VistaGen Therapeutics, Inc.
VTGN Healthcare Biotechnology
VistaGen Therapeutics, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $1.3 million, up 161.1% from fiscal 2025. In the quarter to June 2026, revenue grew 504.9%, EPS grew 36.2% and free cash flow grew 22.2%, each against the same quarter a year earlier.
Follow VTGN
VistaGen Therapeutics, Inc. (VTGN) Altman Z-score
VistaGen Therapeutics, Inc.'s Altman Z-score for fiscal 2026 is −16.79, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −16.79 | (12.15) |
| FY2025 | −4.64 | (7.40) |
| FY2024 | 2.76 | 31.34 |
| FY2023 | −28.58 | (37.35) |
| FY2022 | 8.77 | 4.29 |
| FY2021 | 4.47 | 63.29 |
| FY2017 | −58.82 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.84 | |
| Retained earnings / total assets | (9.83) | — | −13.76 | |
| EBIT / total assets | (1.49) | — | −4.90 | |
| Market value of equity / total liabilities | 1.66 | — | 1.00 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Distress zone | −16.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −34.55 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NKGN NKGen Biotech, Inc. compare | −10.2× |
| VTGN VistaGen Therapeutics, Inc. | −16.8× |
| JAGX Jaguar Animal Health, Inc. compare | −18.9× |
| LSTA Lisata Therapeutics, Inc. compare | −43.9× |
| BIVI BioVie Inc. compare | — |
| MTVA MetaVia Inc. compare | — |
| LTRN Lantern Pharma Inc. compare | — |
| CMMB Chemomab Therapeutics Ltd. Sponsored ADR compare | — |
| TOVX Theriva Biologics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets