VistaGen Therapeutics, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 13, 2026, disclosing a net loss of $23,770 thousand for the six months ended on that date.

Key Highlights

  • Net loss of $10,740 thousand for the three months ended September 30, 2026, compared with a net loss of $19,417 thousand in the same period of the prior year, according to the filing.
  • Accumulated deficit reached $501,087 thousand as of September 30, 2026, up from $477,317 thousand at March 31, 2026.
  • Cash and cash equivalents declined to $10,892 thousand at September 30, 2026, from $30,789 thousand at March 31, 2026.
  • Total stockholders' equity fell to $14,992 thousand at September 30, 2026, compared with $35,520 thousand at March 31, 2026.
  • Research and development expenses were $6,554 thousand for the three months ended September 30, 2026, down from $15,915 thousand in the same quarter of the prior year.
  • Shares issued increased to 45,595,380 at September 30, 2026, from 39,624,839 at March 31, 2026, reflecting activity under the Open Market Sale Agreement and exercise of pre-funded warrants.
  • Sublicense and other revenue was $138 thousand for the three months ended September 30, 2026, compared with $258 thousand in the prior-year quarter.

VistaGen's Financial Position and Operating Results for the Quarter and Six Months Ended September 30, 2026

According to the filing, VistaGen Therapeutics, Inc. (NASDAQ:VTGN), a Nevada-incorporated biopharmaceutical company headquartered in South San Francisco, California, reported a net loss of $10,740 thousand for the three months ended September 30, 2026, and a net loss of $23,770 thousand for the six months ended on the same date. The company's basic and diluted net loss per common share was $(0.24) for the quarter and $(0.54) for the six-month period, based on weighted average shares outstanding of 44,440,372 and 43,714,263, respectively.

The filing disclosed that total operating expenses for the three months ended September 30, 2026 were $11,075 thousand, comprised of $6,554 thousand in research and development and $4,521 thousand in general and administrative expenses. For the same quarter of the prior year, total operating expenses were $20,311 thousand. The company reported interest income, net of $198 thousand for the quarter and $515 thousand for the six-month period. Total revenues for the three months ended September 30, 2026 were $138 thousand, all from sublicense and other revenue.

The company's balance sheet as of September 30, 2026 showed total assets of $23,421 thousand and total liabilities of $8,429 thousand. Marketable securities stood at $9,142 thousand, down from $14,614 thousand at March 31, 2026. The filing noted that shares of common stock issued during the six months ended September 30, 2026 increased partly through issuances under the Open Market Sale Agreement, net proceeds from which totaled $928 thousand in the first quarter and $348 thousand in the second quarter of the period. As of November 10, 2026, 46,186,049 shares of common stock were outstanding, the filing reported.

What Was Disclosed

VistaGen Therapeutics filed its Form 10-Q for the quarter ended September 30, 2026, reporting a quarterly net loss of $10,740 thousand, reduced cash balances, an accumulated deficit of $501,087 thousand, and declining total stockholders' equity of $14,992 thousand.