VistaGen Therapeutics Inc., a late clinical-stage biopharmaceutical company, reported its financial results for the fiscal year ended March 31, 2025. The company reported a net loss of $51.4 million for the year, compared to a net loss of $29.4 million for the previous fiscal year. Research and development expenses increased significantly to $39.4 million from $20.0 million, driven by expenses related to the U.S. registration-directed PALISADE Program for fasedienol in social anxiety disorder and U.S. IND-enabling program for PH80 in women's health. General and administrative expenses also rose to $17.1 million from $14.1 million, primarily due to increased headcount and consulting fees. As of March 31, 2025, VistaGen's cash, cash equivalents, and marketable securities totaled $80.5 million. The company is making progress in its clinical programs, with topline results of the PALISADE-3 Phase 3 Trial for fasedienol in social anxiety disorder expected in the fourth quarter of 2025 and PALISADE-4 Phase 3 Trial results anticipated in the first half of 2026. Additionally, VistaGen is advancing its clinical-stage pipeline, which includes five novel intranasal pherine candidates targeting six prevalent and underserved disorders.