Issue 001 | U.S. Pilot | US

VTGN

Vistagen Therapeutics, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-02-12 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 80.6%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 63,245,000USD
Total Liabilities: 14,136,000USD
NCAV: 49,109,000USD
Cash: 47,371,000USD
NCAV per share: 1.24USD/share
Evidence: 10 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: needs review

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2025-12-31 10-Q Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-K Open filing	2024-12-31 10-Q Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-K Open filing	2023-12-31 10-Q Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-K Open filing	2022-12-31 10-Q Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-K Open filing	2021-12-31 10-Q Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2021-03-31 10-K Open filing	2020-03-31 10-K Open filing	2019-03-31 10-K Open filing	2018-03-31 10-K Open filing	2017-03-31 10-K Open filing	2016-03-31 10-K Open filing
Period-end Shares Outstanding	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Basic Shares	42,234,40542,234,405	35,749,16035,749,160	31,930,66531,930,665	30,877,02930,877,029	29,388,08529,388,085	30,632,34730,632,347	30,603,43530,603,435	19,354,50019,354,500	29,388,08529,388,085	10,042,53010,042,530	7,377,0057,377,005	6,958,7496,958,749	6,894,603206,838,084	6,893,708206,811,249	6,886,557206,596,724	6,599,286197,978,592	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	58,9321,767,957
Weighted-average Diluted Shares	30,649,38430,649,384	n/an/a	30,603,43530,603,435	n/an/a	30,711,87230,711,872	30,617,97030,617,970	7,337,0057,337,005	6,958,7496,958,749	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	58,9321,767,957
Basic EPS	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-2-2	-1-1	-9-9	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	n/an/a	n/an/a	n/an/a	n/an/a	-29-29
Diluted EPS	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-2-2	-1-1	-9-9	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	-29-29
Basic-to-Diluted Share Difference	-27.4%	Insufficient evidence	-4.2%	Insufficient evidence	4.5%	-0.0%	-76.0%	-64.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%
Net Share Count Change	18.1%	12.0%	3.4%	5.1%	-4.1%	0.1%	58.1%	-34.1%	192.6%	36.1%	6.0%	0.9%	0.0%	0.1%	4.4%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change	-15.4%	-10.7%	-3.3%	-4.8%	4.2%	-0.1%	-36.8%	51.8%	-65.8%	-26.5%	-5.7%	-0.9%	-0.0%	-0.1%	-4.2%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Verified split events: reverse 20.0 on 2014-08-14; reverse 30.0 on 2023-06-06

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-03-31 10-K USD	2024-03-31 10-K USD	2023-03-31 10-K USD	2022-03-31 10-K USD	2021-03-31 10-K USD	2020-03-31 10-K USD	2019-03-31 10-K USD	2018-03-31 10-K USD	2017-03-31 10-K USD	2016-03-31 10-K USD
Revenue	486,000	1,064,000	-227,000	1,108,900	1,089,500	0	n/a	0	1,250,000	0
Operating Income	-55,973,000	-33,021,000	-59,268,000	-47,778,900	-17,933,800	-20,801,500	-24,556,300	-14,199,600	-10,248,500	-17,850,200
Net Income	-51,418,000	-29,362,000	-59,247,700	-47,762,400	-17,934,200	-20,774,000	-24,589,600	-14,345,900	-10,255,500	-47,220,500
Cash From Operations	-42,097,000	-25,813,000	-49,715,100	-45,256,500	-12,073,500	-15,757,000	-14,527,500	-9,058,300	-7,262,100	-4,808,500
Capex	n/a	0	-528,300	-200,400	-275,400	0	-174,000	-1,600	-239,100	-26,300
Free Cash Flow	n/a	-25,813,000	-50,243,400	-45,456,900	-12,348,900	-15,757,000	-14,701,500	-9,059,900	-7,501,200	-4,834,800
Cash And Equivalents	67,131,000	119,166,000	16,637,600	68,135,300	103,108,300	1,355,100	13,100,300	10,378,300	2,921,300	428,500
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	82,076,000	120,672,000	17,507,400	70,998,000	104,117,500	1,580,200	13,651,200	11,023,100	3,377,900	855,300
Total Assets	84,341,000	123,653,000	21,089,200	74,643,400	108,281,300	5,772,300	14,011,700	11,278,300	3,712,200	989,800
Total Current Liabilities	12,612,000	5,123,000	4,567,400	5,765,100	4,189,000	2,771,300	2,800,900	1,458,500	1,367,500	1,794,700
Total Liabilities	13,951,000	9,367,000	9,009,200	9,928,100	16,302,800	11,501,700	6,936,500	4,361,700	3,096,400	3,967,000
Shareholders Equity	70,390,000	114,286,000	12,080,000	64,715,300	91,978,500	-5,729,400	7,075,200	6,916,600	615,800	-2,977,200
Shares Outstanding	29,157,733	27,025,209	n/a	6,888,032	6,379,412	1,859,123	1,420,766	767,920	310,049	265,690
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	30,877,029	19,354,500	6,958,749	6,599,287	2,871,121	1,462,317	952,083	463,001	251,055	58,932
Weighted Avg Shares Basic	30,877,029	19,354,500	6,958,749	6,599,287	2,871,121	1,462,317	952,083	463,001	251,055	58,932
Net Share Count Change (Normalized)	5.1%	-34.1%	0.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	-4.8%	51.8%	-0.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2025-12-31 10-Q USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-K USD	2025-03-31 10-K USD	2024-12-31 10-Q USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-K USD	2024-03-31 10-K USD	2023-12-31 10-Q USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-K USD	2023-03-31 10-K USD	2022-12-31 10-Q USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-K USD	2022-03-31 10-K USD	2021-12-31 10-Q USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD	2021-03-31 10-K USD	2021-03-31 10-K USD
Revenue	303,000	258,000	244,000	-15,000	-15,000	234,000	183,000	84,000	197,300	197,900	411,400	277,700	177,000	175,900	175,900	180,000	-893,000	310,100	38,900	38,900	357,900	358,000	354,100	441,900	441,900
Operating Income	-19,546,000	-20,053,000	-15,804,000	-14,495,000	-14,495,000	-15,120,000	-14,227,000	-12,131,000	-11,359,000	-11,359,000	-7,884,000	-6,780,200	-6,997,800	-12,239,100	-12,239,100	-9,766,500	-17,489,300	-19,773,100	-16,693,000	-16,693,000	-10,540,200	-12,799,500	-7,746,200	-6,219,000	-6,219,000
Net Income	-18,899,000	-19,417,000	-15,095,000	-13,635,000	-13,635,000	-14,089,000	-12,961,000	-10,733,000	-9,521,400	-9,521,400	-6,349,800	-6,587,700	-6,903,100	-12,227,000	-12,227,000	-9,761,200	-17,483,200	-19,776,300	n/a	-16,688,400	-10,535,100	-12,794,400	-7,744,500	-6,210,900	-6,210,900
Cash From Operations	-17,631,000	-13,759,000	-18,846,000	-10,062,000	-10,062,000	-10,280,000	-10,886,000	-10,869,000	-7,197,100	-7,197,100	-4,535,400	-6,189,600	-7,890,900	-7,472,700	-7,472,700	-9,933,300	-16,340,800	-15,968,300	n/a	-4,138,900	-23,495,100	-11,449,600	-6,172,900	-5,281,900	-5,281,900
Capex	-26,000	-60,000	-65,000	n/a	n/a	0	-61,000	-42,000	n/a	32,000	-32,000	0	0	n/a	-316,300	-12,500	-24,400	-175,100	n/a	n/a	-50,400	-50,500	-149,900	n/a	-25,500
Free Cash Flow	-17,657,000	-13,819,000	-18,911,000	n/a	n/a	-10,280,000	-10,947,000	-10,911,000	n/a	-7,165,100	-4,567,400	-6,189,600	-7,890,900	n/a	-7,789,000	-9,945,800	-16,365,200	-16,143,400	n/a	n/a	-23,545,500	-11,500,100	-6,322,800	n/a	-5,307,400
Cash And Equivalents	47,371,000	62,786,000	48,985,000	67,131,000	67,131,000	74,715,000	84,246,000	102,918,000	119,166,000	119,166,000	126,559,200	37,608,400	9,622,300	16,637,600	16,637,600	25,037,300	35,287,200	51,986,400	68,135,300	68,135,300	83,700,200	93,627,100	97,776,900	103,108,300	103,108,300
Total Current Assets	63,245,000	78,934,000	66,716,000	82,076,000	82,076,000	89,941,000	99,948,000	110,838,000	120,672,000	120,672,000	128,114,000	39,076,200	11,578,800	17,507,400	17,507,400	26,057,500	36,913,800	54,993,600	70,998,000	70,998,000	86,770,300	96,437,400	99,825,800	104,117,500	104,117,500
Total Liabilities	14,136,000	14,590,000	12,159,000	13,951,000	13,951,000	11,185,000	9,522,000	8,745,000	9,367,000	9,367,000	7,783,200	6,550,600	8,183,300	9,009,200	9,009,200	9,034,300	11,096,700	12,673,600	9,928,100	9,928,100	10,558,300	19,840,000	18,290,400	16,302,800	16,302,800
Shares Outstanding	39,620,317	39,495,451	30,680,471	n/a	29,157,733	28,862,085	27,843,466	27,055,107	n/a	27,025,209	n/a	n/a	9,362,444	n/a	n/a	7,310,884	6,894,545	6,894,545	n/a	6,888,032	6,884,265	6,656,744	6,430,130	n/a	6,379,412
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	42,234,405	35,749,160	31,930,665	30,877,029	31,572,609	30,711,872	30,632,347	30,603,435	19,354,500	30,602,450	29,388,085	10,042,530	7,337,005	6,958,749	7,163,799	6,894,603	6,893,708	6,886,736	n/a	6,884,403	6,744,289	6,440,928	6,330,805	n/a	4,865,550
Weighted Avg Shares Basic	42,234,405	35,749,160	31,930,665	30,877,029	31,572,609	30,711,872	30,632,347	30,603,435	19,354,500	30,602,450	29,388,085	10,042,530	7,337,005	7,163,799	7,163,799	6,894,603	6,893,708	6,886,736	206,532,083	6,884,403	6,744,289	6,440,928	6,330,805	86,133,644	4,865,550
Net Share Count Change (Normalized)	18.1%	12.0%	3.4%	5.1%	5.1%	-4.1%	0.1%	58.1%	-34.1%	-34.1%	192.6%	36.1%	6.0%	0.9%	0.9%	0.0%	0.1%	4.4%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	-15.4%	-10.7%	-3.3%	-4.8%	-4.8%	4.2%	-0.1%	-36.8%	51.8%	51.8%	-65.8%	-26.5%	-5.7%	-0.9%	-0.9%	-0.0%	-0.1%	-4.2%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	63,245,000USD	us-gaap:AssetsCurrent	2025-12-31	1.00	Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json
Total Liabilities	14,136,000USD	us-gaap:Liabilities	2025-12-31	1.00	Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json
Cash	47,371,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2025-12-31	1.00	Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json Data Vault \| sec/companyfacts/cik=0001411685/companyfacts.json
Shares Outstanding	39,620,317	dei:EntityCommonStockSharesOutstanding	2025-12-31	1.00	n/a
NCAV	49,109,000USD	derived	2025-12-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	1.24USD	derived	2025-12-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	80.6%	derived	2025-12-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001411685
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001411685/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001411685/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-15T12:53:02+00:00
Rendered At: 2026-08-16T03:29:38+00:00

Run Audit

Mary Run: 7597e71d9e0c42a48d3fa1ce89682485
Mary As Of: 2026-07-11
Accession: 0001628280-26-007718
CIK: 0001411685
Mary Filing Date: 2026-02-12
Filing Currency: USD
Internal Discount: 80.6%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=7597e71d9e0c42a48d3fa1ce89682485; mary_as_of=2026-07-11; mary_filing_date=2026-02-12; mary_accession=0001628280-26-007718; mary_cik=0001411685; gnni_supporting_filing_date=2026-02-12; internal_discount=0.805935; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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