VistaGen Therapeutics
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VistaGen Therapeutics (VTGN) investor relations material

VistaGen Therapeutics Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary12 Feb, 2026

Executive summary

  • Completed randomized portion of PALISADE-3 Phase 3 trial in social anxiety disorder; topline results from PALISADE-4 expected in H1 2026, with operational refinements implemented.

  • Ongoing AI/ML analysis to optimize statistical models and understand placebo/active drug response across PALISADE studies.

  • Open-label extensions of PALISADE-3 and PALISADE-4 continue to assess safety and real-world use of fasedienol.

  • USAN adoption for PH80 (rafisolone) and IND submission planned for menopause-related vasomotor symptoms in H1 2026.

  • Appointment of Nick Tressler as Chief Financial Officer in December 2025.

Financial highlights

  • Cash, cash equivalents, and marketable securities totaled $61.8 million as of December 31, 2025.

  • Net loss was $18.9 million for the quarter and $53.4 million for the nine months ended December 31, 2025.

  • R&D expenses increased to $14.2 million for the quarter, mainly due to clinical development of fasedienol.

  • General and administrative expense rose to $5.6 million for the quarter, primarily due to higher consulting and professional fees.

  • Revenue was $0.3 million for the quarter and $0.8 million for the nine months, primarily from sublicense and collaboration agreements.

Outlook and guidance

  • On track to complete PALISADE-4 as guided, with topline results expected in H1 2026.

  • IND for rafisolone planned for submission in the first half of 2026 to support further Phase 2 development.

  • Substantial doubt exists about the ability to continue as a going concern beyond twelve months from the financial statement issuance date, absent additional financing.

  • Research and development and general and administrative expenses are expected to decrease due to cash preservation measures, but may increase if PALISADE-4 is successful and the program advances toward NDA submission.

  • Plans to seek additional capital through equity, debt, grants, or strategic partnerships.

Impact of AI/ML on PALISADE-4 regulatory strategy
Refisolone's competitive advantage in women's health
Cash preservation impact on Pherin pipeline advancement
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Frequently asked questions

VistaGen Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for central nervous system (CNS) disorders. The company's pipeline includes drug candidates designed to address mental health conditions such as anxiety, depression, and social anxiety disorder. VistaGen’s lead programs aim to provide rapid-acting treatments that target specific CNS pathways, offering potential alternatives to traditional therapies. The company is headquartered in South San Francisco, California, and its shares are listed on the NASDAQ.

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