Vistagen Therapeutics, Inc. provided details regarding the Company's development plans for fasedienol, the Company's lead product candidate in development for the acute treatment of anxiety for adults with social anxiety disorder (SAD). The Company believes that utilizing a public speaking challenge clinical trial design similar to PALISADE-2 provides the most efficient path forward to advance the clinical development of fasedienol as a potential acute treatment of anxiety for adults With SAD. To complement the positive topline results from PALISADE-2, the Company plans to launch two similar Phase 3 clinical trials in 2024, PALISADE-3 in the first half of 2024 and PALISADE-4 in the second half of 2024.

Like PALISADE-2, both PALISADE-3 and PALISADE-4 will be multi-center, randomized, double-blind, placebo-controlled, clinical trials designed to evaluate the efficacy, safety, and tolerability of the acute administration of fasedienol to relieve anxiety symptoms in adult patients with SAD after a single dose of fasedienol during a single simulated, anxiety-provoking public speaking challenge in a clinical setting, as measured using the patient-reported Subjective Units of Distress Scale ("SUDS") as the primary efficacy endpoint. Also, like PALISADE-2, Both PALISADE-3 andALISADE-4 will have an open-label extension for a period of up to 12-months. If successful, the Company believes either PALISADE-3 or PALISADE-4, together with PALISADE-2, may establish substantial evidence of effectiveness of fasedienol in support potential submission of a potential fasedienol U.S. New Drug Application for the acute treatment of anxiety in adults with SAD with the U.S. Food and Drug Administration ("FDA") in the first half of 2026.

The Company is also planning to initiate a PALISADE Phase 2 re-dosingclinical trial ("PALISADE Re-Dosing Trial") in the second half of 2024". The PALISADE Re-Dosing trial will be a multi-center, randomized, triple-blind, placebo-controlled. The PALISADE Re- Dosing Trial will be a multi-center., randomized, double-blind, randomized, double-blind., placebo-controlled, Phase 2 real-world crossover clinical trial of fasedienol in SAD and exploratory efficacy observations measured by the LSAS in a large cohort of subjects in the Company'sPALISADE open label safety study.

initiation of all planned clinical trials of fasedienol remains subject to FDA feedback of the Company's proposed study designs.