VTGN Stock — Vistagen Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a late clinical-stage therapeutics company focused on developing and potentially commercializing new medicines for patients with social anxiety disorder, depression, menopausal hot flashes, psychomotor impairment due to mental fatigue, and cancer cachexia.

Source: 10-K FY2026 via SEC EDGAR

Share price

$0.16

Market cap

$7.3M

Cash

$31.7M

Enterprise value

-$24.4M

Balance sheet

Cash	$31.7M
Debt	$0.0M
Net cash	$31.7M
Enterprise value	-$24.4M
Basic shares	44.4M shares
Fully diluted shares	70.9M shares
Fully diluted market cap	$11.3M
Cash per share	$0.72
Quarterly burn	$14.7M
Cash runway	2.2 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

44.4M

Pre-funded warrants

0.0M

Options

5.2M

RSUs

0.0M

Warrants

20.6M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.7M

FDSO

70.9M

Cap table as of 2026-06-30.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

fasedienol

Phase 3 · Active Modality: intranasal pherine (non-systemic)

Partnerships AffaMed (fasedienol development/commercialization in its licensed territory; company retains US and rest-of-world rights)

Indications

acute treatment of anxiety in adults with social anxiety disorder (Stage not disclosed)

Status note FDA fast track designation for acute SAD. PALISADE-2 Phase 3 was positive; PALISADE-1, -3 and -4 and the exploratory repeat-dose study did not achieve primary/secondary endpoints. Company is preparing for an FDA meeting to discuss a registrational pathway supported by a single future multi-dose Phase 3 with LSAS as primary endpoint plus confirmatory evidence.

itruvone

Stage not disclosed · Active Modality: intranasal pherine

Indications

major depressive disorder (Stage not disclosed)

Status note Named as one of the company's most advanced intranasal pherine candidates; no stage or trial details in the 10-Q excerpts.

refisolone

Stage not disclosed · Active Modality: intranasal pherine

Aliases PH80

Indications

vasomotor symptoms (hot flashes) due to menopause (Stage not disclosed)

Status note Named as one of the company's most advanced intranasal pherine candidates; no stage or trial details in the 10-Q excerpts. The exclusive negotiation agreement with Fuji Pharma for a potential Japan license terminated without a definitive agreement.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Fasedienol Nasal Spray
Lead indication	Social Anxiety Disorder
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06358651	Phase 3	Active, not recruiting	Sponsor	VTGN	—	Social Anxiety Disorder	—
NCT06615557	Phase 3	Active, not recruiting	Sponsor	VTGN	—	Social Anxiety Disorder (SAD)	—
NCT06809179	Phase 2	Recruiting	Sponsor	VTGN	—	Social Anxiety Disorder	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for VistaGen Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	519,077	no change	0.02%	2026-08-14
ADAR1 Capital Management	351,141	-400,000	0.00%	2026-08-14
OrbiMed Advisors	0	-3,060,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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VTGN — Vistagen Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

VTGN — Vistagen Therapeutics Inc.