VistaGen Therapeutics Reports Third Quarter Fiscal
Post# of 617763
SOUTH SAN FRANCISCO, CA --(Marketwired - February 12, 2018) - VistaGen Therapeutics, Inc. (
"Building on our significant progress last quarter, our team is prepared and eager to launch, during the current quarter, our AV-101 Phase 2 clinical development program, initially focused on adjunctive treatment of Major Depressive Disorder patients with an inadequate response to standard, FDA-approved antidepressants. This year has the potential to be transformative for VistaGen and the millions of depression patients seeking new generation treatment options that are fundamentally different from all currently available therapies," commented Shawn Singh, Chief Executive Officer of VistaGen.
Financial Results for the Fiscal Quarter Ended December 31, 2017: Net loss attributable to common stockholders for the fiscal quarter ended December 31, 2017 was approximately $3.5 million, compared to $2.9 million for the fiscal quarter ended December 31, 2016.
Research and development expense totaled approximately $1.6 million for the fiscal quarter ended December 31, 2017, compared with approximately $1.6 million for the fiscal quarter ended December 31, 2016. Research and development expense was primarily attributable to the Company's development of AV-101, its oral, new generation CNS drug candidate initially focused on displacing adjunctive atypical antipsychotics in the current Major Depressive Disorder (MDD) treatment paradigm, including final preparations to launch its AV-101 MDD Phase 2 adjunctive treatment study in patients with an inadequate response to standard FDA-approved antidepressants.
General and administrative expense was approximately $1.3 million in the fiscal quarter ended December 31, 2017, compared to approximately $2.3 million in the fiscal quarter ended December 31, 2016. The decrease was primarily attributable to decreased professional services expenses, a decrease in noncash expense attributable to grants of common stock for services, and a decrease in noncash warrant modification expense, partially offset by increased salary and benefits and noncash stock compensation expenses.
At December 31, 2017, the Company had cash and cash equivalents of approximately $13.0 million, compared to approximately $2.9 million at March 31, 2017.
About VistaGen VistaGen Therapeutics, Inc. (
For more information, please visit www.vistagen.com and connect with VistaGen on: Twitter LinkedIn Facebook
Forward-Looking Statements The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the successful launch, continuation and results of the NIMH's Phase 2 (MDD monotherapy) and/or the Company's planned Phase 2 (MDD adjunctive treatment) clinical studies of AV-101, allowance of patent applications and continued protection of its intellectual property, and the availability of substantial additional capital to support its operations, including the AV-101 Phase 2 clinical development activities described above. These and other risks and uncertainties are identified and described in more detail in VistaGen's filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC's website at www.sec.gov . VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
| VISTAGEN THERAPEUTICS | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| Amounts in Dollars | |||||||||||
| December 31, | March 31, | ||||||||||
| 2017 | 2017 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 13,031,800 | $ | 2,921,300 | |||||||
| Prepaid expenses and other current assets | 940,400 | 456,600 | |||||||||
| Total current assets | 13,972,200 | 3,377,900 | |||||||||
| Property and equipment, net | 222,800 | 286,500 | |||||||||
| Security deposits and other assets | 47,800 | 47,800 | |||||||||
| Total assets | $ | 14,242,800 | $ | 3,712,200 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 509,300 | $ | 867,300 | |||||||
| Accrued expenses | 770,900 | 443,000 | |||||||||
| Current notes payable | 43,700 | 54,800 | |||||||||
| Capital lease obligations | 2,600 | 2,400 | |||||||||
| Total current liabilities | 1,326,500 | 1,367,500 | |||||||||
| Non-current liabilities: | |||||||||||
| Accrued dividends on Series B Preferred Stock | 2,344,400 | 1,577,800 | |||||||||
| Deferred rent liability | 299,100 | 139,200 | |||||||||
| Capital lease obligations | 10,000 | 11,900 | |||||||||
| Total non-current liabilities | 2,653,500 | 1,728,900 | |||||||||
| Total liabilities | 3,980,000 | 3,096,400 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and March 31, 2017: | |||||||||||
| Series A Preferred, 500,000 shares authorized, issued and outstanding at December 31, 2017 and March 31, 2017 | 500 | 500 | |||||||||
| Series B Preferred; 4,000,000 shares authorized at December 31, 2017 and March 31, 2017; 1,160,240 shares issued and outstanding at December 31, 2017 and March 31, 2017 | 1,200 | 1,200 | |||||||||
| Series C Preferred; 3,000,000 shares authorized at December 31, 2017 and March 31, 2017; 2,318,012 shares issued and outstanding at December 31, 2017 and March 31, 2017 | 2,300 | 2,300 | |||||||||
| Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at December 31, 2017 and March 31, 2017, respectively; 22,723,504 and 8,974,386 shares issued and outstanding at December 31, 2017 and March 31, 2017, respectively | 22,700 | 9,000 | |||||||||
| Additional paid-in capital | 166,669,200 | 146,569,600 | |||||||||
| Treasury stock, at cost, 135,665 shares of common stock held at December 31, 2017 and March 31, 2017 | (3,968,100 | ) | (3,968,100 | ) | |||||||
| Accumulated deficit | (152,465,000 | ) | (141,998,700 | ) | |||||||
| Total stockholders' equity | 10,262,800 | 615,800 | |||||||||
| Total liabilities and stockholders' equity | $ | 14,242,800 | $ | 3,712,200 | |||||||
| VISTAGEN THERAPEUTICS | ||||||||||||||
| STATEMENT OF OPERATIONS | ||||||||||||||
| Amounts in Dollars, except share amounts | ||||||||||||||
| UNAUDITED | ||||||||||||||
| Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
| Revenues: | ||||||||||||||
| Sublicense revenue | $ | - | $ | 1,250,000 | $ | - | $ | 1,250,000 | ||||||
| Total revenues | - | 1,250,000 | - | 1,250,000 | ||||||||||
| Operating expenses: | ||||||||||||||
| Research and development | 1,601,800 | 1,611,000 | 5,124,600 | 4,042,800 | ||||||||||
| General and administrative | 1,266,000 | 2,276,600 | 4,997,400 | 4,907,800 | ||||||||||
| Total operating expenses | 2,867,800 | 3,887,600 | 10,122,000 | 8,950,600 | ||||||||||
| Loss from operations | (2,867,800 | ) | (2,637,600 | ) | (10,122,000 | ) | (7,700,600 | ) | ||||||
| Other expenses, net: | ||||||||||||||
| Interest expense, net | (2,000 | ) | (900 | ) | (7,700 | ) | (3,700 | ) | ||||||
| Loss on extinguishment of accounts payable | (135,000 | ) | - | (135,000 | ) | - | ||||||||
| Loss before income taxes | (3,004,800 | ) | (2,638,500 | ) | (10,264,700 | ) | (7,704,300 | ) | ||||||
| Income taxes | - | - | (2,400 | ) | (2,400 | ) | ||||||||
| Net loss and comprehensive loss | (3,004,800 | ) | (2,638,500 | ) | (10,267,100 | ) | (7,706,700 | ) | ||||||
| Accrued dividend on Series B Preferred stock | (263,000 | ) | (237,700 | ) | (766,600 | ) | (1,018,500 | ) | ||||||
| Deemed dividend from trigger of down round provision feature | (199,200 | ) | - | (199,200 | ) | - | ||||||||
| Deemed dividend on Series B Preferred Units | - | - | - | (111,100 | ) | |||||||||
| Net loss attributable to common stockholders | $ | (3,467,000 | ) | $ | (2,876,200 | ) | $ | (11,232,900 | ) | $ | (8,836,300 | ) | ||
| Basic and diluted net loss attributable to common stockholders per common share | $ | (0.25 | ) | $ | (0.34 | ) | $ | (1.03 | ) | $ | (1.23 | ) | ||
| Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share | 13,895,642 | 8,381,824 | 10,947,556 | 7,181,307 | ||||||||||
Company Contact Mark A. McPartland VistaGen Therapeutics Inc. Phone: +1 (650) 577-3600 Email: IR@vistagen.com Investor Contact: Valter Pinto / Allison Soss KCSA Strategic Communications Phone: +1 (212) 896-1254/+1 (212) 896-1267 Email: VistaGen@KCSA.com
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