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Dec 31, 2024
Vistagen Q3 2025 Earnings Report
Vistagen reported its fiscal year 2025 third quarter financial results, highlighting progress in its clinical-stage pipeline and an increase in R&D expenses.
Key Takeaways
Vistagen reported a net loss of $14.1 million for the fiscal year 2025 third quarter, an increase from $6.4 million in the prior year. Research and development expenses significantly increased to $11.3 million, driven by advancements in its PALISADE Phase 3 Program and IND-enabling programs. The company also highlighted positive results from an exploratory Phase 2A trial of PH284 in cancer cachexia.
Net loss for the quarter was $14.1 million, compared to $6.4 million in the same period last year.
Research and development expense increased to $11.3 million from $4.5 million in the prior year, primarily due to clinical trial advancements.
General and administrative expense rose to $4.0 million from $3.8 million, mainly due to an increase in headcount.
Cash, cash equivalents, and marketable securities totaled $88.6 million as of December 31, 2024.
Revenue by Segment
Forward Guidance
Vistagen anticipates a monumental year in 2025 with multiple anticipated data readouts for fasedienol and further advancement of other pherine product candidates.
Positive Outlook
- PALISADE-3 and PALISADE-4 Phase 3 trials for fasedienol are progressing towards top-line results later this year.
- Initiated fasedienol Phase 2 Repeat Dose Study for the acute treatment of SAD.
- Announced positive results from an exploratory Phase 2A study of PH284 in cancer cachexia.
- Ongoing U.S. IND-enabling program for PH80 to support planned submission of a U.S. IND for women's health indications.
- Preparations and planning for Phase 2B development of itruvone for major depressive disorder.
Challenges Ahead
- No guarantee that product candidates will successfully complete ongoing or future clinical trials within estimated timelines or at all.
- No guarantee of receiving regulatory approval or commercial success for any product candidates.
- No guarantee of replicating past study results for any product candidates.
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