The following is a summary of the Vistagen Therapeutics, Inc. (VTGN) Q2 2025 Earnings Call Transcript:

Financial Performance:

• Research and development expenses for Q2 2025 were $10.2 million, up from $3.9 million in the same quarter last year.

• General and administrative expenses were $4.2 million in Q2 2025, compared to $3.2 million for the same period last year.

• Net loss for Q2 2025 was $13 million, compared to $6.6 million for the same quarter last year.

• As of September 30, 2024, Vistagen had $97.6 million in cash, cash equivalents, and marketable securities.

Business Progress:

• Vistagen is advancing multiple intranasal pherine product candidates, including fasedienol for social anxiety disorder, itruvone for major depressive disorder, and PH80 for menopausal hot flashes.

• Positive results reported from the PALISADE-2 Phase 3 trial of fasedienol for acute treatment of social anxiety disorder.

• Initiating replicate PALISADE-3 and PALISADE-4 Phase 3 trials for fasedienol, with top line results expected next year.

• Preparing for planned Phase 2b development of itruvone in the U.S. for major depressive disorder.

• Advancing PH80 through nonclinical programs to support submission of a U.S. IND next year for treatment of menopausal hot flashes.

Opportunities:

• Vistagen is targeting significant treatment gaps in neuroscience with its intranasal pherine product candidates, particularly for social anxiety disorder, major depressive disorder, and menopausal hot flashes.

Risks:

• No explicit risks were detailed in the conference call.

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