VistaGen Therapeutics Inc (VTGN) Q3 2025 Earnings Report

In the third quarter of fiscal year 2025, VistaGen Therapeutics Inc. reported a significant net loss of $14.1 million, an increase from $6.4 million in the same quarter of the previous year. Revenue came in at $234,000, indicating a year-over-year decline of 43.12% but a quarter-over-quarter growth of 27.87%. The increase in research and development (R&D) expenses, which totaled $11.3 million, was primarily attributed to ongoing clinical trials, particularly in the Palisade Phase 3 programs for its lead product candidate, PH94B, targeting acute treatment for social anxiety disorder. Management maintains confidence in future trials, positioning the company for potential growth despite current financial challenges.