VTGN - VistaGen Therapeutics stock slips 13% after FQ1 revenue fall bottom line miss

Shares of micro-cap clinical-stage biopharmaceutical company VistaGen Therapeutics ( NASDAQ: VTGN ) fell 13% to $0.15 in Friday afternoon trading, after it reported a fall in quarterly revenue and a bottom line miss.

South San Francisco, Calif.-based VTGN develops medicines to treat anxiety, depression and other central nervous system disorders. Its lead drug candidate is nasal spray PH94B, which is currently in late-stage trials.

VTGN's FQ1 2023 was marred by its phase 3 PALISADE-1 trial of PH94B to treat anxiety in adults failing to meet its main goal. The news sent its shares crashing over 80% on July 22.

"While we examine the results of our PALISADE-1 Phase 3 study in social anxiety disorder, we have paused enrollment in our PALISADE-2 Phase 3 study," VTGN CEO Shawn Singh said in the earnings report , adding that the company is planning to meet with the U.S. FDA to pursue a "consensus path forward" for PH94B.

VTGN after hours on Thursday posted Q1 GAAP EPS of -$0.10 which missed estimates by $0.02 . Its revenue of $0.31M fell 11.4% Y/Y but eked out a beat by $0.07M .

Its cash and cash equivalents as of quarter-end fell to $52M from $68.1M as of March 31, 2022.

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