2024 Q1 Form 10-Q Financial Statement
#000143774924003916 Filed on February 13, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 |
---|---|---|
Revenue | $197.3K | $411.4K |
YoY Change | 12.1% | 129.06% |
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $4.120M | $3.758M |
YoY Change | 33.87% | 21.53% |
% of Gross Profit | ||
Research & Development | $7.437M | $4.538M |
YoY Change | -20.35% | -33.8% |
% of Gross Profit | ||
Depreciation & Amortization | $32.50K | $34.50K |
YoY Change | -2.4% | 12.75% |
% of Gross Profit | ||
Operating Expenses | $11.56M | $8.295M |
YoY Change | -6.92% | -16.6% |
Operating Profit | -$7.884M | |
YoY Change | -19.28% | |
Interest Expense | $1.527M | $1.534M |
YoY Change | 12116.8% | 28847.17% |
% of Operating Profit | ||
Other Income/Expense, Net | $312.0K | |
YoY Change | ||
Pretax Income | -$9.520M | -$6.350M |
YoY Change | -22.13% | -34.95% |
Income Tax | $1.500K | $0.00 |
% Of Pretax Income | ||
Net Earnings | -$9.521M | -$6.350M |
YoY Change | -22.13% | -34.95% |
Net Earnings / Revenue | -4825.85% | -1543.46% |
Basic Earnings Per Share | -$0.22 | |
Diluted Earnings Per Share | -$0.31 | -$0.22 |
COMMON SHARES | ||
Basic Shares Outstanding | 27.03M | 27.02M |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $119.2M | $126.6M |
YoY Change | 616.25% | 405.48% |
Cash & Equivalents | $119.2M | $126.6M |
Short-Term Investments | $0.00 | |
Other Short-Term Assets | $1.506M | $1.555M |
YoY Change | 153.07% | 79.52% |
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $120.7M | $128.1M |
YoY Change | 589.26% | 391.66% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $435.0K | $445.1K |
YoY Change | -14.25% | -17.68% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $726.0K | $575.3K |
YoY Change | -10.83% | -22.93% |
Total Long-Term Assets | $2.981M | $2.954M |
YoY Change | -16.77% | -19.1% |
TOTAL ASSETS | ||
Total Short-Term Assets | $120.7M | $128.1M |
Total Long-Term Assets | $2.981M | $2.954M |
Total Assets | $123.7M | $131.1M |
YoY Change | 486.33% | 341.18% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $1.547M | $1.737M |
YoY Change | -37.45% | 8.64% |
Accrued Expenses | $2.235M | $129.3K |
YoY Change | 183.85% | -88.09% |
Deferred Revenue | $791.0K | $1.763M |
YoY Change | 10.74% | 147.48% |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% |
Long-Term Debt Due | $1.900K | |
YoY Change | 18.75% | |
Total Short-Term Liabilities | $5.123M | $4.165M |
YoY Change | 12.16% | -2.87% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $6.000K |
YoY Change | -100.0% | -24.05% |
Other Long-Term Liabilities | $4.244M | $3.613M |
YoY Change | -4.29% | -23.77% |
Total Long-Term Liabilities | $4.244M | $3.619M |
YoY Change | -4.45% | -23.77% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $5.123M | $4.165M |
Total Long-Term Liabilities | $4.244M | $3.619M |
Total Liabilities | $9.367M | $7.783M |
YoY Change | 3.97% | -13.85% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$356.2M | -$346.7M |
YoY Change | 8.96% | 10.2% |
Common Stock | $27.00K | $27.00K |
YoY Change | 269.86% | -86.96% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $114.3M | $123.3M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $123.7M | $131.1M |
YoY Change | 486.33% | 341.18% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$9.521M | -$6.350M |
YoY Change | -22.13% | -34.95% |
Depreciation, Depletion And Amortization | $32.50K | $34.50K |
YoY Change | -2.4% | 12.75% |
Cash From Operating Activities | -$7.197M | -$4.536M |
YoY Change | -3.69% | -54.34% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $28.70K | $32.30K |
YoY Change | 158.4% | |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $0.00 | |
YoY Change | -100.0% | |
Cash From Investing Activities | -$28.70K | -$32.30K |
YoY Change | -94.57% | 158.4% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -167.8K | 93.52M |
YoY Change | -57.91% | -30852.98% |
NET CHANGE | ||
Cash From Operating Activities | -7.197M | -4.536M |
Cash From Investing Activities | -28.70K | -32.30K |
Cash From Financing Activities | -167.8K | 93.52M |
Net Change In Cash | -7.394M | 88.95M |
YoY Change | -11.98% | -967.83% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$7.197M | -$4.536M |
Capital Expenditures | $28.70K | $32.30K |
Free Cash Flow | -$7.226M | -$4.568M |
YoY Change | -3.3% | -54.07% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Entity Small Business
EntitySmallBusiness
|
true | ||
dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | ||
dei |
Entity Shell Company
EntityShellCompany
|
false | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--03-31 | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
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Entity Central Index Key
EntityCentralIndexKey
|
0001411685 | ||
ecd |
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NonRule10b51ArrTrmntdFlag
|
false | ||
ecd |
Non Rule10b51 Arr Adopted Flag
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|
false | ||
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NonRule10b51ArrAdoptedFlag
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Rule10b51 Arr Adopted Flag
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CY2023Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
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Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
dei |
Document Type
DocumentType
|
10-Q | ||
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true | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2023-12-31 | ||
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Document Transition Report
DocumentTransitionReport
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dei |
Entity File Number
EntityFileNumber
|
001-37761 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
VISTAGEN THERAPEUTICS, INC. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
NV | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
20-5093315 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
343 Allerton Avenue | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
South San Francisco | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
CA | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
94080 | ||
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City Area Code
CityAreaCode
|
650 | ||
dei |
Local Phone Number
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577-3600 | ||
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Security12b Title
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|
Common Stock, par value $0.001 per share | ||
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Trading Symbol
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VTGN | ||
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NASDAQ | ||
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Earnings Per Share Basic
EarningsPerShareBasic
|
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Earnings Per Share Basic
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|
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us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.27 | ||
us-gaap |
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|
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|
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Weighted Average Number Of Shares Outstanding Basic
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Weighted Average Number Of Shares Outstanding Basic
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|
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Weighted Average Number Of Shares Outstanding Basic
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|
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StockholdersEquity
|
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CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
956900 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
56100 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
100000 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19776300 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
46052000 | usd |
CY2022Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1031800 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
4400 | usd |
CY2022Q3 | vtgn |
Stock Issued During Period Value Cashless Stock Options Exercised
StockIssuedDuringPeriodValueCashlessStockOptionsExercised
|
0 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-17483200 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29605000 | usd |
CY2022Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
746300 | usd |
CY2022Q4 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
7000 | usd |
CY2022Q4 | vtgn |
Adjustments To Additional Paid In Capital Warrant Modification
AdjustmentsToAdditionalPaidInCapitalWarrantModification
|
77400 | usd |
CY2022Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9761200 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
20674500 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
12080000 | usd |
CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
569100 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
4200 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
1098800 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6903100 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6849000 | usd |
CY2023Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
583700 | usd |
CY2023Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
34800200 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6587700 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
35645200 | usd |
CY2023Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
506700 | usd |
CY2023Q4 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
3700 | usd |
CY2023Q4 | vtgn |
Stock Issued During Period Value Public Offering
StockIssuedDuringPeriodValuePublicOffering
|
93479000 | usd |
CY2023Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6349800 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
123284800 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-19840600 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-47020700 | usd | |
vtgn |
Depreciation Depletion And Amortization Excluding Amortization Of Operating Lease Assets
DepreciationDepletionAndAmortizationExcludingAmortizationOfOperatingLeaseAssets
|
94500 | usd | |
vtgn |
Depreciation Depletion And Amortization Excluding Amortization Of Operating Lease Assets
DepreciationDepletionAndAmortizationExcludingAmortizationOfOperatingLeaseAssets
|
96200 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1659500 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2734900 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
0 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
77400 | usd | |
us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
327000 | usd | |
us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
297900 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-201900 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-3037900 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-359000 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-321500 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1394200 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1509500 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18615900 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-42242400 | usd | |
vtgn |
Payments To Acquire Laboratory And Other Equipment
PaymentsToAcquireLaboratoryAndOtherEquipment
|
32300 | usd | |
vtgn |
Payments To Acquire Laboratory And Other Equipment
PaymentsToAcquireLaboratoryAndOtherEquipment
|
212000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-32300 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-212000 | usd | |
vtgn |
Proceeds From Issuance Of Common Stock And Option Exercises Net
ProceedsFromIssuanceOfCommonStockAndOptionExercisesNet
|
0 | usd | |
vtgn |
Proceeds From Issuance Of Common Stock And Option Exercises Net
ProceedsFromIssuanceOfCommonStockAndOptionExercisesNet
|
104400 | usd | |
us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
93517200 | usd | |
us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
0 | usd | |
us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
1200 | usd | |
us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
1000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
984800 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
720500 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
128569800 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-643600 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
109921600 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-43098000 | usd | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
16637600 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
68135300 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
126559200 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
25037300 | usd |
vtgn |
Insurance Premiums Settled Issuing Note Payable
InsurancePremiumsSettledIssuingNotePayable
|
879500 | usd | |
vtgn |
Insurance Premiums Settled Issuing Note Payable
InsurancePremiumsSettledIssuingNotePayable
|
1139700 | usd | |
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
17900 | usd | |
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
0 | usd | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
0 | usd | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
10600 | usd | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>2.</b> <b>Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (<i>U.S.</i> <i>GAAP</i>) applicable to interim financial information and pursuant to the instructions of the Securities and Exchange Commission (<i>SEC</i>) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Further, the results of our operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or the full fiscal year. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet at March 31, 2023, has been derived from our audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The report of our independent auditors included an explanatory paragraph in their opinion on our consolidated financial statements as of and for the fiscal year ended March 31, 2023, that states that our ongoing losses raised substantial doubt about our ability to continue as a going concern. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 (our <i>Annual Report</i>).</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The accompanying unaudited condensed consolidated financial statements include the accounts of Vistagen and its subsidiaries. All intercompany accounts and transactions have been eliminated.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On June 6, 2023, we implemented a stockholder-approved one-for-thirty (1-for-30) reverse split of our common stock (the <i>Reverse Stock Split</i>). All share and per share data for all periods presented in the accompanying condensed consolidated financial statements and related disclosures in this Report have been adjusted retrospectively to reflect the Reverse Stock Split. Refer to Note 5, <i>Capital Stock</i>, for additional information.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Actual results could differ from those estimates. Changes in estimates are reflected in the reported results in the period in which they become known.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Liquidity</i></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We have incurred significant losses and negative cash flows from operations since inception. As of December 31, 2023, we had an accumulated deficit of $346.7 million. We expect that operating losses and negative cash flows will continue for the foreseeable future as we continue to develop our product candidates. We currently expect that our cash and cash equivalents of $126.6 million as of December 31, 2023 will be sufficient to fund operating expenses and capital requirements for more than 12 months from the date the unaudited condensed consolidated financial statements are issued.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Recently Issued Accounting Pronouncements</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">There were no significant updates not already disclosed in the Company’s audited consolidated financial statements for the years ended March 31, 2023, and 2022, to the recently issued accounting standards for the nine months ended December 31, 2023.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include those relating to revenue recognition, share-based compensation, right-of-use assets and lease liabilities and assumptions that have been used historically to value warrants and warrant modifications. Actual results could differ from those estimates. Changes in estimates are reflected in the reported results in the period in which they become known.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> | ||
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-346700000 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
126600000 | usd |
CY2023Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
325000000 | |
CY2023Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
CY2023Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
3577240 | ||
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
5.38 | |
CY2023Q4 | vtgn |
Proceeds From Sale Of Securities Net Of Expenses
ProceedsFromSaleOfSecuritiesNetOfExpenses
|
93500000 | usd |
CY2023Q4 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
506700 | usd |
CY2022Q4 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
746300 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1659500 | usd | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2734900 | usd | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
21334294 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
832184 |