Vistagen Therapeutics, Inc.

vistagen.com

What Do They Do?

Develops intranasal drug candidates for patients with social anxiety disorder, depression, menopause-related hot flashes, and other conditions.

How Do They Make Money?

It earns sublicense and other amounts under agreements with AffaMed and Fuji Pharma; nonrefundable upfront fees for distinct licenses are earned when a partner can use the rights.

FY2026 revenue

Who Are Their Customers?

AffaMed and Fuji Pharma are counterparties to agreements under which Vistagen earns sublicense and other revenue.

Do Revenues Turn Into Profits?

No. It lost $69.7M in FY2026.

Operating income, FY2026

−5684% of revenue

▲ +29% (Loss) vs FY2025 (−$56M, −11517%)

Net income, FY2026

−5491% of revenue

▲ +36% (Loss) vs FY2025 (−$51.4M, −10580%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +505%; vs $244K in Q1 FY2026
Net income: ▼ −14% (Loss); vs −$15.1M in Q1 FY2026

Aug 14, 2026 Fasedienol's Phase 3 study missed its main goal; FDA discussions are planned An analysis after the trial found a nominally statistically significant result among patients with very severe symptoms; the company is preparing to discuss a possible path with the FDA.
Aug 5, 2026 Nasdaq gives Vistagen extra time to meet its minimum share-price rule The listing remains in effect during the extension; failure to meet the rule could lead to delisting.

Growing. Revenue grew 14% in 4 years, from $1.1M in FY2022 to $1.3M in FY2026, about 3% a year.

Who Do They Compete With?

Competes with Vanda Pharmaceuticals, Tonix Pharmaceuticals, Sensorium Therapeutics, Engrail Therapeutics, Axsome Therapeutics, Definium Therapeutics, Xenon Pharmaceuticals, Johnson & Johnson, Usona Institute, Neumora Therapeutics, Boehringer Ingelheim, Syndeio Biosciences, Suven Life Sciences, GH Research, Draig Therapeutics, HMNC Brain Health, Sirtsei Pharmaceuticals, Astellas Pharma, Bayer, and Gedeon Richter

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