Core Insights - Vistagen Therapeutics reported Q1 FY2026 earnings with EPS at $(0.47), matching consensus estimates, while revenue of $0.24 million exceeded expectations of $0.0 million [1][5] - The company experienced a significant increase in R&D spending to support ongoing phase 3 trials, resulting in a net loss of $15.1 million for the quarter, up from $10.7 million in the same period last year [2][5] Financial Performance - EPS (GAAP) for Q1 FY2026 was $(0.47), a decrease of 34.3% from $(0.35) in Q1 FY2025 [2] - Revenue (GAAP) reached $0.24 million, a 185.7% increase from $0.08 million in Q1 FY2025 [2] - R&D expenses rose to $11.7 million, a 53.9% increase from $7.6 million in the previous year [2] - General and Administrative expenses slightly decreased to $4.4 million, down 4.3% from $4.6 million [2] - Net loss for the quarter was $15.1 million, compared to $10.7 million in Q1 FY2025, reflecting a 41.1% increase [2] Company Overview - Vistagen Therapeutics focuses on developing treatments for neuropsychiatric conditions, including social anxiety disorder, major depressive disorder, and menopause-related symptoms, utilizing novel intranasal therapies [3][4] - The lead program, fasedienol, is currently in pivotal phase 3 trials for social anxiety disorder, with results expected in late 2025 and early 2026 [4][7] Key Developments - The company is advancing its clinical programs, particularly fasedienol, through the PALISADE-3 and PALISADE-4 trials, with increased costs attributed to expanded clinical activities and research personnel [6][9] - PH80, another product targeting menopausal symptoms, has shown positive phase 2A results, and itruvone for major depressive disorder is preparing for new phase 2 trials [7][8] - The company appointed a new Chief Corporate Development Officer to enhance future commercial and partnership strategies [9] Future Outlook - Management did not provide specific financial guidance for FY2026, emphasizing the importance of clinical trial outcomes, particularly for fasedienol [10] - Key milestones will include announcements regarding trial completions and topline data, which are critical for potential New Drug Application submissions [11]