Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vistagen Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue
1.25
0
0
1.09
1.11
-0.23
1.06
0.49
1.27
Research and development
5.2
7.76
17.1
13.4
11.9
35.4
44.4
20
39.4
55
General and administrative
6.29
6.44
7.46
7.43
7.1
13.5
14.7
14.1
17.1
18.4
Operating expenses
11.5
14.2
24.6
20.8
19
48.9
59
34.1
56.5
73.4
Operating income
-10.2
-14.2
-24.6
-20.8
-17.9
-47.8
-59.3
-33
-56
-72.1
Interest expense
0
0.01
0.01
Other non-operating income
0
0
0
Pre-tax income
-10.3
-14.3
-24.6
-20.8
-17.9
-47.8
-59.2
-29.4
-51.4
-69.7
Income tax
0
0
0
0
0
0
0.01
0
0.01
0.01
Net income
-10.3
-14.3
-24.6
-20.8
-17.9
-47.8
-59.2
-29.4
-51.4
-69.7
EBITDA
-10.2
-14.1
-24.5
-20.7
-17.8
-47.6
-59.1
-32.9
-55.8
-71.9
EPS, basic
-1.54
-1.12
-0.90
-0.50
-0.49
-7.38
-8.51
-1.52
-1.67
-1.83
EPS, diluted
-1.54
-1.12
-0.90
-0.50
-0.49
-7.38
-8.51
-1.52
-1.67
-1.83
Shares, basic (weighted)
7.53
13.9
28.6
43.9
86.1
6.6
6.96
19.4
30.9
38.1
Shares, diluted (weighted)
7.53
13.9
28.6
43.9
86.1
6.6
6.96
19.4
30.9
38.1
Balance sheet
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Cash and equivalents
2.92
10.4
13.1
1.36
103
68.1
16.6
119
67.1
30.8
Short-term investments
0
13.4
14.6
Other current assets
0.46
0.64
0.23
0.23
0.88
2.75
0.8
1.51
1.59
1.54
Total current assets
3.38
11
13.6
1.58
104
71
17.5
121
82.1
46.9
Property, plant and equipment
0.29
0.21
0.31
0.21
0.37
0.41
0.51
0.44
0.48
0.43
Lease right-of-use assets
0
3.58
3.22
2.66
2.26
1.82
1.34
0.8
Other non-current assets
0.05
0.05
0.05
0.05
0.73
0.45
0.39
Total assets
3.71
11.3
14
5.77
108
74.6
21.1
124
84.3
48.6
Accounts payable
0.87
1.2
1.06
1.84
0.84
2.76
2.47
1.55
0.65
1.54
Accrued liabilities
0.44
0.21
1.69
0.56
1.56
1.33
0.8
2.24
8.81
8.76
Deferred revenue
0
1.42
1.24
0.71
0.79
2.59
1.71
Total current liabilities
1.37
1.46
2.8
27.7
4.19
5.77
4.57
5.12
12.6
12.8
Long-term debt
0
0
0
Lease liabilities
0
3.72
3.35
2.61
2.12
1.57
0.95
0.25
Total liabilities
3.1
4.36
6.94
11.5
16.3
9.93
9.01
9.37
14
13
Paid-in capital
147
167
192
200
316
336
343
474
482
517
Retained earnings
-142
-157
-181
-202
-220
-268
-327
-356
-408
-477
Treasury stock
-3.97
-3.97
-3.97
-3.97
-3.97
-3.97
-3.97
-3.97
-3.97
-3.97
Other comprehensive income
0
0.01
-0
Shareholders' equity
0.62
6.92
7.08
-5.73
92
64.7
12.1
114
70.4
35.5
Total equity
0.62
6.92
7.08
-5.73
92
64.7
12.1
114
70.4
35.5
Total liabilities and equity
3.71
11.3
14
5.77
108
74.6
21.1
124
84.3
48.6
Cash flow statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Net income
-10.3
-14.3
-24.6
-20.8
-17.9
-47.8
-59.2
-29.4
-51.4
-69.7
Depreciation and amortization
0.05
0.08
0.09
0.1
0.12
0.15
0.13
0.13
0.15
0.2
Stock-based compensation
0.85
2.34
3.44
3.82
2.31
3.48
3.34
2.18
4.32
4
Change in payables
-0.45
0.54
1.34
-0.39
0.05
1.69
-0.93
0.52
5.68
0.83
Cash from operations
-7.26
-9.06
-14.5
-15.8
-12.1
-45.3
-49.7
-25.8
-42.1
-66.4
Capital expenditures
-0.24
-0
-0.17
0
-0.28
-0.2
-0.53
0
Purchases of investments
0
-25
-22.3
Sales and maturities of investments
0
12
21.6
Cash from investing
-0.24
-0
-0.17
0
-0.28
-0.2
-0.74
-0.06
-13.1
-0.88
Stock issued
9.9
16.7
17
3.35
13
0.17
Cash from financing
9.99
16.5
17.4
4.01
114
10.5
-1.04
128
3.21
31
Net change in cash
2.49
7.46
2.72
-11.7
102
-35
-51.5
103
-52
-36.3
Free cash flow
-7.5
-9.06
-14.7
-15.8
-12.3
-45.5
-50.2
-25.8
Interest paid
0.02
0.01
0.01
0.01
0.01
0
0
0.03
Income taxes paid
0
0
0
0
0
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.18 on November 11, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-2,786.0%
Operating income / revenue.
EBITDA margin
-2,777.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-2,703.0%
Pre-tax income / revenue.
Net margin
-2,704.0%
Net income / revenue.
Operating cash flow margin
-2,491.0%
Cash from operations / revenue.
Return on equity (ROE)
-276.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-189.2%
Net income / average total assets.
Return on invested capital (ROIC)
-734.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2,163.0%
Research and development expense / revenue.
Stock-based pay / revenue
162.8%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
8.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
161.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 5y
3.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-49.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
43.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-17.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-42.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
32.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-14.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
23.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
76.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-15.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.07x
Current assets / current liabilities.
Quick ratio
2.84x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.84x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.06
Revenue / diluted weighted shares.
Operating cash flow per share
-$1.45
Cash from operations / diluted weighted shares.
Book value per share
$0.57
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.26x
Market cap / revenue.
P/B
0.33x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.33x
Market cap / tangible book value, when positive.
Earnings yield
-828.6%
Net income / market cap (the inverse of P/E).
What was Vistagen Therapeutics, Inc.'s revenue in fiscal 2026?
Vistagen Therapeutics, Inc. reported revenue of $1.3M for fiscal 2026, 161.1% higher than the year before.
Was Vistagen Therapeutics, Inc. profitable in fiscal 2026?
No. It reported a net loss of $69.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.