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Mar 31, 2025
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
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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