Vistagen FY2026 Financial Results and Fasedienol Phase 3 Topline Timeline

Vistagen Therapeutics reported financial results for the fiscal year ended March 31, 2026, and provided a significant corporate update. The company reported a net loss of $69.7 million, compared to $51.4 million in the prior year, primarily driven by increased R&D expenses of $55.0 million related to its PALISADE Phase 3 program. As of March 31, 2026, Vistagen held $45.4 million in cash and marketable securities, which it believes will fund operations into 2027. Key clinical updates include the completion of the randomized portion of the PALISADE-4 Phase 3 trial for fasedienol in social anxiety disorder, with topline results expected in June 2026. The company also completed the randomized portion of a Phase 2 repeat dose study for fasedienol, with results anticipated in Q3 2026. Additionally, Vistagen received FDA "Study May Proceed" clearance for its IND application for refisolone to treat menopausal hot flashes. The company achieved minimum ICH E1 safety exposure recommendations for fasedienol, involving over 1,500 individuals. Executive leadership was strengthened with new appointments for Chief Medical, Financial, and Corporate Development Officers.