VistaGen Therapeutics, Inc.
VTGNHealthcare|Biotechnology|US
$0.16
-0.00 (-0.85%)
DCF Value
$0.69
Tangible Book / Share
$0.57
Cash / Share
$0.74
Financials
Financial Snapshot
Market Cap
$7.3M
Enterprise Value
-$8.9M
Revenue (TTM)
$2.5M
Net Income (TTM)
-$67.6M
Cash & Investments
$31.7M
Net Cash
$30.9M
Free Cash Flow (TTM)
-$62.3M
Operating CF (TTM)
-$62.3M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$31.7M
Quarterly Burn
$15.6M
Monthly Burn
$5.2M
Est. Runway
~2.0 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.9M | $10.4M | $13.1M | $1.4M | $103.1M | $68.1M | $16.6M | $119.2M | $80.5M | $45.4M | $31.7M | |
| Operating Cash Flow | -$7.3M | -$9.1M | -$14.5M | -$15.8M | -$12.1M | -$45.3M | -$49.7M | -$25.8M | -$42.1M | -$66.4M | -$62.3M | |
| Free Cash Flow | -$7.5M | -$9.1M | -$14.7M | -$15.8M | -$12.3M | -$45.5M | -$49.9M | -$25.9M | -$42.3M | -$66.4M | -$62.3M | |
| Capital Expenditure | -$239.1K | -$1.6K | -$174.0K | $0.00 | -$275.4K | -$200.4K | -$212.0K | -$61.0K | -$191.0K | -$151.0K | $0.00 | |
| Financing Cash Flow | $10.0M | $16.5M | $17.4M | $4.0M | $114.1M | $10.5M | -$1.0M | $128.4M | $3.2M | $31.0M | $30.4M |
R&D Spending
R&D (TTM)
$54.0M
R&D Intensity
2160.3%
R&D Growth vs Prior
-1.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $0.00 | $0.00 | $0.00 | $1.1M | $1.1M | -$227.0K | $1.1M | $486.0K | $1.3M | $2.5M | |
| R&D Expense | $5.2M | $7.8M | $17.1M | $13.3M | $11.9M | $35.4M | $44.4M | $20.0M | $39.4M | $55.0M | $54.0M | |
| R&D % of Revenue | 416.3% | — | — | — | 1094.6% | 3193.1% | -19549.3% | 1881.8% | 8101.9% | 4332.1% | 2160.3% | |
| SG&A | $5.9M | $6.4M | $7.4M | $6.5M | $7.1M | $13.2M | $14.7M | $14.1M | $17.1M | $18.4M | $17.9M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $0.00 | $0.00 | $0.00 | $1.1M | $1.1M | -$227.0K | $1.1M | $486.0K | $1.3M | $2.5M | |
| Cost of Revenue | $0.00 | $80.7K | $91.2K | $103.1K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $386.0K | |
| Gross Profit | $1.3M | $0.00 | $0.00 | -$103.1K | $1.1M | $1.1M | -$227.0K | $1.1M | $486.0K | $1.3M | $2.1M | |
| R&D | $5.2M | $7.8M | $17.1M | $13.3M | $11.9M | $35.4M | $44.4M | $20.0M | $39.4M | $55.0M | $54.0M | |
| SG&A | $5.9M | $6.4M | $7.4M | $6.5M | $7.1M | $13.2M | $14.7M | $14.1M | $17.1M | $18.4M | $17.9M | |
| Operating Income | -$10.2M | -$14.2M | -$24.6M | -$20.0M | -$17.9M | -$47.8M | -$59.3M | -$33.0M | -$56.0M | -$72.1M | -$69.7M | |
| Interest Expense | $5.0K | $8.9K | $8.0K | $15.0K | $13.0K | $0.00 | $23.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$10.3M | -$14.3M | -$24.6M | -$20.8M | -$17.9M | -$47.8M | -$59.2M | -$29.4M | -$51.4M | -$69.7M | -$67.6M | |
| Net Income | -$10.3M | -$14.3M | -$24.6M | -$20.8M | -$17.9M | -$47.8M | -$59.2M | -$29.4M | -$51.4M | -$69.7M | -$67.6M | |
| EPS (Diluted) | -40.85 | -30.98 | -25.83 | -14.21 | -14.74 | -7.38 | -8.51 | -1.52 | -1.67 | -1.83 | -1.70 | |
| EBITDA | -$9.8M | -$14.3M | -$24.5M | -$20.7M | -$17.4M | -$47.0M | -$58.7M | -$28.8M | -$50.8M | -$71.4M | -$67.3M | |
| Shares Out. (M) | 0.25 | 0.46 | 0.95 | 1.46 | 2.87 | 6.60 | 6.96 | 19.35 | 30.88 | 38.07 | 42.98 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.9M | $10.4M | $13.1M | $1.4M | $103.1M | $68.1M | $16.6M | $119.2M | $67.1M | $30.8M | $17.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $13.4M | $14.6M | $14.7M | |
| Total Current Assets | $3.4M | $11.0M | $13.7M | $1.6M | $104.1M | $71.0M | $17.5M | $120.7M | $82.1M | $46.9M | $34.3M | |
| Total Assets | $3.7M | $11.3M | $14.0M | $5.8M | $108.3M | $74.6M | $21.1M | $123.7M | $84.3M | $48.6M | $35.7M | |
| Total Current Liabilities | $1.4M | $1.5M | $2.8M | $2.8M | $4.2M | $5.8M | $4.6M | $5.1M | $12.6M | $12.8M | $11.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.1M | $4.4M | $6.9M | $11.5M | $16.3M | $9.9M | $9.0M | $9.4M | $14.0M | $13.0M | $11.3M | |
| Stockholders' Equity | $615.8K | $6.9M | $7.1M | -$5.7M | $92.0M | $64.7M | $12.1M | $114.3M | $70.4M | $35.5M | $24.5M | |
| Retained Earnings | -$142.0M | -$156.5M | -$181.1M | -$201.9M | -$219.8M | -$267.6M | -$326.9M | -$356.2M | -$407.6M | -$477.3M | -$490.3M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.3M | -$9.1M | -$14.5M | -$15.8M | -$12.1M | -$45.3M | -$49.7M | -$25.8M | -$42.1M | -$66.4M | -$62.3M | |
| Capital Expenditure | -$239.1K | -$1.6K | -$174.0K | $0.00 | -$275.4K | -$200.4K | -$212.0K | -$61.0K | -$191.0K | -$151.0K | $0.00 | |
| Free Cash Flow | -$7.5M | -$9.1M | -$14.7M | -$15.8M | -$12.3M | -$45.5M | -$49.9M | -$25.9M | -$42.3M | -$66.4M | -$62.3M | |
| Investing Cash Flow | -$239.1K | -$1.6K | -$174.0K | $0.00 | -$275.4K | -$200.4K | -$740.0K | -$61.0K | -$13.1M | -$877.0K | -$89.0K | |
| Financing Cash Flow | $10.0M | $16.5M | $17.4M | $4.0M | $114.1M | $10.5M | -$1.0M | $128.4M | $3.2M | $31.0M | $30.4M | |
| Issuance of Stock | $9.9M | $16.7M | $17.0M | $3.6M | $109.5M | $4.4M | $167.0K | $129.4M | $3.0M | $30.9M | $31.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$174.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.3K | -$2.4K | -$2.7K | -$296.6K | -$382.0K | -$3.0K | -$1.0M | -$985.0K | $0.00 | $95.0K | -$931.0K | |
| Stock Based Comp. | $851.3K | $2.3M | $3.4M | $3.8M | $2.3M | $3.5M | $3.3M | $2.2M | $4.3M | $4.0M | $4.1M | |
| Net Change in Cash | $2.5M | $7.5M | $2.7M | -$11.7M | $101.8M | -$35.0M | -$51.5M | $102.5M | -$52.0M | -$36.3M | -$32.0M |
Dilution Tracker
Shares outstanding grew 1226.1% over 5 years — significant dilution
Shares Outstanding
44M
5-Year Share Growth
+1226.1%
Stock Issuance (TTM)
$31.3M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.25 | 0.46 | 0.95 | 1.46 | 2.87 | 6.60 | 6.96 | 19.35 | 30.88 | 38.07 | 42.98 | |
| Change vs Prior % | — | 84.4% | 105.6% | 53.6% | 96.3% | 129.9% | 5.4% | 178.1% | 59.5% | 23.3% | 12.9% | |
| Stock Issuance | $9.9M | $16.7M | $17.0M | $3.6M | $109.5M | $4.4M | $167.0K | $129.4M | $3.0M | $30.9M | $31.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$174.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $851.3K | $2.3M | $3.4M | $3.8M | $2.3M | $3.5M | $3.3M | $2.2M | $4.3M | $4.0M | $4.1M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 84.6% | |
| Operating Margin % | -819.9% | — | — | — | -1646.1% | -4308.7% | 26109.3% | -3103.5% | -11517.1% | -5683.7% | -2784.3% | |
| Net Margin % | -820.4% | — | — | — | -1646.1% | -4307.2% | 26100.4% | -2759.6% | -10579.8% | -5491.3% | -2702.6% | |
| EBITDA Margin % | -781.3% | — | — | — | -1600.8% | -4242.8% | 25874.9% | -2705.8% | -10447.7% | -5625.9% | -2689.9% | |
| FCF Margin % | -600.1% | — | — | — | -1133.4% | -4099.3% | 21994.7% | -2431.8% | -8701.2% | -5235.3% | -2489.9% | |
| ROE % | -1665.4% | -207.4% | -347.5% | 362.6% | -19.5% | -73.8% | -490.5% | -25.7% | -73.0% | -196.2% | -152.6% | |
| ROA % | -276.3% | -127.2% | -175.5% | -359.9% | -16.6% | -64.0% | -280.9% | -23.7% | -61.0% | -143.5% | -189.2% | |
| ROIC % | -426.7% | -143.8% | -217.9% | -592.0% | -17.2% | -68.9% | -346.5% | -27.7% | -77.4% | -197.3% | -275.7% | |
| R&D / Revenue % | 416.3% | — | — | — | 1094.6% | 3193.1% | -19549.3% | 1881.8% | 8101.9% | 4332.1% | 2160.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 1.8% | -120.5% | 568.7% | -54.3% | 161.1% | |
| Gross Profit | 0.0% | -100.0% | 0.0% | 0.0% | 1156.7% | 1.8% | -120.5% | 568.7% | -54.3% | 161.1% | |
| Operating Income | 42.6% | -38.6% | -72.9% | 18.7% | 10.2% | -166.4% | -24.0% | 44.3% | -69.5% | -28.9% | |
| Net Income | 78.3% | -39.9% | -71.4% | 15.5% | 13.7% | -166.3% | -24.0% | 50.4% | -75.1% | -35.5% | |
| EPS (Diluted) | 94.9% | 24.2% | 16.6% | 45.0% | -3.7% | 49.9% | -15.3% | 82.1% | -9.9% | -9.6% | |
| Operating Cash Flow | -51.0% | -24.7% | -60.4% | -8.5% | 23.4% | -274.8% | -9.9% | 48.1% | -63.1% | -57.8% | |
| Free Cash Flow | -55.2% | -20.8% | -62.3% | -7.2% | 21.6% | -268.1% | -9.8% | 48.2% | -63.4% | -57.1% | |
| R&D Expense | 32.4% | 49.2% | 120.3% | -22.1% | -10.5% | 196.9% | 25.3% | -54.9% | 96.7% | 39.6% | |
| SG&A Expense | -57.8% | 9.7% | 15.5% | -11.9% | 8.4% | 86.6% | 10.7% | -4.1% | 21.5% | 7.8% | |
| Total Assets | 275.0% | 203.8% | 24.2% | -58.8% | 1775.9% | -31.1% | -71.7% | 486.3% | -31.8% | -42.4% | |
| Book Value / Share | 104.9% | 509.0% | -50.3% | -152.7% | 917.6% | -69.4% | -82.3% | 240.2% | -61.4% | -59.1% | |
| Debt | -3.9% | -4.8% | 1.2% | 6043.8% | -9.1% | -18.3% | -10.8% | -21.8% | -28.8% | -30.8% | |
| Diluted Shares | 326.0% | 84.4% | 105.6% | 53.6% | 96.3% | 129.9% | 5.4% | 178.1% | 59.5% | 23.3% |
Valuation
P/E (TTM)At Loss
P/S2.91
10Y Low / Med / High11.81 / 158.83 / 221.38
P/B0.29
10Y Low / Med / High0.61 / 1.99 / 23.97
EV/EBITDA0.13
EV/Revenue-3.57
10Y Low / Med / High9.53 / 77.17 / 162.68
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.69
Tangible Book / Share
$0.57
Net Current Assets / Share
$0.52
Graham Net-Net
$0.48
Cash / Share
$0.74
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.44 | -0.90 | -1.54 | -0.93 | -4.34 | -5.04 | -0.42 | -3.55 | -1.50 | -0.31 | -0.10 | |
| P/S Ratio | 11.81 | 0.00 | 0.00 | 0.00 | 168.39 | 221.38 | -110.36 | 98.23 | 158.83 | 17.15 | 2.91 | |
| P/B Ratio | 23.97 | 1.87 | 5.37 | -3.37 | 1.99 | 3.79 | 2.07 | 0.91 | 1.10 | 0.61 | 0.29 | |
| EV/EBITDA | -1.22 | -0.18 | -1.02 | -1.07 | -4.82 | -3.83 | -0.19 | 0.44 | -0.23 | 0.11 | 0.13 | |
| EV/Revenue | 9.53 | 0.00 | 0.00 | 0.00 | 77.17 | 162.68 | -49.01 | -11.78 | 23.81 | -6.29 | -3.57 |
Analyst Estimates & Quality
Altman Z-Score
-24.26
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $1.7M | $7.0M | $20.0M |
| Net Income | -$61.6M | -$58.6M | -$63.2M |
| EPS | $-1.48 | $-1.54 | $-1.66 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2022 |
|---|---|
| License | $1.1M |