The company's liquidity buffer has faced structural decline, with the current ratio compressing from 30.76 in 2024Q3 to 3.67 by 2026Q4, while the accumulated deficit has reached -$477.3 million.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 46.94M | 82.08M | 120.67M | 17.51M | 71M | 104.12M | 1.58M | 13.65M | 11.02M | 3.38M | 855.3K | 105.7K | 40.5K | 671.8K | 238.1K | 1.81K | 556 | 21.81K |
| Cash & Short-Term Investments | 45.4M | 80.48M | 119.17M | 16.64M | 68.14M | 103.11M | 1.36M | 13.1M | 10.38M | 2.92M | 428.5K | 70K | -6K | 638.1K | 81K | 1.81K | 556 | 21.81K |
| Cash Only | 30.79M | 67.13M | 119.17M | 16.64M | 68.14M | 103.11M | 1.36M | 13.1M | 10.38M | 2.92M | 428.5K | 70K | -6K | 638.1K | 81K | 1.81K | 556 | 21.81K |
| Short-Term Investments | 14.61M | 13.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 802.7K | 2.75M | 40.6K | 0 | 300K | 0 | 0 | 0 | 0 | 2.8K | 0 | 106.2K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | -1.29K | 903.79 | 13.6 | - | - | - | - | - | - | - | - | 28.88 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230.4K | 0 | 0 | 0 | 0 | 31.2K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 922.11 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.54M | 1.59M | 1.51M | 66.3K | -2.22M | 159.9K | 117.9K | 154.6K | 556.5K | 0 | 399.8K | 0 | 12.5K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.62M | 2.27M | 2.98M | 3.58M | 3.65M | 4.16M | 4.19M | 360.5K | 255.2K | 334.3K | 134.5K | 164K | 223.2K | 209.7K | 103.5K | 392 | 820 | 1.25K |
| Property, Plant & Equipment | 1.23M | 1.81M | 2.25M | 2.77M | 3.08M | 3.59M | 3.79M | 312.7K | 207.4K | 286.5K | 87.6K | 117.1K | 176.3K | 180.7K | 74.5K | 392 | 820 | 1.25K |
| Fixed Asset Turnover | 1.03x | 0.27x | 0.47x | -0.08x | 0.36x | 0.30x | - | - | - | 4.36x | - | - | - | 1.11x | 18.02x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 393K | 454K | 726K | 815K | 569.1K | 576.8K | 402.9K | 47.8K | 47.8K | 47.8K | 46.9K | 46.9K | 46.9K | 29K | 29K | 0 | 0 | 0 |
| Total Assets | 48.56M | 84.34M | 123.65M | 21.09M | 74.64M | 108.28M | 5.77M | 14.01M | 11.28M | 3.71M | 989.8K | 269.7K | 263.7K | 881.5K | 341.6K | 2.2K | 1.38K | 23.06K |
| Asset Turnover | 0.03x | 0.01x | 0.01x | -0.01x | 0.01x | 0.01x | - | - | - | 0.34x | - | - | - | 0.23x | 3.93x | - | - | - |
| Asset Growth % | -42.42% | -31.79% | 486.34% | -71.75% | -31.07% | 1775.88% | -58.8% | 24.24% | 203.82% | 275.05% | 267% | 2.28% | -70.09% | 158.05% | 15427.27% | 59.88% | -94.03% | - |
| Total Current Liabilities | 12.79M | 12.61M | 5.12M | 4.57M | 5.77M | 4.19M | 2.77M | 2.8M | 1.46M | 1.37M | 1.79M | 17.39M | 5.21M | 2.41M | 3.18M | 3.2K | 1.5K | 2.69K |
| Accounts Payable | 1.53M | 653K | 1.55M | 2.47M | 2.76M | 838.3K | 1.84M | 1.05M | 1.2M | 867.3K | 936K | 2.25M | 2.44M | 1.35M | 1.75M | 2.67K | 1K | 2.19K |
| Days Payables Outstanding | - | - | - | - | - | - | 6.5K | 4.22K | 5.41K | - | 6.39K | - | - | - | - | - | - | - |
| Short-Term Debt | 96K | 0 | 0 | 105K | 0 | 0 | 56.5K | 57.3K | 53.9K | 54.8K | 43.6K | 13.93M | 2.13M | 710.2K | 750.7K | 530 | 500 | 500 |
| Deferred Revenue (Current) | 1.71M | 2.59M | 0 | 714K | 1.24M | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.2K | 0 | 0 | 0 |
| Other Current Liabilities | 323K | 3.36M | 791K | 337K | 66.2K | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 3.6K | 219.3K | 229.3K | 0 | 0 | 0 |
| Current Ratio | 3.67x | 6.51x | 23.55x | 3.83x | 12.32x | 24.85x | 0.57x | 4.87x | 7.56x | 2.47x | 0.48x | 0.01x | 0.01x | 0.28x | 0.07x | 0.57x | 0.37x | 8.12x |
| Quick Ratio | 3.67x | 6.51x | 23.55x | 3.83x | 12.32x | 24.85x | 0.57x | 4.79x | 7.56x | 2.47x | 0.48x | 0.01x | 0.00x | 0.28x | 0.07x | 0.57x | 0.37x | 8.12x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 249K | 1.34M | 4.24M | 4.43M | 4.16M | 12.11M | 8.73M | 4.14M | 2.9M | 1.73M | 2.17M | 3.42M | 7.86M | 11.02M | 2.87M | 3.2K | 1.5K | 2.69K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.2K | 331.8K | 4.79M | 4.62M | 2.75M | 0 | 0 | 0 |
| Capital Lease Obligations | 249K | 948K | 1.57M | 2.12M | 2.61M | 3.35M | 3.72M | 6.3K | 9.3K | 11.9K | 0 | 1.1K | 2.1K | 6.1K | 9.7K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 2.67M | 0 | 0 | 6.27M | 5.01M | 4.13M | 2.89M | 1.72M | 2.15M | 3.09M | 3.07M | 6.39M | 109.8K | 0 | 0 | 0 |
| Total Liabilities | 13.04M | 13.95M | 9.37M | 9.01M | 9.93M | 16.3M | 11.5M | 6.94M | 4.36M | 3.1M | 3.97M | 20.81M | 13.06M | 13.44M | 6.05M | 3.2K | 1.5K | 2.69K |
| Total Debt | 1.04M | 1.51M | 2.12M | 2.71M | 3.04M | 3.72M | 4.09M | 66.6K | 65.8K | 69.1K | 71.9K | 14.26M | 6.92M | 5.35M | 3.52M | 530 | 500 | 500 |
| Net Debt | -29.75M | -65.62M | -117.05M | -13.93M | -65.1M | -99.39M | 2.74M | -13.03M | -10.31M | -2.85M | -356.6K | 14.19M | 6.93M | 4.71M | 3.44M | -1.28K | 0 | -21.31K |
| Debt / Equity | 0.03x | 0.02x | 0.02x | 0.22x | 0.05x | 0.04x | - | 0.01x | 0.01x | 0.11x | - | - | - | - | - | - | - | 0.02x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -2576.87x | - | -1378.35x | -1383.76x | -3069.54x | -1610.63x | -1964.34x | -22.97x | -1.47x | -3.22x | -11.83x | -5.45x | - | - | - |
| Total Equity | 35.52M | 70.39M | 114.29M | 12.08M | 64.72M | 91.98M | -5.73M | 7.08M | 6.92M | 615.8K | -2.98M | -20.54M | -12.8M | -12.56M | -5.71M | -1K | -124 | 20.37K |
| Equity Growth % | -49.54% | -38.41% | 846.08% | -81.33% | -29.64% | 1705.38% | -180.98% | 2.29% | 1023.19% | 120.68% | 85.51% | -60.49% | -1.94% | -120.07% | -570460% | -706.45% | -100.61% | - |
| Book Value per Share | 0.93 | 2.29 | 5.90 | 1.74 | 9.81 | 32.04 | -3.92 | 7.43 | 14.94 | 2.45 | -50.52 | -467.31 | -349.34 | -416.04 | -232.30 | -0.05 | -0.01 | 1.17 |
| Total Shareholders' Equity | 35.52M | 70.39M | 114.29M | 12.08M | 64.72M | 91.98M | -5.73M | 7.08M | 6.92M | 615.8K | -2.98M | -20.54M | -12.8M | -12.56M | -5.71M | -1K | -124 | 20.37K |
| Common Stock | 40K | 29K | 27K | 7K | 6.9K | 180.8K | 49.3K | 42.8K | 23.1K | 9K | 2.6K | 1.7K | 26.2K | 23.5K | 18.7K | 5.85K | 5.85K | 5.85K |
| Retained Earnings | -477.32M | -407.63M | -356.21M | -326.85M | -267.6M | -219.84M | -201.91M | -181.13M | -156.54M | -142M | -131.74M | -84.52M | -70.64B | -67.67T | -54.78M | -57.63K | -48.66K | -26.66K |
| Treasury Stock | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.97M | -3.23M | 0 | 0 | 0 |
| Accumulated OCI | -2K | 5K | 0 | 0 | 0 | 0 | 0 | -4K | -4K | -4K | -6.5K | -500 | -70.64M | -67.67M | -400 | 0 | -48.66K | -26.66K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital depletion and dilution
As reported in recent financial statements, VistaGen's total assets have declined from $131.1 million in 2024Q3 to $48.6 million by 2026Q4, signaling a rapid contraction in the company's resource base as it funds late-stage clinical development without a self-sustaining commercial revenue stream.
The consistent downward trend in total assets reflects the ongoing consumption of cash reserves to support R&D activities. This trajectory suggests that the company is approaching a critical juncture where the current asset base may no longer provide a sufficient buffer for extended clinical trial timelines.
Based on the company's reported figures, the current ratio has compressed significantly from 30.76 in 2024Q3 to 3.67 in 2026Q4, indicating that the company's ability to cover short-term obligations is diminishing as cash reserves are depleted to sustain clinical operations.
While a current ratio of 3.67 remains technically adequate, the rapid deterioration over the last ten quarters warrants close monitoring by investors. The decline in cash from $126.6 million to $30.8 million over the same period highlights the urgency of securing non-dilutive funding or achieving a major clinical milestone.
According to the company's balance sheet data, the accumulated deficit has expanded to -$477.3 million as of 2026Q4, which underscores the persistent erosion of shareholder equity through years of heavy R&D investment and operational losses inherent in the clinical-stage biotechnology business model.
The widening deficit suggests that the company's equity base is increasingly reliant on external capital injections rather than retained earnings. This trend implies that future value creation for shareholders remains entirely contingent upon the successful commercialization of the pherine platform rather than organic balance sheet growth.
As indicated by the provided financial data, the company's asset base is almost entirely composed of cash and equivalents, with negligible PPE of $1.2 million, which suggests that the firm lacks tangible collateral to support traditional debt financing in the event of a liquidity shortfall.
The absence of significant tangible assets means that the company's valuation is almost exclusively tied to intangible intellectual property and clinical trial outcomes. Investors should be aware that this lack of hard assets limits the company's financial flexibility and increases reliance on equity-based financing mechanisms.
Quick answers to the most common questions about buying VTGN stock.
As of 2026, VistaGen Therapeutics, Inc. (VTGN) had total assets of $48.6M including $46.9M in current assets.
VistaGen Therapeutics, Inc. (VTGN) carries total debt of $1.0M, offset by $45.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VistaGen Therapeutics, Inc. (VTGN) has total shareholders' equity (book value) of $35.5M ($0.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VistaGen Therapeutics, Inc. (VTGN) reported a current ratio of 3.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.