VistaGen Therapeutics (VTGN) Q4 2026 earnings summary

Executive summary

• Advanced three late-stage programs in the pherine pipeline targeting social anxiety disorder, depression, and menopausal hot flashes.

• Completed key clinical trial milestones for fasedienol, including PALISADE-4 Phase 3 and Phase 2 repeat dose studies.

• Received FDA clearance to proceed with refisolone clinical development for menopausal vasomotor symptoms.

• Strengthened leadership team with new CMO, CFO, and Chief Corporate Development Officer appointments.

• Implemented cost-management initiatives to prioritize capital allocation and extend operating runway.

Financial highlights

• Research and development expense rose to $55.0 million for FY 2026, up from $39.4 million in FY 2025.

• General and administrative expense increased to $18.4 million from $17.1 million year-over-year.

• Net loss widened to $69.7 million for FY 2026, compared to $51.4 million in FY 2025.

• Cash, cash equivalents, and marketable securities totaled $45.4 million as of March 31, 2026.

• Revenue was $1.3 million for FY 2026, unchanged from the prior year.

Outlook and guidance

• Topline results from PALISADE-4 Phase 3 trial expected in June 2026; Phase 2 repeat dose study results expected in Q3 2026.

• Cash position expected to fund operations into 2027 based on current plans.

• Continued focus on advancing clinical programs and maintaining financial discipline.