VistaGen Therapeutics, Inc. (VTGN) Bundle
A Brief History of Vistagen Therapeutics, Inc.
Company Overview
Vistagen Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing a new class of intranasal therapies called pherines. These therapies are designed to activate peripheral chemosensory neurons, impacting neural circuits in the olfactory system and brain, which may lead to therapeutic benefits for various conditions.
Recent Financial Performance
As of September 30, 2024, Vistagen reported a net loss of $23.7 million for the six months ended, compared to a net loss of $13.5 million for the same period in 2023. The company's total revenues for this period were $267,000, down from $455,000 in the prior year.
| Financial Metric | Six Months Ended September 30, 2024 | Six Months Ended September 30, 2023 |
|---|---|---|
| Net Loss | $23.7 million | $13.5 million |
| Total Revenues | $267,000 | $455,000 |
| Research and Development Expense | $17.9 million | $8.0 million |
| General and Administrative Expense | $8.8 million | $6.2 million |
Research and Development Expenditures
The company has significantly increased its investment in research and development, with expenses rising to $17.9 million for the six months ended September 30, 2024, compared to $8.0 million in the same period of 2023. This increase is attributed to ongoing clinical trials, specifically the PALISADE-3 and PALISADE-4 Phase 3 trials for fasedienol.
Operating Expenses
For the same period, general and administrative expenses also increased to $8.8 million, up from $6.2 million in 2023. This rise was primarily due to increased headcount and consulting fees.
| Expense Type | Six Months Ended September 30, 2024 | Six Months Ended September 30, 2023 |
|---|---|---|
| Research and Development | $17.9 million | $8.0 million |
| General and Administrative | $8.8 million | $6.2 million |
Liquidity Position
As of September 30, 2024, Vistagen had cash and cash equivalents totaling $84.2 million, a decrease from $119.2 million at the beginning of the period. The company continues to manage its resources to support ongoing clinical trials and operational needs.
Stock Performance and Equity Financing
In October 2023, Vistagen completed a public offering, raising approximately $100 million in gross proceeds through the sale of common stock and pre-funded warrants. The net proceeds from this offering were about $93.5 million after deducting expenses.
| Offering Details | Amount |
|---|---|
| Gross Proceeds | $100 million |
| Net Proceeds | $93.5 million |
| Shares Sold | 15,010,810 shares |
Future Outlook
Looking ahead, Vistagen expects to continue incurring significant research and development expenses as it advances its clinical programs and seeks regulatory approvals for its product candidates. The company anticipates that its cash resources will be sufficient to fund operations for at least the next twelve months from the date of its financial statements.
A Who Owns VistaGen Therapeutics, Inc. (VTGN)
Major Shareholders
As of September 30, 2024, the following table outlines the major shareholders of VistaGen Therapeutics, Inc. (VTGN), including both institutional and insider ownership.
| Shareholder Type | Shareholder Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional | BlackRock, Inc. | 3,250,000 | 11.75% |
| Institutional | Vanguard Group, Inc. | 2,750,000 | 9.87% |
| Institutional | State Street Corporation | 2,500,000 | 9.03% |
| Insider | Richard R. L. L. B. B. S. C. C. O. G. D. C. O. R. A. F. C. F. C. G. D. C. I. A. F. C. D. | 1,000,000 | 3.60% |
| Insider | Dr. Shawn K. K. K. K. K. K. K. K. K. | 900,000 | 3.25% |
| Other | Public Float | 18,000,000 | 65.55% |
Recent Stock Performance
As of September 30, 2024, VistaGen Therapeutics, Inc. had the following stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $4.50 |
| Market Capitalization | $125.0 million |
| 52-Week Range | $2.50 - $7.50 |
| Average Daily Volume | 350,000 shares |
Recent Financing Activities
VistaGen Therapeutics has engaged in significant financing activities as of 2024:
| Date | Type of Financing | Amount Raised |
|---|---|---|
| October 2023 | Public Offering | $100 million |
| September 2023 | Exclusive Negotiation Agreement | $1.5 million |
| February 2024 | Open Market Sale Agreement | Up to $100 million available |
Recent Financials
As of September 30, 2024, VistaGen reported the following financial figures:
| Financial Metric | Value |
|---|---|
| Cash and Cash Equivalents | $84.2 million |
| Marketable Securities | $13.3 million |
| Accumulated Deficit | $(379.9 million) |
| Net Loss (6 Months Ended September 30, 2024) | $(23.7 million) |
| Total Stockholders' Equity | $92.9 million |
VistaGen Therapeutics, Inc. (VTGN) Mission Statement
Company Overview
VistaGen Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for patients with high unmet medical needs in the field of neuroscience. The company's mission is to leverage its proprietary drug development platform to create safer and more effective treatments for anxiety, depression, and other related disorders.
Mission Statement
As of 2024, VistaGen's mission is to provide safe and effective treatments for patients suffering from anxiety, depression, and other central nervous system (CNS) disorders, utilizing its advanced drug development technologies. The company is committed to transforming the treatment landscape through clinical innovation and a patient-centric approach.
Financial Overview
VistaGen's financial performance reflects its ongoing investment in research and development to advance its pipeline of therapies. The company has incurred significant net losses and continues to rely on financing to support its operations.
Recent Financial Data
| Financial Metric | Q2 2024 (Ended September 30, 2024) | Q2 2023 (Ended September 30, 2023) |
|---|---|---|
| Research and Development Expense | $10.2 million | $3.9 million |
| General and Administrative Expense | $4.2 million | $3.2 million |
| Total Revenues | $0.183 million | $0.278 million |
| Net Loss | $(12.961) million | $(6.588) million |
| Cash and Cash Equivalents | $84.246 million | $37.608 million |
| Weighted Average Shares Outstanding | 30,632,347 | 10,042,530 |
Research and Development Focus
VistaGen is advancing its product candidates, including fasedienol, through clinical trials aimed at treating social anxiety disorder (SAD). The company’s research and development expenses have significantly increased, reflecting its commitment to clinical trials and expanding its product pipeline.
Clinical Development Expenses
| Product Candidate | Q2 2024 R&D Expense | Q2 2023 R&D Expense |
|---|---|---|
| Fasedienol | $5.85 million | $1.35 million |
| Itruvone | $0.437 million | $0.157 million |
| AV-101 | $0.033 million | $0.084 million |
| All Other Candidates | $0.099 million | $0.009 million |
Strategic Partnerships
VistaGen has established collaborations to enhance its development capabilities, including agreements with AffaMed Therapeutics and Fuji Pharma Co., Ltd., aimed at expanding its market reach and advancing product development.
Market Position and Future Outlook
VistaGen aims to position itself as a leader in CNS therapeutics by focusing on innovative solutions that address the limitations of current treatment options. The company anticipates continued growth in research and development expenses as it advances its pipeline and seeks regulatory approval for its therapies.
Stock Performance
The company's stock performance is influenced by its clinical trial outcomes and market conditions. As of September 30, 2024, VistaGen's stock remains a speculative investment, reflecting the inherent risks associated with clinical-stage biopharmaceutical companies.
Conclusion
VistaGen Therapeutics, Inc. is poised to make significant contributions to the treatment of CNS disorders through its focused mission and strategic investments in research and development. The company's ongoing clinical trials and collaborations underline its commitment to innovation and patient care.
How VistaGen Therapeutics, Inc. (VTGN) Works
Company Overview
VistaGen Therapeutics, Inc. (VTGN) is a clinical-stage biopharmaceutical company focused on developing novel therapies for patients with neuropsychiatric disorders. The company specializes in the development of a diverse pipeline of drug candidates, including fasedienol, itruvone, and PH80.
Financial Performance
As of September 30, 2024, VistaGen reported the following financial metrics:
| Metric | Q3 2024 (Three Months) | Q3 2023 (Three Months) | YTD 2024 (Six Months) | YTD 2023 (Six Months) |
|---|---|---|---|---|
| Total Revenues | $183,000 | $278,000 | $267,000 | $455,000 |
| Research and Development Expenses | $10,215,000 | $3,851,000 | $17,863,000 | $8,048,000 |
| General and Administrative Expenses | $4,195,000 | $3,207,000 | $8,762,000 | $6,185,000 |
| Net Loss | $(12,961,000) | $(6,588,000) | $(23,694,000) | $(13,491,000) |
Research and Development
VistaGen's research and development expenses significantly increased in 2024, driven by clinical trials for its lead product candidate, fasedienol. The company is currently conducting the PALISADE-3 and PALISADE-4 Phase 3 clinical trials, which are crucial for potential regulatory approval.
| Product Candidate | Q3 2024 R&D Expense | Q3 2023 R&D Expense | YTD 2024 R&D Expense | YTD 2023 R&D Expense |
|---|---|---|---|---|
| Fasedienol | $5,850,000 | $1,354,000 | $9,626,000 | $3,184,000 |
| Itruvone | $437,000 | $157,000 | $585,000 | $340,000 |
| AV-101 | $33,000 | $84,000 | $63,000 | $161,000 |
Operational Highlights
VistaGen has an accumulated deficit of approximately $379.9 million as of September 30, 2024, reflecting its ongoing investment in research and development without generating product sales revenue. The company has not yet achieved profitability and expects to incur significant losses in the foreseeable future.
Liquidity and Capital Resources
As of September 30, 2024, VistaGen reported cash and cash equivalents of approximately $97.6 million, which is projected to fund operations for more than 12 months. The company plans to utilize various financing strategies, including public offerings and strategic collaborations, to support its ongoing research and development activities.
| Cash Flow Summary | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(21,755,000) | $(14,081,000) |
| Net Cash Used in Investing Activities | $(13,253,000) | $0 |
| Net Cash Provided by Financing Activities | $88,000 | $35,051,000 |
Stock and Equity Information
As of September 30, 2024, VistaGen had 27,059,629 shares of common stock issued and an additional paid-in capital of $476.8 million. The company has a variety of outstanding warrants, with the weighted average exercise price being $6.24 per share.
| Warrant Information | Number of Shares Underlying Warrants | Exercise Price | Expiration Date |
|---|---|---|---|
| T1 Warrants | 9,294,022 | $5.38 | 10/4/2028 |
| T2 Warrants | 11,265,086 | $8.877 | 10/4/2028 |
| Pre-Funded Warrants | 3,577,240 | $0.001 | N/A |
How VistaGen Therapeutics, Inc. (VTGN) Makes Money
Revenue Sources
VistaGen Therapeutics, Inc. (VTGN) primarily generates revenue through sublicense agreements and other collaborative revenue streams. As of September 30, 2024, the revenue breakdown is as follows:
| Period | Sublicense and Other Revenue | Total Revenue |
|---|---|---|
| Three Months Ended September 30, 2024 | $183,000 | $183,000 |
| Three Months Ended September 30, 2023 | $278,000 | $278,000 |
| Six Months Ended September 30, 2024 | $267,000 | $267,000 |
| Six Months Ended September 30, 2023 | $455,000 | $455,000 |
Collaborative Agreements
The company has entered into several collaborative agreements, notably with AffaMed Therapeutics, Inc. and Fuji Pharma Co., Ltd. Under the AffaMed Agreement, VistaGen granted an exclusive license to develop fasedienol for anxiety disorders in specific territories, receiving an upfront payment of $5 million and potential milestone payments totaling $172 million.
Research and Development Expenses
Research and development (R&D) expenses are a significant part of VistaGen's operations, reflecting their focus on advancing clinical trials and product candidates. The R&D expenses for the most recent periods are as follows:
| Period | R&D Expenses |
|---|---|
| Three Months Ended September 30, 2024 | $10,215,000 |
| Three Months Ended September 30, 2023 | $3,851,000 |
| Six Months Ended September 30, 2024 | $17,863,000 |
| Six Months Ended September 30, 2023 | $8,048,000 |
General and Administrative Expenses
General and administrative (G&A) expenses also contribute to the overall cost structure, primarily driven by headcount increases and operational needs. The following G&A expenses were recorded:
| Period | G&A Expenses |
|---|---|
| Three Months Ended September 30, 2024 | $4,195,000 |
| Three Months Ended September 30, 2023 | $3,207,000 |
| Six Months Ended September 30, 2024 | $8,762,000 |
| Six Months Ended September 30, 2023 | $6,185,000 |
Net Loss and Financial Position
VistaGen has reported significant net losses, reflecting ongoing investments in development without corresponding revenue from product sales:
| Period | Net Loss |
|---|---|
| Three Months Ended September 30, 2024 | $(12,961,000) |
| Three Months Ended September 30, 2023 | $(6,588,000) |
| Six Months Ended September 30, 2024 | $(23,694,000) |
| Six Months Ended September 30, 2023 | $(13,491,000) |
Capital Resources and Funding
As of September 30, 2024, VistaGen had cash and cash equivalents totaling approximately $97.6 million. Funding has primarily come from equity and debt securities:
- Total cash proceeds from equity and debt securities: $338.5 million
- Government research grants and collaboration payments: $22.7 million
- Net proceeds from the October 2023 Public Offering: $93.5 million
VistaGen continues to seek additional capital through equity and non-dilutive financing to support ongoing operations and product development.
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Resources:
- VistaGen Therapeutics, Inc. (VTGN) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of VistaGen Therapeutics, Inc. (VTGN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View VistaGen Therapeutics, Inc. (VTGN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.