VistaGen Therapeutics(VTGN) - 2025 Q4 - Annual Results

Financial Performance - The net loss for the year ended March 31, 2025, was $51.4 million, compared to a net loss of $29.4 million for the previous year, representing a 75% increase in losses [13]. - Total revenues decreased to $486,000 in 2025 from $1,064,000 in 2024, representing a decline of approximately 54% [26]. - The net loss for 2025 was $51,418,000, compared to a net loss of $29,362,000 in 2024, indicating an increase in loss of about 75% [26]. - Basic and diluted net loss per common share increased to $1.67 in 2025 from $1.52 in 2024 [26]. - Comprehensive loss for 2025 was $51,413,000, compared to $29,362,000 in 2024, reflecting an increase of approximately 75% [26]. - Loss from operations increased to $55,973,000 in 2025 from $33,021,000 in 2024, indicating an increase of approximately 70% [26]. Expenses - Research and development (R&D) expenses increased to $39.4 million for the fiscal year ended March 31, 2025, compared to $20.0 million for the previous year, reflecting a 97% increase [10]. - General and administrative (G&A) expenses rose to $17.1 million for the fiscal year ended March 31, 2025, up from $14.1 million in 2024, marking a 21% increase [11]. - Total operating expenses rose to $56,459,000 in 2025, compared to $34,085,000 in 2024, reflecting an increase of approximately 66% [26]. Assets and Liabilities - Cash, cash equivalents, and marketable securities totaled $80.5 million as of March 31, 2025 [14]. - Total current assets decreased to $82.1 million as of March 31, 2025, down from $120.7 million in 2024, reflecting a 32% decline [25]. - Total liabilities increased to $13.9 million as of March 31, 2025, compared to $9.4 million in 2024, indicating a 48% rise in liabilities [25]. Development Pipeline - The PALISADE-3 Phase 3 trial for fasedienol is expected to report topline results in the fourth quarter of 2025, with PALISADE-4 results anticipated in the first half of 2026 [4]. - Vistagen is advancing the development of itruvone for major depressive disorder (MDD) and PH80 for menopausal hot flashes, with both candidates under U.S. IND applications [6][7]. - The company has five novel intranasal pherine candidates targeting at least six high-need indications, indicating a robust clinical-stage pipeline [2][3]. Workplace Culture - Vistagen was awarded the Platinum Bell Seal for Workplace Mental Health for the third consecutive year, highlighting its commitment to workplace culture [9]. Shareholder Information - Weighted average common shares outstanding increased to 30,877,029 in 2025 from 19,354,500 in 2024, representing an increase of approximately 60% [26]. - Interest income, net rose to $4,557,000 in 2025, up from $3,351,000 in 2024, an increase of about 36% [26]. - The company reported an unrealized gain on marketable securities of $5,000 in 2025, compared to none in 2024 [26].