VistaGen Therapeutics (NASDAQ: VTGN) Featured Research Report

21 A EGIS C APITAL C ORP. Fig. 10. Valuation FY 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Revenue $63,197,663 $397,986,672 $637,522,890 $874,811,223 $1,121,336,080 $437,470,814 $412,706,187 $376,512,541 $330,894,754 $363,797,593 Growth 530% 60% 37% 28% -61% -6% -9% -12% 10% COGS $9,479,649.47 $47,758,400.60 $63,752,288.98 $43,740,561.14 $56,066,804.00 $21,873,540.71 $20,635,309.35 $18,825,627.03 $16,544,737.68 $18,189,879.64 Gross profit $53,718,013.64 $350,228,271.04 $573,770,600.79 $831,070,661.69 $1,065,269,276.06 $415,597,273.55 $392,070,877.59 $357,686,913.64 $314,350,015.88 $345,607,713.21 Gross margin 85% 88% 90% 95% 95% 95% 95% 95% 95% 95% SG&A 5,819,425 6,549,814 6,877,305 7,565,035 7,943,287 8,340,452 8,757,474 9,195,348 9,655,115 10,137,871 10,644,765 11,177,003 11,735,853 R&D 8,033,571 14,380,677 14,812,097 15,256,460 14,493,637 13,768,955 13,080,507 12,426,482 11,805,158 11,214,900 10,654,155 10,121,447 9,615,375 Total operating expenses 13,852,996 20,930,491 21,689,402 22,821,495 22,436,924 22,109,407 21,837,981 21,621,830 21,460,273 21,352,771 21,298,920 21,298,450 21,351,228 EBIT (13,852,996) (20,930,491) (21,689,402) 30,896,518 327,791,347 551,661,194 809,232,680 1,043,647,446 394,137,000 370,718,107 336,387,994 293,051,566 324,256,485 Operating margin 49% 82% 87% 93% 93% 90% 90% 89% 89% 89% Interest EBT (13,852,996) (20,930,491) (21,689,402) 30,896,518 327,791,347 551,661,194 809,232,680 1,043,647,446 394,137,000 370,718,107 336,387,994 293,051,566 324,256,485 Tax 16,389,567 82,749,179 169,938,863 219,165,964 82,768,770 77,850,802 70,641,479 61,540,829 68,093,862 Tax rate 5% 15% 21% 21% 21% 21% 21% 21% 21% Net income (13,852,996) (20,930,491) (21,689,402) 30,896,518 311,401,780 468,912,015 639,293,817 824,481,483 311,368,230 292,867,304 265,746,515 231,510,737 256,162,623 Growth 908% 51% 36% 29% -62% -6% -9% -13% 11% FCFE (13,852,996) (20,930,491) (21,689,402) 30,896,518 311,401,780 468,912,015 639,293,817 824,481,483 311,368,230 292,867,304 265,746,515 231,510,737 256,162,623 Year 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75 12.75 Discount rate 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Discount factor 1.18 1.47 1.83 2.27 2.83 3.53 4.39 5.46 6.80 8.47 10.55 13.13 16.35 Discounted FCFE (11,753,486) (14,263,728) (11,872,218) 13,583,900 109,968,087 133,004,884 145,648,958 150,875,399 45,765,949 34,575,599 25,199,797 17,633,205 15,671,354 Source: Aegis Capital estimates Interim years $654,037,702 Terminal value $73,014,265 Implied value $727,051,967 Shares 120,766,174 Value per share $6.02 Source: Aegis Capital estimates Valuation VistaGen Therapeutics, Inc. October 8, 2020