The company's operating margin remains deeply negative at -36.0% as of 2026Q4, reflecting a lack of commercial scale relative to its $13.1 million quarterly R&D investment.
| 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 |
|---|
| Sales/Revenue | 1.27M | 486K | 1.06M | -227K | 1.11M | 1.09M | 0 | 0 | 0 | 1.25M | 0 | 0 | 0 | 200.4K | 1.34M | 0 | 0 | 0 |
| Revenue Growth % | 161.11% | -54.32% | 568.72% | -120.47% | 1.78% | - | - | - | -100% | - | - | - | -100% | -85.07% | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 103.1K | 91.2K | 80.7K | 0 | 53.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.27M | 486K | 1.06M | -227K | 1.11M | 1.09M | -103.1K | 0 | 0 | 1.25M | 0 | 0 | 0 | 200.4K | 1.34M | 0 | 0 | 0 |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | 100% | - | - | - | 100% | 100% | - | - | - |
| Gross Profit Growth % | 161.11% | -54.32% | 568.72% | -120.47% | 1.78% | 1156.74% | - | - | -100% | - | - | - | -100% | -85.07% | - | - | - | - |
| Operating Expenses | 73.39M | 56.46M | 34.09M | 59.04M | 48.89M | 19.02M | 19.87M | 24.53M | 14.2M | 11.5M | 17.85M | 6.68M | 5.03M | 6.99M | 10.39M | 8.95K | 21.97K | 16.39K |
| OpEx % of Revenue | 5783.69% | 11617.08% | 3203.48% | -26009.25% | 4408.68% | 1746.06% | - | - | - | 919.88% | - | - | - | 3489.77% | 773.77% | - | - | - |
| Selling, General & Admin | 18.42M | 17.08M | 14.06M | 14.66M | 13.25M | 7.1M | 6.55M | 7.43M | 6.44M | 5.87M | 13.92M | 4.25M | 2.55M | 3.56M | 4.36M | 8.52K | 21.54K | 16.35K |
| SG&A % of Revenue | 1451.62% | 3515.23% | 1321.71% | -6459.91% | 1194.7% | 651.49% | - | - | - | 469.44% | - | - | - | 1777.79% | 324.54% | - | - | - |
| Research & Development | 54.97M | 39.38M | 20.02M | 44.38M | 35.41M | 11.93M | 13.33M | 17.1M | 7.76M | 5.2M | 3.93M | 2.43M | 2.48M | 3.43M | 5.39M | 0 | 0 | 0 |
| R&D % of Revenue | 4332.07% | 8101.85% | 1881.77% | -19549.34% | 3193.06% | 1094.6% | - | - | - | 416.3% | - | - | - | 1711.98% | 401.48% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 232K | -400 | 0 | -48.7K | 0 | 426.8K | -2.3K | 0 | 0 | 0 | 641K | 428 | 428 | 36 |
| Operating Income | -72.13M | -55.97M | -33.02M | -59.27M | -47.78M | -17.93M | -19.97M | -24.56M | -14.2M | -10.25M | -17.85M | -6.78M | -5.03M | -6.79M | -9.04M | -8.95K | -21.97K | -16.39K |
| Operating Margin % | -5683.69% | -11517.08% | -3103.48% | 26109.25% | -4308.68% | -1646.06% | - | - | - | -819.88% | - | - | - | -3389.77% | -673.77% | - | - | - |
| Operating Income Growth % | -28.86% | -69.51% | 44.29% | -24.05% | -166.42% | 10.22% | 18.66% | -72.94% | -38.55% | 42.59% | -163.39% | -34.76% | 25.97% | 24.88% | -100988.75% | 59.28% | -34.07% | - |
| EBITDA | -71.39M | -55.34M | -32.45M | -58.74M | -47.07M | -17.46M | -19.87M | -24.47M | -14.12M | -10.19M | -17.8M | -6.72M | -4.97M | -6.76M | -9M | -8.52K | -21.54K | -16.35K |
| EBITDA Margin % | -5625.93% | -11386.42% | -3050.09% | 25874.89% | -4244.55% | -1602.22% | - | - | - | -815.49% | - | - | - | -3372.9% | -670.38% | - | - | - |
| EBITDA Growth % | -29.01% | -70.52% | 44.75% | -24.79% | -169.63% | 12.15% | 18.78% | -73.28% | -38.51% | 42.72% | -164.91% | -35.05% | 26.41% | 24.88% | -105532.78% | 60.46% | -31.74% | - |
| D&A (Non-Cash Add-back) | 733K | 635K | 568K | 532K | 711.1K | 477.6K | 103.1K | 91.2K | 80.7K | 54.9K | 53.5K | 59.1K | 54.6K | 33.8K | 45.6K | 428 | 428 | 36 |
| EBIT | -72.13M | -51.41M | -29.36M | -59.27M | -47.76M | -17.92M | -20.76M | -24.56M | -14.33M | -9.82M | -17.85M | -6.78M | -5.03M | -11.88M | -10.31M | -6.36M | -21.97K | -16.39K |
| Net Interest Income | 2.44M | 4.56M | 3.35M | 26K | 20K | 2K | 30K | -8K | 0 | -4.6K | 0 | -4.61M | -1.55M | -974K | -1.89M | 0 | 0 | 0 |
| Interest Income | 2.44M | 4.56M | 3.35M | 49K | 20K | 15K | 45K | 0 | 0 | 0 | 0 | 5K | 10K | 30K | 1K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 23K | 0 | 13K | 15K | 8K | 8.9K | 5K | 777K | 4.62M | 1.56M | 1M | 1.89M | 0 | 0 | 0 |
| Other Income/Expense | 2.45M | 4.56M | 3.66M | 26K | 19.9K | 2.2K | -796.9K | -30.7K | -143.9K | -4.6K | -29.37M | -7.11M | 2.06M | -6.09M | -3.16M | -9.47M | 0 | 0 |
| Pretax Income | -69.68M | -51.41M | -29.36M | -59.24M | -47.76M | -17.93M | -20.77M | -24.59M | -14.34M | -10.25M | -47.22M | -13.88M | -2.96M | -12.88M | -12.21M | -8.95K | -21.97K | -16.39K |
| Pretax Margin % | -5490.78% | -10578.4% | -2759.21% | 26097.8% | -4306.88% | -1645.86% | - | - | - | -820.25% | - | - | - | -6428.64% | -909.54% | - | - | - |
| Income Tax | 7K | 7K | 4K | 6K | 3.4K | 2.6K | 2.6K | 2.6K | 2.4K | 2.4K | 2.3K | 2.4K | 2.7K | 3.7K | 1.6K | 30 | 30 | 30 |
| Effective Tax Rate % | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.02% | -0.02% | -0% | -0.02% | -0.09% | -0.03% | -0.01% | -0.34% | -0.14% | -0.18% |
| 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 |
| Net Margin % | -5491.33% | -10579.84% | -2759.59% | 26100.44% | -4307.19% | -1646.09% | - | - | - | -820.44% | - | - | - | -6430.49% | -909.66% | - | - | - |
| Net Income Growth % | -35.53% | -75.12% | 50.44% | -24.05% | -166.32% | 13.67% | 15.52% | -71.41% | -39.88% | 78.28% | -240.06% | -367.9% | 76.97% | -5.55% | -135923.84% | 59.2% | -34% | - |
| Net Income (Continuing) | -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 | -9.48M | -22K | -16.42K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.83 | -1.67 | -1.52 | -8.51 | -7.38 | -14.74 | -14.21 | -25.83 | -30.98 | -40.85 | -801.27 | -315.87 | -81.00 | -426.98 | -497.11 | -0.46 | -1.13 | -0.95 |
| EPS Growth % | -9.58% | -9.87% | 82.14% | -15.31% | 49.93% | -3.73% | 44.99% | 16.62% | 24.16% | 94.9% | -153.67% | -289.96% | 81.03% | 14.11% | -107967.39% | 59.29% | -18.95% | - |
| EPS (Basic) | -1.83 | -1.67 | -1.52 | -8.51 | -7.38 | -14.74 | -14.21 | -25.83 | -30.98 | -40.85 | -801.28 | -318.27 | -74.47 | -426.99 | -497.11 | -0.46 | -1.13 | -0.95 |
| Diluted Shares Outstanding | 38.07M | 30.71M | 19.35M | 6.96M | 6.6M | 2.87M | 1.46M | 952.08K | 463K | 251.05K | 58.93K | 43.96K | 36.64K | 30.18K | 24.56K | 19.5K | 19.5K | 17.34K |
| Basic Shares Outstanding | 38.07M | 30.71M | 19.35M | 6.96M | 6.6M | 2.87M | 1.46M | 952.08K | 463K | 251.05K | 58.93K | 43.63K | 39.85K | 30.18K | 24.56K | 19.5K | 19.5K | 17.34K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcome
As reported in recent financial filings, VistaGen's revenue remains entirely dependent on non-recurring milestone recognition, with the latest quarter showing $465,000 in top-line results, which underscores the absence of a sustainable, volume-driven commercial product base necessary to support the company's ongoing clinical development and operational overhead.
The revenue trajectory is highly volatile and reflects business development milestones rather than market adoption of a therapeutic product. Investors should note that the lack of recurring sales makes the top-line inherently unpredictable and dependent on the timing of international partnership agreements.
Based on the company's quarterly income statements, R&D expenditures have consistently scaled, reaching $13.1 million in 2026Q4, which highlights a structural cost profile where clinical trial investment significantly dwarfs the sporadic licensing revenue recognized during the same period of the company's development cycle.
The cost structure is dominated by clinical trial expenses, which appear to be the primary driver of the company's cash burn. This heavy reliance on R&D spending suggests that the firm's financial health is inextricably linked to the successful execution of its late-stage clinical pipeline.
According to historical income statement data, VistaGen maintains an operating margin of -36.0% as of 2026Q4, illustrating that the company has yet to achieve the operational scale required to offset its fixed administrative and research costs through its current licensing-based revenue model.
The persistent negative operating income indicates that the business is currently in a capital-intensive phase with no immediate path to profitability. The lack of operating leverage suggests that any future growth will require substantial additional capital to fund the transition from clinical development to commercialization.
As indicated by the company's reported figures, the consistent quarterly net losses, which reached $16.3 million in 2026Q4, suggest that the current cash position may be insufficient to sustain long-term operations, potentially forcing management to rely on further dilutive equity financing to fund future clinical milestones.
Short-term investors should monitor the cash-to-burn ratio, as the current rate of capital depletion may necessitate additional funding rounds. This creates a significant risk of shareholder dilution that could offset the potential upside from successful clinical trial readouts.
Quick answers to the most common questions about buying VTGN stock.
For fiscal year 2026, VistaGen Therapeutics, Inc. (VTGN) reported total revenue of $1.3M.
VistaGen Therapeutics, Inc. (VTGN) reported a net loss of $69.7M for the fiscal year ending 2026.
VistaGen Therapeutics, Inc. (VTGN) reported an operating income of $-72.1M, resulting in an operating profit margin of -5683.7%. This margin reflects the operational efficiency of the business before interest and taxes.
VistaGen Therapeutics, Inc. (VTGN) generated $1.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.