WATERTOWN, Mass., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Vigil Neuroscience, Inc. (Nasdaq: VIGL), a clinical-stage biotechnology company committed to harnessing the power of microglia for the treatment of neurodegenerative diseases, today announced financial results for the second quarter ended June 30, 2024, and provided an update on recent progress.
“Vigil has made great progress in the first half of this year as we continue to advance our pipeline of novel candidates for indications with strong genetic links to microglial dysfunction,” said Ivana Magovčević-Liebisch, Ph.D., J.D., President and Chief Executive Officer of Vigil. “With the recent strategic investment from Sanofi and our clinical program updates that support an encouraging regulatory pathway for iluzanebart in ALSP and the continued development of VG-3927 for the potential treatment of AD, we believe that we are well-positioned to execute on our strategy to bring these potentially transformative therapies to patients and their families.”
Recent Highlights and Anticipated Milestones
Iluzanebart, Monoclonal Antibody TREM2 Agonist:
VG-3927, Small Molecule TREM2 Agonist
Corporate
Second Quarter 2024 Financial Results
About Vigil Neuroscience
Vigil Neuroscience is a clinical-stage biotechnology company focused on developing treatments for both rare and common neurodegenerative diseases by restoring the vigilance of microglia, the sentinel immune cells of the brain. Vigil is utilizing the tools of modern neuroscience drug development across multiple therapeutic modalities in its efforts to develop precision-based therapies to improve the lives of patients and their families. Iluzanebart, Vigil’s lead clinical candidate, is a fully human monoclonal antibody agonist targeting human triggering receptor expressed on myeloid cells 2 (TREM2) in people with adult-onset leukoencephalopathy with axonal spheroids and pigmented glia (ALSP), a rare and fatal neurodegenerative disease. Vigil is also developing VG-3927, a novel small molecule TREM2 agonist, to treat common neurodegenerative diseases associated with microglial dysfunction, with an initial focus on Alzheimer’s disease (AD) patients, including some who carry TREM2 and other disease-associated variants.
Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements” of Vigil Neuroscience (“Vigil” or the “Company”) that are made pursuant to the safe harbor provisions of the federal securities laws, including, without limitation, express or implied statements regarding: the Company’s strategy, business plans and focus; the potential therapeutic benefit of the Company’s product candidates, including VG-3927, and the expected therapeutic benefits of such programs as well as the ability to improve the lives of patients and their families; the estimated prevalence of ALSP in the US, UK and EU; the progress and timing of the clinical development of Vigil’s programs, including the availability of, and expected timing for reporting, data from both the IGNITE Phase 2 clinical trial and the VG-3927 Phase 1 clinical trial; beliefs about observations made analyzing preclinical study and clinical trial data to date; the success and timing of the Company’s interactions with regulatory authorities, including with the FDA regarding the accelerated approval pathway; and the expectation that the Company’s cash runway will be sufficient into 2026. Forward-looking statements are based on Vigil’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to uncertainties inherent in the development of product candidates, including the conduct of research activities and the conduct of clinical trials; uncertainties as to the availability and timing of results and data from clinical trials; whether results from prior preclinical studies and clinical trials will be predictive of the results of subsequent preclinical studies and clinical trials; the timing and content of additional regulatory information from the FDA; the Company’s ability to work with the FDA to successfully remove the partial clinical hold on VG-3927; whether Vigil’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission (SEC), including Vigil’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, its upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and any subsequent filings Vigil makes with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Vigil undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information on this page as current or accurate after its publication date.
VIGIL NEUROSCIENCE, INC. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 15,540 | $ | 14,903 | $ | 29,866 | $ | 28,737 | ||||||||
General and administrative | 6,938 | 7,010 | 14,027 | 13,951 | ||||||||||||
Total operating expenses | 22,478 | 21,913 | 43,893 | 42,688 | ||||||||||||
Loss from operations | (22,478 | ) | (21,913 | ) | (43,893 | ) | (42,688 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 1,254 | 1,746 | 2,731 | 2,731 | ||||||||||||
Other income (expense), net | (3 | ) | (7 | ) | (5 | ) | (12 | ) | ||||||||
Total other income, net | 1,251 | 1,739 | 2,726 | 2,719 | ||||||||||||
Net loss | $ | (21,227 | ) | $ | (20,174 | ) | $ | (41,167 | ) | $ | (39,969 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.52 | ) | $ | (0.52 | ) | $ | (1.02 | ) | $ | (1.04 | ) | ||||
Weighted—average common shares outstanding, basic and diluted | 40,564,580 | 38,657,205 | 40,214,345 | 38,601,916 | ||||||||||||
VIGIL NEUROSCIENCE, INC. | ||||||
Selected Balance Sheet Data | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
June 30, 2024 | December 31, 2023 | |||||
Cash, cash equivalents, and marketable securities | $ | 86,674 | $ | 117,940 | ||
Total assets | 108,464 | 140,858 | ||||
Total liabilities | 23,192 | 24,606 | ||||
Total stockholders' equity | 85,272 | 116,252 | ||||
Internet Posting of Information
Vigil Neuroscience routinely posts information that may be important to investors in the 'Investors' section of its website at https://www.vigilneuro.com. The company encourages investors and potential investors to consult our website regularly for important information about Vigil Neuroscience.
Investor Contact:
Leah Gibson
Vice President, Investor Relations & Corporate Communications
Vigil Neuroscience, Inc.
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Media Contact:
Megan McGrath
CTD Comms, LLC
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Last Trade: | US$3.87 |
Daily Change: | 0.02 0.52 |
Daily Volume: | 50,511 |
Market Cap: | US$153.450M |
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