2024 Q1 Form 10-Q Financial Statement

#000143774924003916 Filed on February 13, 2024

View on sec.gov

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
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true
dei Entity Emerging Growth Company
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dei Entity Shell Company
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VISTAGEN THERAPEUTICS, INC.
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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: &quot;Times New Roman&quot;; 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

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