10-Q 1 vtgn20211231_10q.htm FORM 10-Q vtgn20211231_10q.htm
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March 31, 2021 figure excludes shares of unregistered common stock issuable in payment of dividends on Series B Preferred upon conversion; 3,295,778 unregistered shares of common stock were issued in payment of accrued dividends upon conversion. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 20549

 

Form 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                       to                       .

 

Commission File Number: 001-37761

 

VistaGen Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

 

20-5093315

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

343 Allerton Avenue

South San Francisco, CA 94080

(Address of principal executive offices including zip code)

 

(650) 577-3600

(Registrants telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

VTGN

Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

Accelerated filer

Non-Accelerated filer

Smaller reporting company

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

 

As of February 9, 2022, 206,527,955 shares of the registrant’s common stock, $0.001 par value, were issued and outstanding. 

 

 

 

VistaGen Therapeutics, Inc.

Quarterly Report on Form 10-Q

for the Quarter Ended December 31, 2021

 

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

   

Item 1. Condensed Consolidated Financial Statements (Unaudited)

 

Condensed Consolidated Balance Sheets at December 31, 2021 and March 31, 2021

1

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended December 31, 2021 and 2020

2

Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2021 and 2020

3

Condensed Consolidated Statement of Changes in Stockholders Equity (Deficit) for the nine months ended December 31, 2021 and 2020

4

Notes to the Condensed Consolidated Financial Statements

6

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

22

Item 4. Controls and Procedures

37

 

 

PART II. OTHER INFORMATION

           

 

Item 1. Legal Proceedings

39

Item 1A. Risk Factors

39

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 3. Defaults Upon Senior Secured Securities

72

Item 6. Exhibits

72

   

SIGNATURES

73

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements (Unaudited)

 

VISTAGEN THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Dollars, except share amounts)

 

  

December 31,

  

March 31,

 
  

2021

  

2021

 
  

(unaudited)

  

(Note 2)

 

ASSETS

       

Current assets:

        

Cash and cash equivalents

 $83,700,200  $103,108,300 

Receivable from collaboration partner

  -   40,600 

Prepaid expenses and other current assets

  2,936,600   835,100 

Deferred contract acquisition costs - current portion

  133,500   133,500 

Total current assets

  86,770,300   104,117,500 

Property and equipment, net

  452,800   367,400 

Right of use asset - operating lease

  2,756,800   3,219,600 

Deferred offering costs

  321,800   294,900 

Deferred contract acquisition costs - non-current portion

  133,500   234,100 

Security deposits

  100,900   47,800 

Total assets

 $90,536,100  $108,281,300 
         

LIABILITIES AND STOCKHOLDERS EQUITY

        

Current liabilities:

        

Accounts payable

 $1,948,700  $838,300 

Accrued expenses

  2,627,500   1,562,700 

Deferred revenue - current portion

  1,420,200   1,420,200 

Operating lease obligation - current portion

  424,100   364,800 

Financing lease obligation - current portion

  300   3,000 

Total current liabilities

  6,420,800   4,189,000 
         

Non-current liabilities:

        

Accrued dividends on Series B Preferred Stock

  -   6,272,700 

Deferred revenue - non-current portion

  1,420,300   2,490,300 

Operating lease obligation - non-current portion

  2,717,200   3,350,800 

Total non-current liabilities

  4,137,500   12,113,800 

Total liabilities

  10,558,300   16,302,800 
         

Commitments and contingencies (Note 10)

          
         

Stockholders’ equity:

        

Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2021 and March 31, 2021:

        

Series A Preferred, 500,000 shares authorized at December 31, 2021 and March 31, 2021; no shares and 500,000 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively

  -   500 

Series B Preferred; 4,000,000 shares authorized at December 31, 2021 and March 31, 2021; no shares and 1,131,669 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively

  -   1,100 

Series C Preferred; 3,000,000 shares authorized at December 31, 2021 and March 31, 2021; no shares and 2,318,012 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively

  -   2,300 

Series D Preferred; 2,000,000 shares authorized at December 31, 2021 and March 31, 2021; no shares and 402,149 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively

  -   400 

Common stock, $0.001 par value; 325,000,000 shares authorized at December 31, 2021 and March 31, 2021; 206,644,870 shares and 180,751,234 shares issued at December 31, 2021 and March 31, 2021, respectively

  206,600   180,800 

Additional paid-in capital

  334,655,000   315,603,100 

Treasury stock, at cost, 135,665 shares of common stock held at December 31, 2021 and March 31, 2021

  (3,968,100)  (3,968,100)

Accumulated deficit

  (250,915,700)  (219,841,600)

Total stockholders’ equity

  79,977,800   91,978,500 

Total liabilities and stockholders’ equity

 $90,536,100  $108,281,300 

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

 

 

 

VISTAGEN THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts in dollars, except share amounts)

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2021

  

2020

  

2021

  

2020

 

Sublicense revenue

 $357,900  $313,600  $1,070,000  $647,600 

Total revenues

  357,900   313,600   1,070,000   647,600 

Operating expenses:

                

Research and development

  7,966,800   3,496,100   23,637,100   7,585,500 

General and administrative

  2,931,300   2,116,800   8,518,800   4,776,900 

Total operating expenses

  10,898,100   5,612,900   32,155,900   12,362,400 

Loss from operations

  (10,540,200)  (5,299,300)  (31,085,900)  (11,714,800)

Other income (expenses), net:

                

Interest income (expense), net

  5,100   600   15,300   (6,500)

Other income

  -   -   -   600 

Loss before income taxes

  (10,535,100)  (5,298,700)  (31,070,600)  (11,720,700)

Income taxes

  -   -   (3,400)  (2,600)

Net loss and comprehensive loss

 $(10,535,100) $(5,298,700) $(31,074,000) $(11,723,300)

Accrued dividends on Series B Preferred stock

  (208,100)  (353,600)  (945,100)  (1,036,600)
                 

Net loss attributable to common stockholders

 $(10,743,200) $(5,652,300) $(32,019,100) $(12,759,900)
                 

Basic and diluted net loss attributable to common stockholders per common share

 $(0.05) $(0.07) $(0.16) $(0.19)
                 

Weighted average shares used in computing basic and diluted net loss attributable to common stockholders per common share

  202,328,683   81,086,105   195,179,267   66,551,962 

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

 

 

VISTAGEN THERAPEUTICS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in Dollars)

 

  

Nine Months Ended December 31,

 
  

2021

  

2020

 

Cash flows from operating activities:

        

Net loss

 $(31,074,000) $(11,723,300)

Adjustments to reconcile net loss to net cash used in operating activities:

        

Depreciation and amortization

  114,900   77,300 

Stock-based compensation

  2,078,700   1,815,900 

Amortization of operating lease right of use asset

  462,800   267,500 

Change in operating lease liability

  (574,300)  (230,700)

Expense related to write-off of deferred offering costs

  232,000   - 

Changes in operating assets and liabilities:

        

Receivable from collaboration partner

  40,600   - 

Prepaid expenses and other current assets

  (2,101,500)  (200)

Security deposits

  (53,100)  - 

Deferred sublicense revenue, net of deferred contract acquisition costs

  (969,400)  4,068,300 

Accounts payable and accrued expenses

  2,175,300   (1,066,400)

Net cash used in operating activities

  (29,668,000)  (6,791,600)
         

Cash flows from property and investing activities:

        

Purchases of laboratory and other equipment

  (200,300)  (249,900)

Net cash used in investing activities

  (200,300)  (249,900)
         

Cash flows from financing activities:

        

Net proceeds from issuance of common stock and Series D Preferred stock

  -   93,675,100 

Net proceeds from issuance of common stock and warrants, including option exercises

  215,500   12,974,900 

Net proceeds from exercise of warrants

  6,207,400   808,500 

Net proceeds from sale of common stock under At the Market (ATM) facility, including expenses treated as deferred offering costs

  4,040,100   - 

Net proceeds from sale of common stock under equity line

  -   2,841,600 

Proceeds from issuance of note under Payroll Protection Plan

  -   224,400 

Repayment of capital lease obligations

  (2,800)  (2,400)

Repayment of notes payable, including Payroll Protection Plan note

  -   (504,600)

Net cash provided by financing activities

  10,460,200   110,017,500 

Net increase (decrease) in cash and cash equivalents

  (19,408,100)  102,976,000 

Cash and cash equivalents at beginning of period

  103,108,300   1,355,100 

Cash and cash equivalents at end of period

 $83,700,200  $104,331,100 
         

Supplemental disclosure of noncash activities:

        

Insurance premiums settled by issuing note payable

 $-  $322,200 

Accrued dividends on Series B Preferred

 $945,100  $1,036,600 

Accrued dividends on Series B Preferred settled upon conversion by issuance of common stock

 $7,217,800  $124,600 

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

3

 

 

VISTAGEN THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)

FOR THE NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020

(Unaudited)

(Amounts in Dollars, except share amounts)

 

  

Series A Preferred Stock

  

Series B Preferred Stock

  

Series C Preferred Stock

  

Series D Preferred Stock

  

Common Stock

  

Additional

Paid-in

  

Treasury

  

Accumulated

  

Total

Stockholders

 
  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

Stock

  

Deficit

  

Equity (Deficit)

 
                                                         

Balances at March 31, 2020

  500,000  $500   1,160,240  $1,200   2,318,012  $2,300   -  $-   49,348,707  $49,300  $200,092,800  $(3,968,100) $(201,907,400) $(5,729,400)
                                                         

Proceeds from sale of units of common stock and warrants for cash in private placement

  -   -   -   -   -   -   -   -   125,000   200   49,800   -   -   50,000 

Net proceeds from sale of common stock under equity line

  -   -   -   -   -   -   -   -   6,201,995   6,200   2,741,300   -   -   2,747,500 

Issuance of common stock at fair value for professional services

  -   -   -   -   -   -   -   -   233,645   200   124,800   -   -   125,000 

Sale of common stock pursuant to 2019 Employee Stock Purchase Plan

  -   -   -   -   -   -   -   -   28,125   -   12,600   -   -   12,600 

Expenses related to S-3 registration statement for warrant shares

  -   -   -   -   -   -   -   -   -   -   (29,400)  -   -   (29,400)

Accrued dividends on Series B Preferred stock

  -   -   -   -   -   -   -   -   -   -   (335,800)  -   -   (335,800)

Stock-based compensation expense

  -   -   -   -   -   -   -   -   -   -   674,600   -   -   674,600 
                                                         

Net loss for the quarter ended June 30, 2020

  -   -   -   -   -   -   -   -   -   -   -   -   (3,126,800)  (3,126,800)
                                                         

Balances at June 30, 2020

  500,000   500   1,160,240   1,200   2,318,012   2,300   -   -   55,937,472   55,900   203,330,700   (3,968,100)  (205,034,200)  (5,611,700)
                                                         

Net proceeds from sale of common stock in public offering

  -   -   -   -   -   -   -   -   17,868,250   17,900   12,887,200   -   -   12,905,100 

Net proceeds from exercise of warrants

  -   -   -   -   -   -   -   -   228,000   200   113,800   -   -   114,000 

Net proceeds from sale of common stock under equity line

  -   -   -   -   -   -   -   -   100,000   100   49,200   -   -   49,300 

Accrued dividends on Series B Preferred stock

  -   -   -   -   -   -   -   -   -   -   (347,200)  -   -   (347,200)

Stock-based compensation expense

  -   -   -   -   -   -   -   -   -   -   410,900   -   -   410,900 
                                                         

Net loss for the quarter ended September 30, 2020

  -   -   -   -   -   -   -   -   -   -   -   -   (3,297,800)  (3,297,800)
                                                         

Balances at September 30, 2020

  500,000   500   1,160,240   1,200   2,318,012   2,300   -   -   74,133,722   74,100   216,444,600   (3,968,100)  (208,332,000)  4,222,600 
                                                         

Net proceeds from sale of common stock and Series D Preferred stock in public offering

  -   -   -   -   -   -   2,000,000   2,000   63,000,000   63,000   93,582,900   -   -   93,647,900 

Net proceeds from exercise of warrants

  -   -   -   -   -   -   -   -   1,447,782   1,400   722,500   -   -   723,900 

Accrued dividends on Series B Preferred stock

  -   -   -   -   -   -   -   -   -   -   (353,600)  -   -   (353,600)

Stock-based compensation expense

  -   -   -   -   -   -   -   -   -   -   730,400   -   -   730,400 

Conversion of Series B Preferred stock to common and payment of accrued dividends in common stock

  -   -   (28,571)  (100)  -   -   -   -   188,633   200   124,500   -   -   124,600 

Sale of common stock pursuant to 2019 Employee Stock Purchase Plan

  -   -   -   -   -   -   -   -   30,000   100   13,500   -   -   13,600 

Net loss for the quarter ended December 31, 2020

  -   -   -   -   -   -   -   -   -   -   -   -   (5,298,700)  (5,298,700)
                                                         

Balances at December 31, 2020

  500,000  $500   1,131,669  $1,100   2,318,012  $2,300   2,000,000  $2,000   138,800,137  $138,800  $311,264,800  $(3,968,100) $(213,630,700) $93,810,700 

 

(continued)

 

 

VISTAGEN THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) Continued

FOR THE NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020

(Unaudited)

(Amounts in Dollars, except share amounts)

 

  

Series A Preferred Stock

  

Series B Preferred Stock

  

Series C Preferred Stock

  

Series D Preferred Stock

  

Common Stock

  

Additional

Paid-in

  

Treasury

  

Accumulated

  

Total

Stockholders

 
  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

Stock

  

Deficit

  

Equity (Deficit)

 
                                                         

Balances at March 31, 2021

  500,000  $500   1,131,669  $1,100   2,318,012  $2,300   402,149  $400   180,751,234  $180,800  $315,603,100  $(3,968,100) $(219,841,600) $91,978,500 

Accrued dividends on Series B Preferred

  -   -   -   -   -   -   -   -   -   -   (361,800)  -   -   (361,800)

Stock-based compensation expense (including ESPP)

  -   -   -   -   -   -   -   -   -   -   590,400   -   -   590,400 

Proceeds from exercise of warrants

  -   -   -   -   -   -   -   -   1,516,768   1,500   1,108,200   -   -   1,109,700 

Conversion of Series D Preferred stock into common stock

  -   -   -   -   -   -   (402,149)  (400)  9,249,427   9,200   (8,800)  -   -   - 

Sale of common stock pursuant to 2019 Employee Stock Purchase Plan

  -   -   -   -   -   -   -   -   16,251   -   31,600   -   -   31,600 

Issuance of common stock upon cashless exercise of options

  -   -   -   -   -   -   -   -   82,504   100   -   -   -   100 

Issuance of common stock upon exercise of options for cash

  -   -   -   -   -   -   -   -   15,824   -   12,900   -   -   12,900 
                                                         

Net loss for quarter ended June 30, 2021

  -   -   -   -   -   -   -   -   -   -   -   -   (7,744,600)  (7,744,600)

Balances at June 30, 2021

  500,000   500   1,131,669   1,100   2,318,012   2,300   -   -   191,632,008   191,600   316,975,600   (3,968,100)  (227,586,200)  85,616,800 
                                                         

Accrued dividends on Series B Preferred

  -   -   -   -   -   -   -   -   -   -   (375,200)  -   -   (375,200)

Stock-based compensation expense (including ESPP)

  -   -   -   -   -   -   -   -   -   -   764,500   -   -   764,500 

Proceeds from exercise of warrants

  -   -   -   -   -   -   -   -   3,297,777   3,300   3,141,800   -   -   3,145,100 

Net proceeds from issuance of common stock under ATM facility

  -   -   -   -   -   -   -   -   1,502,378   1,500   4,256,300   -   -   4,257,800 

Issuance of common stock upon cashless exercise of options

  -   -   -   -   -   -   -   -   43,622   -      -   -   - 

Issuance of common stock upon exercise of options for cash

  -   -   -   -   -   -   -   -   83,000   100   45,000   -   -   45,100 
                                                         

Net loss for quarter ended September 30, 2021

  -   -   -   -   -   -   -   -   -   -   -   -   (12,794,400)  (12,794,400)
                                                         

Balances at September 30, 2021

  500,000   500   1,131,669   1,100   2,318,012   2,300   -   -   196,558,785   196,500   324,808,000   (3,968,100)  (240,380,600)  80,659,700 
                                                         

Accrued dividends on Series B Preferred

  -   -   -   -   -   -   -   -   -   -   (208,100)  -   -   (208,100)

Stock-based compensation expense (including ESPP)

  -   -   -   -   -   -   -   -   -   -   723,800   -   -   723,800 

Proceeds from exercise of warrants

  -   -   -   -   -   -   -   -   2,484,246   2,500   1,950,100   -   -   1,952,600 

Net proceeds from issuance of common stock under ATM facility

  -   -   -   -   -   -   -   -   15,420   -   41,300   -   -   41,300 

Conversion of Series C Preferred into common stock

  -   -   -   -   (2,318,012)  (2,300)  -   -   2,318,012   2,300   -   -   -