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Vistagen Therapeutics Inc. (VTGN+3.48%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $14,089,000, compared to a net loss of $6,350,000 in the same quarter the previous year. The company attributes the increase in net loss to higher research and development expenses.
Research and development expenses for the quarter were $11,305,000, up from $4,537,000 in the previous year. This increase is primarily due to ongoing clinical trials and preparation for new studies.
General and administrative expenses for the quarter increased to $4,049,000 from $3,758,000 in the same quarter of the previous year, reflecting higher personnel costs.
Vistagen reported revenue of $234,000 for the quarter, down from $411,000 in the previous year, primarily due to decreased sublicense and other revenue.
Interest income for the quarter was $1,031,000, compared to $1,534,000 in the previous year, reflecting changes in cash balances and interest rates.
As of December 31, 2024, Vistagen had cash and cash equivalents of $74,715,000, down from $119,166,000 as of March 31, 2024, due to ongoing operational expenses.
The company continues to focus on the development of its lead product candidates, including fasedienol for social anxiety disorder and itruvone for major depressive disorder.
Vistagen acknowledges the need for additional financing to support its operations and potential commercialization efforts for its product candidates.
The filing also details various risks and uncertainties facing the company, including the need for regulatory approvals and potential competition in the biopharmaceutical industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vistagen Therapeutics Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.