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

DISCLOSURES VistaGen Therapeutics, Inc. Rating History as of 12/21/2020 powered by: BlueMatrix $7 $6 $5 $4 $3 $2 $1 $0 Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Buy:$6.00 06/25/18 I:Buy:$6.00 06/27/18 Buy:$4.00 07/09/19 Buy:$1.00 11/14/19 Buy:$3.00 07/23/20 Closing Price Target Price Maxim Group LLC Ratings Distribution As of: 12/21/20 % of Coverage Universe with Rating % of Rating for which Firm Provided Banking Services in the Last 12 months Buy Fundamental metrics and/or identifiable catalysts exist such that we expect the stock to outperform its relevant index over the next 12 months. 81% 55% Hold Fundamental metrics are currently at, or approaching, industry averages. Therefore, we expect this stock to neither outperform nor underperform its relevant index over the next 12 months. 19% 49% Sell Fundamental metrics and/or identifiable catalysts exist such that we expect the stock to underperform its relevant index over the next 12 months. *See valuation section for company specific relevant indices 0% 0% I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report. The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities. Maxim Group makes a market in VistaGen Therapeutics, Inc. Maxim Group managed/co-managed/acted as placement agent for an offering of the securities for VistaGen Therapeutics, Inc. in the past 12 months. Maxim Group received compensation for investment banking services from VistaGen Therapeutics, Inc. in the past 12 months. Maxim Group expects to receive or intends to seek compensation for investment banking services from VistaGen Therapeutics, Inc. in the next 3 months. VTGN: For VistaGen Therapeutics, Inc., we use the BTK (NYSE Biotechnology Index) as the relevant index. Valuation Methods VTGN: Our therapeutic model assumes that AV-101 launch for treatment inadequate MDD in 2025. We factor in PH98B in 2024 for depression/ SAD and PH10 in MDD in 2025. A 75% risk adjustment for AV-101 and PH10 in MDD and a 50% adjustment for PH98B is factored in based on stage of development, clinical trial risk and other factors. The higher AV-101 adjustment stems in part from the ELEVATE P2 failed trial in November 5 Maxim Group LLC VistaGen Therapeutics, Inc. (VTGN)