Corporate Presentation

www.vistagen.com May 2018

: VTGN

DEVELOPING NEWDEVELOPING GENERATION NEW GENERATION MEDICINES MEDICINES FOR FOR DEPRESSION DEPRESSION AND ANDOTHER OTHERCNS DISORDERS CNS DISORDERS Forward-looking www.vistagen.com Statements

This presentation contains “forward-looking statements” Important factors that could cause actual results to differ within the meaning of the Private Securities Litigation Reform materially from those indicated by such forward-looking Act of 1995. These forward-looking statements concern our statements include, among others, those set forth in our product candidates, our development efforts, our Annual Report on Form 10-K for the year ended March 31, collaborations, our intellectual property, our financial 2017, filed with the Securities and Exchange Commission (SEC) condition, our plans and our development programs. These on June 29, 2017, as well as any updates to those risk factors statements involve risks, uncertainties and assumptions, and filed with the SEC from time to time in our periodic and are based on the current estimates and assumptions of the current reports on Forms 8-K and 10-Q. All statements management of VistaGen Therapeutics, Inc. (Company) as of contained in this presentation are made only as of the date of the date of this presentation and are subject to uncertainty this presentation, and the Company undertakes no duty to and changes. Given these uncertainties, you should not place update this information unless required by law. undue reliance on these forward-looking statements.

2 www.vistagen.com VistaGen Overview NASDAQ: VTGN Focused on Central Nervous System (CNS) disorders with high unmet need unmet high with disorders (CNS) System Nervous Central on Focused AV Long Multiple potentially transformative clinical and corporate transformative and catalysts 2018/2019 potentially clinical in Multiple - 101 has game has 101 - term support from U.S. National Institutes of Health (NIH) Health of Institutes National U.S. from support term - changing potential changing depressionin painand 3 www.vistagen.com FDA green light for October2017 EPO granted AV November 2017 Past 6 Months Months 6 Past USPTOgranted AV December 2017 AV October2017 - 101 on coveron 101 of $15 million$15 underwritten public offering December 2017 - 101 EU patentEU 101 ELEVATE - 101 US101 patent Journal of Pain Phase 2 MDD study MDD 2 Phase – MostProductive in Company History Foundation Solid FDA Fast Track designation for AV January 2018 EPO NOI for AV 2018 April USPTOforNOAAV 2018 March ELEVATE Study Launch 2018 March USPTOforNOAAV 2018 March - 101 EU patentEU 101 - 101 US101 patent - 101 for101 MDD - 101 US101 patent 4 1: CDC www.vistagen.com Depression in the U.S. the Depression in – diagnosed diagnosed with depressive disorders NCHS 1 in 1 women 4 U.S. DRUG U.S. – NationalCenter for J. Psychiatry. etAm al. Statistics, HealthRush AJ, 2: August 2017; 1905 163(11): 2006, U.S.Drug MDD Patients MDD 11.6M 11.6M - TREATED DEPRESSION MARKET IS LARGE WITH HIGH UNMET NEED - Treated 1 in 1 men 6 63% treated with 2 to1stLine antidepressant Inadequate response Inadequate 7.3M nd Line Line age 12 and over takes an antidepressant Treatment - 191 2 44% treatment nd 7 (STAR*D 7 Resources Study), Decision 2016 3: Line antidepressant Line line antidepressant antidepressant line 1 in1 8 5.1M - resistant after 2nd resistant after - resistant after after resistant 2,3 1 5 www.vistagen.com • • • Current Drug Treatment Options for Depression Fall Short Numerouseffectsside towork Slow Oftenworknot do ‒ ‒ ‒ nausea, insomnia, dizziness, fatiguedizziness, insomnia, nausea, Agitation, irritability, sexual dysfunction, antidepressant effects May take 4 to 6 weeks or more to achieve effective treatment patients 3 Initial of 1 in CurrentAntidepressants CurrentAtypical Adjunctive Antipsychotics • • • Numerouseffectsside Safetyconcerns Oftenworknot do ‒ ‒ ‒ akathisia, tardive dyskinesia, anxiety anxiety tardiveakathisia, dyskinesia, syndrome, metabolic gain, Weight stroke complications, cardiovascular Box” “Black warnings, mortality in elderly, respond patients to MDD 10 of 20% Only 6 www.vistagen.com “Wait and See, Rinse and Repeat …” Current Depression Drug Treatment Paradigm: FIRSTLINE 4 SSRI/SNRI - 6 Weeks or more SECONDLINE 4 SSRI/SNRI - 6 Weeks or more AdjunctiveAtypical Antipsychotics THIRD LINE THIRD 4 SSRI/SNRI - 6 Weeks or more 7 www.vistagen.com A Breakthrough Shift in the Depression Treatment Depression the in BreakthroughA Shift Paradigm The Story: § § § § § medical setting Must be given in a spray in Phase 3) (intranasal only IV than neurotransmitter different a on Works NMDAR antagonist anesthetic FDA FUNDAMENTALLY DIFFERENT MOA DIFFERENT - approved FASTER ALLCURRENT DRUGS Former Thomas decades.” in treatment antidepressant breakthrough in be the most important intravenously, might “[K]etamine, given Institute of Mental Health Director, U.S. National - Insel ACTING THAN 1 § § § § § § § HAS SIDE EFFECTS & SIDE HAS SAFETY CONCERNS SAFETY Increased BP Increased Dizziness Confusion Hallucinations Dissociation Risk of Abuse III Drug DEA Schedule 8 www.vistagen.com Treatment 1 Day in Patients with Responder Ketamine improvement in depression rating 50% least at with depression resistant ¥ major depression." ArchPsychiatry depression." Gen major 63:856 N 1 KetamineNIMH Treatment in Study Proportionpatientstreatment of with Zarate, C. A., Jr., et al. (2006) "A randomized trial of an an of trial randomized "A Jr., Zarate,A., (2006) C. al. et - BREAKTHROUGH RESULTS WITHIN 1 DAY OF A SINGLE TREATMENT methyl - D - aspartate antagonist in treatment in aspartateantagonist - resistant Depression Depression resistant ¥ Rates at - - resistant resistant - 864 . 10% 20% 30% 40% 50% 60% 70% 80% 0% 35% 80 Minutes - % % ResponseKetamine Resistant Depression Resistant 6% 53% 110 Minutes % ResponsePlacebo 6% 71% 1 Day 0% 9 www.vistagen.com but is it a convenient and safe long depression, with patients for hope new offers Ketamine 1: http://www.nimh.nih.gov/about/director/2014/ketamine.shtml 1: in Fight Against Depression” “Club Drug Ketamine Provides Hope “Drugs to Lift Depression in Hours Rather Than Weeks” - term solution? term 10 www.vistagen.com AV § § expected in 1H 2019 1H in expected ELEVATE,Phase2depression study, results Phase 1 safety studies well Very - 101: A New Generation Antidepressant Candidate - tolerated in two NIH two in tolerated ü ü ü ü ü CONCERNS CONCERNS KETAMINENO KETAMINE MODULATESNMDAR; ACTIVATES AMPAR FDA CURRENT MOAFUNDAMENTALLY FROM ALL DIFFERENT NMDARORAL - funded - LIKE ANTIDEPRESSANT EFFECTS ANTIDEPRESSANT LIKE - - GLYB APPROVEDANTIDEPRESSANTS LIKE SIDE EFFECTS OR SAFETY SAFETY OR EFFECTS SIDE LIKE ANTAGONIST Cl O NH 2 NH 2 O OH 11 www.vistagen.com INHIBITS INHIBITS NMDA RECEPTORS, ACTIVATES AMPA RECEPTORS AV - 101’s Classic channel Classic Ketamine - blocking antagonists:blocking (full antagonist) (full 7 - CI - KYNA L - Astrocytes Activated Active Metabolite (7 (4 Prodrug AV - AV Cl - Cl - - - KYNA) 101 - 101 KYN) 12 Zanos www.vistagen.com KETAMINE AV , P., et al. (2015). "The Prodrug 4 - 101 vs. Ketamine - LIKE ANTIDEPRESSANTLIKE EFFECTS, NO KETAMINE Sensory Circling and rearing Movementsensitization movement Hyper Abusive potential Negative Behavioral Effects Novelty Learned Tail Forced Benefits - suspension - Chlorokynurenine Causes Ketamine - swim - - - suppressedfeeding motor gating motor helplessness in Published Preclinical in Published Studies - Like Antidepressant Effects, but Not Side Effects, by NMDA/ by Effects, Side Not but Effects, Antidepressant Like AV AV No No No No No - - 101 101 EQUIVALENT EQUIVALENT EQUIVALENT EQUIVALENT - LIKE SIDE EFFE SIDE LIKE GlycineB Ketamine Ketamine - Site Inhibition.“ J Yes Yes Yes Yes Yes Pharmacol CTS Exp Ther 355(1): 76 - 85. 13 Wallace, M., et. al. (2017). “Randomized, Double “Randomized, (2017). al. et. M., Wallace, www.vistagen.com in Healthy Volunteers.” Volunteers.” Healthy in WELL AV • • • • • • RESULTS 36 subjects: 18 treatment,cohort18 per subjects: 6 36 placebo; 18 mg 1,440 & 1,080 levels:720, 360, dose 120, single 6 oral dose sequential Single with dose, Randomized,double - ketamine,ketamine’s without but side effects toantidepressant with similar reported placebo) reported positive feelings of well AVAt on subjects some doses, higher Well 101 in Published NIH - TOLERATED WITH NO KETAMINE NO WITH TOLERATED - tolerated,bioavailability;good SAEs no Scand J Pain 17:243 Phase 1a Phase - blind, placebo blind, - 251. - Blind,Placebo Controlled, Dose - controlled controlled - - escalation Sponsored Phase 1 Safety 1 Phase Studies Sponsored - 101 (none on on (none 101 - effects - EscalationStudy: Investigation ofthe Safety, - being - LIKE SIDE EFFECTS SAFETY OR SIDE LIKE CONCERNS • • • • • • RESULTS 48 subjects: 36 treatment,cohort36 per subjects: 16 48 placebo; 12 mg 1,440 levels:and 1,080 dose 360, 3 oral Daily days), (14 dose dose sequential Randomized,double without ketamine’s without side antidepressanteffects reported ketamine, with but well of feelings positive reported AV on subjects Multiple Well - tolerated,bioavailability;good SAEs no Pharmacokinetics, and and Pharmacokinetics, Phase 1b Phase - blind, placebo blind, Antihyperalgesic - - 101 (none on placebo) placebo) on (none 101 effects - ActivityofL being similar to - controlled controlled - 4 - escalation chlorokynurenine 14 www.vistagen.com Study DesignStudy NIMH • • • • • • Target enrollment: ca. 20 adults adults 20 anticipatedCompletion 2018 of by end ca. enrollment: Target on keyEmphasis biomarkers oralSingle monotherapy dose patients treatment in with Double Ongoing Maryland in at NIMH clinic - Safety and efficacy using standard using efficacy Safety and - Sponsored Phase 2 Study 2 Phase Sponsored blind, placebo HamiltonRating Scale (HDRS) Primary Endpoint: Endpoint: Primary Principal Investigator: - controlled, crossover design crossover controlled, – CSF analysis, neuroimaging analysis, CSF Dr. Carlos Zarate, Jr., NIMH - resistant depression, once per day/14 days day/14 per once depression, resistant measuresmood, depression of and cognition Change from baseline in widely Secondary Endpoints: Endpoints: Secondary - accepted accepted 15 www.vistagen.com DisplaceAtypical Antipsychotics in the Depression Drug Treatment Paradigm First Goal for AV 4 SSRI/SNRI FIRSTLINE - 6 Weeks or more - 101 SECONDLINE 4 SSRI/SNRI - 6 Weeks or more Adjunctive AtypicalAdjunctive Antipsychotics AdjunctiveAV THIRD LINE THIRD - 4 SSRI/SNRI 101 - 6 Weeks or more 16 www.vistagen.com • • • • • Maurizio Fava, MD, Harvard Principal Investigator: ELEVATE Results expected in 1H 2019 1H expected in Results Single oral dose, once per day for 14 days current antidepressants patients with an inadequate response to AV Objective: Design Parallel Comparison Sequential Double Projected enrollment = ca. 180 patients Adjunctive Treatment for Inadequate Response to Current Antidepressants - 101 plus current101 plus antidepressants in - blind, blind, placebo assess efficacy and safety of Phase 2 Study for 2 Phase Depression - controlled, 2 controlled, - Stage Therapy Adjunctive MDD decrease on Montgomery Efficacy demonstrated by by demonstrated Efficacy Depression Rating Scale PrimaryEndpoint: FDAApproval to Preparation and ClinicalSite Launch 2H 2H 2017 - Asberg Study Initiation Study 1H 1H 2018 measures of mood, depressionmeasures mood, of Additional widely Additional SecondaryEndpoints: 2H 2H 2018 and cognition and - Topline Results Topline accepted 1H 1H 2019 17 www.vistagen.com Second Goal for Goal AV Second Preventrelapse of depression following ketamine therapy - 101 NEXT STEP NEXT in in 2019 DepressiveDisorder Major with patients in therapy ketamine following placebo vs. Phase 2 study AV of - 101 18 www.vistagen.com 1. Neuropathic https:// 6% www.ncbi.nlm.gov/pubmed/24291734 Overuse Overuse • • • Current - Antidepressants Anticonvulsants Prescription 10% neuropathic treatments of of of U.S. U.S. Pain Pain opioids addictive addictive population ( (SSRIs) pregabalin) fall in in the (oxycodone) short pain U.S. prescription 1 suffers from opioids is is opioids • • • • Side Drug Suicidalthoughts Sleepiness, Addiction effects effects - drug drug at at and epidemic interactions drowsiness, Safety or behavior Concerns dizziness levels 19 www.vistagen.com 1. 1. Third Goal for AV Yaksh NewOral, Non , T.L., et al. (2017). “Characterization of the Effects of L - Addictive,Non - - 101 4 - Chlorokynurenine on Nociception in Rodents.” The Journal of Pain Pain of Journal The Rodents.” in Nociception on Chlorokynurenine NEXT STEP NEXT in in 2019 - SedatingTreatment for Pain 18: 1184 18: - 1196. neuropathic pain neuropathic patientsin with AV Phase 2 study of - 101 vs placebo placebo vs 101 20 www.vistagen.com Fourth Goal for AV for Goal Fourth ReduceParkinson’s disease levodopa - 101 Levodopa most patients with PD after 5 after PD with patients most NEXT STEP NEXT in in 2019 - induceddyskinesia - induced dyskinesia occurs in - 10 years patients Parkinson’s placebo in of AV 2 studyPhase - 101 vs 21 www.vistagen.com andagreed to over $1 billion for potential future milestones After High • • • • Rapastinel IVONLY ketamineNo Ketamine SimilarMOA to AV - Rapastinel Value Peer M&A Underscores Upside Potential Upside Underscores M&A Peer Value – - likeantidepressant effects NOTORAL - likeeffects side - Phase 2, Allergan2, Phase paid 101 (NMDAR/AMPAR)101 • • • Acquired by Allergan after 2 Phase Naurex Currentlyin Phase 3 development Over $1.0 billion in potential milestones cashatin closing million $571 $571 million in cash, cash, in million $571 22 www.vistagen.com • • Chief Medical Officer M.D., Smith, Ph.D. A. Mark Execution Leading TeamExperienced • • Officer President, Scientific Chief Ralph Company; U.S. National Institute of Mental Health AstraZeneca Pharmaceuticals; DuPont Pharmaceutical Teva experience 20 years of large Pharma CNS drug development Center Comprehensive Cancer Progenitor; management senior biotechnology 23 years of experience in Pharmaceuticals; Shire Pharmaceuticals; Snodgrass, Ph.D. Lineberger • • Chief Executive Officer Shawn K. Singh Cato Research: Morrison & Artemis Neuroscience; healthcare venture capital firm and a profitable CRO 25 years of experience with biopharmaceutical companies, a • • Vice President, Corporate Development McPartland A. Mark Communications: Alliance Advisors Hayden Group; MZ Biotechnologies; Stellar consulting markets management and 20 years of experience in corporate development, capital SciClone Foerster • • Chief Financial Officer, Secretary CPA D. Jerrold Dotson, California & Hawaiian Sugar; Clorox Calypte administration and finance management 20 years of experience in senior Pharmaceuticals; Cato Biomedical; Discovery Foods; BioVentures ; 23 www.vistagen.com Institute and Network Trials Director, MGH Clinical Institute;Executive (MGH) Research GeneralHospital Massachusetts Research,Clinical Director, Division of School; Medical Harvard Psychiatry, Professor of MaurizioFava, M.D. Leading CNS Clinical and Regulatory and Advisors Clinical CNS Leading (CDER) Research and Evaluation Drugs, Center for Drug New of Office Products, Division Psychiatry of Administration(FDA) Drug and Food Director (retired), U.S. Thomas Laughren , M.D., of Medicine Sciences, Baylor College Behavioral & Psychiatry Department of Menninger and Psychiatry in Research Johnson; Jr. Chair for White Raleigh and Marjorie Behavioral Sciences, and Psychiatry AssociateProfessor of SanjayMathew, M.D. Bintliff Johnson Psychiatry Service Psychiatry Interventional Hospital Yale Scientific Director, Program; Research Yale Depression of Medicine; Director, School Yale Psychiatry, Professor of Ph.D.,M.D. Gerard Sanacora, - New Haven California, San Diego San California, of University the at Director and Director Medical Medicine, of the Division of Pain Anesthesiology, Chair ClinicalProfessor of MarkWallace, M.D. 24 www.vistagen.com Compound AV (4 (4 (4 (4 (4 (AV AV AV AV AV - - - - - Cl Cl Cl Cl Cl ------101) 101 101 101 101 - - - - - KYN) KYN) KYN) KYN) KYN) 101 Pipeline MDD/Suicidal Ideation MDD/Suicidal Parkinson’s Disease Disease Parkinson’s Levodopa Major Depressive Major NeuropathicPain Post Indication Dyskinesia Disorder Epilepsy Relapse - Ketamine Ketamine - Induced Preclinical ELEVATE Phase1 Phase2 Phase3 25 www.vistagen.com VistaGen NASDAQ: VTGN Clinical stage, focused on multiple major CNS markets with high unmet need markets unmet Clinicalstage,CNS major high multiple focusedwith on Summary as a non a as AV Highly Potentially transformative clinical and corporate catalysts in 2018/2019 in catalysts corporate and clinical transformative Potentially - 101, oral new generation CNS drug candidate with candidatewith drug oral generation 101, CNS new - experienced team leading execution leading team experienced - addictive, non addictive, - sedating, at sedating, - hometreatment for depression and pain game - changing potential changing 26 Company Contact: Mark A. McPartland VistaGen Therapeutics Inc. Phone: +1 (650) 577-3606 Email: [email protected]

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: VTGN

DEVELOPING NEWDEVELOPING GENERATION NEW GENERATION MEDICINES MEDICINES FOR FOR DEPRESSION DEPRESSION AND AND OTHER OTHER CNS DISORDERS CNS DISORDERS www.vistagen.com

Supplemental Information

DEVELOPING NEW GENERATION MEDICINES FOR DEPRESSION AND OTHER CNS DISORDERS www.vistagen.com NASDAQ: VTGN 2. 1. As of May 2, 2018 Capitalization Total Common, Preferred, Options and Warrants and Options Preferred, Common, Total CommonStock Warrants Stock Preferred and Common Total PreferredStock CommonStock WAEP = $2.85 per share per $2.85 = WAEP rights voting no basis; anShown as on converted Total Plan Options Plan Options and Warrants and Options (fixedconversion) (2) (1) (1) 49,089,721 27,160,867 21,903,854 16,603,516 22,957,615 5,300,338 4,228,252 29 www.vistagen.com Theredifferentare 9 variantsNMDAR the of • • • NMDA RECEPTOR ANTAGONISTS § AV Paoletti AV NR2B neuronalto cell addition In - - , P., et al. (2013). "NMDA receptor subunit impactdiversity: on receptor properties, synaptic plasticity and disease." Nat R 101 decreases101 NMDA receptor function allon NMDA9 receptor variants 101 Advantages 101 vs. NR2BSpecific NR2B specific NMDA regulates - AV selectivecompounds can modulate only NMDA 9 the of 4 receptor variants - 101 Gly B NMDA receptor antagonist regulates - specificexpression, individualwithin neurons, several NMDA receptor subtypes can expressedbe § 1/2A Di - heteromeric 1/2B ev ev Neurosci 1/2C 14(6): 383. 14(6): NMDARs 1/2D 1/3A2 1/2A/2B Tri - heteromeric 1/2A/2C 1/2B/2D NMDARs 1/2B/3A § 30 www.vistagen.com • • • • • • • • • • • • 1087. Moskal Zarate,Jr., A., C. " (2006) al. et Schwarcz 170:1134 Murrough nonresponsiveto a previous antidepressant agent." Preskorn Pharmacol Zanos Behav Bay Gerhard, D. M., et al. (2016) Brain Research 1630:73 Li,C., et. al. (2016) L of activity (2017) al. et M., Wallace, Yaksh J. Abbasi, Publications - Richter, C., et al. (2015) Richter,(2015) al. et C., , T.L.,, (2017). al. et , P.,, (2015) al. et Immun , J. R., et al. (2005) (2005) al. J.et , R., , S., et al. (2015 al. et S., , , R., et al. (2012) (2012) al. et R., , - “Ketamine Minus the Trip: the “Ketamine forTreatment Minus Hope New , J., W., (2013) al. et 1142. Exp - 4 - 43:110 chlorokynurenine in healthy volunteers.” Ther “Activation of hippocampal BDNF signaling is involved in the antidepressant the in involved is signaling BDNF hippocampal of “Activation 355:76 - 117. "The Prodrug 4 - ) "Randomized proof of concept trial of GLYX of trial concept of proof "Randomized ) 82. “CharacterizationEffects the of L of “Randomized, double “Randomized, "GLYX " in the mammalian brain: when physiology meets pathology." - "A role for inflammatory metabolites as modulators of the glutamate N 85. "Emerging treatment mechanisms for depression: focus on glutamate and synaptic plasticity." "Antidepressant efficacy of ketamine in treatment A randomizedA N an of trial - 13:a - ChlorokynurenineCauses Ketamine - blind, placebo blind, J Psychiatr ScandinavianJournal Painof 243 17(1): - methyl - - derivedpeptide that acts as an N 4 - - - Chlorokynurenine on Nociception in Rodents.” in ChlorokynurenineNociception on Resistant Depression.” Resistant controlled,dose Pract - D - aspartate antagonist in treatmentaspartate antagonistin - 21:140 13,an N - LikeAntidepressant Effects, Effects,Side Not but byNMDA/ - 149. - methyl - - escalation study: Investigation of the safety, Investigation the and study: of escalation pharmacokinetics, resistant major depression: a two a depression: major resistant JAMA. Published online November 08, 2017. doi:10.1001/jama.2017.12975. 2017. 08, November online Published JAMA. - D - aspartate receptor site partial , in major depress major in agonist, partial site glycine aspartate receptor - methyl - - 251. likeeffect of the NMDA receptor antagonist 7 - methyl - - resistant major depression." depression." major resistant D Nat RevNat - aspartate ."aspartate receptor - d - The JournalThe of Pain 18: 1184 Neurosci aspartate receptor in depression and suicidality. and depression in aspartate receptor - site randomized controlled trial." trial." controlled randomized site 13:465 Drug - 477 Discov Arch Gen ArchGen GlycineB Today 21:454 Today Neuropharmacology 49:1077 Neuropharmacology - 1196. Psychiatry63:856 - chloro - SiteInhibition." antihyperalgesic - kynurenicacid.” Am J PsychiatryJ Am 464. ivedisorder - " 864. Brain J 31 -