Free cash flow remains consistently negative, with quarterly outflows reaching as high as $18.9 million in 2026Q1, confirming a state of sustained capital consumption.
| 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 |
|---|
| Cash from Operations | -66.44M | -42.1M | -25.81M | -49.72M | -45.26M | -12.07M | -15.76M | -14.53M | -9.06M | -7.26M | -4.81M | -2.77M | -2.13M | -3.46M | -3.57M | -6.88K | -22.76K | -14.43K |
| Operating CF Margin % | -5235.3% | -8661.93% | -2426.03% | 21901.32% | -4081.21% | -1108.17% | - | - | - | -580.97% | - | - | - | -1728.14% | -265.67% | - | - | - |
| Operating CF Growth % | -57.82% | -63.08% | 48.08% | -9.85% | -274.84% | 23.38% | -8.46% | -60.38% | -24.73% | -51.03% | -73.66% | -30.24% | 38.61% | 2.88% | -51743.56% | 69.77% | -57.66% | - |
| Net Income | -69.69M | -51.42M | -29.36M | -59.25M | -47.76M | -17.93M | -20.77M | -24.59M | -14.35M | -10.26M | -47.22M | -13.89M | -2.97M | -12.89M | -12.21M | -8.98K | -22K | -16.42K |
| Depreciation & Amortization | 733K | 635K | 568K | 532K | 711.1K | 117.6K | 103.1K | 91.2K | 80.7K | 54.9K | 53.5K | 59.1K | 54.6K | 33.8K | 45.6K | 428 | 428 | 36 |
| Stock-Based Compensation | 4M | 4.32M | 2.18M | 3.34M | 3.48M | 2.31M | 3.82M | 3.44M | 2.34M | 851.3K | 4.04M | 2.46M | 1.14M | 1.24M | 1.59M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 145.5K | 439K | 751.5K | 36.06M | 2.49M | -3.35M | 5.71M | 2.64M | 0 | 0 | 0 |
| Other Non-Cash Items | -543K | -389K | 6K | 3.64M | 232K | 2.31M | 932.8K | 4.66M | 1.75M | 2.02M | 2.78M | 3.98M | 699.5K | 971.4K | 1.65M | 0 | 0 | 0 |
| Working Capital Changes | -938K | 4.76M | 793K | 2.03M | -1.92M | 3.44M | 160.3K | 1.72M | 672.9K | -679.4K | -521.5K | 2.13M | 2.3M | 1.47M | 2.71M | 1.67K | -1.19K | 1.95K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -40.6K | 300K | -300K | 0 | 0 | 0 | 0 | 0 | 106.2K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 828K | 5.68M | 522K | -932.8K | 1.69B | 51K | 0 | 22.7M | 135M | -451.7M | -547.2M | 2.02B | 2.23B | 0 | 2.84T | 1.67K | -1.19K | 1.95K |
| Cash from Investing | -877K | -13.15M | -61K | -740K | -200.4K | -275.4K | 0 | -174K | -1.6K | -239.1K | -26.3K | 0 | -9.6K | -135.4K | -32.4K | 0 | 0 | -1.28K |
| Capital Expenditures | -151K | -191K | -61K | -212K | -200.4K | -275.4K | 0 | -174K | -1.6K | -239.1K | -26.3K | 0 | -9.6K | -135.4K | -32.4K | 0 | 0 | -1.28K |
| CapEx % of Revenue | 11.9% | 39.3% | 5.73% | -93.39% | 18.07% | 25.28% | - | - | - | 19.13% | - | - | - | 67.56% | 2.41% | - | - | - |
| Acquisitions | 0 | 0 | 0 | -528K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -174M | -1.6M | -239.1M | 0 | 0 | -9.6M | 0 | -32.4B | 0 | 0 | 0 |
| Cash from Financing | 30.97M | 3.21M | 128.4M | -1.04M | 10.48M | 114.1M | 4.01M | 17.42M | 16.52M | 9.99M | 5.19M | 2.84M | 1.5M | 4.16M | 3.54M | 8.13K | 1.5K | 37.44K |
| Debt Issued (Net) | 95K | 0 | -985K | -1.03M | -3K | -382K | -296.6K | -2.7K | -2.4K | -1.3K | -112.5K | -307.7K | -156.2K | 2.71M | -305.6K | 30 | 0 | 500 |
| Equity Issued (Net) | 30.88M | 3.01M | 129.38M | -70K | 4.44M | 109.47M | 3.6M | 0 | 0 | 0 | 0 | 3.15M | 0 | 1.19M | 2.68M | 0 | 0 | 36.94K |
| Dividends Paid | 0 | 0 | 0 | 0 | -945.1M | 0 | 0 | -1.14B | -1.03B | -1.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -174K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 201K | 8K | 63K | 951.15M | 5.01M | 710K | 1.16B | 1.05B | 1.27B | 5.31M | 0 | 1.65M | 262.1K | 1.17M | 8.1K | 1.5K | 0 |
| Net Change in Cash | -36.34M | -52.03M | 102.53M | -51.5M | -34.97M | 101.75M | -11.75M | 2.72M | 7.46M | 2.49M | 358.5K | 70K | -638.1K | 557.1K | -58.3K | 1.25K | -21.26K | 21.72K |
| Free Cash Flow | -66.44M | -42.29M | -25.87M | -49.93M | -45.46M | -12.35M | -15.76M | -14.7M | -9.06M | -7.5M | -4.83M | -2.77M | -2.14M | -3.6M | -3.6M | -6.88K | -22.76K | -15.72K |
| FCF Margin % | -5235.3% | -8701.23% | -2431.77% | 21994.71% | -4099.28% | -1133.45% | - | - | - | -600.1% | - | - | - | -1795.71% | -268.08% | - | - | - |
| FCF Growth % | -57.1% | -63.44% | 48.18% | -9.84% | -268.1% | 21.63% | -7.18% | -62.27% | -20.78% | -55.15% | -74.61% | -29.65% | 40.65% | -0.01% | -52214.63% | 69.77% | -44.78% | - |
| FCF per Share | -1.74 | -1.38 | -1.34 | -7.17 | -6.89 | -4.30 | -10.78 | -15.44 | -19.57 | -29.88 | -82.04 | -62.99 | -58.29 | -119.23 | -146.50 | -0.35 | -1.17 | -0.91 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.82x | 0.88x | 0.84x | 0.95x | 0.67x | 0.76x | 0.59x | 0.63x | 0.71x | 0.10x | 0.20x | 0.72x | 0.27x | 0.29x | 0.77x | 1.03x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 300 | 13.3K | 14.8K | 8K | 8.9K | 16.6K | 12.7K | 35.7K | 21K | 225.9K | 265.4K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 3.4K | 2.6K | 2.6K | 2.6K | 2.4K | 2.4K | 2.4K | 2.4K | 2.7K | 3.7K | 1.6K | 30 | 30 | 30 |
Clinical trial binary outcome
According to the provided financial data, VistaGen's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating between 0.71 and 1.25, suggesting that non-cash adjustments like stock-based compensation are masking the true magnitude of the company's ongoing cash depletion during this clinical-stage development phase.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily cash-based rather than driven by significant non-cash accounting charges. Investors should interpret this as a sign that the business lacks the operational leverage to decouple its cash burn from its accounting losses until a commercial product is realized.
As reported in quarterly filings, VistaGen's free cash flow remains deeply negative, with quarterly outflows reaching as high as $18.9 million in 2026Q1, confirming that the company is currently in a state of sustained capital consumption without any offsetting positive cash generation from its core operations.
The consistent negative FCF trajectory underscores the company's reliance on external financing to fund its R&D pipeline. This trend suggests that the firm's liquidity position is highly sensitive to the timing of clinical milestones and the associated capital requirements of its Phase 3 trial programs.
Based on the reported cash flow statements, working capital changes have been highly erratic, swinging from a $4.7 million outflow in 2026Q1 to a $4.5 million inflow in 2026Q2, which indicates that the company's cash position is subject to significant, unpredictable fluctuations tied to timing of vendor payments.
This volatility suggests that management may be actively managing payables to preserve cash in anticipation of clinical trial costs. Such fluctuations warrant close monitoring, as they may indicate underlying pressure on the company's ability to manage its short-term liabilities effectively during periods of high R&D intensity.
Data from recent financial statements reveals that stock-based compensation consistently adds over $1 million per quarter to the company's reported figures, which effectively obscures the true economic cost of talent retention in a high-burn environment where cash reserves are rapidly dwindling toward critical levels.
While SBC is a standard practice in biotechnology, its persistence in the face of negative cash flow suggests that the company is utilizing equity-based incentives to preserve cash. This practice may be necessary for survival, but it simultaneously increases the dilution risk for existing shareholders as the company continues to fund its operations.
Quick answers to the most common questions about buying VTGN stock.
VistaGen Therapeutics, Inc. (VTGN) generated $-66.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
VistaGen Therapeutics, Inc. (VTGN) reported negative free cash flow of $66.4M in 2026, indicating capital requirements exceeded cash from operations.
VistaGen Therapeutics, Inc. (VTGN) spent $0.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.