Vistagen Therapeutics, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing intranasal therapies for neurological conditions, experienced a decline in total revenues, which amounted to $183,000 for the three months ended September 30, 2024, down from $278,000 in the same period of 2023. For the six months ended September 30, 2024, total revenues were $267,000, compared to $455,000 for the same period in the previous year.

Operating expenses surged to $14.4 million for the three months ended September 30, 2024, a significant increase from $7.1 million in the prior year. This rise was primarily attributed to a $4.7 million increase in clinical development expenses related to the ongoing PALISADE-3 and PALISADE-4 Phase 3 trials for fasedienol, as well as headcount growth. Consequently, the loss from operations for the three months ended September 30, 2024, was $(14.2 million), compared to $(6.8 million) in the same quarter of 2023. The net loss for the quarter was $(12.9 million), up from $(6.6 million) year-over-year.

For the six months ended September 30, 2024, the net loss was $(23.7 million), compared to $(13.5 million) for the same period in 2023. The company reported a net cash used in operating activities of $(21.8 million) for the first half of fiscal 2024, an increase from $(14.1 million) in the prior year.

As of September 30, 2024, Vistagen's cash and cash equivalents stood at $84.2 million, a decrease from $119.2 million at the end of the previous fiscal period. Total current assets also fell to $99.9 million from $120.7 million, while total assets decreased to $102.5 million from $123.7 million. Total stockholders’ equity declined to $93.0 million from $114.3 million.

The company’s strategic developments included the completion of a public offering in October 2023, raising approximately $100 million, which is expected to support its operations for over 12 months. Additionally, Vistagen entered into an Exclusive Negotiation Agreement with Fuji Pharma for the potential development of PH80 in Japan, receiving $1.5 million as consideration.

Overall, Vistagen continues to focus on advancing its clinical pipeline, particularly fasedienol for social anxiety disorder, while managing increased operational costs and a significant net loss.