A New Approach to Mental Health Treatment

Good Evening! 👋

Dear Investor,

This post is disseminated on Vistagen. Please read the full disclaimer at the bottom.

Vistagen is a clinical-stage neuroscience company focused on transforming how mental health conditions are treated. At a time when anxiety, depression, and other central nervous system (CNS) disorders are on the rise globally, Vistagen is pursuing a unique approach that may offer a new alternative to traditional medications.

Its therapies are not pills, not injectables, and not dependent on system-wide chemical changes. Instead, Vistagen is developing fast-acting nasal sprays designed to activate specific neural circuits in the brain through chemosensory pathways in the nose. This novel delivery method aims to deliver therapeutic effects within minutes, without the common side effects seen in conventional treatments.

Before diving into the company’s science and strategy, it’s important to be clear: this is a sponsored profile created for educational and awareness purposes only. It is not a recommendation to buy or sell any security.

Let’s take a closer look at why Vistagen’s story may be of interest to retail investors seeking to learn more about innovation in mental health.

1. A New Class of Neurological Treatment

Vistagen’s pipeline is centered around “pherines” — neuroactive nasal spray compounds that target receptors inside the nose linked to anxiety and depression. When administered, these pherines are designed to stimulate precise neural circuits without entering the bloodstream.

This mechanism has three important implications:

• Rapid onset: Effects are often reported within minutes.

• Minimal side effects: No systemic exposure means no sedation or addiction risk.

• Convenience: Nasal sprays are easy to administer and can improve compliance.

This approach is fundamentally different from traditional psychiatric drugs, which often take weeks to work and are associated with a range of unwanted side effects.

2. Targeting Large, Unmet Market Needs

Vistagen is pursuing multiple indications across anxiety and depression, including Social Anxiety Disorder (SAD) and Major Depressive Disorder (MDD). These are not niche conditions — they affect millions of people.

In the United States alone:

• Social Anxiety Disorder affects more than 25 million people.

• Major Depressive Disorder impacts over 21 million adults each year.

Despite the size of these markets, very few new treatment options have emerged in recent decades. Many patients either don’t respond well to current medications or discontinue them due to side effects.

Vistagen’s approach aims to fill this gap with fast-acting, well-tolerated therapies that can be used both as needed and on a regular basis.

3. Positive Late-Stage Clinical Results

Vistagen’s lead candidate, fasedienol (PH94B), is being developed for Social Anxiety Disorder. In a recent Phase 2A clinical study, fasedienol was shown to reduce anxiety symptoms within minutes, with no sedation or cognitive impairment.

This is a significant contrast to SSRIs and benzodiazepines, which often take weeks to work and carry risks of dependency, drowsiness, and withdrawal symptoms.

The company has also initiated additional trials to evaluate fasedienol’s long-term safety and effectiveness through repeat dosing. These studies are important steps toward potential regulatory filings and approvals.

Vistagen is also advancing PH10, a pherine nasal spray in development for Major Depressive Disorder. This product is still in earlier stages but has shown encouraging signals in early studies.

4. Strengthening Its Intellectual Property Position

One of the biggest competitive challenges in drug development is protecting your innovation. Vistagen has been building a growing intellectual property portfolio to address this.

A recent example: the company was granted a U.S. patent for AV-101, another compound in its pipeline. While still in development, AV-101 targets NMDA receptor modulation — a known pathway involved in mood regulation.

This patent helps bolster the company’s competitive moat in the central nervous system drug market. It also adds optionality for future licensing, co-development, or partnership opportunities.

5. Led by Experienced Neuroscience and Regulatory Experts

Vistagen’s leadership team brings experience from some of the most prestigious medical institutions and regulatory bodies in the country, including Harvard Medical School, Baylor College of Medicine, and the U.S. Food and Drug Administration.

This background matters. Drug development is complex and highly regulated. Having a team that understands both the science and the regulatory landscape can help a company navigate clinical trials and regulatory reviews more effectively.

It also signals that the company is focused not only on innovation, but on building the infrastructure needed to bring products to market.

A Closer Look at Fasedienol

Let’s return to the company’s most advanced product.

Fasedienol is a pherine-based nasal spray designed to treat Social Anxiety Disorder. This condition is often misunderstood, but for many patients, it’s not just shyness. It’s a debilitating fear of social situations that impacts daily life.

Despite the size of the market, no new FDA-approved treatment for SAD has been introduced in over 20 years.

What makes fasedienol different?

• It acts within minutes

• It does not enter the bloodstream

• It has shown a favorable safety profile

• It could be used on-demand before high-anxiety moments

These properties could make it a valuable option for people who want immediate relief without sedation or long-term side effects.

Mental Health is a Growing Priority

Mental health disorders are one of the biggest unmet challenges in healthcare today. According to the World Health Organization, depression is now the leading cause of disability worldwide. Anxiety disorders are not far behind.

And yet, treatment options have remained largely unchanged for decades. Most antidepressants and anti-anxiety medications were developed in the 1980s and 1990s. While helpful for many, they are not universally effective, and dropout rates remain high.

This has created a massive opportunity for new entrants like Vistagen to offer differentiated solutions.

Looking Ahead

Vistagen is not yet a commercial-stage company. Like many clinical-stage biotech firms, its value proposition depends on successful clinical trials, regulatory approvals, and eventual market adoption. These are long and uncertain processes, and any investor or observer should be aware of the risks.

That said, Vistagen’s approach to mental health is differentiated, well-researched, and targeting clearly defined needs in a market that is overdue for innovation.

Cheers,

The Bean Team

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This content is for informational and educational purposes only and does not constitute financial, investment, or trading advice. BeanWealth is not a registered investment adviser, broker-dealer, or financial planner. You should not construe any material in this newsletter or related social media posts as a recommendation, solicitation, or offer to buy or sell any securities.

On July 7, 2025, BeanWealth received $1,900 from Vistagen (Nasdaq: VTGN) to publish a sponsored feature in our newsletter and related posts on our social media platforms. This is a paid marketing communication. The views expressed are our own and do not reflect the views of Vistagen or its management.

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