The failed PALISADE-4 trial removes the primary near-term catalyst. The stock will likely remain under pressure until the FDA meeting outcome or a partnership/financing event. Given the limited cash runway, watch for dilutive financing or strategic alternatives. The very severe subgroup signal is weak and unlikely to support a standalone NDA.
Price Chart
Executive Summary
Vistagen reported Q1 FY2027 net loss of $13.0M ($0.30/share), slightly missing the $0.29 consensus. Revenue of $1.5M was largely one-time from a Fuji Pharma agreement. The key negative is the failure of the PALISADE-4 Phase 3 trial for fasedienol in social anxiety disorder, with no clear path forward yet. Cash of $31.7M provides runway into 2027 but less than a year, raising financing risk.
Key Financial Metrics
Key Facts
- Net loss per share $(0.30) vs consensus $(0.29) — slight miss
- Revenue $1.476M, primarily from one-time Fuji Pharma exclusivity expiration
- PALISADE-4 Phase 3 trial for fasedienol failed primary endpoint; post-hoc subgroup signal only
- Cash, cash equivalents, and marketable securities $31.7M as of June 30, 2026
- Cash runway expected into 2027 but less than one year from now
- FDA meeting planned for potential fasedienol registrational path
- Cost-cutting measures implemented including March 2026 RIF
Financial Impact
Net loss of $13.0M for the quarter, cash burn ~$13.7M from $45.4M to $31.7M
Risk Factors
- Need for additional financing within 12 months — likely dilutive
- FDA may not accept post-hoc subgroup data for registrational path
- Further pipeline setbacks (itruvone, refisolone) could accelerate cash burn
- Low institutional ownership and minimal analyst coverage limit support
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-056953 |
| Document: vtgn-20260814.htm | 0001628280-26-056953 |
| Document: 0001628280-26-056953-index-headers.html | 0001628280-26-056953 |
| Document: 0001628280-26-056953-index.html | 0001628280-26-056953 |
| Document: 0001628280-26-056953.txt | 0001628280-26-056953 |
| 8-K Data (Synthetic) | 0001628280-26-056953 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | 8-K | $0.2676 $0.2432 | ▲ +9.12% | ▲ +7.13% | $0.2847 (−6.39%) |
Aug 14, 2026 7w ago | Press Release | $0.2676 $0.2432 | ▼ −9.12% | ▼ −7.13% | $0.2847 (+6.39%) |
Jul 31, 2026 9w ago | 8-K | $0.2410 $0.2529 | ▲ +4.94% | ▲ +1.95% | $0.2847 (+18.13%) |
Jun 30, 2026 13w ago | 8-K | $0.2260 $0.2302 | ▼ −1.86% | ▼ −2.89% | $0.2847 (−25.97%) |
Jun 17, 2026 15w ago | 8-K | $0.6702 $0.2400 | ▼ −64.19% | ▼ −64.72% | $0.2847 (−57.52%) |
Jun 15, 2026 15w ago | 8-K | $0.6900 $0.2461 | ▼ −64.33% | ▼ −64.53% | $0.2847 (−58.74%) |
Jun 11, 2026 16w ago | Institutional Cluster | $0.5731 $0.2492 | ▼ −56.52% | ▼ −58.41% | $0.2847 (−50.32%) |
Jun 9, 2026 16w ago | 8-K | $0.5351 $0.2492 | ▼ −53.43% | ▼ −57.05% | $0.2847 (−46.79%) |
May 19, 2026 19w ago | 8-K | $0.6400 $0.6702 | ▲ +4.72% | ▲ +3.98% | $0.2847 (−55.52%) |
May 12, 2026 20w ago | 8-K | $0.6200 $0.5400 | ▼ −12.90% | ▼ −11.18% | $0.2847 (−54.08%) |
US Market Status
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