---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-025509"
form_type: "8-K"
ticker: "VTGN"
cik: "0001411685"
company_name: "Vistagen Therapeutics, Inc."
filed_at: "2023-09-08T23:59:59+00:00"
generated_at: "2026-06-10T22:04:23.181441+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Vistagen enters exclusive negotiation with Fuji Pharma for PH80 in Japan; receives $1.5M upfront

## Summary
- Fuji Pharma pays $1.5M non-refundable for up to ~18-month exclusive negotiation for PH80 license in Japan.
- PH80 is a neuroactive nasal spray for acute treatment of moderate to severe menopausal hot flashes.
- Exploratory Phase 2A showed statistically significant reduction in hot flash frequency and severity vs placebo.
- If a definitive license agreement is signed, the $1.5M will be creditable against the signing fee.
- Neither party is obligated to reach a definitive agreement; negotiations may terminate after exclusive period.

## SEC filing metadata
- accession: 0001437749-23-025509
- form_type: 8-K
- ticker: VTGN
- cik: 0001411685
- company_name: Vistagen Therapeutics, Inc.
- filed_at: 2023-09-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1411685/000143774923025509/0001437749-23-025509-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1411685/000143774923025509/vtgn20230908_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-025509
- JSON: https://secwatch.observer/filing/0001437749-23-025509.json
- Plain text: https://secwatch.observer/filing/0001437749-23-025509.txt

## Key facts
- Material Agreements
  Vistagen Therapeutics, Inc. entered into Exclusive Negotiation Agreement with Fuji Pharma Co., Ltd. valued at $1,500,000 (effective 2023-09-01).
  - Action: entry
  - Agreement: license
  - Counterparty: Fuji Pharma Co., Ltd.
  - Value: $1,500,000
  - Effective: 2023-09-01
  source text: On September 1, 2023, Vistagen Therapeutics, Inc. (the “ Company ”) entered into an Exclusive Negotiation Agreement (the “ Negotiation Agreement ”) by and among the Company and Fuji Pharma Co., Ltd.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1411685/000143774923025509/0001437749-23-025509-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.