Supplemental Financial Information

12 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

Quarterly Results of Operations (Unaudited)

The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended March 31, 2013.  This information represents the activity of VistaGen California for the pre-Merger portion of the first quarter of fiscal 2012 and the consolidated activity of VistaGen California and the Company from May 11, 2011 (the date of the Merger) through March 31, 2013. A total of 1,569,000 shares of common stock, representing the 784,500 shares held by stockholders of Excaliber immediately prior to the Merger and effected for the post-Merger two-for-one (2:1) stock split described in Note 1, Description of Business, have been retroactively reflected as outstanding for the entire fiscal year ended March 31, 2012 for purposes of determining basic and diluted loss per common share below.

The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period.

Unaudited Quarterly Results of Operations

(in thousands, except share and per share amounts)

	Three Months Ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			Total Fiscal Year 2013
Revenues:
Grant revenue	$	200		$	—		$	—		$	—		$	200
Total revenues		200			—			—			—			200
Operating expenses:
Research and development		866			1,106			1,120			339			3,431
General and administrative		1,055			576			799			1,132			3,562
Total operating expenses		1,921			1,682			1,919			1,471			6,993
Loss from operations		(1,721	)		(1,682	)		(1,919	)		(1,471	)		(6,793	)
Other expenses, net:
Interest expense, net		(103	)		(274	)		(235	)		(309	)		(921	)
Change in put and note extension option and warrant liabilities		—			—			358			(1,994	)		(1,636	)
Loss on early extinguishment of debt		—			—			(3,537	)		(31	)		(3,568	)
Other income		—			—			-			35			35
Loss before income taxes		(1,824	)		(1,956	)		(5,333	)		(3,770	)		(12,883	)
Income taxes		(2	)		—			(2	)		—			(4	)
Net loss		(1,826	)		(1,956	)		(5,335	)		(3,770	)		(12,887	)
Deemed dividend on Series A Preferred Stock		-						(10,193	)					(10,193	)
Net loss attributable to common stockholders	$	(1,826	)	$	(1,956	)	$	(15,528	)	$	(3,770	)	$	(23,080	)
Basic and diluted net loss per common share	$	(0.11	)	$	(0.11	)	$	(0.85	)	$	(0.19	)	$	(1.27	)
Weighted average shares used in computing basic and diluted net loss per common share		16,842,655			17,094,833			18,292,301			20,236,491			18,108,444

Note:  reflects adjustment to amount of deemed dividend on Series A Preferred Stock in the quarter ended December 31, 2012.

	Three Months Ended
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			Total Fiscal Year 2012
Revenues:
Grant revenue	$	555		$	316		$	2		$	469		$	1,342
Total revenues		555			316			2			469			1,342
Operating expenses:
Research and development		1,028			(1,227	)		1,306			1,828			5,389
General and administrative		1,127			894			1,548			1,428			4,997
Total operating expenses		2,155			2,121			2,854			3,256			10,386
Loss from operations		(1,600	)		(1,805	)		(2,852	)		(2,787	)		(9,044	)
Other expenses, net:
Interest expense, net		(731	)		(451	)		(455	)		(256	)		(1,893	)
Change in put and note extension option and warrant liabilities		(78	)		—			—			—			(78	)
Loss on early extinguishment of debt		-			—			(1,193	)		—			(1,193	)
Loss before income taxes		(2,409	)		(2,256	)		(4,500	)		(3,043	)		(12,208	)
Income taxes		(2	)		—			—			—			(2	)
Net loss	$	(2,411	)	$	(2,256	)	$	(4,500	)	$	(3,043	)	$	(12,210	)
Basic and diluted net loss per common share	$	-0.22		$	-0.15		$	-0.28		$	-0.18		$	-0.83
Weighted average shares used in computing basic and diluted net loss per common share		11,105,854			15,241,904			16,035,861			16,542,717			14,736,651