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Mar 31
Vistagen Q4 2025 Earnings Report
Vistagen reported its Q4 2025 earnings, reflecting continued investment in R&D and progressing clinical trials, with a significant increase in net loss year-over-year.
Key Takeaways
Vistagen experienced a wider net loss in Q4 2025 compared to the previous year due to higher R&D and administrative expenses, as it advanced late-stage trials for key neuroscience therapies.
Net loss widened to $51,418,000, driven by increased R&D costs
Total revenue for the quarter was $486,000, primarily from sublicense activities
R&D expenses nearly doubled to support Phase 3 clinical programs
Company ended the fiscal year with $80,482,000 in cash and marketable securities
Vistagen
Vistagen
Vistagen Revenue by Segment
Revenue by Segment
Sublicense and other Revenue
CapyFin.com Forward Guidance
Vistagen expects significant milestones in the upcoming quarters, particularly the PALISADE-3 trial results in Q4 2025 and continued development across its clinical pipeline.
Positive Outlook
- Topline results for PALISADE-3 expected in Q4 2025
- PALISADE-4 results anticipated in H1 2026
- Open IND and upcoming Phase 2 for itruvone in MDD
- Preparation for Phase 2 of PH80 in women’s health
- Maintained a strong cash position of over $80 million
Challenges Ahead
- Widened net loss reflecting rising operating costs
- Decline in sublicense revenue YoY
- No new product approvals or commercial launches yet
- Continued reliance on clinical milestones for value creation
- Higher G&A expenses impacting profitability