Pherin Pharmaceuticals.

What Pherin Pharmaceuticals. does

Pherin Pharmaceuticals is a privately held, clinical-stage biopharmaceutical company founded in 1991 and headquartered in Los Altos, California, with a headcount of 1–10 employees. The company's name is associated with "pherines," a proprietary class of intranasal drug candidates designed to rapidly activate brain neurocircuitry through the olfactory system without requiring systemic absorption or direct binding to neurons in the brain. This mechanism is the foundation of the pherine platform, which has been developed into a pipeline of clinical-stage product candidates — including fasedienol (PH94B) for social anxiety disorder, itruvone (PH10) for major depressive disorder, refisolone (PH80), AV-101, PH15, and PH284 — advanced through related public-entity operations (Vistagen Therapeutics, NASDAQ: VTGN). The lead asset fasedienol is in Phase 3 development, with the PALISADE-3 trial having failed its primary endpoint in 2025 and PALISADE-4 topline data expected in the first half of 2026; an IND submission for refisolone is also planned for H1 2026.

Pherin Pharmaceuticals operates as a pre-revenue research and development entity. No pricing model, product sales, licensing income, or commercial distribution channels are disclosed in the available source material, consistent with the company's clinical-stage status and the fact that none of the pherine candidates have received regulatory approval. The go-to-market model is not yet established; commercialization pathways would be defined post-FDA approval. Leadership is minimal, with a President (Kevin McCarthy) and a Director (Roberto Pedro Rosenkranz) named in the source. Operating expenditures are funded through external capital, with quarterly net loss and R&D spend at the related operating entity reported at $18.9 million and $14.2 million respectively for Q3 FY2026 (period ending December 31, 2025), against $61.8 million in cash reserves.

The company's strategic posture is that of a binary, clinical-event-driven biotech: its near-term valuation and viability hinge on the outcome of the PALISADE-4 Phase 3 readout, with pipeline diversification into multiple CNS indications as the primary risk-mitigation lever. No partnerships, acquisitions, geographic expansions, or commercial agreements are disclosed in the available data.

Name

Pherin Pharmaceuticals.

Legal name

Vistagen Therapeutics, Inc.

Website

https://pherin.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

1–10 employees

Short description

Pherin Pharmaceuticals is a privately held, clinical-stage biopharmaceutical company founded in 1991 and based in Los Altos, California, associated with a proprietary class of intranasal pherine drug candidates that activate brain neurocircuitry via the olfactory system without systemic absorption, advancing multiple CNS clinical programs.

Ownership category

akta.pro rank

Product category

Clinical-stage CNS pharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

Keywords

• Clinical-stage pharmaceuticals
• Intranasal drug development
• Neuroscience therapeutics
• CNS disorder treatments
• Pherine drug development

Headquarters

HQ city

Los Altos

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Marketing channels4 records

Core offering

Pherin Pharmaceuticals is a privately held clinical-stage company developing a proprietary class of intranasal drugs called pherines. These drug candidates are designed to rapidly activate brain neurocircuitry through the olfactory system to achieve therapeutic benefits, without requiring systemic absorption or binding to neurons in the brain. The pipeline targets central nervous system (CNS) disorders including social anxiety disorder and major depressive disorder.

Product overview

Vistagen is developing a pipeline of five clinical-stage pherine-based intranasal drug candidates designed to rapidly activate brain neurocircuitry through the olfactory system without requiring systemic absorption or binding to neurons in the brain. The portfolio includes Fasedienol (PH94B) for social anxiety disorder, Itruvone (PH10) for major depressive disorder, Refisolone (PH80), AV-101, PH15, and PH284. Each pherine candidate is designed to achieve therapeutic benefits through neurocircuitry activation with potentially favorable safety profiles.

Differentiator

Problem solved

Functional benefit

Products and services

• Fasedienol (PH94B) A pherine-based intranasal drug candidate for social anxiety disorder. Designed to activate brain neurocircuitry through the olfactory system without requiring systemic absorption or binding to neurons in the brain. Currently in Phase 3 clinical trials.
• Itruvone (PH10) A pherine-based intranasal drug candidate for major depressive disorder. Designed to rapidly activate brain neurocircuitry through the olfactory system with a favorable safety profile.
• Refisolone (PH80) A pherine-based intranasal drug candidate in the neuroscience pipeline. The company is preparing to submit an Investigational New Drug (IND) application to the FDA.
• AV-101 A clinical-stage product candidate in the neuroscience pipeline targeting CNS indications.
• PH15 A clinical-stage pherine product candidate in the neuroscience pipeline.
• PH284 A clinical-stage pherine product candidate in the neuroscience pipeline.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Compass Pathways: Clinical-stage mental health company developing psilocybin therapy for treatment-resistant depression, comparable as an emerging player pursuing novel CNS mechanisms in mood and anxiety disorders.
• Neumora Therapeutics: Clinical-stage CNS biopharma with a pipeline of novel-mechanism therapeutics for depression and other brain diseases, comparable as an emerging CNS-focused peer with overlapping indication focus.

Direct peers

• Bioxcel Therapeutics: CNS specialty biopharma with Igalmi approved for agitation in schizophrenia/bipolar and a pipeline in neurology/immunology, comparable as a clinical-stage company developing novel-mechanism CNS therapeutics.
• Tonix Pharmaceuticals: Smaller clinical-stage CNS specialty biopharma with a diversified pipeline across psychiatry, neurology, and rare diseases, comparable in scale and stage to Pherin/Vistagen.
• Intra-Cellular Therapies: Specialty CNS biopharma with Caplyta approved for schizophrenia and bipolar depression, comparable as a CNS-focused clinical/commercial stage company targeting underserved psychiatric indications.
• Axsome Therapeutics: Clinical-stage CNS specialty biopharma with Auvelity (dextromethorphan/bupropion) approved for major depressive disorder, directly comparable to Vistagen/Pherin's MDD-focused intranasal pherine approach and target indications.
• Karuna Therapeutics: CNS specialty biopharma developing xanomeline-trospium for schizophrenia (recently acquired by BMS); highly comparable as a clinical-stage CNS company with a novel-mechanism lead asset targeting an underserved psychiatric indication.
• Acadia Pharmaceuticals: Specialty CNS biopharma commercializing Nuplazid and expanding into additional CNS indications, directly comparable as a neurology/psychiatry-focused company with novel mechanism assets.
• Sage Therapeutics: CNS-focused biopharma developing neuroactive steroid-based treatments for depression and neurology indications (Zurzuvae), highly comparable as a clinical-stage specialty CNS company pursuing novel mechanisms in mood disorders.

Broad incumbents

• Eli Lilly: Large global pharmaceutical company with a major CNS/depression franchise (Cymbalta, fluoxetine) and active neuroscience R&D, comparable as a broad incumbent pursuing the same psychiatric indications targeted by Pherin's pherine platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/pherin-pharmaceuticals-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pherin Pharmaceuticals.