VTGN Stock — Vistagen Therapeutics Inc.: Cash, EV, Pipeline

Share price

$0.24

Market cap

$10.7M

Cash

$31.7M

Enterprise value

-$21.0M

Balance sheet

Cash	$31.7M
Debt	$0.0M
Net cash	$31.7M
Enterprise value	-$21.0M
Basic shares	43.0M shares
Fully diluted shares	70.2M shares
Fully diluted market cap	$16.8M
Cash per share	$0.74

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Pipeline assets

fasedienol

Phase 3 · Active Modality: intranasal pherine (non-systemic)

Partnerships AffaMed (fasedienol development/commercialization in its licensed territory; company retains US and rest-of-world rights)

Indications

acute treatment of anxiety in adults with social anxiety disorder (Stage not disclosed)

Status note FDA fast track designation for acute SAD. PALISADE-2 Phase 3 was positive; PALISADE-1, -3 and -4 and the exploratory repeat-dose study did not achieve primary/secondary endpoints. Company is preparing for an FDA meeting to discuss a registrational pathway supported by a single future multi-dose Phase 3 with LSAS as primary endpoint plus confirmatory evidence.

itruvone

Stage not disclosed · Active Modality: intranasal pherine

Indications

major depressive disorder (Stage not disclosed)

Status note Named as one of the company's most advanced intranasal pherine candidates; no stage or trial details in the 10-Q excerpts.

refisolone

Stage not disclosed · Active Modality: intranasal pherine

Aliases PH80

Indications

vasomotor symptoms (hot flashes) due to menopause (Stage not disclosed)

Status note Named as one of the company's most advanced intranasal pherine candidates; no stage or trial details in the 10-Q excerpts. The exclusive negotiation agreement with Fuji Pharma for a potential Japan license terminated without a definitive agreement.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Fasedienol Nasal Spray
Lead indication	Social Anxiety Disorder
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06358651	Phase 3	Active, not recruiting	Sponsor	VTGN	—	Social Anxiety Disorder	—
NCT06615557	Phase 3	Active, not recruiting	Sponsor	VTGN	—	Social Anxiety Disorder (SAD)	—
NCT06809179	Phase 2	Recruiting	Sponsor	VTGN	—	Social Anxiety Disorder	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for VistaGen Therapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	519,077	no change	0.02%	2026-08-14
ADAR1 Capital Management	351,141	-400,000	0.00%	2026-08-14
OrbiMed Advisors	0	-3,060,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

VTGN — Vistagen Therapeutics Inc.

Balance sheet

Price history

Pipeline assets

Pipeline

Active clinical trials

Institutional holders