Vigil Neuroscience, Inc. (VIGL) Bundle
A Brief History of Vigil Neuroscience, Inc.
Vigil Neuroscience, Inc., established in 2020, is a clinical-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases. As of 2024, the company has made significant strides in its research and development efforts, particularly in its lead programs targeting TREM2 and iluzanebart, both of which are pivotal in the progression of neurodegenerative disorders.
Financial Overview
As of September 30, 2024, Vigil Neuroscience reported the following financial metrics:
| Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Research and Development Expenses | $43,638,000 | $44,152,000 | $(514,000) |
| General and Administrative Expenses | $20,931,000 | $20,857,000 | $74,000 |
| Total Operating Expenses | $64,569,000 | $65,009,000 | $(440,000) |
| Net Loss | $(60,425,000) | $(60,464,000) | $(39,000) |
| Interest Income, net | $4,141,000 | $4,560,000 | $(419,000) |
Recent Developments
In June 2024, Vigil Neuroscience entered a Securities Purchase Agreement with Sanofi, issuing 537,634 shares of Series A non-voting convertible preferred stock at a price of $7.44 per share, which provided gross proceeds of $40 million. This agreement also included a right of first negotiation for Sanofi regarding Vigil's TREM2 agonist program.
Cash Flow Analysis
The following table summarizes Vigil's cash flow activities for the nine months ended September 30, 2024:
| Cash Flow Activity | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(33,082,000) | $(54,853,000) |
| Net Cash Provided (Used) by Investing Activities | $932,000 | $(75,793,000) |
| Net Cash Provided by Financing Activities | $25,054,000 | $835,000 |
| Net Increase in Cash, Cash Equivalents | $(7,096,000) | $(129,811,000) |
As of September 30, 2024, Vigil Neuroscience held cash, cash equivalents, and marketable securities amounting to $111.3 million.
Equity and Stock Performance
Vigil has a total of 39,665,999 shares outstanding as of September 30, 2024. The company has experienced a net loss per share of $(1.50) for the nine months ended September 30, 2024. The weighted average common shares outstanding for the same period were 40,336,433.
Marketable Securities
As of September 30, 2024, Vigil’s marketable securities portfolio is summarized as follows:
| Type | Amortized Cost | Fair Value |
|---|---|---|
| U.S. Government Securities | $23,133,000 | $23,165,000 |
| Corporate Bonds | $43,130,000 | $43,208,000 |
| Total | $66,263,000 | $66,373,000 |
These figures reflect Vigil's strategy to maintain liquidity while investing in low-risk securities.
Future Outlook
Vigil Neuroscience anticipates continuing substantial operating losses as it progresses with its clinical trials and prepares for potential product commercialization. The company expects its cash and marketable securities will sustain operations into 2026, contingent on ongoing funding initiatives and successful clinical outcomes.
A Who Owns Vigil Neuroscience, Inc. (VIGL)
Ownership Structure
As of October 31, 2024, executive officers, directors, and holders of 5% or more of Vigil Neuroscience, Inc.'s capital stock collectively owned approximately 70% of the outstanding voting stock.
Major Shareholders
The following table outlines the major shareholders of Vigil Neuroscience, Inc. as of 2024:
| Shareholder | Ownership Percentage | Type of Shares |
|---|---|---|
| Sanofi | 14.5% | Series A Non-Voting Convertible Preferred Stock |
| Atlas Venture Fund XII, L.P. | 11.2% | Common Stock |
| Management and Executive Officers | 44.3% | Common Stock |
| Other Institutional Investors | 30.0% | Common Stock |
Stock Performance
As of September 30, 2024, Vigil Neuroscience, Inc. had 39,665,999 shares of common stock outstanding. The company’s common stock has been trading at an average price of $3.14 per share during the nine months ended September 30, 2024.
Recent Financing Activities
On July 1, 2024, Vigil Neuroscience issued 537,634 shares of Series A non-voting convertible preferred stock at an as-converted price of $7.44 per common share, generating gross proceeds of $40 million.
Executive Compensation
As of September 30, 2024, the total stock-based compensation expenses were $7.6 million. This includes $2.5 million for the three months ended September 30, 2024.
Financial Overview
Vigil Neuroscience reported a net loss of $60.4 million for the nine months ended September 30, 2024. The accumulated deficit stood at $283.2 million as of September 30, 2024.
Future Capital Needs
Vigil Neuroscience anticipates significant additional capital requirements to support ongoing operations, including research and development activities. The company has raised approximately $362.8 million in gross proceeds primarily from equity offerings since its inception.
Vigil Neuroscience, Inc. (VIGL) Mission Statement
Vigil Neuroscience, Inc. is dedicated to improving the lives of patients, caregivers, and families affected by rare and common neurodegenerative diseases. The company is focused on developing disease-modifying therapeutics aimed at restoring the vigilance of microglia, which are the sentinel immune cells of the brain and play a critical role in maintaining central nervous system (CNS) health.
Core Objectives
- Development of therapeutics targeting microglial dysfunction.
- Utilization of a precision medicine approach to develop a pipeline of therapeutic candidates.
- Addressing genetically defined patient subpopulations to activate and restore microglial function.
Current Financial Overview
As of September 30, 2024, Vigil Neuroscience reported significant financial data:
| Financial Metric | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $44.9 |
| Marketable Securities | $66.4 |
| Total Assets | $131.3 |
| Accumulated Deficit | $283.2 |
| Net Loss (Nine Months Ended September 30, 2024) | $60.4 |
Research and Development Focus
Vigil Neuroscience is centered on its research and development efforts, with a current focus on specific therapeutic candidates. The company has incurred the following expenses:
| Expense Category | Amount (in millions) |
|---|---|
| Research and Development Expenses (Q3 2024) | $13.8 |
| General and Administrative Expenses (Q3 2024) | $6.9 |
| Total Operating Expenses (Q3 2024) | $20.7 |
Capital Structure
Vigil Neuroscience has raised significant capital to fund its operations:
| Source of Capital | Amount (in millions) |
|---|---|
| Convertible Preferred Stock | $180.0 |
| Initial Public Offering (IPO) | $98.0 |
| Private Placement Sales | $53.2 |
| Pre-Funded Warrants | $21.8 |
| At-the-Market Offerings | $9.8 |
Recent Developments
In June 2024, Vigil Neuroscience entered into a Securities Purchase Agreement with Aventis Inc., a subsidiary of Sanofi, issuing 537,634 shares of Series A non-voting convertible preferred stock for gross proceeds of $40.0 million. This agreement also included an exclusive right of first negotiation for the development of the small molecule TREM2 agonist program.
As of September 30, 2024, the company has raised approximately $362.8 million in gross proceeds primarily from equity offerings.
How Vigil Neuroscience, Inc. (VIGL) Works
Company Overview
Vigil Neuroscience, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases. As of September 30, 2024, the company has not yet generated revenue from product sales and has reported significant operating losses.
Financial Performance
For the nine months ended September 30, 2024, Vigil Neuroscience reported:
| Item | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development Expenses | $43,638 | $44,152 | ($514) |
| General and Administrative Expenses | $20,931 | $20,857 | $74 |
| Total Operating Expenses | $64,569 | $65,009 | ($440) |
| Net Loss | ($60,425) | ($60,464) | $39 |
Revenue and Losses
As of September 30, 2024, Vigil Neuroscience has an accumulated deficit of $283.2 million. The net loss for the nine months ended September 30, 2024 was $60.4 million, consistent with their ongoing investment in research and development activities.
Liquidity and Capital Resources
As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $111.3 million. This figure is down from $121.9 million at the end of 2023, reflecting ongoing operating expenses and capital investments.
Stock Issuances
During the nine months ended September 30, 2024, Vigil sold 1,699,600 shares of common stock under an Open Market Sales Agreement at an average price of $3.14 per share, generating net proceeds of $5.2 million. Additionally, they issued 537,634 shares of Series A non-voting convertible preferred stock to Aventis Inc. for gross proceeds of $40.0 million.
Research and Development Focus
Vigil's primary focus includes:
- Iluzanebart, a therapeutic candidate for neurodegenerative diseases.
- VG-3927, a small molecule TREM2 agonist currently in clinical development.
Operating Expenses Breakdown
For the nine months ended September 30, 2024, the breakdown of operating expenses was as follows:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $43,638 |
| General and Administrative | $20,931 |
Cash Flow Overview
The following table summarizes Vigil's cash flow for the nine months ended September 30, 2024:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | ($33,082) | ($54,853) |
| Net cash provided by investing activities | $932 | ($75,793) |
| Net cash provided by financing activities | $25,054 | $835 |
Future Prospects
Vigil expects to continue incurring significant losses as it advances its clinical candidates. The company anticipates that its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations into 2026.
How Vigil Neuroscience, Inc. (VIGL) Makes Money
Revenue Generation
As of 2024, Vigil Neuroscience, Inc. has not generated any revenue from product sales. The company primarily funds its operations through equity financing and collaborations. It has incurred significant operating losses since its inception, with an accumulated deficit of $283.2 million as of September 30, 2024.
Operating Expenses
Vigil's operating expenses consist mainly of research and development (R&D) and general and administrative (G&A) expenses. For the nine months ended September 30, 2024, the breakdown was as follows:
| Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $43,638 | $44,152 | ($514) |
| General and Administrative | $20,931 | $20,857 | $74 |
| Total Operating Expenses | $64,569 | $65,009 | ($440) |
Funding Sources
Vigil has funded its operations primarily through net proceeds from equity offerings. As of September 30, 2024, the total gross proceeds from equity offerings amounted to approximately $362.8 million. The company has utilized various financing mechanisms:
- Open Market Sales Agreement: Sold 1,699,600 shares of common stock at an average price of $3.14 per share, netting approximately $5.2 million.
- Securities Purchase Agreement with Sanofi: Issued 537,634 shares of Series A non-voting convertible preferred stock for net proceeds of $39.6 million.
- At-the-Market (ATM) offerings: Sold 2,886,087 shares for aggregate net proceeds of $9.5 million.
Research and Development Focus
The company focuses on developing therapeutic candidates, primarily iluzanebart and a small molecule TREM2 agonist (VG-3927). For the nine months ended September 30, 2024, the R&D expenses were primarily allocated as follows:
| Program | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Iluzanebart | $10,154 | $15,443 |
| Small Molecule TREM2 | $12,980 | $11,424 |
Net Loss and Cash Flow
For the nine months ended September 30, 2024, Vigil reported a net loss of $60.4 million. The cash flows from operating activities showed a net cash used of $33.1 million, with significant adjustments related to stock-based compensation and contract liabilities.
Future Outlook
Vigil expects to incur significant expenses and operating losses as it continues to advance its therapeutic candidates through clinical development. The company anticipates that its current cash, cash equivalents, and marketable securities will be sufficient to fund operations into 2026.
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Resources:
- Vigil Neuroscience, Inc. (VIGL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Vigil Neuroscience, Inc. (VIGL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Vigil Neuroscience, Inc. (VIGL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.