Lucide Ledger

A filing-first public record from Lucide House.

Issue 006 | U.S. Pilot | US

VTGN

Vistagen Therapeutics, Inc.

Screen state: Needs Review Source state: Stale Filing 10-Q | 2026-02-12 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 79.8%

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.

Evaluated
12
Triggered
3
Unavailable
7
Requires inspection High NCAV Burn since the previous filing 49,109,000
Latest
49,109,0002025-12-31
Comparison
64,344,0002025-09-30
Change
-23.7%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2025-12-31 · 0001628280-26-007718; REPORTED_FILING 10-Q 2025-09-30

Requires inspection Negative OCF -50,236,000
Latest
-50,236,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2025-12-31 · 0001628280-26-007718

Supporting observation Current Ratio > 1.5 4.67
Latest
4.672025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2025-12-31 · 0001628280-26-007718

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

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.

Share Count & Per-Share Comparability

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

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.

Medium | Filing

Some rows are based on older filing data and require manual freshness 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 79.8% 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
2026-08-16T03:30:06+00:00

Run Audit

Mary Run
63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of
2026-08-15
Accession
0001628280-26-007718
CIK
0001411685
Mary Filing Date
2026-02-12
Filing Currency
USD
Internal Discount
79.8%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-02-12; mary_accession=0001628280-26-007718; mary_cik=0001411685; gnni_supporting_filing_date=2026-02-12; internal_discount=0.798471; 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.; source requires review

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