VistaGen Therapeutics, Inc.: insider trades · United States · SEC (Form 4)

About VistaGen Therapeutics, Inc.

VistaGen Therapeutics, Inc. (NASDAQ: VTGN, United States) is a late clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The company focuses on neuroscience and the development of intranasal product candidates designed to address psychiatric, neurological, and women’s health needs. VistaGen’s core scientific thesis is centered on “nose-to-brain” neurocircuitry and a class of intranasal compounds it calls pherines, which are intended to act rapidly through nasal administration and potentially offer differentiated tolerability versus conventional systemic therapies. The company’s roots go back to 1998, when it was originally incorporated under an earlier structure before evolving into Vistagen Therapeutics, Inc. in its current form. Over time, VistaGen has transitioned toward a focused clinical pipeline in central nervous system disorders and other high-unmet-need indications. Its lead program is fasedienol, an intranasal candidate in Phase 3 development for the acute treatment of social anxiety disorder. The broader pipeline also includes PH80, a non-hormonal intranasal candidate being developed for moderate to severe vasomotor symptoms associated with menopause, along with additional pherine assets. From a competitive perspective, VistaGen operates in a crowded biopharmaceutical landscape dominated by much larger pharmaceutical and biotech players. Its differentiation lies in its intranasal delivery approach and its focus on underserved psychiatric indications, where faster onset, convenience, and a favorable side-effect profile could be commercially meaningful if clinical data are supportive. At the same time, the investment case remains classic small-cap biotech: high dependence on clinical trial outcomes, ongoing capital needs, and limited revenue visibility until a product is approved and commercialized. Recent company updates have been centered on the PALISADE Phase 3 program for fasedienol. Throughout 2025 and into 2026, VistaGen reported progress on PALISADE-3 and PALISADE-4, including operational refinements to the ongoing Phase 3 study and guidance that topline data from PALISADE-4 would be expected in the first half of 2026. In April 2026, the company also announced it had received a “Study May Proceed” letter from the FDA for refisolone nasal spray, a non-hormonal, non-systemic Phase 2 candidate for moderate to severe menopause-related hot flashes. In addition, VistaGen disclosed workforce reductions of approximately 20% in March 2026, highlighting continued cost discipline and the importance of capital efficiency. For investors, VTGN is a speculative U.S.-listed NASDAQ biotech story with a binary profile. Value creation depends heavily on clinical execution across its lead programs, regulatory milestones, and the company’s ability to manage funding needs while advancing its pipeline.