STOCK TITAN

[Form 4] Vistagen Therapeutics, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Form 4 overview – ONE Group Hospitality, Inc. (STKS)

On 06/27/2025, 10% owner David Kanen and related entities (Kanen Wealth Management LLC, Philotimo Fund LP, and Philotimo Focused Growth & Income Fund) filed a joint Form 4 reporting a single open-market sale of 24,431 Class A common shares at $4.61 per share, generating roughly $113,000 in proceeds.

Post-transaction, the group reports the following indirect and direct holdings:

  • Kanen Wealth Management LLC (KWM): 2,289,867 shares
  • David Kanen (direct): 20,237 shares
  • Philotimo Focused Growth & Income Fund: 393,975 shares
  • Philotimo Fund, LP: 1,970,000 shares

Total disclosed beneficial ownership across all reporting persons equals approximately 4.67 million shares, sustaining their >10% ownership status.

Key footnote insight: KWM’s reported share count declined because several managed accounts are no longer considered beneficially owned after account-holder deaths and other uncontrollable events. Aside from the 24,431-share sale, the change in reported ownership is administrative rather than transactional.

Investor takeaway: The disposal represents < ~0.5%> of the group’s aggregate position and does not materially alter their strategic stake. However, it signals modest insider selling and clarifies why prior filings showed higher share totals.

Panoramica del Modulo 4 – ONE Group Hospitality, Inc. (STKS)

Il 27/06/2025, il detentore del 10% David Kanen e le entità correlate (Kanen Wealth Management LLC, Philotimo Fund LP e Philotimo Focused Growth & Income Fund) hanno presentato congiuntamente un Modulo 4 segnalando una singola vendita sul mercato aperto di 24.431 azioni ordinarie di Classe A a 4,61 $ per azione, generando circa 113.000 $ di proventi.

Dopo la transazione, il gruppo riporta le seguenti partecipazioni dirette e indirette:

  • Kanen Wealth Management LLC (KWM): 2.289.867 azioni
  • David Kanen (diretto): 20.237 azioni
  • Philotimo Focused Growth & Income Fund: 393.975 azioni
  • Philotimo Fund, LP: 1.970.000 azioni

La proprietà totale dichiarata tra tutte le persone che hanno presentato la segnalazione ammonta a circa 4,67 milioni di azioni, mantenendo la loro quota di proprietà superiore al 10%.

Nota chiave: Il numero di azioni riportate da KWM è diminuito perché diversi conti gestiti non sono più considerati di proprietà effettiva a seguito di decessi dei titolari e altri eventi incontrollabili. A parte la vendita di 24.431 azioni, il cambiamento nella proprietà riportata è di natura amministrativa e non derivante da transazioni.

Conclusione per gli investitori: La vendita rappresenta circa < ~0,5%> della posizione aggregata del gruppo e non modifica sostanzialmente la loro quota strategica. Tuttavia, indica una modesta vendita da parte degli insider e chiarisce perché le precedenti segnalazioni mostravano un totale di azioni più elevato.

Resumen del Formulario 4 – ONE Group Hospitality, Inc. (STKS)

El 27/06/2025, el propietario del 10% David Kanen y entidades relacionadas (Kanen Wealth Management LLC, Philotimo Fund LP y Philotimo Focused Growth & Income Fund) presentaron conjuntamente un Formulario 4 informando una única venta en mercado abierto de 24,431 acciones ordinarias Clase A a $4.61 por acción, generando aproximadamente $113,000 en ingresos.

Después de la transacción, el grupo reporta las siguientes participaciones directas e indirectas:

  • Kanen Wealth Management LLC (KWM): 2,289,867 acciones
  • David Kanen (directo): 20,237 acciones
  • Philotimo Focused Growth & Income Fund: 393,975 acciones
  • Philotimo Fund, LP: 1,970,000 acciones

La propiedad total divulgada entre todas las personas que reportan es aproximadamente 4.67 millones de acciones, manteniendo su estatus de propiedad superior al 10%.

Nota clave: El conteo de acciones reportado por KWM disminuyó porque varias cuentas gestionadas ya no se consideran de propiedad beneficiosa tras fallecimientos de titulares y otros eventos fuera de control. Aparte de la venta de 24,431 acciones, el cambio en la propiedad reportada es administrativo y no transaccional.

Conclusión para inversores: La venta representa aproximadamente < ~0.5%> de la posición agregada del grupo y no altera materialmente su participación estratégica. Sin embargo, señala una venta modesta por parte de los insiders y aclara por qué presentaciones anteriores mostraban totales de acciones más altos.

Form 4 개요 – ONE Group Hospitality, Inc. (STKS)

2025년 6월 27일, 10% 지분 보유자 David Kanen과 관련 법인들(Kanen Wealth Management LLC, Philotimo Fund LP, Philotimo Focused Growth & Income Fund)이 공동으로 Form 4를 제출하여 주당 4.61달러에 24,431주 클래스 A 보통주를 단일 공개 시장에서 매도했으며, 약 113,000달러의 수익을 창출했습니다.

거래 후, 그룹은 다음과 같은 간접 및 직접 보유 주식을 보고했습니다:

  • Kanen Wealth Management LLC (KWM): 2,289,867주
  • David Kanen (직접 보유): 20,237주
  • Philotimo Focused Growth & Income Fund: 393,975주
  • Philotimo Fund, LP: 1,970,000주

모든 보고자들의 총 공개된 실질 소유 주식은 약 467만 주로, 10% 이상의 지분 상태를 유지하고 있습니다.

주요 주석: KWM의 보고된 주식 수가 감소한 이유는 여러 관리 계정이 계좌 소유자의 사망 및 기타 통제 불가능한 사건으로 인해 더 이상 실질 소유로 간주되지 않기 때문입니다. 24,431주 매도 외에 보고된 소유권 변화는 거래보다는 행정적인 변경입니다.

투자자 시사점: 이번 매도는 그룹 전체 보유량의 약 < ~0.5%>에 해당하며 전략적 지분을 실질적으로 변경하지 않습니다. 하지만 내부자 매도가 다소 있음을 시사하며 이전 제출서류에서 더 많은 주식 수가 보고된 이유를 명확히 합니다.

Vue d'ensemble du Formulaire 4 – ONE Group Hospitality, Inc. (STKS)

Le 27/06/2025, le détenteur de 10% David Kanen et les entités associées (Kanen Wealth Management LLC, Philotimo Fund LP et Philotimo Focused Growth & Income Fund) ont déposé conjointement un Formulaire 4 signalant une vente unique sur le marché ouvert de 24 431 actions ordinaires de Classe A à 4,61 $ par action, générant environ 113 000 $ de produits.

Après la transaction, le groupe déclare les participations directes et indirectes suivantes :

  • Kanen Wealth Management LLC (KWM) : 2 289 867 actions
  • David Kanen (direct) : 20 237 actions
  • Philotimo Focused Growth & Income Fund : 393 975 actions
  • Philotimo Fund, LP : 1 970 000 actions

La propriété bénéficiaire totale divulguée par toutes les personnes déclarantes s'élève à environ 4,67 millions d'actions, maintenant ainsi leur statut de détenteur de plus de 10%.

Note clé : Le nombre d'actions rapporté par KWM a diminué car plusieurs comptes gérés ne sont plus considérés comme bénéficiant d'une propriété effective suite au décès des titulaires de comptes et d'autres événements incontrôlables. En dehors de la vente de 24 431 actions, le changement de propriété déclaré est de nature administrative plutôt que transactionnelle.

Conclusion pour les investisseurs : Cette cession représente environ < ~0,5%> de la position globale du groupe et ne modifie pas significativement leur participation stratégique. Cependant, elle indique une vente modérée par des initiés et explique pourquoi les dépôts antérieurs montraient des totaux d'actions plus élevés.

Formular 4 Übersicht – ONE Group Hospitality, Inc. (STKS)

Am 27.06.2025 reichten der 10%-Eigentümer David Kanen und verbundene Gesellschaften (Kanen Wealth Management LLC, Philotimo Fund LP und Philotimo Focused Growth & Income Fund) gemeinsam ein Formular 4 ein, in dem ein einzelner Verkauf von 24.431 Class A Stammaktien zu je 4,61 $ an der Börse gemeldet wurde, was etwa 113.000 $ Erlös generierte.

Nach der Transaktion meldet die Gruppe folgende indirekte und direkte Beteiligungen:

  • Kanen Wealth Management LLC (KWM): 2.289.867 Aktien
  • David Kanen (direkt): 20.237 Aktien
  • Philotimo Focused Growth & Income Fund: 393.975 Aktien
  • Philotimo Fund, LP: 1.970.000 Aktien

Die insgesamt offengelegte wirtschaftliche Beteiligung aller meldenden Personen beläuft sich auf etwa 4,67 Millionen Aktien, womit der >10%-Eigentümerstatus erhalten bleibt.

Wichtiger Hinweis: Die von KWM gemeldete Aktienanzahl sank, da mehrere verwaltete Konten nach dem Tod von Kontoinhabern und anderen unkontrollierbaren Ereignissen nicht mehr als wirtschaftlich im Besitz betrachtet werden. Abgesehen vom Verkauf der 24.431 Aktien ist die Änderung der gemeldeten Beteiligung administrativer und nicht transaktionaler Natur.

Anlegerfazit: Der Verkauf entspricht etwa < ~0,5%> der Gesamtposition der Gruppe und verändert deren strategisches Engagement nicht wesentlich. Er signalisiert jedoch einen moderaten Insider-Verkauf und erklärt, warum frühere Meldungen höhere Aktienzahlen auswiesen.

Positive
  • None.
Negative
  • Insider sale of 24,431 shares by a >10% owner may be perceived as a mildly negative sentiment signal, albeit financially immaterial.
  • Reported beneficial ownership reduction—even though largely administrative—could be misinterpreted by investors as broader divestment.

Insights

TL;DR: Small 0.5% insider sale; stake still >10%, impact limited.

The reported 24,431-share sale at $4.61 trims Kanen’s indirect stake via KWM by a fraction, leaving the group with 4.67 million shares. The filing’s footnote shows that most reduction stems from managed accounts no longer under KWM’s control, not market disposals. Given the modest dollar value and unchanged strategic ownership status, I view the event as neutral for valuation. Liquidity or governance concerns do not arise.

TL;DR: Administrative ownership reclassification dominates; governance risk low.

The joint filing clarifies beneficial-ownership mechanics across multiple entities and upholds transparency. The sole market transaction is immaterial. Footnote 5 indicates proper compliance with Section 16 after losing discretionary authority over certain accounts—an expected governance step. No red flags emerge; insider alignment remains intact.

Panoramica del Modulo 4 – ONE Group Hospitality, Inc. (STKS)

Il 27/06/2025, il detentore del 10% David Kanen e le entità correlate (Kanen Wealth Management LLC, Philotimo Fund LP e Philotimo Focused Growth & Income Fund) hanno presentato congiuntamente un Modulo 4 segnalando una singola vendita sul mercato aperto di 24.431 azioni ordinarie di Classe A a 4,61 $ per azione, generando circa 113.000 $ di proventi.

Dopo la transazione, il gruppo riporta le seguenti partecipazioni dirette e indirette:

  • Kanen Wealth Management LLC (KWM): 2.289.867 azioni
  • David Kanen (diretto): 20.237 azioni
  • Philotimo Focused Growth & Income Fund: 393.975 azioni
  • Philotimo Fund, LP: 1.970.000 azioni

La proprietà totale dichiarata tra tutte le persone che hanno presentato la segnalazione ammonta a circa 4,67 milioni di azioni, mantenendo la loro quota di proprietà superiore al 10%.

Nota chiave: Il numero di azioni riportate da KWM è diminuito perché diversi conti gestiti non sono più considerati di proprietà effettiva a seguito di decessi dei titolari e altri eventi incontrollabili. A parte la vendita di 24.431 azioni, il cambiamento nella proprietà riportata è di natura amministrativa e non derivante da transazioni.

Conclusione per gli investitori: La vendita rappresenta circa < ~0,5%> della posizione aggregata del gruppo e non modifica sostanzialmente la loro quota strategica. Tuttavia, indica una modesta vendita da parte degli insider e chiarisce perché le precedenti segnalazioni mostravano un totale di azioni più elevato.

Resumen del Formulario 4 – ONE Group Hospitality, Inc. (STKS)

El 27/06/2025, el propietario del 10% David Kanen y entidades relacionadas (Kanen Wealth Management LLC, Philotimo Fund LP y Philotimo Focused Growth & Income Fund) presentaron conjuntamente un Formulario 4 informando una única venta en mercado abierto de 24,431 acciones ordinarias Clase A a $4.61 por acción, generando aproximadamente $113,000 en ingresos.

Después de la transacción, el grupo reporta las siguientes participaciones directas e indirectas:

  • Kanen Wealth Management LLC (KWM): 2,289,867 acciones
  • David Kanen (directo): 20,237 acciones
  • Philotimo Focused Growth & Income Fund: 393,975 acciones
  • Philotimo Fund, LP: 1,970,000 acciones

La propiedad total divulgada entre todas las personas que reportan es aproximadamente 4.67 millones de acciones, manteniendo su estatus de propiedad superior al 10%.

Nota clave: El conteo de acciones reportado por KWM disminuyó porque varias cuentas gestionadas ya no se consideran de propiedad beneficiosa tras fallecimientos de titulares y otros eventos fuera de control. Aparte de la venta de 24,431 acciones, el cambio en la propiedad reportada es administrativo y no transaccional.

Conclusión para inversores: La venta representa aproximadamente < ~0.5%> de la posición agregada del grupo y no altera materialmente su participación estratégica. Sin embargo, señala una venta modesta por parte de los insiders y aclara por qué presentaciones anteriores mostraban totales de acciones más altos.

Form 4 개요 – ONE Group Hospitality, Inc. (STKS)

2025년 6월 27일, 10% 지분 보유자 David Kanen과 관련 법인들(Kanen Wealth Management LLC, Philotimo Fund LP, Philotimo Focused Growth & Income Fund)이 공동으로 Form 4를 제출하여 주당 4.61달러에 24,431주 클래스 A 보통주를 단일 공개 시장에서 매도했으며, 약 113,000달러의 수익을 창출했습니다.

거래 후, 그룹은 다음과 같은 간접 및 직접 보유 주식을 보고했습니다:

  • Kanen Wealth Management LLC (KWM): 2,289,867주
  • David Kanen (직접 보유): 20,237주
  • Philotimo Focused Growth & Income Fund: 393,975주
  • Philotimo Fund, LP: 1,970,000주

모든 보고자들의 총 공개된 실질 소유 주식은 약 467만 주로, 10% 이상의 지분 상태를 유지하고 있습니다.

주요 주석: KWM의 보고된 주식 수가 감소한 이유는 여러 관리 계정이 계좌 소유자의 사망 및 기타 통제 불가능한 사건으로 인해 더 이상 실질 소유로 간주되지 않기 때문입니다. 24,431주 매도 외에 보고된 소유권 변화는 거래보다는 행정적인 변경입니다.

투자자 시사점: 이번 매도는 그룹 전체 보유량의 약 < ~0.5%>에 해당하며 전략적 지분을 실질적으로 변경하지 않습니다. 하지만 내부자 매도가 다소 있음을 시사하며 이전 제출서류에서 더 많은 주식 수가 보고된 이유를 명확히 합니다.

Vue d'ensemble du Formulaire 4 – ONE Group Hospitality, Inc. (STKS)

Le 27/06/2025, le détenteur de 10% David Kanen et les entités associées (Kanen Wealth Management LLC, Philotimo Fund LP et Philotimo Focused Growth & Income Fund) ont déposé conjointement un Formulaire 4 signalant une vente unique sur le marché ouvert de 24 431 actions ordinaires de Classe A à 4,61 $ par action, générant environ 113 000 $ de produits.

Après la transaction, le groupe déclare les participations directes et indirectes suivantes :

  • Kanen Wealth Management LLC (KWM) : 2 289 867 actions
  • David Kanen (direct) : 20 237 actions
  • Philotimo Focused Growth & Income Fund : 393 975 actions
  • Philotimo Fund, LP : 1 970 000 actions

La propriété bénéficiaire totale divulguée par toutes les personnes déclarantes s'élève à environ 4,67 millions d'actions, maintenant ainsi leur statut de détenteur de plus de 10%.

Note clé : Le nombre d'actions rapporté par KWM a diminué car plusieurs comptes gérés ne sont plus considérés comme bénéficiant d'une propriété effective suite au décès des titulaires de comptes et d'autres événements incontrôlables. En dehors de la vente de 24 431 actions, le changement de propriété déclaré est de nature administrative plutôt que transactionnelle.

Conclusion pour les investisseurs : Cette cession représente environ < ~0,5%> de la position globale du groupe et ne modifie pas significativement leur participation stratégique. Cependant, elle indique une vente modérée par des initiés et explique pourquoi les dépôts antérieurs montraient des totaux d'actions plus élevés.

Formular 4 Übersicht – ONE Group Hospitality, Inc. (STKS)

Am 27.06.2025 reichten der 10%-Eigentümer David Kanen und verbundene Gesellschaften (Kanen Wealth Management LLC, Philotimo Fund LP und Philotimo Focused Growth & Income Fund) gemeinsam ein Formular 4 ein, in dem ein einzelner Verkauf von 24.431 Class A Stammaktien zu je 4,61 $ an der Börse gemeldet wurde, was etwa 113.000 $ Erlös generierte.

Nach der Transaktion meldet die Gruppe folgende indirekte und direkte Beteiligungen:

  • Kanen Wealth Management LLC (KWM): 2.289.867 Aktien
  • David Kanen (direkt): 20.237 Aktien
  • Philotimo Focused Growth & Income Fund: 393.975 Aktien
  • Philotimo Fund, LP: 1.970.000 Aktien

Die insgesamt offengelegte wirtschaftliche Beteiligung aller meldenden Personen beläuft sich auf etwa 4,67 Millionen Aktien, womit der >10%-Eigentümerstatus erhalten bleibt.

Wichtiger Hinweis: Die von KWM gemeldete Aktienanzahl sank, da mehrere verwaltete Konten nach dem Tod von Kontoinhabern und anderen unkontrollierbaren Ereignissen nicht mehr als wirtschaftlich im Besitz betrachtet werden. Abgesehen vom Verkauf der 24.431 Aktien ist die Änderung der gemeldeten Beteiligung administrativer und nicht transaktionaler Natur.

Anlegerfazit: Der Verkauf entspricht etwa < ~0,5%> der Gesamtposition der Gruppe und verändert deren strategisches Engagement nicht wesentlich. Er signalisiert jedoch einen moderaten Insider-Verkauf und erklärt, warum frühere Meldungen höhere Aktienzahlen auswiesen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Adler Reid G.

(Last) (First) (Middle)
C/O VISTAGEN THERAPEUTICS, INC.
343 ALLERTON AVENUE

(Street)
SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Vistagen Therapeutics, Inc. [ VTGN ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Legal Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/30/2025 A(1) V 7,541 A $1.7 24,050 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The Reporting Person is voluntarily reporting the acquisition of shares under the Issuer's 2019 Employee Stock Purchase Plan, as amended, in a transaction exempt under Rule 16b-3(c) and Rule 16b-3(d).
/s/ Cynthia Anderson, Attorney-in-Fact 07/01/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many STKS shares did David Kanen sell on 06/27/2025?

The Form 4 shows a sale of 24,431 shares at $4.61 per share.

What is the total STKS stake held by Kanen-affiliated entities after the sale?

Combined holdings total about 4.67 million shares, including 2.29 million via Kanen Wealth Management LLC.

Why did Kanen Wealth Management’s reported ownership decline?

Footnote 5 states KWM ceased advising certain managed accounts, so those shares are no longer considered beneficially owned.

Does the filing affect Kanen’s >10% owner status in ONE Group Hospitality?

No. Even after the update, the group retains more than 10% of outstanding shares.

Was any derivative security activity reported in this Form 4?

No derivative securities were acquired or disposed of; Table II contains no reportable transactions.
Vistagen Therapeutics Inc

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SOUTH SAN FRANCISCO