VistaGen Therapeutics, Inc (VTGN) Equity Research Report, Dec. 2020

Vistagen Therapeuctics, Inc.: Income Statement ($000) Jan-Mar18 Jan-Mar Jan-Mar Apr-Jun Jul-Sept Oct-Dec Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar .: YE March 31 2018A 2019A 2020A 1Q21A 2Q21A 3Q21E 4Q21E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E AV-101 Major Depressive Disorder, Royalties (U.S.) - - - 59,965 124,888 220,206 323,190 AV-101 Collaborative revenue, milestones - PH94B Social Anxiety Disorder, Royalties (WW) 22,030 103,368 225,140 315,883 411,182 PH10 Major Depressive Disorder, Royalties (WW) 103,593 277,372 460,416 585,156 Total Product sales - - - - - - - - - - 22,030 266,926 627,400 996,505 1,319,529 Total royalties, collaborative revenue - - - - 334 - - 334 - - - - - - - Total Revenue - - - - 334 - - 334 - - 22,030 266,926 627,400 996,505 1,319,529 Expenses: Costs of Goods Sold - - - - - - - - - 8,812 93,424 188,220 249,126 329,882 %COGS 40% 35% 30% 25% 25% Research and Development 7,763 17,099 13,374 1,731 2,358 2,830 3,396 10,315 15,473 21,662 25,994 27,294 28,658 30,091 31,596 %R&D General and Administrative 6,437 7,458 7,427 1,391 1,270 1,523 1,828 6,012 9,017 12,624 17,674 22,976 29,869 31,363 32,931 %SG&A Total Expenses 14,200 24,556 20,801 3,122 3,628 4,353 5,224 16,327 24,490 34,286 52,480 143,694 246,747 310,580 394,409 Operating Income (Loss) (14,200) (24,556) (20,801) (3,122) (3,294) (4,353) (5,224) (15,993) (24,490) (34,286) (30,450) 123,232 380,653 685,925 925,120 Interest expense (net) (9) (8) 30 (3) (4) (7) Change in warrant liabilities Loss on extinguishment of debt (135) (23) Other expense 1 1 Total Other Income (144) (8) 30 (3) (4) - - (7) - - - - - - - Pretax Income (14,343) (24,587) (20,771) (3,125) (3,298) (4,353) (5,224) (16,000) (24,490) (34,286) (30,450) 123,232 380,653 685,925 925,120 Income tax (2) (3) (3) (2) (0) (3) 18,502 - - - - - - - - - - - Tax Rate 2% GAAP Net Income (Loss) (14,346) (24,590) (20,774) (3,127) (3,298) (4,353) (5,224) (16,002) (24,490) (34,286) (30,450) 123,232 380,653 685,925 906,618 Accrued dividend on Series B preferred stock (1,030) (1,140) (1,264) (336) (347) Deemed dividend from trigger of down round provision feature (199) - Deemed dividend on Series B preferred Units Net loss attributable to common stockholders (15,575) (25,730) (22,037) (3,463) (3,645) (4,353) (5,224) (16,002) (24,490) (34,286) (30,450) 123,232 380,653 685,925 906,618 GAAP-EPS (1.12) (0.90) (0.50) (0.06) (0.05) (0.06) (0.04) (0.20) (0.19) (0.26) (0.17) 0.70 2.14 3.84 5.06 GAAP-EPS (Dil) (1.12) (0.90) (0.50) (0.06) (0.05) (0.06) (0.03) (0.18) (0.14) (0.19) (0.17) 0.70 2.14 3.84 5.06 Wgtd Avg Shrs (Bas) - '000s 13,890 28,562 43,870 51,321 67,083 67,150 130,217 78,943 130,543 131,066 176,482 177,189 177,898 178,611 179,327 Wgtd Avg Shrs (Dil) - '000s 13,890 28,562 43,870 51,321 67,083 67,150 176,217 90,443 176,217 176,217 176,482 177,189 177,898 178,611 179,327 Source: Company reports and Maxim 4 Maxim Group LLC VistaGen Therapeutics, Inc. (VTGN)