Vistagen Therapeutics, Inc.

Vistagen Therapeutics is a U.S.-based clinical-stage biopharmaceutical company focused on neuroscience disorders. Its pipeline centers on pherine product candidates, including intranasal therapies being developed for anxiety, depression, and other central nervous system indications.

−5 668,0 %

−5 491,3 %

+161,1 %

3.67

— Vistagen Therapeutics, Inc.
%
Pherine product candidates95% Intranasal neuroscience drug candidates designed to treat anxiety, mood, and related disorders.
Sublicense and other revenue5% Revenue recognized from collaboration, sublicense, and related contractual arrangements.

Vistagen does not yet sell approved commercial products; its economic counterparties are primarily licensing partners,...

  • Licensing and collaboration partnersprimary

    Buy or license development rights and support commercialization through strategic agreements.

  • CROs and CDMOsprimary

    Provide outsourced development, testing, and manufacturing capacity that enables the pipeline.

  • Clinical trial sites and investigatorsprimary

    Run the studies needed to generate safety and efficacy data for regulatory approval.

  • Specialty physicians and patientsemerging

    Future end users of approved therapies for social anxiety, depression, and related disorders.

Vistagen is headquartered in the United States and operates from South San Francisco, California...

  • •Headquartered in South San Francisco, California
  • •U.S. is the core base for research and clinical operations
  • •Clinical and regulatory work is primarily U.S.-focused
  • •Future commercial supply may use U.S. and non-U.S. CDMOs
  • •Potential future approvals could expand exposure beyond the U.S.

The company’s strategy is to advance its lead pherine candidates through clinical development and regulatory review,...

01
Advance fasedienol toward approvalshort-term

It is the lead asset and the most direct path to a first commercial product.

02
Broaden the pipeline beyond fasedienolmedium-term

A broader portfolio reduces dependence on a single indication and expands future market opportunities.

03
Secure development and commercial supplymedium-term

Clinical and future commercial execution depend on reliable manufacturing and backup sourcing.

Vistagen is exposed to the typical risks of clinical-stage drug development: trial failure, regulatory delay,...

critical

Clinical development failure

Product candidates may not demonstrate sufficient efficacy or tolerability in trials.

Scope
Fasedienol, Itruvone, PH80 and other pipeline assets
Materiality
high
high

Regulatory approval risk

FDA or other regulators may require additional data or reject applications.

Scope
Late-stage neuroscience programs
Materiality
high
high

Funding risk

The company expects existing resources to be insufficient beyond the near term.

Scope
Ongoing R&D and pre-commercial activities
Materiality
high
high

Competitive intensity

Large pharma and biotech firms have greater resources and established commercial reach.

Scope
Anxiety, depression, and women’s health markets
Materiality
high
medium

Manufacturing and supply chain execution

Commercial supply depends on CDMOs and future backup manufacturing arrangements.

Scope
Future approved pherine products
Materiality
medium
Research and development accruals
Can shift expenses between periods and affect reported operating loss
Sublicense and other revenue recognition
Can create uneven quarterly revenue recognition
Lease accounting
Affects right-of-use assets, lease liabilities, and fixed commitments
Future manufacturing and purchase obligations
Could increase future liabilities and cash requirements

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: 29/04/2026