VTGN Vistagen Therapeutics, Inc.

Overview and Growth

Vistagen Therapeutics, Inc. generated $1.27M of revenue in fiscal 2026, with net loss of $69.69M and an operating cash outflow of $66.44M. The $1.27M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $486.00K in fiscal 2025, revenue recorded a 161.1% year-over-year increase. Diluted earnings per share were -$1.83, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 38.07M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 23.3% higher than fiscal 2025, when diluted shares averaged 30.88M, adding context to the EPS comparison. Total assets stood at $48.56M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.03x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The company recorded an operating loss of $72.13M after the reported operating expense base. The bottom-line result was a net loss of $69.69M after operating, financing, tax, and other recognized items. The company reported negative EBITDA of $71.93M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $69.68M, establishing the deficit before tax effects. Income tax expense totaled $7.00K, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 196.2% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 143.5%. Compared with a $51.42M net loss in fiscal 2025, the current loss increased to $69.69M.

Liquidity and Capital Structure

The company held $48.56M of assets against $13.04M of liabilities and $35.52M of equity, revealing how the asset base was financed. At period end, current assets of $46.94M compared with current liabilities of $12.79M, defining the company’s short-term resource position. At 3.67x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $30.79M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 240.6%, excluding receivables and other current assets. Equity equaled 73.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 26.9% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 63.4%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 42.4% from $84.34M in fiscal 2025, leaving current total assets lower year over year. Book equity was 49.5% lower than fiscal 2025 equity of $70.39M, showing how shareholder capital changed year over year. The reported cash balance changed 54.1% from $67.13M in fiscal 2025, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $66.44M of cash, resulting in an operating cash outflow for the year. The operating cash outflow widened to $66.44M from $42.10M in fiscal 2025.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.