VistaGen Therapeutics(VTGN) - 2025 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 FY2025 was $14.1 million, significantly higher than the $6.4 million loss reported in Q3 FY2024[7]. - Total revenues for the three months ended December 31, 2024, were $234,000, a decrease of 43% compared to $411,000 for the same period in 2023[22]. - The net loss for the three months ended December 31, 2024, was $14,089,000, compared to a net loss of $6,350,000 for the same period in 2023, indicating a 121% increase in losses[22]. - Basic and diluted net loss per common share for the three months ended December 31, 2024, was $0.46, compared to $0.22 for the same period in 2023[22]. - The comprehensive loss for the three months ended December 31, 2024, was $14,100,000, compared to $6,350,000 for the same period in 2023, reflecting a 121% increase in comprehensive losses[22]. Research and Development - Research and development (R&D) expense increased to $11.3 million for Q3 FY2025, up from $4.5 million in Q3 FY2024, primarily due to expenses related to the PALISADE Phase 3 Program for fasedienol and IND-enabling programs for itruvone and PH80[5]. - Research and development expenses for the three months ended December 31, 2024, were $11,305,000, an increase of 149% from $4,537,000 in the same period of 2023[22]. - Positive results were reported from an exploratory Phase 2A trial of PH284 in cancer cachexia, highlighting the efficacy of the pherine pipeline[2]. - Vistagen is preparing for Phase 2B development of itruvone as a potential treatment for major depressive disorder, aiming to avoid common side effects associated with current therapies[4]. - The PALISADE-3 and PALISADE-4 Phase 3 trials for fasedienol are progressing towards expected top-line results later in 2025[2]. - The FDA has granted Fast Track designation for fasedienol and itruvone, indicating the potential for expedited development and review[11][12]. - Vistagen's product candidates aim to address significant unmet needs in social anxiety disorder, major depressive disorder, and menopausal hot flashes[15]. - The company remains optimistic about 2025 being a pivotal year with multiple anticipated data readouts for its product candidates[2]. General and Administrative Expenses - General and administrative (G&A) expense rose to $4.0 million for Q3 FY2025, compared to $3.8 million in Q3 FY2024, mainly due to an increase in headcount[6]. - General and administrative expenses for the three months ended December 31, 2024, were $4,049,000, up from $3,758,000 in the same period of 2023, representing an increase of 8%[22]. Assets and Liabilities - Cash, cash equivalents, and marketable securities totaled $88.6 million as of December 31, 2024[8]. - Total current assets decreased to $89,941,000 as of December 31, 2024, from $120,672,000 as of March 31, 2024, reflecting a decline of 25.5%[20]. - Total liabilities increased to $11,185,000 as of December 31, 2024, compared to $9,367,000 as of March 31, 2024, representing a rise of 19.4%[20]. - Total stockholders' equity decreased to $81,122,000 as of December 31, 2024, down from $114,286,000 as of March 31, 2024, indicating a decline of 29%[20]. - The company reported interest income of $1,031,000 for the three months ended December 31, 2024, compared to $1,534,000 for the same period in 2023, a decrease of 32.8%[22].