953.8% | — | −1,646.1% | −4,308.3% | 26,109.3% | −3,103.5% | −11,517.1% | −5,683.7% |
| EBITDA margin | −815.5% | — | 305,813.8% | — | −1,635.3% | −4,294.4% | 26,052.0% | −3,091.5% | −11,486.2% | −5,668.0% |
| Net margin | −820.4% | — | 307,370.0% | — | −1,646.1% | −4,306.8% | 26,100.4% | −2,759.6% | −10,579.8% | −5,491.3% |
| FCF margin | −600.1% | — | 183,768.8% | — | −1,133.4% | −4,098.9% | 22,133.9% | −2,426.0% | — | — |
| Net interest share of revenue | — | — | 100.0% | — | 0.1% | 1.8% | −11.5% | — | — | — |
| Returns | ||||||||||
| Return on capital employed | −437.1% | −144.6% | −219.0% | 94.8% | −17.2% | −69.4% | −358.9% | −27.9% | −78.0% | −201.6% |
| Return on equity | −1,665.4% | −380.9% | −351.5% | −3,087.2% | −41.6% | −61.0% | −154.3% | −46.5% | −55.7% | −131.6% |
| Return on assets | −276.3% | −191.4% | −194.5% | −210.0% | −31.4% | −52.2% | −123.8% | −40.6% | −49.4% | −104.9% |
| Return on tangible equity | −1,887.6% | −225.2% | −363.7% | — | −46.0% | −75.3% | −490.5% | −25.7% | −73.0% | −196.2% |
| Growth | ||||||||||
| Revenue growth | — | −100.0% | — | — | — | 1.8% | −120.5% | — | −54.3% | 161.1% |
| Share count change | — | 84.4% | 105.6% | 53.6% | 96.3% | — | — | 178.1% | 59.5% | 23.3% |
| Financial health | ||||||||||
| Interest coverage | −2,227.9x | −1,595.5x | −3,069.5x | — | — | — | — | — | — | — |
| Current ratio | 2.5x | 7.6x | 4.9x | 0.1x | 24.9x | 12.3x | 3.8x | 23.6x | 6.5x | 3.7x |
| Quick ratio | 2.5x | 7.6x | 4.9x | 0.1x | 24.9x | 12.3x | 3.8x | 23.6x | 6.5x | 3.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 19.1% | — | −2,175.0% | — | 25.3% | 18.1% | −232.6% | 0.0% | — | — |
| Stock comp / revenue | 68.1% | — | −43,042.5% | — | 211.7% | 313.9% | −1,469.6% | 205.1% | 887.9% | 315.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 1.0 | 2.0 | 4.0 | — | — | 4.0 | 1.0 | 2.0 |
| Altman Z'' | −139.5 | −46.5 | −47.8 | −168.5 | 4.2 | −3.4 | −64.0 | 7.8 | −9.5 | −34.5 |
| Accruals ratio | −80.6% | −70.5% | −79.6% | −50.7% | −10.3% | −2.7% | −19.9% | −4.9% | −9.0% | −4.9% |
Source: SEC EDGAR XBRL filings (CIK 0001411685). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.