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VistaGen Therapeutics reported Q1 2026 financial results with a net loss of $15.1 million and increased R&D expenses. The company is optimistic about its lead program, fasedienol, for social anxiety disorder, with key trial results expected in late 2025 and early 2026. Analysts have a neutral stance on VTGN stock, recognizing both potential and risks involved.

Vistagen (Nasdaq: VTGN), a late clinical-stage biopharmaceutical company focused on neuroscience, reported its fiscal year 2026 first quarter financial results, ending June 30, 2025. The company highlighted its lead program, fasedienol, for the acute treatment of social anxiety disorder (SAD), with key trial results expected in late 2025 and early 2026. Vistagen also reported a net loss of $15.1 million for the quarter, an increase from $10.7 million in the same period last year. Research and development (R&D) expenses increased to $11.7 million, up from $7.6 million in the prior year, driven primarily by the U.S. registration-directed PALISADE Program for fasedienol in SAD.

Vistagen's lead program, fasedienol, continues to progress with topline results from its Phase 3 trials, PALISADE-3 and PALISADE-4, anticipated in the fourth quarter of 2025 and the first half of 2026, respectively. The company remains optimistic about the potential of fasedienol to impact the lives of over 30 million U.S. adults affected by SAD. Additionally, Vistagen is preparing its U.S. Investigational New Drug Application (IND) for PH80 for treatment of vasomotor symptoms (VMS) due to menopause and itruvone for Major Depressive Disorder (MDD).

The company's financial results also include a net loss of $15.1 million for the quarter, a 42% increase from the prior year's $10.7 million. General and administrative (G&A) expenses were $4.4 million, down from $4.6 million in the prior year. Cash, cash equivalents, and marketable securities stood at $63.2 million as of June 30, 2025.

Analysts have a neutral stance on VTGN stock, recognizing both the potential and risks involved. The company's progress in its lead program and pipeline, along with the increasing R&D expenses, will be closely watched by investors. Vistagen will host a conference call and live audio webcast today, August 7, 2025, at 5:00 p.m. Eastern Time to provide a corporate update.

References:
[1] https://www.marketscreener.com/news/vistagen-reports-fiscal-year-2026-first-quarter-financial-results-and-corporate-update-ce7c5edcd981f425