VTGN · CIK 0001411685

Vistagen Therapeutics, Inc.

Annual figures as reported, FY2015–FY2026. Ratios and growth rates derived on-page.

Revenue

$1.3M

▲ +161.1% vs FY2025

Net income

−$69.7M

▼ −35.5% vs FY2025

Free cash flow

−$25.8M

▲ +48.6% vs FY2023

Diluted EPS

−$1.83

▼ −9.6% vs FY2025

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’26 quarter

$464K

▲ +3193.3% vs Mar ’25

Net income — Mar ’26 quarter

−$16.3M

▼ −19.4% vs Mar ’25

Revenue — trailing 12 months

$1.3M

▲ +161.1% vs Mar ’25

Diluted EPS — trailing 12 months

−$1.83

▼ −9.6% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	$464K	3193.3%	—	−$16.3M	−3507.3%	−$0.37
Dec ’25	$303K	29.5%	—	−$18.9M	−6237.3%	−$0.45
Sep ’25	$258K	41.0%	—	−$19.4M	−7526.0%	−$0.54
Jun ’25	$244K	190.5%	—	−$15.1M	−6186.5%	−$0.47
Mar ’25	−$15K	−107.6%	—	−$13.6M	90900.0%	−$0.44
Dec ’24	$234K	−43.1%	—	−$14.1M	−6020.9%	−$0.46
Sep ’24	$183K	−34.2%	—	−$13.0M	−7082.5%	−$0.42
Jun ’24	$84K	−52.5%	—	−$10.7M	−12777.4%	−$0.35

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Growth rates

compounding, annualized

Revenue CAGR

+3.1%

Share count change (split-adjusted)

+1226.1%

+64506.6%

10y

Key ratios

derived per fiscal year

Fiscal year	Op. margin	Net margin	FCF margin	ROE	ROA	Current ratio
FY2026	−5683.7%	−5491.3%	—	−196.2%	−143.5%	3.67×
FY2025	−11517.1%	−10579.8%	—	−73.0%	−61.0%	6.51×
FY2024	−3103.5%	−2759.6%	−2426.0%	−25.7%	−23.7%	23.55×
FY2023	—	—	—	−490.5%	−280.9%	3.83×
FY2022	−4308.3%	−4306.8%	−4098.9%	−73.8%	−64.0%	12.32×
FY2021	−1646.1%	−1646.1%	−1133.4%	−19.5%	−16.6%	24.85×
FY2020	—	—	—	—	−359.9%	0.06×
FY2019	—	—	—	−347.5%	−175.5%	4.87×
FY2018	—	—	—	−207.4%	−127.2%	7.56×
FY2017	−819.9%	−820.4%	−600.1%	−1665.4%	−276.3%	2.47×
FY2016	—	—	—	—	−4770.7%	0.48×
FY2015	—	—	—	—	−5148.6%	0.01×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2026	$1.3M	—	−$72.1M	−$69.7M	−$1.83	−$66.4M	—	$48.6M	$13.0M	$35.5M	$30.8M	—
FY2025	$486K	—	−$56.0M	−$51.4M	−$1.67	−$42.1M	—	$84.3M	$14.0M	$70.4M	$67.1M	—
FY2024	$1.1M	—	−$33.0M	−$29.4M	−$1.52	−$25.8M	$0	$123.7M	$9.4M	$114.3M	$119.2M	—
FY2023	−$227K	—	−$59.3M	−$59.2M	−$8.51	−$49.7M	$528K	$21.1M	$9.0M	$12.1M	$16.6M	—
FY2022	$1.1M	—	−$47.8M	−$47.8M	−$7.38	−$45.3M	$200K	$74.6M	$9.9M	$64.7M	$68.1M	—
FY2021	$1.1M	—	−$17.9M	−$17.9M	−$14.70	−$12.1M	$275K	$108.3M	$16.3M	$92.0M	$103.1M	—
FY2020	$0	—	−$20.8M	−$20.8M	−$15.00	−$15.8M	$0	$5.8M	$11.5M	−$5.7M	$1.4M	—
FY2019	—	—	−$24.6M	−$24.6M	−$27.00	−$14.5M	$174K	$14.0M	$6.9M	$7.1M	$13.1M	—
FY2018	$0	—	−$14.2M	−$14.3M	−$33.60	−$9.1M	$2K	$11.3M	$4.4M	$6.9M	$10.4M	—
FY2017	$1.3M	—	−$10.2M	−$10.3M	−$46.20	−$7.3M	$239K	$3.7M	$3.1M	$616K	$2.9M	—
FY2016	$0	—	−$17.9M	−$47.2M	−$872.40	−$4.8M	$26K	$990K	$4.0M	−$3.0M	$429K	—
FY2015	—	—	−$6.8M	−$13.9M	−$318.30	−$2.8M	—	$270K	$20.8M	−$20.5M	$70K	—

Latest filings

the most recent regulatory filings

4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗8-KCurrent report — material event2026-06-30 ↗8-KCurrent report — material event2026-06-17 ↗10-KAnnual report2026-06-15 ↗8-KCurrent report — material event2026-06-15 ↗8-KCurrent report — material event2026-06-09 ↗4Insider ownership filing2026-05-19 ↗3Insider ownership filing2026-05-19 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

$464K

3193.3%

—

−$16.3M

−3507.3%

−$0.37

Dec ’25

$303K

29.5%

—

−$18.9M

−6237.3%

−$0.45

Sep ’25

$258K

41.0%

—

−$19.4M

−7526.0%

−$0.54

Jun ’25

$244K

190.5%

—

−$15.1M

−6186.5%

−$0.47

Mar ’25

−$15K

−107.6%

—

−$13.6M

90900.0%

−$0.44

Dec ’24

$234K

−43.1%

—

−$14.1M

−6020.9%

−$0.46

Sep ’24

$183K

−34.2%

—

−$13.0M

−7082.5%

−$0.42

Jun ’24

$84K

−52.5%

—

−$10.7M

−12777.4%

−$0.35

Fiscal year

Op. margin

Net margin

FCF margin

ROE

ROA

Current ratio

FY2026

−5683.7%

−5491.3%

—

−196.2%

−143.5%

3.67×

FY2025

−11517.1%

−10579.8%

—

−73.0%

−61.0%

6.51×

FY2024

−3103.5%

−2759.6%

−2426.0%

−25.7%

−23.7%

23.55×

FY2023

—

−490.5%

−280.9%

3.83×

FY2022

−4308.3%

−4306.8%

−4098.9%

−73.8%

−64.0%

12.32×

FY2021

−1646.1%

−1133.4%

−19.5%

−16.6%

24.85×

FY2020

—

−359.9%

0.06×

FY2019

—

−347.5%

−175.5%

4.87×

FY2018

—

−207.4%

−127.2%

7.56×

FY2017

−819.9%

−820.4%

−600.1%

−1665.4%

−276.3%

2.47×

FY2016

—

−4770.7%

0.48×

FY2015

—

−5148.6%

0.01×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2026

$1.3M

—

−$72.1M

−$69.7M

−$1.83

−$66.4M

—

$48.6M

$13.0M

$35.5M

$30.8M

—

FY2025

$486K

—

−$56.0M

−$51.4M

−$1.67

−$42.1M

—

$84.3M

$14.0M

$70.4M

$67.1M

—

FY2024

$1.1M

—

−$33.0M

−$29.4M

−$1.52

−$25.8M

$123.7M

$9.4M

$114.3M

$119.2M

—

FY2023

−$227K

—

−$59.3M

−$59.2M

−$8.51

−$49.7M

$528K

$21.1M

$9.0M

$12.1M

$16.6M

—

FY2022

$1.1M

—

−$47.8M

−$7.38

−$45.3M

$200K

$74.6M

$9.9M

$64.7M

$68.1M

—

FY2021

$1.1M

—

−$17.9M

−$14.70

−$12.1M

$275K

$108.3M

$16.3M

$92.0M

$103.1M

—

FY2020

—

−$20.8M

−$15.00

−$15.8M

$5.8M

$11.5M

−$5.7M

$1.4M

—

FY2019

—

−$24.6M

−$27.00

−$14.5M

$174K

$14.0M

$6.9M

$7.1M

$13.1M

—

FY2018

—

−$14.2M

−$14.3M

−$33.60

−$9.1M

$2K

$11.3M

$4.4M

$6.9M

$10.4M

—

FY2017

$1.3M

—

−$10.2M

−$10.3M

−$46.20

−$7.3M

$239K

$3.7M

$3.1M

$616K

$2.9M

—

FY2016

—

−$17.9M

−$47.2M

−$872.40

−$4.8M

$26K

$990K

$4.0M

−$3.0M

$429K

—

FY2015

—

−$6.8M

−$13.9M

−$318.30

−$2.8M

—

$270K

$20.8M

−$20.5M

$70K

—