VistaGen Therapeutics, Inc (VTGN) Equity Research Report, Dec. 2020

synergies with probenecid (note LINK ) . New trials, including in Parkinson's disease levodopa-induced dyskinesia are planned/expected. Model update . Factoring the proceeds from the capital raise, Vistagen now has ~ $103M in cash. Considering the increased cash balance, VistaGen can not only fund its entire pipeline, but also fund PH94B (moving to P3 in 2021) into commercialization should it be successful in its later stages of development. As such, VistaGen is now firmly in control of its own destiny and that means advancing the pipeline; AV-101 (already in our model) and PH10, the second pherin-based asset. We now factor in PH10 in major depressive disorder (MDD) in our model, initially in 2025 with a 75% risk adjustment based on stage of development, clinical trial risk and other factors. Also, considering the stage of VistaGen's products and the funding the company has acquired to enable it to move potentially all the way to commercialization, we have converted our revenue model to a direct sales model, from a royalty model. We have also increased expense estimates for FY21 to $16.3M, from $16.0M and for FY22 to $24.5M, from $23.0M, as well as increased in outyears to reflect in-house pipeline development through later stages. Factoring these, as well as extending our model to 2031, from 2028, we are increasing our PT to $5, from $3. 3 Maxim Group LLC VistaGen Therapeutics, Inc. (VTGN)