VTGN - VistaGen Therapeutics: PH10's Approval Potential Just Can't Outweigh Stock Dilution Risk
Company Thesis
VistaGen Therapeutics (VTGN) is a small-cap biotech company currently possessing 3 drug candidates in clinical trials for various psychiatric indications. Out of the 3 candidates, both PH94B indicated for social anxiety disorder and AV-101 indicated for major depressive disorder are extremely unlikely to become financially feasible investigations even if approved. On the other hand, PH10 has blockbuster potential due to outstanding reductions on subjects' HAM-D depression scores even for an early stage candidate. However, the company's risk of stock dilution should put shareholders on high alert in the short term. In all, shares