Vistagen Therapeutics, Inc.
VTGN evidence brief
What we can confirm
- BioSniper Score:
- 7.4 / 10
- Market Cap:
- $13.2M
- Cash Runway:
- 6.5 mo
What it means
What to watch
Prepared research question
What matters most for VTGN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · VTGN
Vistagen Therapeutics is a late clinical-stage biopharmaceutical company developing intranasal pherine product candidates for neuroscience disorders, with no approved products and a primary focus on fasedienol for social anxiety disorder.
Key risk: No approved products
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 7 pipeline candidates · 7 clinical trials for Vistagen Therapeutics, Inc..
Vistagen Therapeutics is a late clinical-stage biopharmaceutical company developing intranasal pherine product candidates for neuroscience disorders, with no approved products and a primary focus on fasedienol for social anxiety disorder.
- Vistagen is a late clinical-stage biopharmaceutical company leveraging nose-to-brain neurocircuitry to develop intranasal pherine product candidates [sec_mda · as of 2026-08-14].
- Its most advanced pherine candidate is fasedienol for the acute treatment of social anxiety disorder, with a PALISADE Phase 3 program ongoing [sec_mda · as of 2026-02-12].
- As of 2026-06-30, the company reported cash & equivalents of $17.0M, total revenue of $1.5M, net income of -$13.0M, and shareholders' equity of $24.5M [sec].
- The company has no approved products or revenues from product sales and requires substantial additional financing to execute its long-term business plan [sec_mda · as of 2026-06-15].
- In March 2026, the Board approved a ~20% workforce reduction to manage cash while prioritizing the PALISADE program [sec_mda · as of 2026-06-15].
What works
- The pherine platform is designed to achieve therapeutic benefits without systemic absorption or brain uptake, potentially offering a safer alternative to other pharmacological options [sec_mda · as of 2026-08-14].
- The pipeline includes five clinical-stage pherine candidates, each with at least one positive clinical study in the targeted patient population [sec_mda · as of 2026-02-12].
- Fasedienol has an ongoing U.S. registration-directed PALISADE Phase 3 program, indicating progress toward potential approval [sec_mda · as of 2026-02-12].
- The company has received FDA fast track designation for AV-101 in neuropathic pain and adjunctive MDD, and a 'Study May Proceed' letter for refisolone for vasomotor symptoms [sec_mda · as of 2026-08-14][sec_mda · as of 2026-06-15].
What to weigh
- The company has no approved products or product-sale revenues, and its long-term business plan depends on substantial additional financing [sec_mda · as of 2026-06-15].
- Cash resources may be depleted sooner than expected, and the company reported a net loss of -$13.0M for the period ending 2026-06-30 [sec_mda · as of 2026-06-15][sec].
- The company has limited experience developing and commercializing new product candidates, which could impair business operations [sec_mda · as of 2026-06-15].
- Vistagen does not anticipate further development of AV-101 on its own and is assessing third-party collaboration, creating uncertainty for that program [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Company description and platform
“clinical-stage biopharmaceutical company focused on leveraging a deep understanding of nose-to-brain neurocircuitry to develop and commercialize a new class of rapid-onset neurocircuitry-focused intranasal product candidates called pherines.”
SEC MD&A · August 14, 2026
No approved products and need for financing
“we are a clinical-stage biopharmaceutical company with no approved products or revenues from product sales, and limited experience developing and commercializing new product candidates”
SEC MD&A · June 15, 2026
Workforce reduction
“our Board of Directors approved a reduction of approximately 20% in our workforce, intended to provide disciplined cash management while prioritizing efficient execution of the ongoing clinical studies in our PALISADE Program.”
SEC MD&A · June 15, 2026
Catalyst timeline
- 2021-05-24 · Phase 3 start for PH94B (fasedienol) in SAD (PALISADE-3) — Initiation of a Phase 3 trial for acute treatment of anxiety in social anxiety disorder.
- 2021-08-30 · Phase 3 start for PH94B in SAD (PALISADE-2) — Second Phase 3 trial for fasedienol in social anxiety disorder.
- 2021-10-01 · Phase 3 open-label safety trial start for PH94B in SAD — Open-label safety trial for fasedienol in social anxiety disorder.
- 2021-10-12 · Phase 2a start for PH94B — Initiation of a Phase 2a trial for fasedienol.
Risks & what to watch (4)›
Key risks
- No approved products — Company has no approved products or product-sale revenues, relying entirely on future development success [sec_mda · as of 2026-06-15].
- Cash runway uncertainty — Cash of $17.0M as of 2026-06-30 may be depleted sooner than expected given ongoing clinical costs and net losses [sec][sec_mda · as of 2026-06-15].
- AV-101 program uncertainty — Company does not anticipate further development of AV-101 alone and is seeking third-party collaboration [sec_mda · as of 2026-08-14].
- Limited commercialization experience — Company has limited experience developing and commercializing new product candidates, which may impair business [sec_mda · as of 2026-06-15].
What to watch
- Progress and results of the PALISADE Phase 3 program for fasedienol in social anxiety disorder, including PALISADE-3, PALISADE-4, and the Repeat Dose Study [sec_mda · as of 2026-02-12].
- Cash position and any additional financing activities, given the $17.0M cash as of 2026-06-30 and ongoing net losses [sec][sec_mda · as of 2026-06-15].
- Outcome of the workforce reduction (~20%) and its impact on operational efficiency and clinical timelines [sec_mda · as of 2026-06-15].
- Potential third-party collaboration or licensing for AV-101 development [sec_mda · as of 2026-08-14].
Sources: Catalysts · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
6.5 months
D/E 0.46 · 0% dilution
Lead: Phase 3
7 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
56
Total value held
$7.8M
| Holder | Shares | Value |
|---|---|---|
| orbimed advisors llc | 3,060,000 | $1.7M |
| tcg crossover management, llc | 2,676,580 | $1.5M |
| vanguard capital management llc | 1,574,200 | $900K |
| adar1 capital management, llc | 751,141 | $429K |
| ikarian capital, llc | 519,077 | $297K |
| two sigma investments, lp | 469,619 | $268K |
| geode capital management, llc | 453,391 | $259K |
| blackrock, inc. | 448,507 | $256K |
| millennium management llc | 430,404 | $246K |
| luminus management llc | 396,053 | $226K |
Showing top 10 of 56 institutional holders of Vistagen Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 21, 2026- % of float
- 5.1%
- Days to cover
- 3.0
- Shares short
- 1,410,489
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
VTGN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Vistagen Therapeutics, Inc.?
Vistagen Therapeutics is a late clinical-stage biopharmaceutical company developing intranasal pherine product candidates for neuroscience disorders, with no approved products and a primary focus on fasedienol for social anxiety disorder.
What is Vistagen Therapeutics, Inc.'s lead drug candidate?
Vistagen Therapeutics, Inc.'s most advanced tracked candidate is av-101 (Preclinical) for levodopa-induced dyskinesia (LID) and neuropathic pain (NP); adjunctive treatment of MDD.
Who is the CEO of Vistagen Therapeutics, Inc.?
Mr. Shawn K. Singh J.D. is the chief executive officer of Vistagen Therapeutics, Inc. (VTGN).
Where is Vistagen Therapeutics, Inc. headquartered?
Vistagen Therapeutics, Inc. (VTGN) is headquartered in South San Francisco, CA, United States.
What therapeutic areas does Vistagen Therapeutics, Inc. focus on?
Vistagen Therapeutics, Inc. develops therapies across Oncology, Neurology, Pain, Dermatology, Reproductive, Psychiatry.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.