Vistagen Therapeutics, Inc.

**Signal Note: OrbiMed Entry into Vistagen (VTGN)** OrbiMed's $2.0M initial position in Vistagen signals conviction in PH94B, a nasally-administered GABA modulator for social anxiety disorder expected to read out Phase 3 data in 2024—a potentially significant catalyst given the limited pharmacological options in anxiety disorders and positive Phase 2b efficacy signals. The entry by a top-tier healthcare allocator may reflect confidence in either regulatory pathway clarity or commercial opportunity, though the modestly-sized position suggests early-stage conviction rather than thesis completion.