VistaGen Therapeutics (NASDAQ: VTGN) Featured Research Report

14 A EGIS C APITAL C ORP. Indications As shown in the ‘Pipeline’ section of this report, PH94B is being studied in numerous indications, including Social Anxiety Disorder, Adjustment Disorder with Anxiety, Generalized Anxiety Disorder, Adjustment Disorder, Postpartum Anxiety, Perioperative Anxiety, Panic Disorder, Post Traumatic Stress Disorder, Major Depressive Disorder, Postpartum Depression, Treatment- resistant Depression, Suicidal Ideation, Neuropathic Pain, LID associated with Parkinson’s Therapy, and Epilepsy. Below, we discuss the lead indications for PH94B, PH10, and AV-101 (oral). Social Anxiety Disorder (“SAD”) According to The Anxiety and Depression Association of America, approximately 15 million American adults suffer from SAD, and onset is typically during the teenage years. 3 Meanwhile, the National Institute of Mental Health (“NIMH”) pegs SAD incidence at 7% of Americans, or 22.4mm people (based on a 320mm population estimate). 5 Physical symptoms associated with SAD include rapid heartbeat, muscle tension, lightheadedness, among others. 4 Mental and emotional symptoms associated with SAD include fear [of social situations], dizziness/sickness, difficulty meeting with and/or talking to people, and self-medicating behavior (e.g. drinking). 5 Besides social situations, symptoms could also, or in place of, present in performance situations – e.g. giving a speech, playing sports, or performing on stage. 5 Additional potential “triggers” could include: starting or maintain a conversation, participating in small groups, eating in front of others, giving a presentation, asking someone out, being the center of attention, urinating in the presence of others, and any situation with potential for appearing nervous to others or being observed blushing, sweating, or shaking. 6 VistaGen Therapeutics, Inc. October 8, 2020