VistaGen Therapeutics, Inc. (VTGN) AI Stock Analysis

VistaGen Therapeutics, Inc., headquartered in South San Francisco, California, is a clinical-stage biopharmaceutical company specializing in developing and commercializing therapies for anxiety, depression, and other central nervous system disorders. Its lead candidate is PH94B, an investigational neuroactive nasal spray in Phase III trials designed for acute anxiety in adults with social anxiety disorder, with potential in postpartum anxiety, post-traumatic stress disorder, and panic disorders. The company is also evaluating PH10, a neuroactive nasal spray planned for Phase 2B trials in major depressive disorder, and AV-101, an oral NMDA receptor antagonist paired with probenecid for levodopa-induced dyskinesia and depression.

VistaGen recorded revenue of $1.1M in FY2022, -$227,300 in FY2023, $1.1M in FY2024, $486,000 in FY2025, and $1.3M in FY2026, representing a 5-year revenue CAGR of 3.1%. In FY2026, revenue increased 161.1%, while net income totaled -$69.7M and R&D expenses reached $55.0M. Operating margin in FY2026 was -5683.7%. Over the trailing twelve months ending June 30, 2026, revenue was $2.5M, assisted by quarterly revenue growth of 504.9% year-over-year. TTM operating margin was -904.3% and diluted EPS was -$1.66.

As of June 30, 2026, VistaGen had $31.7M in cash and short-term investments and $783,000 in total debt, resulting in net cash of $30.9M. Total assets were $35.7M, shareholders' equity was $24.5M, and the current ratio stood at 3.07. In FY2026, operating cash flow was -$66.4M and capital expenditures were $151,000, leading to free cash flow of -$66.4M. To fund development, the company increased its share count, resulting in a 5-year share count change of 537.3%.

At its last close of $0.20 on October 16, 2026, VistaGen had a market capitalization of $8.9M and an enterprise value of -$14.8M. The company trades at a price-to-sales multiple of 3.5x, below the 4.1x median of its US-listed Healthcare peers, and has an EV-to-revenue multiple of 76.8x and a price-to-book of 0.7x. Over the past year, VTGN shares fell 95.1%, compared to a 16.8% gain for the S&P 500 (SPY). Over five years, the stock dropped 99.7% while the benchmark index advanced 83.0%.

Consensus ratings include 4 Hold ratings, with 0 Strong Buy, Buy, Sell, or Strong Sell ratings. The mean price target is $1.00, which is 400.0% above the last close of $0.20. For the fiscal year ending March 31, 2027, consensus estimates project revenue of $1.7M and an EPS of -$1.48. For the following fiscal year, 1 analyst estimates revenue of $0 and an EPS of -$1.54. VistaGen beat EPS estimates in 2 of the last 4 quarters, and its next earnings date is November 12, 2026.

This page is an AI-written research summary of VistaGen Therapeutics, Inc. (VTGN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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