VistaGen Therapeutics, Inc. (VTGN) Balance Sheet
VTGN balance sheet, FY2026
March 31, 2026 · U.S. dollars$48.6M assets = $13.0M liabilities + $35.5M equity
Both columns are drawn to the same scale: what VTGN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VTGN financial health
Descriptive bands, not a rating. Fiscal FY2026.
VTGN balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.7MFY2017 | $48.6MFY2026 | +33.1%/yr | |
| Total liabilities | $3.1MFY2017 | $13.0MFY2026 | +17.3%/yr | |
| Shareholders’ equity | $615,800FY2017 | $35.5MFY2026 | +56.9%/yr | |
| Cash & short-term investments | $2.9MFY2017 | $45.4MFY2026 | +35.6%/yr | |
| Total debt | $69,100FY2017 | $1.0MFY2026 | +35.2%/yr | |
| Net cash (debt) | $2.9MFY2017 | $44.4MFY2026 | +$41.5M | |
| Working capital | $2.0MFY2017 | $34.1MFY2026 | +$32.1M | |
| Book value per share | $5.90FY2024 | $0.93FY2026 | −60.3%/yr | |
| Current ratio | 2.47FY2017 | 3.67FY2026 | +1.20 | |
| Debt / equity | 0.11FY2017 | 0.03FY2026 | −0.08 | |
| Shares outstanding | 19.4MFY2024 | 38.1MFY2026 | +40.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VTGN assets
VTGN liabilities and equity
VTGN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VTGN balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $45.4M | $80.5M | $119.2M | $16.6M | $68.1M | $103.1M | $1.4M | $13.1M | $10.4M | $2.9M |
| Cash & equivalents | $30.8M | $67.1M | $119.2M | $16.6M | $68.1M | $103.1M | $1.4M | $13.1M | $10.4M | $2.9M |
| Short-term investments | $14.6M | $13.4M | $0 | — | — | — | — | — | $0 | $0 |
| Receivables | $0 | $0 | $0 | $802,700 | $2.7M | $40,600 | $0 | $300,000 | $0 | $0 |
| Inventory | $0 | $0 | $0 | −$735,600 | $2.5M | $942,200 | $0 | $230,400 | $0 | $0 |
| Other current assets | $1.5M | $1.6M | $1.5M | $801,900 | $0 | $26,400 | $225,100 | $20,500 | $644,800 | $456,600 |
| Total current assets | $46.9M | $82.1M | $120.7M | $17.5M | $71.0M | $104.1M | $1.6M | $13.7M | $11.0M | $3.4M |
| Property, plant & equipment (net) | $1.2M | $1.8M | $2.3M | $2.8M | $3.1M | $3.6M | $3.8M | $312,700 | $207,400 | $286,500 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $393,000 | $454,000 | $726,000 | $815,000 | $569,100 | $576,800 | $402,900 | $47,800 | $47,800 | $47,800 |
| Total assets | $48.6M | $84.3M | $123.7M | $21.1M | $74.6M | $108.3M | $5.8M | $14.0M | $11.3M | $3.7M |
| Liabilities | ||||||||||
| Accounts payable | $1.5M | $653,000 | $1.5M | $2.5M | $2.8M | $838,300 | $1.8M | $1.1M | $1.2M | $867,300 |
| Short-term debt | $795,000 | $561,000 | $550,000 | $591,000 | $433,300 | $367,800 | $373,200 | $60,300 | $56,500 | $57,200 |
| Deferred revenue | $1.7M | $2.6M | $791,000 | $714,000 | $1.2M | $1.4M | — | — | — | — |
| Total current liabilities | $12.8M | $12.6M | $5.1M | $4.6M | $5.8M | $4.2M | $2.8M | $2.8M | $1.5M | $1.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $3,000 | $6,300 | $9,300 | $11,900 |
| Lease obligations | $948,000 | $1.5M | $2.1M | $2.6M | $3.0M | $3.7M | $4.0M | $9,300 | $11,900 | $14,300 |
| Other long-term liabilities | $249,000 | $1.3M | $4.2M | $4.4M | $4.2M | $12.1M | $8.7M | $4.1M | $2.9M | $1.7M |
| Total liabilities | $13.0M | $14.0M | $9.4M | $9.0M | $9.9M | $16.3M | $11.5M | $6.9M | $4.4M | $3.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $40,000 | $29,000 | $27,000 | $7,000 | $6,900 | $180,800 | $49,300 | $42,800 | $23,100 | $9,000 |
| Retained earnings (deficit) | −$477.3M | −$407.6M | −$356.2M | −$326.9M | −$267.6M | −$219.8M | −$201.9M | −$181.1M | −$156.5M | −$142.0M |
| Treasury stock | — | — | — | — | −$4.0M | −$4.0M | −$4.0M | −$4.0M | −$4.0M | −$4.0M |
| Accumulated other comprehensive income | −$2,000 | $5,000 | $0 | $0 | $0 | $0 | $0 | −$4,000 | −$4,000 | −$4,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $35.5M | $70.4M | $114.3M | $12.1M | $64.7M | $92.0M | −$5.7M | $7.1M | $6.9M | $615,800 |
| Key figures | ||||||||||
| Total debt | $1.0M | $1.5M | $2.1M | $2.7M | $3.0M | $3.7M | $4.1M | $66,600 | $65,800 | $69,100 |
| Net cash (debt) | $44.4M | $79.0M | $117.0M | $13.9M | $65.1M | $99.4M | −$2.7M | $13.0M | $10.3M | $2.9M |
| Working capital | $34.1M | $69.5M | $115.5M | $12.9M | $65.2M | $99.9M | −$1.2M | $10.9M | $9.6M | $2.0M |
| Tangible book value | $35.5M | $70.4M | $114.3M | $12.1M | $64.7M | $92.0M | −$5.7M | $7.1M | $6.9M | $615,800 |
| Book value per share | $0.93 | $2.28 | $5.90 | — | — | — | — | — | — | — |
| Shares outstanding | 38.1M | 30.9M | 19.4M | — | — | — | — | — | — | — |
| Current ratio | 3.67 | 6.51 | 23.55 | 3.83 | 12.32 | 24.85 | 0.57 | 4.87 | 7.56 | 2.47 |
| Quick ratio | 3.55 | 6.38 | 23.26 | 3.81 | 12.29 | 24.62 | 0.49 | 4.78 | 7.12 | 2.14 |
| Debt / equity | 0.03 | 0.02 | 0.02 | 0.22 | 0.05 | 0.04 | — | 0.01 | 0.01 | 0.11 |
| Equity / assets | 73.1% | 83.5% | 92.4% | 57.3% | 86.7% | 84.9% | −99.3% | 50.5% | 61.3% | 16.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $31.7M | $45.4M | $61.8M | $77.2M | $63.2M | $80.5M | $88.6M | $97.6M | $108.4M | $119.2M | $126.6M | $37.6M |
| Cash & equivalents | $17.0M | $30.8M | $47.4M | $62.8M | $49.0M | $67.1M | $74.7M | $84.2M | $102.9M | $119.2M | $126.6M | $37.6M |
| Short-term investments | $14.7M | $14.6M | $14.4M | $14.4M | $14.2M | $13.4M | $13.8M | $13.3M | $5.4M | $0 | — | — |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $2.6M | $1.5M | $1.5M | $1.8M | $3.5M | $1.6M | $1.4M | $2.4M | $2.5M | $1.5M | $1.6M | $1.5M |
| Total current assets | $34.3M | $46.9M | $63.2M | $78.9M | $66.7M | $82.1M | $89.9M | $99.9M | $110.8M | $120.7M | $128.1M | $39.1M |
| Property, plant & equipment (net) | $1.0M | $1.2M | $1.4M | $1.6M | $1.7M | $1.8M | $1.9M | $2.0M | $2.2M | $2.3M | $2.4M | $2.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $392,000 | $393,000 | $392,000 | $405,000 | $472,000 | $454,000 | $477,000 | $498,000 | $518,000 | $726,000 | $575,300 | $630,300 |
| Total assets | $35.7M | $48.6M | $65.1M | $80.9M | $68.9M | $84.3M | $92.3M | $102.5M | $113.5M | $123.7M | $131.1M | $42.2M |
| Liabilities | ||||||||||||
| Accounts payable | $1.0M | $1.5M | $1.3M | $1.8M | $486,000 | $653,000 | $1.0M | $715,000 | $1.2M | $1.5M | $1.7M | $1.3M |
| Short-term debt | $720,000 | $795,000 | $996,000 | $1.3M | $1.6M | $561,000 | $603,000 | $525,000 | $567,000 | $550,000 | $535,400 | $518,900 |
| Deferred revenue | $234,000 | $1.7M | $2.0M | $2.1M | $2.5M | $2.6M | $2.5M | $2.5M | $2.3M | $791,000 | $1.8M | $793,000 |
| Total current liabilities | $11.2M | $12.8M | $13.5M | $13.6M | $11.2M | $12.6M | $9.6M | $7.5M | $6.2M | $5.1M | $4.2M | $2.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $783,000 | $948,000 | $1.0M | $1.2M | $1.4M | $1.5M | $1.7M | $1.8M | $2.0M | $2.1M | $2.3M | $2.4M |
| Other long-term liabilities | $63,000 | $249,000 | $607,000 | $946,000 | $1.0M | $1.3M | $1.6M | $2.0M | $2.5M | $4.2M | $3.6M | $3.6M |
| Total liabilities | $11.3M | $13.0M | $14.1M | $14.6M | $12.2M | $14.0M | $11.2M | $9.5M | $8.7M | $9.4M | $7.8M | $6.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $44,000 | $40,000 | $40,000 | $39,000 | $29,000 | $29,000 | $28,000 | $27,000 | $27,000 | $27,000 | $27,000 | $12,000 |
| Retained earnings (deficit) | −$490.3M | −$477.3M | −$461.0M | −$442.1M | −$422.7M | −$407.6M | −$394.0M | −$379.9M | −$366.9M | −$356.2M | −$346.7M | −$340.3M |
| Accumulated other comprehensive income | −$7,000 | −$2,000 | $13,000 | $14,000 | $1,000 | $5,000 | $11,000 | $22,000 | $2,000 | $0 | $0 | $0 |
| Total shareholders' equity | $24.5M | $35.5M | $50.9M | $66.3M | $56.8M | $70.4M | $81.1M | $93.0M | $104.8M | $114.3M | $123.3M | $35.6M |
| Key figures | ||||||||||||
| Total debt | $783,000 | $1.0M | $1.4M | $1.9M | $2.4M | $1.5M | $1.7M | $1.8M | $2.0M | $2.1M | $2.3M | $2.4M |
| Net cash (debt) | $30.9M | $44.4M | $60.3M | $75.3M | $60.8M | $79.0M | $86.8M | $95.8M | $106.4M | $117.0M | $124.3M | $35.2M |
| Working capital | $23.1M | $34.1M | $49.7M | $65.3M | $55.6M | $69.5M | $80.3M | $92.4M | $104.6M | $115.5M | $123.9M | $36.2M |
| Tangible book value | $24.5M | $35.5M | $50.9M | $66.3M | $56.8M | $70.4M | $81.1M | $93.0M | $104.8M | $114.3M | $123.3M | $35.6M |
| Book value per share | $0.57 | $0.90 | $1.21 | $1.86 | $1.78 | $2.29 | $2.64 | $3.04 | $3.42 | $4.23 | $4.20 | $3.55 |
| Shares outstanding | 43.0M | 39.6M | 42.2M | 35.7M | 31.9M | 30.7M | 30.7M | 30.6M | 30.6M | 27.0M | 29.4M | 10.0M |
| Current ratio | 3.07 | 3.67 | 4.67 | 5.79 | 5.98 | 6.51 | 9.35 | 13.29 | 17.77 | 23.55 | 30.76 | 13.43 |
| Quick ratio | 2.84 | 3.55 | 4.57 | 5.66 | 5.66 | 6.38 | 9.20 | 12.97 | 17.38 | 23.26 | 30.39 | 12.93 |
| Debt / equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.07 |
| Equity / assets | 68.5% | 73.1% | 78.3% | 82.0% | 82.4% | 83.5% | 87.9% | 90.7% | 92.3% | 92.4% | 94.1% | 84.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 15, 2026); data from EODHD.
VTGN financial position
At the end of fiscal 2026 (March 31, 2026), VistaGen Therapeutics had total assets of $48.6 million (down 42.4% from a year earlier), total liabilities of $13.0 million and shareholders' equity of $35.5 million. It held $45.4 million in cash and short-term investments against $1.0 million of debt, a net cash position of $44.4 million. Its current ratio was 3.67. In the latest quarter (ended June 30, 2026) total assets were $35.7 million and equity $24.5 million.
Related: VTGN income statement, VTGN cash flow statement, VTGN key metrics. See the VTGN stock overview for the latest quote and news.
VTGN balance sheet FAQ
What are VistaGen Therapeutics's total assets?
VistaGen Therapeutics reported total assets of $48.6 million at the end of fiscal 2026 (March 31, 2026), compared with $84.3 million a year earlier.
How much debt does VistaGen Therapeutics have?
VistaGen Therapeutics had $1.0 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.
How much cash does VistaGen Therapeutics have?
VistaGen Therapeutics held $45.4 million in cash and short-term investments at the end of fiscal 2026; with $1.0 million of debt that is net cash of $44.4 million.
What is VistaGen Therapeutics's book value?
VistaGen Therapeutics's shareholders' equity (book value) was $35.5 million at the end of fiscal 2026, or $0.93 per share.
What is VistaGen Therapeutics's current ratio?
VistaGen Therapeutics had current assets of $46.9 million and current liabilities of $12.8 million, a current ratio of 3.67 (it can cover its short-term obligations).