[SCHEDULE 13G/A] Vistagen Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Great Point Partners and two principals report beneficial ownership of 2,055,834 shares of Vistagen Therapeutics (VTGN), representing 6.59% of the outstanding common stock. The reported interest consists of warrants exercisable into common stock and is calculated using 29,157,733 shares outstanding as reported by the issuer.

The filing is a joint Schedule 13G/A by Great Point Partners, LLC, Dr. Jeffrey R. Jay, M.D., and Ms. Lillian Nordahl, each disclosing shared voting and dispositive power over 2,055,834 shares. The warrants contain a Beneficial Ownership Cap that limits exercise so the holder would not exceed 9.99% ownership, and the reporting persons disclaim beneficial ownership of underlying shares except to the extent of pecuniary interest.

Positive

• Material disclosure of a 6.59% economic interest in VTGN, providing transparency to the market
• Joint filing and Joint Filing Agreement ensure coordinated, compliant disclosure by the investment manager and principals
• Warrants are exercisable but subject to a Beneficial Ownership Cap, which limits immediate conversion-triggered concentration

Negative

• Position is held via warrants rather than outright shares, so voting and economic exposure depend on exercise conditions
• Beneficial Ownership Cap restricts exercise, which may limit the reporting persons' ability to increase ownership above 9.99% without restructuring

Insights

Securities Analyst

TL;DR: Great Point reports a material 6.59% position in VTGN via warrants, creating a notable stake without immediate sole voting control.

The filing discloses a significant minority economic interest in Vistagen through 2,055,834 warrants exercisable into common stock, computed on 29,157,733 shares outstanding. Because the position is disclosed on a Schedule 13G/A, the reporting persons represent that the holdings are passive and not intended to influence control. Shared voting and dispositive power is reported, not sole authority, which suggests coordinated decision-making within the investment manager structure. The Beneficial Ownership Cap restricts full exercise if it would exceed 9.99%, limiting near-term dilution or concentration risk from immediate full conversion. For investors, this is a clear disclosure of an institutional-sized stake that could affect trading interest and governance dialogue without signaling an activist intent.

Corporate Governance Specialist

TL;DR: Joint filing shows coordinated reporting by an investment manager and two principals, with disclosed shared powers and a legal cap on exercise.

The joint Schedule 13G/A reflects coordinated disclosure by Great Point Partners and two named individuals, supported by a Joint Filing Agreement. Shared voting and dispositive power over the warrants is clearly stated, and the signatories disclaim beneficial ownership beyond pecuniary interest. The Beneficial Ownership Cap is an important structural limit that prevents conversion-driven control shifts above 9.99%. As a governance matter, the filing does not indicate an intent to change control or pursue activist actions, but the size of the position makes engagement with management a plausible outcome over time. The filing is procedurally complete and aligns with Rule 13d-1(k) joint reporting conventions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Vistagen Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

92840H400

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 92840H400

1

Names of Reporting Persons

Great Point Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,055,834.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,055,834.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,055,834.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.59 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 92840H400

1

Names of Reporting Persons

Dr. Jeffrey R. Jay, M.D.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,055,834.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,055,834.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,055,834.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.59 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 92840H400

1

Names of Reporting Persons

Ms. Lillian Nordahl

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,055,834.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,055,834.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,055,834.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.59 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Vistagen Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 343 Allerton Avenue, South San Francisco, CA 94080
Item 2.
(a)	Name of person filing: Great Point Partners, LLC Dr. Jeffrey R. Jay, M.D. Ms. Lillian Nordahl The Reporting Persons have entered into a Joint Filing Agreement, dated August 14, 2025, a copy of which is filed with this SCHEDULE 13G/A as Exhibit A, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 165 Mason Street, 3rd Floor Greenwich, CT 06830
(c)	Citizenship: Great Point Partners, LLC is a limited liability company organized under the laws of the State of Delaware. Dr. Jeffrey R. Jay, M.D. is a citizen of the United States. Ms. Lillian Nordahl is a citizen of the United States.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 92840H400
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,055,834
(b)	Percent of class: 6.59%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,055,834
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,055,834 The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover pages for the Reporting Persons and is incorporated herein by reference. The percentage set forth in Row (11) of the cover pages for the Reporting Persons are based on a total of 29,157,733 shares outstanding, as reported by the Issuer in its Form 10-K filed with the Securities and Exchange Commission (the "SEC") on June 17, 2025 and 2,055,834 shares of the Common Stock issuable upon exercise of warrants held by the reporting persons (subject to the Beneficial Ownership Cap). Biomedical Value Fund, L.P. ("BVF") is the record holder of warrants to purchase 1,336,293 shares of Common Stock (the "BVF Warrants"). As a result of the Beneficial Ownership Cap, all shares underlying such warrants are exercisable, which constitutes 4.28% of the shares of Common Stock outstanding, computed in accordance with Rule 13d-3. Great Point Partners, LLC ("Great Point") is the investment manager of BVF, and by virtue of such status may be deemed to be the beneficial owner of the BVF Shares. Each of Dr. Jeffrey R. Jay, M.D. ("Dr. Jay"), as Senior Managing Member of Great Point, and Ms. Lillian Nordahl ("Ms. Nordahl"), as Managing Director of Great Point, has voting and investment power with respect to the BVF Shares, and therefore may be deemed to be the beneficial owner of the BVF Shares. Biomedical Offshore Value Fund, Ltd. ("BOVF") is the record holder of warrants to purchase 719,541 shares of Common Stock (the "BOVF Warrants"). As a result of the Beneficial Ownership Cap, all shares underlying such warrants are exercisable, which constitutes 2.31% of the shares of Common Stock outstanding, computed in accordance with Rule 13d-3. Great Point is the investment manager of BOVF, and by virtue of such status may be deemed to be the beneficial owner of the BOVF Shares. Each of Dr. Jeffrey R. Jay, M.D. ("Dr. Jay"), as Senior Managing Member of Great Point, and Ms. Lillian Nordahl ("Ms. Nordahl"), as Managing Director of Great Point, has voting and investment power with respect to the BOVF Shares, and therefore may be deemed to be the beneficial owner of the BOVF Shares. Notwithstanding the above, Great Point, Dr. Jay and Ms. Nordahl disclaim beneficial ownership of the BVF Shares and the BOVF Shares, except to the extent of their respective pecuniary interests. 1. Great Point Partners, LLC (a) Amount beneficially owned: 2,055,834 (b) Percent of class: 6.59% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote: 0 (ii) Shared power to vote or direct the vote: 2,055,834 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 2,055,834 2. Dr. Jeffrey R. Jay, M.D. (a) Amount beneficially owned: 2,055,834 (b) Percent of class: 6.59% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote: 0 (ii) Shared power to vote or direct the vote: 2,055,834 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 2,055,834 3. Ms. Lillian Nordahl (a) Amount beneficially owned: 2,055,834 (b) Percent of class: 6.59% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote: 0 (ii) Shared power to vote or direct the vote: 2,055,834 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 2,055,834 The reporting persons hold in the aggregate warrants to purchase 2,055,834 shares of Common Stock; however, the provisions of such warrants restrict the exercise of such warrants to the extent that, after giving effect to such exercise, the holder of the warrants and its affiliates, together with any other person or entities with which such holder would constitute a group, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (the "Beneficial Ownership Cap"). As a result, all shares underlying such warrants are beneficially owned by the reporting persons. Based on a total of 29,157,733 shares outstanding, as reported by the Issuer in its Form 10-K filed with the Securities and Exchange Commission (the "SEC") on June 17, 2025 and 2,055,834 shares of the Common Stock issuable upon exercise of warrants held by the reporting persons (subject to the Beneficial Ownership Cap).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Great Point Partners, LLC

Signature:	/s/ Dr. Jeffrey R. Jay, M.D
Name/Title:	Dr. Jeffrey R. Jay, M.D - Senior Managing Member
Date:	08/14/2025

Dr. Jeffrey R. Jay, M.D.

Signature:	/s/ Dr. Jeffrey R. Jay, M.D
Name/Title:	Dr. Jeffrey R. Jay, M.D
Date:	08/14/2025

Ms. Lillian Nordahl

Signature:	/s/ Ms. Lillian Nordahl
Name/Title:	Ms. Lillian Nordahl
Date:	08/14/2025

Exhibit Information

JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned hereby agree as follows: (i) Each of them is individually eligible to use the SCHEDULE 13G/A to which this Exhibit is attached, and such SCHEDULE 13G/A is filed on behalf of each of them; and (ii) Each of them is responsible for the timely filing of such SCHEDULE 13G/A and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. Dated: August 14, 2025 Great Point Partners, LLC By: /s/ Dr. Jeffrey R. Jay, M.D. Dr. Jeffrey R. Jay, M.D., as Senior Managing Member Dr. Jeffrey R. Jay, M.D. By: /s/ Dr. Jeffrey R. Jay, M.D. Dr. Jeffrey R. Jay, M.D. Ms. Lillian Nordahl By: /s/ Ms. Lillian Nordahl Ms. Lillian Nordahl

FAQ

What stake in Vistagen Therapeutics (VTGN) did Great Point Partners report?

The reporting persons disclosed beneficial ownership of 2,055,834 shares, representing 6.59% of VTGN based on 29,157,733 shares outstanding.

Are the reported VTGN holdings direct shares or warrants?

The disclosed interest consists of warrants exercisable into 2,055,834 shares; the filing states those warrants are treated as beneficially owned.

Does the filing indicate an intent to influence Vistagen's control?

No. The Schedule 13G/A includes a certification that the securities were not acquired to change or influence control, consistent with a passive disclosure.

What is the Beneficial Ownership Cap mentioned in the filing?

The warrants contain a cap that prevents exercise if, after exercise, the holder would beneficially own more than 9.99% of the outstanding common stock.

Who signed the joint filing for VTGN?

The joint Schedule 13G/A was signed on behalf of Great Point Partners, LLC by Dr. Jeffrey R. Jay, M.D., and also signed by Dr. Jay and Ms. Lillian Nordahl individually, dated August 14, 2025.