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Vistagen Therapeutics, Inc. filings document regulatory and corporate events for a Nasdaq-listed late clinical-stage biopharmaceutical company. Recent Form 8-K disclosures cover clinical program updates for fasedienol in the PALISADE social anxiety disorder program, FDA-related developments for refisolone under an IND application, and Regulation FD materials such as corporate presentations.
The company’s filings also record governance and capital-structure matters, including board departures, Audit Committee composition and Nasdaq listing-rule compliance, employee retention awards under the Amended and Restated 2019 Omnibus Equity Incentive Plan, and workforce and cash-management actions tied to clinical-development priorities.
Vistagen Therapeutics Chief Legal Officer Reid G. Adler increased his holdings through the company’s employee stock purchase plan. Adler acquired 36,818 shares of common stock on June 30, 2026 at an average price of $0.1921 per share, pursuant to Vistagen’s 2019 Employee Stock Purchase Plan.
This compensation-related transaction is classified as a grant or award acquisition and was exempt under Rule 16b-3. Adler purchased the maximum amount permitted under the plan and now directly owns 60,868 shares of Vistagen common stock.
Tressler Nick B. reported acquisition or exercise transactions in this Form 4 filing.
Vistagen Therapeutics, Inc. Chief Financial Officer Nick B. Tressler received 11,712 shares of common stock on June 30, 2026 through the company’s 2019 Employee Stock Purchase Plan at $0.1921 per share. Following this compensation-related grant, he directly holds 11,712 shares.
Vistagen Therapeutics, Inc. President and CEO Shawn Singh acquired shares of the company through an employee stock purchase program. He received 36,818 shares of common stock at a purchase price of $0.1921 per share under Vistagen's 2019 Employee Stock Purchase Plan, as amended. This plan-related acquisition is classified as a grant or award and is exempt under Rule 16b-3.
Following this acquisition, Singh directly holds 54,846 shares of Vistagen common stock. The filing also reports an additional 20,875 shares of common stock held indirectly by The 1997 Singh Family Trust U/R/D 05/29/1997, reflecting family trust ownership separate from his direct holdings.
Vistagen Therapeutics reported topline results from its PALISADE-4 Phase 3 trial of intranasal fasedienol for social anxiety disorder. In the full study population of 238 adults, fasedienol did not meet the primary endpoint, with a least squares mean SUDS score change of -9.5±1.7 versus -11.4±1.7 for placebo, a difference of 1.9 (p=0.427). Secondary endpoints also showed no treatment difference.
Safety and tolerability were favorable and consistent with prior placebo-controlled trials. In a post-hoc subgroup of 123 patients with very severe social anxiety (baseline LSAS ≥95), fasedienol showed a nominally statistically significant SUDS improvement of -12.8±3.4 versus -3.7±3.4 for placebo, a difference of -9.1 (p=0.036). Vistagen plans to meet with the FDA to discuss a potential registrational path focused on overall treatment of social anxiety disorder over time, supported by a planned multi-dose Phase 3 trial using LSAS as the primary endpoint and confirmatory evidence from the broader PALISADE program. The company continues to expect its cash resources to fund operations into 2027.
Vistagen Therapeutics, Inc. announced that two members of its Board of Directors, Ms. Margaret FitzPatrick and Dr. Joanne Curley, have chosen not to stand for re-election at the company’s 2026 Annual Meeting of Stockholders. Both directors will continue to serve on the board until their current terms end at the 2026 Annual Meeting. The company’s common stock continues to trade on the Nasdaq Capital Market under the symbol VTGN.
Vistagen Therapeutics (VTGN) is a late clinical-stage neuroscience company developing intranasal “pherine” medicines targeting social anxiety disorder (SAD), major depressive disorder (MDD), menopausal hot flashes, psychomotor impairment from mental fatigue, and cancer cachexia. Its lead candidate, fasedienol, is in a U.S. Phase 3 SAD program with mixed results: PALISADE‑2 met its primary endpoint, while PALISADE‑1 and PALISADE‑3 did not. Topline data from PALISADE‑4 and a repeat‑dose study are expected in 2026, and the program has FDA fast track status.
Open‑label extension data in 341 SAD patients suggest fasedienol is generally well‑tolerated with encouraging exploratory efficacy signals, and the company estimates more than 1,500 subjects have received at least one dose, exceeding ICH E1 safety‑exposure guidelines. Vistagen also advances refisolone (non‑hormonal hot flashes/PMDD, U.S. IND open), itruvone (fast track for MDD), PH15 (mental‑fatigue psychomotor impairment), PH284 (cancer cachexia) and oral prodrug AV‑101 for NMDAR‑related disorders, largely aimed at partnering.
The company reports an aggregate market value of non‑affiliate common stock of about $137.7 million as of September 30, 2025, and 41,032,453 shares outstanding as of June 12, 2026. Vistagen holds a broad patent estate extending into the 2030s–2040s and has regional deals, including a fasedienol license in parts of Asia and an exclusive negotiation agreement in Japan for refisolone.
Vistagen Therapeutics reported a fiscal 2026 net loss of $69.7 million, up from $51.4 million, as it increased investment in its late-stage pherine pipeline. Research and development expense rose to $55.0 million, while general and administrative expense was $18.4 million.
Revenue was $1.3 million, primarily from sublicenses and other sources. Cash, cash equivalents, and marketable securities totaled $45.4 million as of March 31, 2026, and the company expects this to fund operations into 2027. Vistagen completed the randomized portion of its PALISADE-4 Phase 3 trial of fasedienol in social anxiety disorder, achieved ICH E1 safety exposure recommendations, reported preliminary positive data from the PALISADE-3 open-label extension, and received an FDA “Study May Proceed” letter to advance refisolone for menopausal vasomotor symptoms.
Vistagen Therapeutics reported that its clinical program for fasedienol nasal spray for acute treatment of social anxiety disorder has now met the minimum patient exposure levels recommended under ICH E1 safety guidance for long-term treatment of non-life-threatening conditions.
As of May 31, 2026, the company estimates that more than 1,500 subjects have received at least one dose of fasedienol, with over 300 exposed for at least six months and over 100 for at least 12 months, based on open-label safety studies and extension phases of its PALISADE-3, PALISADE-4 and repeat-dose trials.
Vistagen cautions that it has not yet aligned with the FDA on specific exposure requirements for a potential New Drug Application. It expects topline Phase 3 PALISADE-4 results in the second quarter of 2026 and topline Phase 2 repeat-dose results in the third quarter of 2026, which it believes could help support a potential future U.S. NDA submission if outcomes are successful.
Vistagen Therapeutics reported a Form 4 showing its Chief Medical Officer, Angel S. Angelov, received a grant of stock options for 150,000 shares of common stock at an exercise price of $0.5955 per share. The options expire on May 18, 2036 and were granted in connection with his appointment as Chief Medical Officer, with 25% vesting on May 18, 2027 and the remaining options vesting monthly over the following three years.
Vistagen Therapeutics, Inc. officer Angelov Angel S, the company’s Chief Medical Officer, has filed a Form 3, which is an initial statement of beneficial ownership for insiders. This filing reports his status as an officer, and no share purchases or sales are reported in the provided data.