0001411685-25-000064 | 10-Q | XBRL Viewer | Vistagen Therapeutics INC

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Fair Value Measurements - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 14,194	$ 13,346
Unrealized Gains	1	5
Unrealized Losses	0	0
Fair Value	14,195	13,351
U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	14,194	13,346
Unrealized Gains	1	5
Unrealized Losses	0	0
Fair Value	$ 14,195	$ 13,351

Capital Stock

3 Months Ended

Jun. 30, 2025

Equity [Abstract]

Capital Stock

Common Stock

October 2023 Public Offering

On October 2, 2023, we completed an underwritten public offering (the October 2023 Public Offering), whereby we offered and sold, for gross proceeds of approximately $100 million, a total of 15,010,810 shares of our common stock and a total of 3,577,240 pre-funded warrants to purchase up to 3,577,240 shares of common stock (the Pre-Funded Warrants). Each share of common stock and each Pre-Funded Warrant was issued together with a ratably allocated portion of warrants to purchase up to 9,294,022 shares of common stock with an exercise price of $5.38 per share (the T1 Warrants) and warrants to purchase 11,265,086 shares of common stock with an exercise price of $8.877 per share (the T2 Warrants). The net proceeds to us from the October 2023 Public Offering were approximately $93.5 million, after deducting expenses related to the offering, including commissions, legal expenses and other offering costs.

The Pre-Funded Warrants, T1 Warrants and T2 Warrants (collectively, the Warrants) are fully exercisable, only at the option of the holder. Holders may also exercise the T1 Warrants and T2 Warrants for Pre-Funded Warrants at their option. We may not effect the exercise of any Warrants, and a holder will not be entitled to exercise any portion of any of the Warrants, which, upon giving effect to such exercise, would cause the aggregate number of shares of common stock beneficially owned by the holder of such Warrant (together with its affiliates) to exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise. However, any holder may increase or decrease such percentage to any other percentage (not to exceed 19.99% if exceeding such percentage would result in a change of control under Nasdaq Listing Rule 5636(b) or any successor rule) upon at least 61 days’ prior notice from the holder to us subject to the terms of the respective warrant agreement.

We evaluated the terms of the Warrants issued and determined that they should be classified as equity instruments within additional paid-in capital. The Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the other equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such Warrants do not provide any guarantee of value or return.

Open Market Sale Agreement

In May 2021, we entered into an Open Market Sale Agreement (the Sales Agreement) with Jefferies LLC (Jefferies) as sales agent, with respect to an at-the-market offering program under which we were permitted, at our option, to offer and

sell, from time to time, shares of our common stock having an aggregate offering price of up to $75.0 million. In February 2024, the aggregate offering price available under the Sales Agreement was increased to up to $100 million, and in June 2025, the aggregate offering price available under the Sales Agreement was increased to up to $175 million. As of June 30, 2025, approximately $171.5 million of common stock remained available for sale under the Sales Agreement.

We sold no shares under the Sales Agreement during the three months ended June 30, 2024. During the three months ended June 30, 2025, we sold 190,067 shares of our common stock in at-the-market transactions under the Sales Agreement, resulting in net cash proceeds of approximately $0.4 million after sales agent commissions. We pay Jefferies a commission of up to three percent (3.0%) of the aggregate gross proceeds from any sales under the Sales Agreement.

Common Stock Warrants

At June 30, 2025, the following common stock warrants were outstanding:


Number of Common Shares Underlying Warrants	Exercise Price Per Share	Expiration Date
12,352	$21.900	7/25/2025
2,788,620	$0.001	N/A
9,294,022	$5.380	(a)
11,265,086	$8.877	10/4/2028

(a)The warrants will expire 60 days after the later of (i) the date on which the Company first publicly discloses, whether by press release or Current Report on Form 8-K, the top-line results of its PALISADE-3 Phase 3 clinical trial and (ii) the date on which the Company first publicly discloses, whether by press release or Current Report on Form 8-K, the top-line results of its PALISADE-4 Phase 3 clinical trial.

The weighted average exercise price of all outstanding warrants at June 30, 2025 is $6.43 per share. No outstanding warrant is subject to any down-round anti-dilution protection feature. All outstanding warrants are exercisable by the holders only by payment in cash of the stated exercise price per share, except the Pre-Funded Warrants and the T2 Warrants issued in connection with the October 2023 Public Offering, which may be exercised through a cashless exercise, via exchange of a portion of warrants to cover the exercise price. In October 2024, Pre-Funded Warrants to purchase 788,620 shares of common stock were exercised on a cashless basis, resulting in the issuance of 788,359 shares of common stock. In December 2024, 33,334 warrants to purchase common stock, with an exercise price of $15.00 per share, expired.

There were no warrant exercises during the three months ended June 30, 2025.

- Definition

The entire disclosure for equity.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2025	Aug. 04, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-37761
Entity Registrant Name	VISTAGEN THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-5093315
Entity Address, Address Line One	343 Allerton Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	577-3600
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VTGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		30,680,471
Entity Central Index Key	0001411685
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Related Party Transactions (Details) - Related Party - Dotson Consulting Agreement - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2023	Jun. 30, 2025	Jun. 30, 2024
Related Party Transaction [Line Items]
Consulting expenses	$ 100
Consulting fees, monthly payment	$ 10
Operating costs and expenses		$ 30	$ 30

Net Loss per Common Share

3 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net Loss per Common Share

Basic net loss per common share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. The Pre-Funded Warrants associated with the October 2023 Public Offering (see Note 5 above) are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price. Dilutive common stock equivalents for the periods presented include warrants for the purchase of common stock and common stock options outstanding under the Company’s equity compensation plans. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

The following table summarizes the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	As of June 30,
	2025	2024
Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan, as amended	4,725,164	2,879,525
Outstanding warrants to purchase common stock	20,571,460	20,604,794
Total	25,296,624	23,484,319

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we may be party to litigation, arbitration or other legal proceedings in the course of our business, such as the civil action against the Company and its Board of Directors, certain of its executive officers, professional services and financial advisors, and industry analysts in the United States District Court for the Northern District of California (Case No. 4:25-cv-01510) on February 13, 2025, by two purported stockholders, filed pro se (i.e., acting on their own behalf rather than through an attorney), seeking compensatory and punitive damages, as well as fees and costs, which the Company believes are wholly without merit, and intends to vigorously defend itself. The outcome of any such legal proceedings, regardless of the merits, is inherently uncertain. In addition, litigation and related matters are costly and may divert the attention of our management and other resources that would otherwise be engaged in other activities. If we were unable to prevail in any such legal proceedings, our business, results of operations, liquidity, and financial condition could be adversely affected.

Notes Payable	3 Months Ended
Notes Payable	Jun. 30, 2025
Debt Disclosure [Abstract]
Notes Payable	Notes Payable In May 2025, we executed a 6.54% promissory note in the principal amount of $1.0 million in connection with certain insurance policy premiums. The note is payable in monthly installments of approximately $0.1 million, including principal and interest, through April 2026. As of June 30, 2025, the outstanding balance related to the premium financing was $0.9 million. Interest accrued related to the premium financing arrangement was immaterial as of June 30, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Net Loss per Common Share (Tables)

3 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of June 30,
	2025	2024
Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan, as amended	4,725,164	2,879,525
Outstanding warrants to purchase common stock	20,571,460	20,604,794
Total	25,296,624	23,484,319

Sublicensing and Collaborative Agreements - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - Collaborative Arrangement $ in Thousands	3 Months Ended
	Jun. 30, 2025 USD ($)
Contract assets:
Beginning Balance	$ 130
Additions	0
Deductions	(19)
Ending Balance	111
Contract liabilities:
Beginning Balance	2,979
Additions	0
Deductions	(244)
Ending Balance	$ 2,735

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	ATM Facility	Common Stock	Common Stock ATM Facility	Additional Paid-in Capital	Additional Paid-in Capital ATM Facility	Treasury Stock	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance (in shares) at Mar. 31, 2024			27,029,731
Balance at Mar. 31, 2024	$ 114,286		$ 27		$ 474,441		$ (3,968)	$ 0	$ (356,214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,160				1,160
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares)			29,898
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan	88				88
Unrealized gain on marketable securities available-for-sale, net	2							2
Net loss	(10,733)								(10,733)
Balance (in shares) at Jun. 30, 2024			27,059,629
Balance at Jun. 30, 2024	104,803		$ 27		475,689		(3,968)	2	(366,947)
Balance (in shares) at Mar. 31, 2025			29,001,481
Balance at Mar. 31, 2025	70,390		$ 29		481,956		(3,968)	5	(407,632)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	916				916
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan (in shares)			95,037
Sale of common stock pursuant to 2019 Employee Stock Purchase Plan	161				161
Issuance of common stock (in shares)				190,067
Issuance of common stock		$ 397				$ 397
Unrealized gain on marketable securities available-for-sale, net	(4)							(4)
Net loss	(15,095)								(15,095)
Balance (in shares) at Jun. 30, 2025			29,286,585
Balance at Jun. 30, 2025	$ 56,765		$ 29		$ 483,430		$ (3,968)	$ 1	$ (422,727)

Capital Stock - Schedule of Warrants Outstanding (Details)	Jun. 30, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Expiration period	60 days
Warrants Expiring July 25, 2025
Class of Warrant or Right [Line Items]
Number of common shares underlying warrants (in shares) \| shares	12,352
Exercise price per share (in dollars per share) \| $ / shares	$ 21.900
Warrants With Exercise Price of $0.001
Class of Warrant or Right [Line Items]
Number of common shares underlying warrants (in shares) \| shares	2,788,620
Exercise price per share (in dollars per share) \| $ / shares	$ 0.001
Warrants With Exercise Price of $5.380
Class of Warrant or Right [Line Items]
Number of common shares underlying warrants (in shares) \| shares	9,294,022
Exercise price per share (in dollars per share) \| $ / shares	$ 5.380
Warrants Expiring October 4, 2028
Class of Warrant or Right [Line Items]
Number of common shares underlying warrants (in shares) \| shares	11,265,086
Exercise price per share (in dollars per share) \| $ / shares	$ 8.877

Sublicensing and Collaborative Agreements - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Sep. 01, 2023	Aug. 31, 2020	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue - current portion			$ 2,514		$ 2,588
Deferred revenue - non-current portion			221		391
Total revenues			244	$ 84
Negotiation Agreement \| Fuji Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue - non-current portion			1,300
Total revenues			0	0
Collaborative arrangement, termination period option one	14 months
Collaborative arrangement, termination period option two	90 days
Collaborative arrangement, upfront payment	$ 1,500
License \| Collaborative Arrangement, AffaMed Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license payment		$ 5,000
Maximum milestone payments permitted		$ 172,000
Deferred revenue - current portion			1,200		1,300
Deferred revenue - non-current portion			200		$ 400
Total revenues			$ 200	$ 100

Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies	Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) applicable to interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Further, the results of our operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or the full fiscal year. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet at March 31, 2025, has been derived from our audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 (Annual Report), filed with the SEC on June 17, 2025. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The accompanying unaudited condensed consolidated financial statements include the accounts of Vistagen and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Liquidity and Going Concern We have incurred significant losses and negative cash flows from operations since inception. As of June 30, 2025, we had an accumulated deficit of $422.7 million and cash used in operations for the three months ended June 30, 2025 was $18.8 million. We expect that our operating losses and negative cash flows will continue for the foreseeable future as we continue to develop and, if approved, commercialize our product candidates. As of June 30, 2025, we had cash, cash equivalents, and marketable securities of $63.2 million. As of August 7, 2025, the issuance date of the condensed consolidated financial statements as of and for the three months ended June 30, 2025, 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 these condensed consolidated financial statements and therefore we concluded that substantial doubt exists about the our ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates made in the accompanying condensed consolidated financial statements include, but are not limited to, those relating to stock-based compensation, revenue recognition, research and development expense, determination of right-of-use assets under lease transactions and related lease obligations, and the assumptions used to value warrants. Although these estimates are based on our knowledge of current events, historical experiences, actions we may undertake in the future and on various other assumptions we believe are reasonable, actual results may materially differ from these estimates and assumptions. Fair Value Measurements We measure cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2. Marketable Securities Marketable securities consist of U.S. treasury securities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. Our marketable debt securities are classified as cash equivalents if the original maturity, from the date of purchase, is 90 days or less, and as marketable securities if the original maturity, from the date of purchase, is in excess of 90 days. Our cash equivalents are generally composed of U.S. treasury securities and money market funds. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available, and the Company may use the proceeds from sale of these investments to fund current operations, as necessary. Recently Issued Accounting Pronouncements There were no significant updates not already disclosed in the Company’s audited consolidated financial statements for the years ended March 31, 2025, and 2024, to the recently issued accounting standards for the three months ended June 30, 2025. Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU 2024-03 is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods thereafter. Early adoption is permitted. ASU 2024-03 applies on a prospective basis for periods beginning after the effective date. However, retrospective application to any or all prior periods presented is permitted. We are currently evaluating the impact of this guidance on our financial statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Sublicense And Other Revenue [Member]	Sublicense And Other Revenue [Member]
Total revenues	$ 244	$ 84
Operating expenses:
Research and development	11,678	7,648
General and administrative	4,370	4,567
Total operating expenses	16,048	12,215
Loss from operations	(15,804)	(12,131)
Other income, net:
Interest income, net	711	1,398
Other expense	(2)	0
Loss before income taxes	(15,095)	(10,733)
Income taxes	0	0
Net loss	(15,095)	(10,733)
Unrealized gain (loss) on marketable securities	(4)	2
Comprehensive loss	$ (15,099)	$ (10,731)
Basic, net loss per common share (in dollars per share)	$ (0.47)	$ (0.35)
Diluted, net loss per common share (in dollars per share)	$ (0.47)	$ (0.35)
Weighted average common shares outstanding, basic (in shares)	31,930,665	30,603,435
Weighted average common shares outstanding, diluted (in shares)	31,930,665	30,603,435

Stock-Based Compensation - Schedule of Fair Value of Options Granted (Details) - Employee Stock Option	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.88%	4.19%
Expected term (years)	5 years 1 month 24 days	5 years 25 days
Expected stock price volatility	155.80%	163.48%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.14%	4.43%
Expected term (years)	6 years 4 months 24 days	6 years 1 month 20 days
Expected stock price volatility	164.70%	176.22%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Sublicensing and Collaborative Agreements

3 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Sublicensing and Collaborative Agreements

The following table presents changes in contract assets and liabilities during the three months ended June 30, 2025. Contract acquisition costs are included as a component of other assets on our condensed consolidated balance sheets.


	Balance at March 31, 2025		Additions		Deductions		Balance at June 30, 2025
Contract assets:
Deferred contract acquisition costs	$	130	$	-	$	(19)	$	111
Contract liabilities:
Deferred revenue	$	2,979	$	-	$	(244)	$	2,735

AffaMed Agreement

In June 2020, we entered into a license and collaboration agreement (the AffaMed Agreement) with EverInsight Therapeutics Inc., a company incorporated under the laws of the British Virgin Islands, now AffaMed Therapeutics, Inc. (AffaMed), pursuant to which we granted AffaMed an exclusive license to develop and commercialize fasedienol for social anxiety disorder (SAD) and potentially other anxiety-related disorders in Greater China, South Korea and Southeast Asia (which includes Indonesia, Malaysia, Philippines, Thailand and Vietnam) (collectively, the Territory). We retain exclusive development and commercialization rights for fasedienol in the U.S. and throughout the rest of the world outside the Territory.

We are responsible for pursuing clinical development and regulatory submissions of fasedienol for acute treatment of anxiety in adults with SAD, and potentially other anxiety-related indications, in the United States on a ‘‘best efforts’’ basis, with no guarantee of success. If conducted, AffaMed may participate in a Phase 3 global clinical trial of fasedienol and would assume all direct costs and expenses of conducting such clinical trial in the Territory and a portion of the indirect costs of a global trial in which they participate. We will transfer all development data (nonclinical and clinical data) and our regulatory documentation related to fasedienol throughout the term as it is developed or generated or otherwise comes into our control. We will grant to AffaMed a Right of Reference to our regulatory documentation and our development data, but retain exclusive development and commercialization rights for fasedienol in the U.S. and throughout the rest of the world outside the Territory.

Under the terms of the AffaMed Agreement, AffaMed paid to us a non-refundable upfront license payment of $5.0 million in August 2020. Additionally, upon successful development and commercialization of fasedienol in the Territory, we are eligible to receive milestone payments of up to $172.0 million. Further, we are eligible to receive royalty payments on a country-by-country basis on net sales for the later of ten years or the expiration of market or regulatory exclusivity in the jurisdiction, except that payments will be reduced on a country-by-country basis in the event there is no market exclusivity in the period. Royalty payments may also be reduced if there is a generic competitive product in the Territory in the period.

We have determined that we have one combined performance obligation for the license to develop and commercialize fasedienol in the Territory and related development and regulatory services. In addition, AffaMed has an option that, if exercised by AffaMed, could create manufacturing obligations for us during development upon exercise. This option for manufacturing services was evaluated and determined not to include a material right.

Development and commercialization milestones were not considered probable at inception and therefore, were excluded from the initial transaction price. The royalties were excluded from the initial transaction price because they relate to a license of intellectual property and are subject to a royalty constraint.

We recognize revenue as the combined performance obligation is satisfied over time using an input method. Significant management judgment is required to determine the level of effort attributable to the performance obligation included in the AffaMed Agreement and the period over which we expect to complete our performance obligation. The performance period or measure of progress was estimated at the inception of the AffaMed Agreement and is re-evaluated in subsequent reporting periods. This re-evaluation may shorten or lengthen the period over which we recognize revenue.

As of June 30, 2025 and March 31, 2025, we had short-term deferred revenue of $1.2 million and $1.3 million, respectively, and long-term deferred revenue of $0.2 million and $0.4 million, respectively, related to the AffaMed Agreement. During the three months ended June 30, 2025, we recognized revenue of $0.2 million, as compared to $0.1 million during the three months ended June 30, 2024, under the AffaMed Agreement, which was included in the deferred

revenue balance at the beginning of each period. The remaining deferred revenue under the AffaMed Agreement will be recognized over the expected remaining contractual term.

Fuji Pharma Agreement

On September 1, 2023, we entered into an Exclusive Negotiation Agreement (the Negotiation Agreement) with Fuji Pharma Co., Ltd. (Fuji Pharma), a Tokyo Stock Exchange-listed, Japan-based pharmaceutical company with a significant research, development, and commercial focus on pharmacological therapies for women’s health conditions. Pursuant to the terms and conditions of the Negotiation Agreement, we agreed, for a limited period of time, to negotiate exclusively with Fuji Pharma for a potential exclusive license agreement to develop and commercialize PH80 in Japan. PH80, our clinical-stage pherine product candidate focused on women's health conditions, primarily the treatment of vasomotor symptoms (hot flashes) associated with menopause (the Potential Definitive Agreement). The Negotiation Agreement provides for an exclusive negotiation period beginning on the date of formal written notice being received by Fuji Pharma that we have selected a contract development and manufacturing organization to conduct preclinical toxicology studies for PH80 (the Payment Event), and terminating on the later to occur of (i) fourteen (14) months from the date of the Payment Event or (ii) ninety (90) days from the date that the U.S. Food and Drug Administration accepts our PH80 Investigational New Drug (IND) application for clinical development of PH80 in the U.S. for the treatment of vasomotor symptoms (hot flashes) due to menopause (the Exclusive Negotiation Period).

As consideration for the Exclusive Negotiation Period, Fuji Pharma agreed to make a payment to us of $1.5 million (Purchase Price), payable upon occurrence of the Payment Event. The Payment Event occurred in October 2023, and we received payment of the Purchase Price in full in November 2023. The Purchase Price is non-refundable, except upon a material breach of the Negotiation Agreement by the Company; however, should the Company and Fuji Pharma enter into the Potential Definitive Agreement, the Purchase Price will be creditable against any upfront fee due in connection with the execution of such Potential Definitive Agreement. Neither the Company nor Fuji Pharma is obligated to enter into the Potential Definitive Agreement, and if the Company and Fuji Pharma have not entered into the Potential Definitive Agreement on or before the end of the Exclusive Negotiation Period, either the Company or Fuji Pharma may terminate any further negotiations.

As of June 30, 2025, the entire amount remaining unrecognized under the Negotiation Agreement of $1.3 million was classified as short term, as a component of deferred revenue, current portion, on the condensed consolidated balance sheets. During the three months ended June 30, 2025, we recognized no revenue under the Negotiation Agreement. During the three months ended June 30, 2024, we recognized an immaterial amount of revenue under the Negotiation Agreement. The remaining deferred revenue under the Negotiation Agreement will be recognized upon termination of the Exclusive Negotiation Period, or accounted for as a creditable prepayment under ASC 606, should an exclusive license agreement be reached with Fuji Pharma prior to the date of termination.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net loss	$ (15,095)	$ (10,733)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Capital Stock - October 2023 Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Oct. 04, 2023	Oct. 02, 2023	Jun. 30, 2025	Jun. 30, 2024
Capital Unit [Line Items]
Warrants exercisable, percentage of common shares outstanding minimum benchmark		9.99%
Warrants exercisable, percentage of common shares outstanding maximum benchmark		19.99%
Notice period to increase or decrease warrant percentage		61 days
Pre-funded Warrants
Capital Unit [Line Items]
Number of common shares underlying warrants (in shares)		3,577,240
Warrants (in shares)		3,577,240
T1 Warrants
Capital Unit [Line Items]
Warrants (in shares)		9,294,022
Exercise price per share (in dollars per share)		$ 5.38
T2 Warrants
Capital Unit [Line Items]
Warrants (in shares)		11,265,086
Exercise price per share (in dollars per share)		$ 8.877
Public Offering
Capital Unit [Line Items]
Shares issued (in shares)		15,010,810
Proceeds net of expenses	$ 93.5
ATM Facility \| Jefferies LLC
Capital Unit [Line Items]
Remaining amount available		$ 100.0	$ 171.5
Shares issued (in shares)			190,067	0

Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 422,727		$ 407,632
Net cash used in operations	18,846	$ 10,869
Cash, cash equivalents and marketable securities	$ 63,200

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 1.87	$ 3.55
Total fair value of options vested	$ 0.8	$ 1.0
Exercise of stock options (in shares)	0	0
Total compensation cost not yet recognized	$ 8.3
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation cost, period of recognition	2 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 63,180	$ 80,482
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	48,985	67,131
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	14,195	13,351
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	48,985	67,131
Level 1 \| Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	48,985	67,131
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	14,195	13,351
Level 2 \| Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	14,195	13,351
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 \| Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Notes Payable (Details) - USD ($) $ in Thousands	1 Months Ended
Notes Payable (Details) - USD ($) $ in Thousands	May 31, 2025	Jun. 30, 2025	Mar. 31, 2025
Short-Term Debt [Line Items]
Note payable		$ 933	$ 0
Promissory Note
Short-Term Debt [Line Items]
Debt instrument, interest rate, stated percentage	6.54%
Debt instrument, face amount	$ 1,000
Debt instrument, periodic payment	$ 100

Capital Stock - Common Stock Warrants (Details) - $ / shares	1 Months Ended		3 Months Ended
	Dec. 31, 2024	Oct. 31, 2024	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Weighted average exercise price (in dollars per share)			$ 6.43
Outstanding warrants subject to anti-dilution protection feature (in shares)			0
Warrants exercised (in shares)		788,620	0
Class of warrant or right, expired in period (in shares)	33,334
Warrants Expiring December 31, 2024
Class of Warrant or Right [Line Items]
Exercise price per share (in dollars per share)	$ 15.00
Conversion of Warrants
Class of Warrant or Right [Line Items]
Stock issued upon exercise of Pre-Funded Warrants (in shares)		788,359

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 0	$ 0

Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of our stock option activity for the period ended June 30, 2025 is as follows (in thousands, except share and per share data and years):


	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2025	3,239,642	$	10.32	8.4	$	8
Granted	1,520,377	$	1.96
Exercised	—	$	—
Forfeited	(34,855)	$	9.39
Expired	—	$	—
Outstanding at June 30, 2025	4,725,164	$	7.63	8.8	$	62
Exercisable at June 30, 2025	1,572,536	$	17.20	7.4	$	3
Vested and expected to vest as of June 30, 2025	4,725,164	$	7.63	8.8	$	62

Schedule of Fair Value of Stock Options Assumptions

The fair value of stock options granted was estimated using the following assumptions:


	Three Months Ended June 30,
	2025	2024
Risk-free interest rate	3.88% - 4.14%	4.19% - 4.43%
Expected term (years)	5.15 - 6.40	5.07 - 6.14
Expected stock price volatility	155.80% - 164.70%	163.48% - 176.22%
Dividend yield	—	—

Schedule of Stock-Based Compensation Expense Recognized

Stock-based compensation expense recognized for all equity awards has been included in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,
	2025		2024
Research and development expense	$	386	$	674
General and administrative expense	530		486
Total stock-based compensation expense	$	916	$	1,160

Sublicensing and Collaborative Agreements (Tables)

3 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Changes in Contract Assets and Contract Liabilities


	Balance at March 31, 2025		Additions		Deductions		Balance at June 30, 2025
Contract assets:
Deferred contract acquisition costs	$	130	$	-	$	(19)	$	111
Contract liabilities:
Deferred revenue	$	2,979	$	-	$	(244)	$	2,735

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (15,095)	$ (10,733)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	40	34
Stock-based compensation	916	1,160
Amortization of operating lease right-of-use asset	129	117
Non-cash interest expense	3	0
Accretion on marketable securities	(125)	(19)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,942)	(968)
Other assets	(37)	190
Operating lease liability	(86)	(130)
Deferred revenue, net of deferred contract acquisition costs	(225)	(65)
Accounts payable and accrued expenses	(2,424)	(455)
Net cash used in operating activities	(18,846)	(10,869)
Cash flows from investing activities:
Purchases of laboratory and other equipment	(65)	(42)
Sales and maturities of marketable securities	8,000	0
Purchases of marketable securities	(8,723)	(5,425)
Net cash used in investing activities	(788)	(5,467)
Cash flows from financing activities:
Net proceeds from sale of common stock under Open Market Sale Agreement, net of offering costs	397	0
Net proceeds from sale of common stock under 2019 Employee Stock Purchase Plan	161	88
Issuance of note payable for insurance policy	1,020	0
Repayment of notes payable	(90)	0
Net cash provided by financing activities	1,488	88
Net change in cash and cash equivalents	(18,146)	(16,248)
Cash and cash equivalents at beginning of period	67,131	119,166
Cash and cash equivalents at end of period	48,985	102,918
Non-cash investing and financing activities:
Insurance premiums settled by issuing note payable	(1,020)	0
Cash paid for interest	6	0
Purchases of equipment included in accounts payable and accrued liabilities	$ 30	$ 75

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2025	Mar. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	325,000,000	325,000,000
Common stock, shares issued (in shares)	29,001,481	29,286,585
Treasury stock, shares held (in shares)	4,522	4,522

Basis of Presentation, Principles of Consolidation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) applicable to interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Further, the results of our operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or the full fiscal year. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet at March 31, 2025, has been derived from our audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 (Annual Report), filed with the SEC on June 17, 2025. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).
Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Vistagen and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates made in the accompanying condensed consolidated financial statements include, but are not limited to, those relating to stock-based compensation, revenue recognition, research and development expense, determination of right-of-use assets under lease transactions and related lease obligations, and the assumptions used to value warrants. Although these estimates are based on our knowledge of current events, historical experiences, actions we may undertake in the future and on various other assumptions we believe are reasonable, actual results may materially differ from these estimates and assumptions.
Fair Value Measurements	Fair Value Measurements We measure cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2.
Marketable Securities	Marketable Securities Marketable securities consist of U.S. treasury securities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. Our marketable debt securities are classified as cash equivalents if the original maturity, from the date of purchase, is 90 days or less, and as marketable securities if the original maturity, from the date of purchase, is in excess of 90 days. Our cash equivalents are generally composed of U.S. treasury securities and money market funds. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available, and the Company may use the proceeds from sale of these investments to fund current operations, as necessary.
Recently Issued Accounting Pronouncements and Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements There were no significant updates not already disclosed in the Company’s audited consolidated financial statements for the years ended March 31, 2025, and 2024, to the recently issued accounting standards for the three months ended June 30, 2025. Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU 2024-03 is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods thereafter. Early adoption is permitted. ASU 2024-03 applies on a prospective basis for periods beginning after the effective date. However, retrospective application to any or all prior periods presented is permitted. We are currently evaluating the impact of this guidance on our financial statements.

Related Party Transactions	3 Months Ended
Related Party Transactions	Jun. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In August 2023, in connection with his retirement, we entered into a consulting agreement with our former Chief Financial Officer, Jerrold D. Dotson, to assist in transition matters related to the employment of our new Chief Financial Officer. Pursuant to the agreement, Mr. Dotson received an initial payment of $100,000 and $10,000 per month from September 2023 through August 2024. In August 2024, the agreement was amended to extend the expiration date to March 31, 2025. and subsequently amended to extend the expiration to September 30, 2025. During the three months ended June 30, 2025, we recorded expense of $30,000 under the agreement, as compared to $30,000 during the three months ended June 30, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 48,985	$ 67,131
Marketable securities	14,195	13,351
Prepaid expenses and other current assets	3,536	1,594
Total current assets	66,716	82,076
Property and equipment, net	530	476
Right-of-use asset - operating lease	1,206	1,335
Other assets	472	454
Total assets	68,924	84,341
Current liabilities:
Accounts payable	486	653
Accrued expenses	6,582	8,810
Note payable	933	0
Deferred revenue - current portion	2,514	2,588
Operating lease obligation - current portion	640	561
Total current liabilities	11,155	12,612
Deferred revenue - non-current portion	221	391
Operating lease obligation - non-current portion	783	948
Total liabilities	12,159	13,951
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2025 and March 31, 2025; no shares outstanding at June 30, 2025 and March 31, 2025	0	0
Common stock, $0.001 par value; 325,000,000 shares authorized at June 30, 2025 and March 31, 2025; 29,286,585 and 29,001,481 shares issued at June 30, 2025 and March 31, 2025, respectively	29	29
Additional paid-in capital	483,430	481,956
Treasury stock, at cost, 4,522 shares of common stock held at June 30, 2025 and March 31, 2025	(3,968)	(3,968)
Accumulated other comprehensive income	1	5
Accumulated deficit	(422,727)	(407,632)
Total stockholders’ equity	56,765	70,390
Total liabilities and stockholders’ equity	$ 68,924	$ 84,341

Stock-Based Compensation

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

A summary of our stock option activity for the period ended June 30, 2025 is as follows (in thousands, except share and per share data and years):


	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2025	3,239,642	$	10.32	8.4	$	8
Granted	1,520,377	$	1.96
Exercised	—	$	—
Forfeited	(34,855)	$	9.39
Expired	—	$	—
Outstanding at June 30, 2025	4,725,164	$	7.63	8.8	$	62
Exercisable at June 30, 2025	1,572,536	$	17.20	7.4	$	3
Vested and expected to vest as of June 30, 2025	4,725,164	$	7.63	8.8	$	62

Stock-Based Compensation Expense

The fair value of stock options granted was estimated using the following assumptions:


	Three Months Ended June 30,
	2025	2024
Risk-free interest rate	3.88% - 4.14%	4.19% - 4.43%
Expected term (years)	5.15 - 6.40	5.07 - 6.14
Expected stock price volatility	155.80% - 164.70%	163.48% - 176.22%
Dividend yield	—	—

Stock-based compensation expense recognized for all equity awards has been included in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,
	2025		2024
Research and development expense	$	386	$	674
General and administrative expense	530		486
Total stock-based compensation expense	$	916	$	1,160

The weighted-average grant date fair value of options granted for the three months ended June 30, 2025 and 2024 was $1.87 and $3.55 per share, respectively. For the three months ended June 30, 2025 and 2024, the total fair value of options vested was $0.8 million and $1.0 million, respectively. No options were exercised during the three months ended June 30, 2025 and 2024. As of June 30, 2025, total compensation cost not yet recognized related to unvested stock options was $8.3 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Fair Value Measurements

3 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables show our cash, cash equivalents and marketable securities at fair value as of June 30, 2025 and March 31, 2025 (in thousands):


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	48,985	$	—	$	—	$	48,985
Marketable securities
U.S. treasury securities	—		14,195		—		14,195
Total	$	48,985	$	14,195	$	—	$	63,180


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	67,131	$	—	$	—	$	67,131
Marketable securities
U.S. treasury securities	—		13,351		—		13,351
Total	$	67,131	$	13,351	$	—	$	80,482

The carrying amounts of our prepaid expenses and other current assets, accounts payable, and accrued expenses, approximate fair value due to their short maturities. We had no financial liabilities measured at fair value on a recurring basis at June 30, 2025 or March 31, 2025. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

We did not record any impairment charges related to our marketable debt securities during the three months ended June 30, 2025 or 2024.

The following tables summarizes our marketable securities as of June 30, 2025 and March 31, 2025 (in thousands):


		June 30, 2025
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury notes	Less than 1	$	14,194	$	1	$	—	$	14,195
Total		$	14,194	$	1	$	—	$	14,195


		March 31, 2025
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury notes	Less than 1	$	13,346	$	5	$	—	$	13,351
Total		$	13,346	$	5	$	—	$	13,351

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

Capital Stock (Tables)

3 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Common Stock Warrants Outstanding

At June 30, 2025, the following common stock warrants were outstanding:


Number of Common Shares Underlying Warrants	Exercise Price Per Share	Expiration Date
12,352	$21.900	7/25/2025
2,788,620	$0.001	N/A
9,294,022	$5.380	(a)
11,265,086	$8.877	10/4/2028

Description of Business	3 Months Ended
Description of Business	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Vistagen Therapeutics, Inc., a Nevada corporation (Vistagen, the Company, we, our, or us), is a late clinical-stage biopharmaceutical company leveraging a deep understanding of nose-to-brain neurocircuitry to develop and commercialize a new class of non-systemic intranasal product candidates called pherines. Our clinical-stage neuroscience pipeline currently consists of five investigational pherine product candidates, each with a novel mechanism of action (MOA) and positive clinical data in their targeted indication(s). Pherines specifically and selectively bind to peripheral receptors in human nasal chemosensory neurons, and are designed to rapidly activate nose-to-brain neurocircuits believed to regulate brain areas without requiring systemic absorption or uptake into the brain to achieve desired therapeutic benefits. We are passionate about developing transformative treatment options with potential to meet clear and growing unmet needs and bring meaningful relief to patients underserved by the current standard of care for multiple highly prevalent indications, all while delivering long term value to our stockholders.

Capital Stock - Open Market Sale Agreement (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2025 USD ($)	Feb. 29, 2024 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($) shares	Oct. 02, 2023 USD ($)
Capital Unit [Line Items]
Net proceeds from sale of common stock under Open Market Sale Agreement, net of offering costs				$ 397	$ 0
Jefferies LLC \| ATM Facility
Capital Unit [Line Items]
Maximum aggregate offering price	$ 175,000	$ 100,000	$ 75,000
Remaining amount available	$ 171,500			$ 171,500		$ 100,000
Shares issued (in shares) \| shares				190,067	0
Net proceeds from sale of common stock under Open Market Sale Agreement, net of offering costs				$ 400
Commission on shares sold, percentage			0.030

Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Cash, Cash Equivalents and Marketable Securities at Fair Value

The following tables show our cash, cash equivalents and marketable securities at fair value as of June 30, 2025 and March 31, 2025 (in thousands):


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	48,985	$	—	$	—	$	48,985
Marketable securities
U.S. treasury securities	—		14,195		—		14,195
Total	$	48,985	$	14,195	$	—	$	63,180


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	67,131	$	—	$	—	$	67,131
Marketable securities
U.S. treasury securities	—		13,351		—		13,351
Total	$	67,131	$	13,351	$	—	$	80,482

Schedule of Marketable Securities

The following tables summarizes our marketable securities as of June 30, 2025 and March 31, 2025 (in thousands):


		June 30, 2025
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury notes	Less than 1	$	14,194	$	1	$	—	$	14,195
Total		$	14,194	$	1	$	—	$	14,195


		March 31, 2025
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury notes	Less than 1	$	13,346	$	5	$	—	$	13,351
Total		$	13,346	$	5	$	—	$	13,351

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Net Loss per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	25,296,624	23,484,319
Employee Stock Option \| Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and Amended and Restated 2019 Omnibus Equity Incentive Plan, as amended
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,725,164	2,879,525
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,571,460	20,604,794

Stock-Based Compensation - Schedule of Summarizes Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 916	$ 1,160
Research and development expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	386	674
General and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 530	$ 486

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025
Options
Outstanding at beginning of period (in shares)	3,239,642
Granted (in shares)	1,520,377
Exercised (in shares)	0	0
Forfeited (in shares)	(34,855)
Expired (in shares)	0
Outstanding at end of period (in shares)	4,725,164		3,239,642
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 10.32
Granted (in dollars per share)	1.96
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	9.39
Expired (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 7.63		$ 10.32
Exercisable (in shares)	1,572,536
Exercisable (in dollars per share)	$ 17.20
Exercisable, Weighted Average Remaining Contractual Term	7 years 4 months 24 days
Exercisable, Aggregate Intrinsic Value	$ 3
Vested and Expected to Vest
Outstanding (in shares)	4,725,164
Weighted Average Exercise Price (in dollars per share)	$ 7.63
Weighted-Average Remaining Contractual Term (Years)	8 years 9 months 18 days
Aggregate Intrinsic Value	$ 62
Outstanding, weighted average remaining contractual term	8 years 9 months 18 days		8 years 4 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 62		$ 8