Vistagen Therapeutics (NASDAQ: VTGN), a neuroscience-focused biopharmaceutical company dedicated to pursuing a pioneering approach to the development of groundbreaking therapies for psychiatric and neurological disorders based on nose-to-brain neurocircuitry, is reporting financial results for the fiscal year ended March 31, 2024; the report also included a corporate update. Highlights of the report included that Vistagen’s registration-directed fasedienol PALISADE phase 3 program for the acute treatment of social anxiety disorder is progressing on track and that its PALISADE-3 phase 3 trial has recently been initiated with plans for PALISADE-4 phase 3 trial initiation in the second half of 2024. Financial numbers reported included research and development expenses totaling $20 million and general and administrative expenses reaching $14.1 million, with a net loss for the year of $29.4 million, down from $59.2 million for FY 2023. The report also showed cash and cash equivalents of $119.2 million as of March 31, 2024, with 27,029,731 shares of common stock issued and 3,577,240 prefunded warrants outstanding as of June 10, 2024. “Vistagen’s fiscal 2024 proved to be a year full of remarkable accomplishments,” said Vistagen Therapeutics CEO Shawn Singh in the press release. “Most notably, with our PALISADE-2 trial of fasedienol, we became the first company to report positive results of a phase 3 trial for the acute treatment of social anxiety disorder, a mental-health disorder affecting the lives of over 30 million adults in the U.S for which there is no FDA-approved acute treatment option. In addition, we recently initiated our PALISADE-3 phase 3 trial, which, if successful, has the potential to complement PALISADE-2 in support of a fasedienol U.S. New Drug Application submission. Our primary focus is on the high-quality execution of our registration-directed PALISADE phase 3 program for fasedienol in social anxiety disorder, as well as the further progression of our nonsystemic, neurocircuitry-focused pherine development programs involving itruvone for major depressive disorder and hormone-free PH80 for menopausal hot flashes. We are well-positioned on a path toward achieving multiple potential value-creating catalysts during the year ahead as we pursue our mission to develop and commercialize differentiated neuroscience therapies to improve patients’ lives worldwide.”
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About Vistagen Therapeutics Inc.
Vistagen Therapeutics is a neuroscience-focused biopharmaceutical company dedicated to pursuing a pioneering approach to the development and commercialization of groundbreaking therapies for psychiatric and neurological disorders based on its deep understanding of nose-to-brain neurocircuitry. Designed exclusively as nasal sprays, Vistagen’s diversified pipeline of pherine product candidates rapidly activate chemosensory neurons in the nasal cavity to impact fundamental neurocircuitry in the olfactory system and the brain, with favorable safety profiles observed in all clinical studies completed to date. Vistagen’s pipeline also includes an oral prodrug with potential to modulate NMDA receptor activity. Vistagen is passionate about creating novel and differentiated treatments that set new standards of care for millions of people living with anxiety, depression and other neurological disorders. For more information about the company, please visit www.Vistagen.com.
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