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VTGNVISTAGEN THERAPEUTICS, INC.

Is Vistagen Therapeutics struggling financially?

Yes, by its own account. Vistagen Therapeutics told the SEC on 15 Jun 2026, in Form 10-K, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed Jun 2026

15/100

Critical

Sector
Biotech/Pharma
Market cap
$10.8M
Source filing
10-K 15 Jun 2026
Balance sheet
30 Jun 2026

Cash runway

  • 1month

    If the burn speeds up

    Empty by Jul 2026

  • 3months

    If it eases off

    Empty by Sep 2026

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$17.0M

÷

Cash burned over the last 12 months

$113.8M

What Vistagen Therapeutics told the SEC

…sufficient to fund operations beyond twelve months from the issuance date of these consolidated financial statements and therefore the Company concluded that substantial doubt existed about the Company’s ability to continue as a going concern. The terms of any future financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities, whether equity or debt, by us, or the…

VISTAGEN THERAPEUTICS, INC., Form 10-K, filed 15 Jun 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 34.6% share-count increase The company issued stock. Each share now owns 25.7% less of the business than a year ago, before any change in the price.
  • Cash burn is increasing It is spending 38% more cash per year than it was, so the runway above shortens even if nothing else changes.

Other Biotech/Pharma companies that filed the doubt