VistaGen Therapeutics(VTGN) - 2025 Q1 - Quarterly Results

Financial Performance - Net loss for the first quarter of FY2025 was $10.7 million, an increase from $6.9 million in the same period last year[8]. - Total revenues for June 2024 were $84 million, a decrease of 52.7% compared to $177 million in June 2023[17]. - The net loss for June 2024 was $10,733 million, compared to a net loss of $6,903 million in June 2023, reflecting a 55.5% increase in losses[17]. - Basic and diluted net loss per common share improved to $(0.35) in June 2024 from $(0.94) in June 2023[17]. - Total stockholders' equity decreased to $104,803 million as of June 30, 2024, down from $114,286 million[16]. - Total liabilities and stockholders' equity amounted to $113,548 million, a decrease from $123,653 million[16]. - Accumulated deficit increased to $(366,947) million as of June 30, 2024, compared to $(356,214) million[16]. Expenses - Research and development (R&D) expenses increased to $7.6 million for Q1 FY2025, up from $4.2 million in Q1 FY2024, primarily due to clinical trial costs for PALISADE-3 and PALISADE-4[7]. - General and administrative (G&A) expenses rose to $4.6 million in Q1 FY2025, compared to $3.0 million in Q1 FY2024, driven by increased headcount and professional service expenses[7]. - Research and development expenses increased to $7,648 million in June 2024, up 82.5% from $4,197 million in June 2023[17]. - General and administrative expenses rose to $4,567 million, a 53.3% increase from $2,978 million in the same period last year[17]. - Total operating expenses for June 2024 were $12,215 million, representing a 70.1% increase compared to $7,175 million in June 2023[17]. Clinical Trials and Development - PALISADE-3 Phase 3 trial for fasedienol is on track to produce top-line results in 2025, with PALISADE-4 trial preparations also progressing as planned[3]. - Itruvone is advancing towards a Phase 2B trial in the U.S. after successful IND-enabling programs, aiming to provide a novel treatment for major depressive disorder[5]. - PH80 is undergoing an IND-enabling program to support its Phase 2 clinical development for menopausal hot flashes, following positive Phase 2A trial results[6]. - Vistagen aims to establish substantial evidence for fasedienol's effectiveness through PALISADE-3 and PALISADE-4 trials, potentially leading to a New Drug Application submission[4]. - The company is focused on developing non-systemic treatments that avoid common side effects associated with current therapies for anxiety and depression[10]. - Vistagen's pipeline includes innovative nasal sprays designed to activate chemosensory neurons, with favorable safety profiles observed in clinical studies[12].