Vistagen Therapeutics, Inc. (VTGN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: November 13, 2025

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 29.24% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
36M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

Summary

VTGN currently has 35.7M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 29.24% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 13, 2025

10-Q filing | 35.7M shares outstanding

36M 0
Aug 07, 2025

10-Q filing | 31.9M shares outstanding

32M 0
Jun 17, 2025

10-K filing | 30.9M shares outstanding

31M 0
Jun 17, 2025

8-K filing: The company filed a prospectus supplement relating to the offer and sale of common stock with an aggregate offering price of up to $175,000,000. As of the date of the Prospectus Supplement, the Company had issued and sold 1,273,883 shares of its Common Stock pursuant to the Sales Agreement and the Prior Prospectus Supplement and accompanying base prospectus for aggregate gross sale proceeds of approximately $3,443,612. ($3.44M proceeds)

31M 0
Feb 13, 2025

10-Q filing | 30.7M shares outstanding

31M 21M
Nov 07, 2024

10-Q filing | 27.8M shares outstanding

28M 24M
Aug 13, 2024

10-Q filing | 27.1M shares outstanding

27M 24M
Jun 11, 2024

10-K filing | 27.0M shares outstanding

27M 24M
Feb 13, 2024

10-Q filing | 29.4M shares outstanding

29M 22M
Feb 13, 2024

S-3 filing: The company may offer and sell securities from time to time in one or more offerings of up to $350,000,000 in aggregate offering price.

27M 24M
Nov 09, 2023

10-Q filing | 27.0M shares outstanding

27M 0
Oct 04, 2023

8-K filing: Vistagen Therapeutics, Inc. closed an underwritten offering of 15,010,810 shares of common stock, pre-funded warrants to purchase 3,577,240 shares, warrants to purchase 9,294,022 shares (T1 Warrants), and warrants to purchase 11,265,086 shares (T2 Warrants) at a combined price of $5.38 per share/warrant combination, resulting in net proceeds of approximately $93.5 million.

9.4M 0
Aug 10, 2023

10-Q filing | 9.4M shares outstanding

9.4M 0
Jun 28, 2023

10-K filing | 7.9M shares outstanding

7.9M 0
Jun 06, 2023
Stock Split

8-K filing: Stock split 1-for-30 | Outstanding: 206,838,084 → 6,887,708

6.9M 0
Mar 17, 2023

S-3/A filing: This is an S-3/A filing for a shelf offering of common stock. The filing registers 12,193,069 shares of common stock for sale by selling stockholders. A law firm partner owns 150,583 shares of the company's common stock.

210M 0
Mar 02, 2023

S-3 filing: This is an S-3 filing for a shelf offering of common stock.

210M 0
Feb 07, 2023

10-Q filing | 206.8M shares outstanding

210M 0
Feb 02, 2023

8-K filing: Vistagen Therapeutics, Inc. completed its acquisition of Pherin Pharmaceuticals, Inc. on February 2, 2023, issuing 12,410,181 unregistered shares of Company Common Stock to Pherin stockholders and $125,800 in cash to other Pherin stockholders.

210M 0
Dec 21, 2022

8-K filing: Vistagen Therapeutics, Inc. entered into an Agreement and Plan of Merger with Pherin Pharmaceuticals, Inc., acquiring Pherin through a merger of a wholly-owned subsidiary, with Vistagen issuing 12,410,181 unregistered shares of its common stock to Pherin stockholders.

210M 0
Nov 10, 2022

10-Q filing | 206.8M shares outstanding

210M 0
Aug 11, 2022

10-Q filing | 206.6M shares outstanding

210M 0
Jun 23, 2022

10-K filing | 198.0M shares outstanding

200M 0
Feb 10, 2022

10-Q filing | 206.5M shares outstanding

210M 0
Nov 10, 2021

10-Q filing | 199.7M shares outstanding

200M 0
Aug 12, 2021

10-Q filing | 192.9M shares outstanding

190M 0
Jun 29, 2021

10-K filing | 191.4M shares outstanding

190M 0
Mar 15, 2021

S-3 filing: The registration statement is for an indeterminate number of shares of common stock, preferred stock, warrants, and units with an aggregate initial offering price not to exceed $250,000,000.

140M 0
Feb 11, 2021

10-Q filing | 141.7M shares outstanding

140M 0
Nov 12, 2020

10-Q filing | 74.0M shares outstanding

74M 3.1M
Aug 13, 2020

10-Q filing | 74.0M shares outstanding

74M 3.1M
Jun 29, 2020

10-K filing | 55.8M shares outstanding

56M 21M
May 11, 2020

S-3/A filing: This S-3/A filing registers shares of common stock offered by selling stockholders, including shares issuable upon exercise of warrants.

50M 27M
May 01, 2020

S-3 filing: This is an S-3 filing for shares of common stock offered by selling stockholders, including shares issuable upon exercise of warrants.

50M 15M
Apr 10, 2020

S-1/A filing: This S-1/A filing includes information about a registered direct offering and concurrent offering of warrants from January 2020, as well as a purchase agreement with Lincoln Park for up to $10,250,000 of common stock.

9.6M 42M
Mar 31, 2020

S-1 filing: This S-1 filing registers shares related to a purchase agreement with Lincoln Park for up to $10.25 million of common stock, and also discusses a January 2020 registered direct offering and concurrent offering of warrants.

49M 7.6M
Feb 13, 2020

10-Q filing | 48.0M shares outstanding

48M 0
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