VistaGen Therapeutics (NASDAQ: VTGN) Featured Research Report

22 A EGIS C APITAL C ORP. Fig. 11. Income statement FY:18A FY:19A 1Q:20A 2Q:20A 3Q:20A 4Q:20A FY:20A 1Q:21A 2Q:21E 3Q:21E 4Q:21E FY:21E 1Q:22E 2Q:22E 3Q:22E 4Q:22E FY:22E 3/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 3/31/2022 Revenue Growth % COGS Gross profit Gross margin % Research and development (7.8) (17.1) (4.3) (4.2) (3.0) (1.8) (13.4) (1.7) (1.9) (2.1) (2.3) (8.0) (2.9) (3.3) (3.8) (4.4) (14.4) General and administrative (6.4) (7.5) (1.9) (1.1) (2.9) (1.4) (7.4) (1.4) (1.4) (1.5) (1.5) (5.8) (1.6) (1.6) (1.7) (1.7) (6.5) Total operating expenses (14.2) (24.6) (6.2) (5.4) (6.0) (3.3) (20.8) (3.1) (3.3) (3.6) (3.8) (13.9) (4.4) (4.9) (5.5) (6.1) (20.9) Gain (loss) from operations (14.2) (24.6) (6.2) (5.4) (6.0) (3.3) (20.8) (3.1) (3.3) (3.6) (3.8) (13.9) (4.4) (4.9) (5.5) (6.1) (20.9) EBIT margin % Loss On Extinguishment Of Accounts Payable (0.1) (0.0) Other Income 0.0 0.0 Gain (loss) before income taxes (14.3) (24.6) (6.2) (5.3) (6.0) (3.3) (20.8) (3.1) (3.3) (3.6) (3.8) (13.9) (4.4) (4.9) (5.5) (6.1) (20.9) Income Taxes Tax rate % Net Loss And Comprehensive Loss (14.3) (24.6) (6.2) (5.3) (6.0) (3.3) (20.8) (3.1) (3.3) (3.6) (3.8) (13.9) (4.4) (4.9) (5.5) (6.1) (20.9) Accrued Dividends On Series B Preferred Stock (1.0) (1.1) (0.3) (0.3) (0.3) (0.3) (1.3) (0.3) (0.3) Deemed Dividend From Trigger Of Down Round Provision Feature (0.2) 0.0 Net income (15.6) (25.7) (6.5) (5.7) (6.3) (3.6) (22.0) (3.5) (3.3) (3.6) (3.8) (14.2) (4.4) (4.9) (5.5) (6.1) (20.9) Net margin % EPS (1.12) (0.90) (0.15) (0.13) (0.15) (0.08) (0.50) (0.07) (0.04) (0.04) (0.04) (0.19) (0.05) (0.05) (0.05) (0.06) (0.22) Weighted average shares outstanding 13.9 28.6 42.6 42.6 43.2 47.1 43.9 51.3 78.0 81.9 86.0 74.3 90.3 94.8 99.5 104.5 97.3 Source:Company filings, Aegis Capital estimates, FactSet VistaGen Therapeutics, Inc. October 8, 2020