Vistagen Therapeutics, Inc.
VTGN evidence brief
What we can confirm
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, Inc. (VTGN) is a clinical-stage biopharmaceutical company developing intranasal pherine product candidates, with its lead candidate fasedienol in a U.S. registration-directed Phase 3 program for the acute treatment of social anxiety disorder (SAD).
Key risk: Going concern uncertainty
BioSniper Score
Based on 5 of 6 signals
Market Cap
$11.2M
Cash Runway
6.5 moLead Asset
av-101 (Preclinical)Next Catalyst
Phase3_Topline · Oct 1, 2026Financial data as of Jun 30, 2026.
Tracking 7 pipeline candidates · 7 clinical trials · 2 catalysts for Vistagen Therapeutics, Inc..
Similar companies
Vistagen Therapeutics, Inc. (VTGN) is a clinical-stage biopharmaceutical company developing intranasal pherine product candidates, with its lead candidate fasedienol in a U.S. registration-directed Phase 3 program for the acute treatment of social anxiety disorder (SAD).
- Lead candidate fasedienol is in a U.S. registration-directed Phase 3 program (PALISADE) for acute treatment of social anxiety disorder [sec · filed 2026-07-31].
- Cash, cash equivalents, and marketable securities were approximately $31.7 million as of June 30, 2026 [sec_mda · as of 2026-08-14].
- Net income was -$13.0 million for the period ended June 30, 2026 [sec].
- Substantial doubt exists about the company's ability to continue as a going concern beyond twelve months from August 14, 2026 [sec_mda · as of 2026-08-14].
What works
- Fasedienol is in a registration-directed Phase 3 program (PALISADE) with multiple trials, including PALISADE-4 and a repeat dose study, targeting a large unmet need in social anxiety disorder [sec_mda · as of 2026-02-12].
- The company has a pipeline of additional pherine candidates (itruvone for MDD, refisolone for VMS) and an NMDAR-targeting asset (AV-101) with FDA fast track designation for neuropathic pain and adjunctive MDD [sec_mda · as of 2026-08-14].
- Cash preservation measures have been implemented, including voluntary declines of retention bonuses by certain executives, to extend operational runway [sec · filed 2026-07-31].
What to weigh
- Substantial doubt exists about the company's ability to continue as a going concern beyond twelve months from August 14, 2026, indicating significant financial risk [sec_mda · as of 2026-08-14].
- The company has an accumulated deficit and reported a net loss of -$13.0 million for the period ended June 30, 2026 [sec].
- Research and development expenses are decreasing due to cash preservation measures, which may slow pipeline advancement [sec_mda · as of 2026-08-14].
- The company does not plan further development of AV-101 on its own and is seeking a third-party partner, adding uncertainty to that asset's path [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Fasedienol is in a U.S. registration-directed Phase 3 program for SAD
“the Company continued to advance the development of its clinical-stage intranasal pherine product candidates, including fasedienol, the Company's lead product candidate in a U.S. registration-directed Phase 3 development program for the acute treatment of social anxiety disorder ( SAD )”
SEC filings · July 31, 2026
Cash position and going concern uncertainty
“As of June 30, 2026, we had cash, cash equivalents, and marketable securities of approximately $31.7 million. As of August 14, 2026, the issuance date of the condensed consolidated financial statements in this Quarterly Report as of and for the three months ended June 30, 2026, there is uncertainty about whether our combined cash, cash equivalents, and marketable securities will be sufficient to fund operations beyond twelve months from the issuance date of the condensed consolidated financial statements in this Report and therefore we concluded that substantial doubt exists about our ability to continue as a going concern.”
SEC MD&A · August 14, 2026
Catalyst timeline
- 2026-10-01 · Phase3_Topline · fasedienol — Phase 3 Topline: US, Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled Clinical Trial of Fasedienol — First topline readout from the PALISADE-4 trial; results will determine next steps for fasedienol in SAD.
- 2027-04-01 · Phase3_Topline · fasedienol — Phase 3 Topline: US, Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled Clinical Trial of Fasedienol — Second topline readout from the PALISADE-4 trial; may provide confirmatory data for regulatory submission.
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Substantial doubt exists about ability to fund operations beyond 12 months from August 14, 2026 [sec_mda · as of 2026-08-14].
- Dependence on fasedienol success — Lead candidate fasedienol is in Phase 3; failure would significantly impact pipeline [sec · filed 2026-07-31].
- Cash preservation limiting R&D — R&D expenses decreasing due to cash preservation measures, potentially slowing development [sec_mda · as of 2026-08-14].
- AV-101 partnership uncertainty — No further development of AV-101 alone; reliant on finding third-party partner [sec_mda · as of 2026-08-14].
What to watch
- Topline results from PALISADE-4 Phase 3 trial of fasedienol for acute treatment of SAD, expected in 2026-2027 [sec · filed 2026-03-11].
- Ability to secure additional financing to extend cash runway beyond 2027 [sec_mda · as of 2026-08-14].
- Progress of PALISADE repeat dose study and any regulatory interactions with FDA [sec · filed 2026-06-30].
- Potential partnership or licensing deal for AV-101 [sec_mda · as of 2026-08-14].
Sources: News · SEC filings · SEC MD&A · Generated August 20, 2026 · How we verify sources →
Run Vistagen Therapeutics, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Vistagen Therapeutics, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
6.5 months
D/E 0.46 · 0% dilution
Lead: Phase 3
7 candidates
2 upcoming, next in ~32d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
55
Total value held
$7.2M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 3,148,400 | $1.8M |
| orbimed advisors llc | 3,060,000 | $1.7M |
| adar1 capital management, llc | 751,141 | $429K |
| millennium management llc | 644,404 | $368K |
| two sigma investments, lp | 469,619 | $268K |
| geode capital management, llc | 453,391 | $259K |
| blackrock, inc. | 448,507 | $256K |
| luminus management llc | 396,053 | $226K |
| jane street group, llc | 296,011 | $169K |
| renaissance technologies llc | 291,300 | $166K |
Showing top 10 of 55 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, Inc. (VTGN) is a clinical-stage biopharmaceutical company developing intranasal pherine product candidates, with its lead candidate fasedienol in a U.S. registration-directed Phase 3 program for the acute treatment of social anxiety disorder (SAD).
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.
What is Vistagen Therapeutics, Inc.'s next catalyst?
Vistagen Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: US, Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled Clinical Trial of Fasedienol " — expected October 1, 2026.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.