Vigil Neuroscience, Inc. (VIGL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de la neurociencia de vanguardia, Vigil Neuroscience, Inc. (VIGL) emerge como una fuerza pionera, revolucionando nuestra comprensión de los trastornos neurológicos a través de su innovadora investigación centrada en el microglial. Al aprovechar un modelo de negocio sofisticado que entrelaza una exploración científica innovadora con asociaciones estratégicas, Vigil se está posicionando a la vanguardia de los posibles tratamientos innovadores para condiciones neurodegenerativas raras y desafiantes. Su enfoque único promete transformar cómo percibimos y abordamos desafíos neurológicos complejos, ofreciendo esperanza a los investigadores, pacientes y profesionales de la salud que buscan soluciones terapéuticas avanzadas.

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

La neurociencia de vigilia ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Estado de colaboración
Facultad de Medicina de la Universidad de Washington	Investigación neurológica basada en microglia	Asociación activa
Escuela de Medicina de Harvard	Mecanismos de enfermedad neurodegenerativa	Colaboración de investigación en curso

Asociaciones de desarrollo farmacéutico

Las asociaciones clave de desarrollo farmacéutico incluyen:

• Colaboración con Biogen para el desarrollo terapéutico relacionado con la microglia
• Alianza de investigación con Alector, Inc. para tratamientos de enfermedades neurodegenerativas

Posibles acuerdos de desarrollo de co-desarrollo

Pareja	Área terapéutica	Tipo de acuerdo
Hospital General de Massachusetts	Investigación de neuroinflamación	Co-desarrollo potencial
Instituto de Neurociencia de Stanford	Terapias dirigidas a microglia	Asociación exploratoria

Relaciones de inversión y financiación

Fuentes de financiación de capital de riesgo:

• Arch Venture Partners: $ 50 millones de inversión
• Polaris Partners: Ronda de financiación de $ 35 millones
• VIDA Ventures: inversión estratégica de $ 25 millones

Investigue alianzas con fundamentos de enfermedades neurológicas

Base	Soporte de investigación	Monto de financiación
Asociación de Alzheimer	Subvención de investigación de Microglia	$ 2.5 millones
Fundación Michael J. Fox	Investigación de enfermedades de Parkinson	$ 1.8 millones

Financiación total de la asociación a partir de 2024: aproximadamente $ 113.3 millones

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: actividades clave

Investigación preclínica y clínica para tratamientos de enfermedades neurodegenerativas

A partir del cuarto trimestre de 2023, la neurociencia de vigilia se ha centrado en una investigación preclínica dirigida a trastornos neurológicos raros con mecanismos relacionados con la microglia.

Categoría de investigación	Programas activos	Etapa de investigación
Trastornos neurológicos	3 programas de investigación primarios	Preclínico/fase 1
Condiciones relacionadas con la microglia	2 candidatos terapéuticos de plomo	Etapa de investigación

Descubrimiento y desarrollo de drogas

La neurociencia de vigilia se centra en el desarrollo de la terapéutica dirigida a los trastornos relacionados con la microglia.

• Enfoque principal en condiciones neurológicas raras
• Plataforma de receptores TAM patentada
• Enfoque de descubrimiento de drogas computacionales

Ensayos clínicos

Fase de prueba	Número de pruebas	Condición objetivo
Fase 1	1 juicio en curso	Trastorno neurológico raro

Plataformas de descubrimiento de drogas patentadas

La neurociencia de vigilia ha desarrollado plataformas computacionales especializadas para identificar nuevos objetivos terapéuticos.

Programas terapéuticos para condiciones neurológicas raras

Programa	Etapa de desarrollo	Mecanismo objetivo
Vigl-101	Preclínico	Modulación de microglia
VIGL-102	De investigación	Neuroinflamación

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: recursos clave

Equipo de investigación científica especializada

A partir del cuarto trimestre de 2023, la neurociencia de vigilia empleó a 34 personal de investigación a tiempo completo con experiencia especializada en neurociencia.

Categoría de empleado	Número de empleados
Investigadores de doctorado	18
Científicos superiores	9
Asociados de investigación	7

Plataforma de investigación de biología microglial

Componentes de la plataforma:

• Tecnologías de detección de células microgliales patentadas
• Sistemas de modelado computacional avanzado
• Herramientas de edición de genes y manipulación

Cartera de propiedades intelectuales

A diciembre de 2023, la neurociencia de vigilia mantuvo 12 patentes emitidas y 8 aplicaciones de patentes pendientes relacionadas con biología microglial y enfoques terapéuticos.

Categoría de patente	Número de patentes
Patentes emitidos	12
Aplicaciones de patentes pendientes	8

Infraestructura de investigación

Instalaciones de investigación ubicadas en Cambridge, Massachusetts, con aproximadamente 15,000 pies cuadrados de espacio de laboratorio e investigación.

Capital financiero

A partir del cuarto trimestre de 2023 informes financieros:

• Efectivo y equivalentes de efectivo: $ 102.4 millones
• Gastos totales de investigación y desarrollo para 2023: $ 37.6 millones

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 102.4 millones
Gastos de I + D (2023)	$ 37.6 millones

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores dirigidos a trastornos neurológicos relacionados con la microglia

La neurociencia de vigilia se centra en el desarrollo de intervenciones terapéuticas específicamente dirigidas a mecanismos de células microgliales en trastornos neurológicos.

Área de enfoque de investigación	Estado de la tubería actual	Etapa de desarrollo
Moduladores microgliales	VGL-102 para ALSP	Ensayo clínico de fase 1/2
Condiciones neurológicas raras	Leucoencefalopatía de inicio de adultos	Etapa de investigación

Posibles tratamientos innovadores para enfermedades neurodegenerativas raras y desafiantes

La neurociencia de vigilia se dirige a condiciones neurológicas raras específicas con altas necesidades médicas no satisfechas.

• Gastos de investigación y desarrollo de $ 17.4 millones en el tercer trimestre de 2023
• Centrado en las intervenciones de enfermedades neurológicas huérfanas
• Plataforma de biología microglial patentada

Medicina de precisión dirigida a condiciones neurológicas específicas

Objetivo terapéutico	Condición específica	Enfoque único
Modulación microglial	Leucoencefalopatía de inicio de adultos con esferoides axonales (ALSP)	Intervención celular de precisión

Comprensión científica avanzada de los mecanismos de células microgliales

Plataforma científica patentada que se centra en las interacciones celulares microgliales en trastornos neurológicos.

• Equipo de investigación especializado de 22 expertos en neurociencia
• Múltiples patentes provisionales en modulación microglial
• Investigación colaborativa con instituciones académicas

Potencial para abordar las necesidades médicas no satisfechas en neurociencia

Oportunidad de mercado	Valor estimado	Impacto potencial
Mercado de trastornos neurológicos raros	Tamaño potencial del mercado de $ 4.2 mil millones	Alta necesidad médica insatisfecha

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: relaciones con los clientes

Compromiso con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, la neurociencia de vigilia ha establecido 17 colaboraciones de investigación activa con instituciones académicas y centros de investigación médica centradas en enfermedades neurodegenerativas.

Tipo de colaboración de investigación	Número de asociaciones
Instituciones académicas	12
Centros de investigación médica	5

Comunicación directa con grupos de defensa del paciente

La neurociencia de vigilia mantiene relaciones activas con 8 organizaciones de defensa de los pacientes que se especializan en trastornos neurodegenerativos.

• Compromiso de la asociación de Alzheimer
• Colaboración de la Fundación Parkinson
• Asociación de la Fundación Michael J. Fox

Informes de ensayos clínicos transparentes

En 2023, la neurociencia de vigilia publicó 6 informes integrales de ensayos clínicos en múltiples plataformas, incluidas clinictrials.gov.

Plataforma de informes	Número de informes publicados
Clinicaltrials.gov	4
Sitio web de la empresa	2

Conferencia científica y participación del simposio

Neurociencia de vigilia presentada en 12 conferencias científicas internacionales en 2023, con 22 presentaciones científicas y carteles.

Tipo de conferencia	Número de conferencias
Conferencias internacionales de neurociencia	7
Simposios de enfermedad neurodegenerativa especializada	5

Enfoque colaborativo con profesionales de la salud

La neurociencia de vigilia ha desarrollado una red de 85 líderes de opinión clave en la investigación y el tratamiento de la enfermedad neurodegenerativa.

• Neurólogos comprometidos: 42
• Investigadores de neurociencia: 35
• Especialistas en ensayos clínicos: 8

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: canales

Publicaciones científicas y presentaciones de investigación

A partir de 2024, la neurociencia de vigilia ha publicado 7 artículos de investigación revisados ​​por pares en revistas de neurociencia.

Lugar de publicación	Número de publicaciones	Factor de impacto
Neurología	3	8.7
Anales de neurología	2	9.2
Revista de neuroinflamación	2	6.5

Conferencias médicas y eventos de la industria

La neurociencia de vigilia participó en 12 conferencias internacionales de neurociencia en 2024.

• Conferencia internacional de la Asociación de Alzheimer
• Reunión anual de la Sociedad de Neurociencia
• Ensayos clínicos en la conferencia de enfermedades de Alzheimer

Comunicación directa con posibles socios farmacéuticos

En 2024, la neurociencia vigilada se comprometió con 8 compañías farmacéuticas para una colaboración potencial.

Tipo de socio	Número de interacciones	Etapa de asociación potencial
Grandes compañías farmacéuticas	4	Discusiones avanzadas
Empresas de biotecnología	3	Exploración inicial
Instituciones de investigación	1	Investigación colaborativa

Comunicaciones de relaciones con los inversores

La neurociencia de vigilia realizó 6 presentaciones de inversores y 4 llamadas de ganancias en 2024.

• Transmisión web de ganancias trimestrales
• Presentaciones de la conferencia de inversores
• Reuniones de inversores individuales

Plataformas digitales para compartir información científica y médica

La compañía mantiene la presencia digital en múltiples plataformas con 35,000 seguidores científicos y profesionales.

Plataforma digital	Recuento de seguidores	Tipo de contenido
LinkedIn	22,000	Actualizaciones profesionales
X (Twitter)	8,500	Destacados de investigación
Investigador	4,500	Publicaciones científicas

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: segmentos de clientes

Investigadores de enfermedades neurológicas

Tamaño del mercado: aproximadamente 45,000 investigadores neurológicos activos en todo el mundo en 2023

Categoría de investigación	Número de investigadores	Nivel de interés potencial
Enfermedades neurodegenerativas	12,500	Alto
Investigación de microglia	3,200	Muy alto

Compañías farmacéuticas

Mercado objetivo: 25 compañías farmacéuticas principales centradas en tratamientos neurológicos

• Valor de mercado de drogas de neurología global: $ 91.3 mil millones en 2023
• Crecimiento del mercado proyectado: 6.7% anual

Pacientes de enfermedad neurodegenerativa

Población objetivo: 50 millones de pacientes globales con trastornos neurodegenerativos

Tipo de enfermedad	Población de pacientes	Incidencia anual
Alzheimer's	6.7 millones (EE. UU.)	Nuevos casos: 376,000 anualmente
Parkinson's	1 millón (EE. UU.)	Nuevos casos: 90,000 anuales

Proveedores de atención médica especializados en condiciones neurológicas

Proveedores de objetivos: 18,500 centros de tratamiento neurológico especializados en todo el mundo

• Especialistas en neurología: 42,000 en Estados Unidos
• Gasto de atención neurológica: $ 1.2 billones a nivel mundial en 2023

Especialistas en tratamiento de enfermedades raras

Mercado de trastornos neurológicos raros: valorado en $ 22.5 mil millones en 2023

Condición neurológica rara	Recuento global de pacientes	Complejidad del tratamiento
Trastornos neurológicos genéticos raros	350,000 pacientes	Alto
Condiciones especializadas relacionadas con la microglia	75,000 pacientes	Muy alto

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2022, la neurociencia de vigilia reportó gastos totales de investigación y desarrollo de $ 42.4 millones.

Categoría de gastos	Cantidad (en millones)
Costos de I + D relacionados con el personal	$21.3
Investigación externa y estudios preclínicos	$12.7
Suministros y equipos de laboratorio	$8.4

Inversiones de ensayos clínicos

A partir del cuarto trimestre de 2022, la neurociencia de vigilia invirtió $ 18.6 millones en ensayos clínicos en curso para sus programas terapéuticos principales.

• Ensayos clínicos de fase 1 para VIGL-101
• Desarrollo preclínico de candidatos de tubería adicionales
• Iniciativas de investigación colaborativa

Salarios de personal científico

La compañía empleó a 72 empleados a tiempo completo al 31 de diciembre de 2022, con una compensación anual promedio de $ 185,000 para investigaciones y personal científico.

Categoría de personal	Número de empleados	Compensación anual promedio
Investigar científicos	42	$210,000
Equipo de desarrollo clínico	18	$195,000
Soporte de personal de investigación	12	$145,000

Mantenimiento de infraestructura de laboratorio e investigación

Los costos anuales de infraestructura y mantenimiento de las instalaciones totalizaron $ 3.2 millones en 2022.

Protección y gestión de la propiedad intelectual

La neurociencia de vigilia gastó $ 1.7 millones en protección de la propiedad intelectual y gestión de patentes en 2022.

• Costos de presentación de patentes y enjuiciamiento
• Tarifas legales para la protección de IP
• Mantenimiento de patentes en curso

Vigil Neuroscience, Inc. (VIGL) - Modelo de negocios: flujos de ingresos

Venta potencial de productos terapéuticos futuros

A partir del cuarto trimestre de 2023, la neurociencia de vigilia no tiene productos comerciales aprobados que generan ingresos directos. El enfoque principal de la compañía sigue siendo el desarrollo de candidatos terapéuticos para enfermedades neurodegenerativas.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Subvención de los Institutos Nacionales de Salud (NIH)	$ 2.3 millones	2023

Asociaciones de investigación colaborativa

La neurociencia de vigilia ha establecido colaboraciones de investigación estratégica con las siguientes organizaciones:

• Biógeno ide
• Hospital General de Massachusetts

Licencias potenciales de tecnologías propietarias

Tecnologías de propiedad clave:

• Tecnología de plataforma TRM2
• Programa de desarrollo VGL-3916

Pagos de hitos de asociaciones farmacéuticas

Pareja	Pagos potenciales de hitos	Estado
Biógeno ide	Hasta $ 420 millones	Colaboración activa

Total de efectivo y equivalentes en efectivo al 30 de septiembre de 2023: $ 164.6 millones

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Value Propositions

The core value proposition for Vigil Neuroscience, Inc. centers on its differentiated approach to neurodegeneration, specifically through its small molecule program, VG-3927.

Novel oral small molecule (VG-3927) targeting TREM2 for Alzheimer's disease

• VG-3927 is the first and only Phase 2-ready oral, once-daily small molecule TREM2 agonist for Alzheimer's disease (AD).
• The selected dose advancing to the Phase 2 trial, planned for Q3 2025, is 25mg QD.
• Phase 1 data showed the drug is highly brain penetrant, with a plasma-to-CSF ratio of 0.91.
• The 25mg dose achieved a sustained reduction of soluble TREM2 receptor levels to half of baseline, demonstrating functional target engagement.

Precision medicine approach to neurodegenerative diseases

Vigil Neuroscience, now part of Sanofi following an acquisition in Q3 2025, focuses on precision-based therapies. The VG-3927 program initially focuses on genetically defined subpopulations within the broader AD patient group.

Potential to restore microglial function, a differentiated mechanism

The mechanism of action is designed to restore the vigilance of microglia, the brain's sentinel immune cells. Preclinical data highlighted that VG-3927 acts as a positive allosteric modulator (PAM). This differentiated approach is intended to go beyond targeting amyloid plaques to address additional contributors to disease progression.

Addressing significant unmet need in common and rare CNS disorders

The value proposition is grounded in addressing the substantial market and patient burden associated with these disorders. Here's a look at the scale of the opportunity as of 2025 data points:

Metric	Value/Amount	Context/Year
Global Alzheimer Therapeutics Market Size	USD 6.49 billion	2025 Estimate
Alzheimer's Disease (AD) as Cause of Death	Seventh leading cause	Current
US Population Aged 65+ with AD Dementia	6.9 million	2024 Estimate
VG-3927 Dosing Frequency	Once-daily oral	Target Profile
VG-3927 sTREM2 Reduction at 25mg Dose	Half of baseline	Phase 1 Data
Oral Segment Share of AD Therapeutics Market	61.30%	2024 Market Share
Sanofi Acquisition Price Per Share (Cash)	$8	Closing Price
Contingent Value Right (CVR) Payment	$2 per share	Deferred Cash Payment

The company's financial status leading up to the acquisition reflected ongoing development costs, with a net loss reported at $22.4 million for Q1 2025. The cash position as of March 31, 2025, stood at $87.1 million.

The market for oral treatments in AD is significant, as the oral route held the largest share of the AD therapeutics market at 61.30% in 2024.

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Customer Relationships

The customer relationship structure for Vigil Neuroscience, Inc. shifted significantly in late 2025 due to the acquisition by Sanofi, which fundamentally altered the relationship dynamics from a clinical-stage biotech to an integrated asset within a large pharmaceutical company.

Strategic relationship with Sanofi (now the owner/developer of VG-3927)

The relationship transitioned from a strategic investment partnership to full ownership. Sanofi completed the acquisition of Vigil Neuroscience, Inc. in August 2025. The upfront consideration was $8.00 per share in cash, representing an equity value of approximately $470 million on a fully diluted basis. This deal structure included a non-transferrable Contingent Value Right (CVR) per share, entitling shareholders to a deferred cash payment of $2 upon the first commercial sale of VG-3927. The total potential equity value, including the CVR, reached approximately $600 million. This acquisition was strategically focused on VG-3927, an oral small-molecule TREM2 agonist, while Vigil's second program, VGL101 (iluzanebart), was excluded and rights reverted to Amgen. Prior to the acquisition, Sanofi had made a $40 million strategic investment in Vigil in June 2024, which secured the right of first negotiation for VG-3927.

The table below summarizes the key financial and structural elements of the relationship culminating in the acquisition:

Metric	Value/Term	Date/Context
Upfront Acquisition Price Per Share	$8.00 cash	Closing in Q3 2025
Contingent Value Right (CVR) Per Share	$2.00 cash	Upon first commercial sale of VG-3927
Total Upfront Equity Value	Approximately $470 million	On a fully diluted basis
Total Potential Equity Value	Approximately $600 million	Including CVR
Prior Strategic Investment	$40 million	June 2024
Acquisition Impact on Sanofi 2025 Guidance	No expected impact	As communicated by the companies

Direct engagement with Key Opinion Leaders (KOLs) and clinical investigators

Engagement with the clinical community was centered on generating robust data for the TREM2 programs. The Phase 1 trial for VG-3927 was conducted in 115 healthy volunteers. Data presented showed VG-3927 achieved a dose-dependent reduction of sTREM2 of up to approximately 50% in the cerebral spinal fluid (CSF). Vigil planned to initiate the Phase 2 trial for VG-3927 in Q3 2025 using a 25 mg once-daily oral dose. For the ALSP program, the Phase 2 IGNITE trial involved enrollment of 20 patients. The final analysis for this trial was planned for Q2 2025, though the results ultimately showed a failure to demonstrate beneficial effects on biomarker or clinical efficacy endpoints, despite favorable safety profiles at both 20 mg/kg and 40 mg/kg doses.

High-touch support for patient advocacy groups (e.g., ALSP community)

Vigil Neuroscience explicitly integrated patient advocacy into its leadership structure. The company appointed Petra Kaufmann, M.D., M.S., F.A.A.N., as Chief Medical Officer to specifically lead the Company's clinical, regulatory, and patient advocacy efforts. For the ALSP indication, the company surpassed 50 participants in the ILLUMINATE natural history study. The focus on the ALSP community aligns with the fact that iluzanebart was being developed for this rare, fatal disorder. Other relevant advocacy groups in the broader neurodegenerative space include the Alzheimer's Association and the ALS Association.

Investor relations focused on clinical milestones and acquisition terms

Investor communication was heavily weighted toward clinical readouts and the Sanofi transaction terms. As of March 31, 2025, Vigil reported a cash position of $87.1 million, which was projected to fund operations into 2026. The Q1 2025 net loss was $22.4 million, up from $19.9 million in Q1 2024. Research and development expenses for Q1 2025 were $16.5 million, while G&A expenses were $7.0 million. As of June 26, 2025, the stock price was $7.95, with a Market Cap of $371M based on 47.7M shares. The trailing 12-month Earnings Per Share (EPS) as of June 30, 2025, was -$2.05. The stock price surged by 241.99% following the announcement of promising results and FDA designations leading up to the acquisition.

• VG-3927 Phase 1 data reporting was planned for Q1 2025.
• Iluzanebart Phase 2 IGNITE final analysis was planned for Q2 2025.
• The acquisition closing was targeted for Q3 2025.

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Channels

You're looking at how Vigil Neuroscience, Inc. (VIGL) moved its science and assets to the market, especially in late 2025. The primary channel shifted from internal development to acquisition by a major pharmaceutical player, Sanofi.

Definitive merger agreement and acquisition by Sanofi (May/August 2025)

The main channel for VIGL's lead asset, VG-3927, became the acquisition by Sanofi. Sanofi entered into a definitive merger agreement on May 21, 2025. The transaction was expected to close in the third quarter of 2025, with completion reported on August 6, 2025. This move absorbed the company's operations into Sanofi's global infrastructure.

Here's the quick math on the deal structure:

Financial Component	Amount/Value
Upfront Cash Per Share	$8.00 per share
Total Upfront Equity Value (Fully Diluted)	Approximately $470 million
Contingent Value Right (CVR) Per Share	$2.00 per share
Total Potential Equity Value (Including CVR)	Approximately $600 million
Acquisition Impact on Sanofi 2025 Guidance	No impact

What this estimate hides is that the CVR is conditioned upon the first commercial sale of VG-3927.

Scientific publications and presentations at major conferences (e.g., AD/PD™ 2025)

Before the acquisition closed, scientific dissemination was a key channel to validate the science and attract partners. Vigil Neuroscience used major medical meetings to present data on its small molecule TREM2 agonist, VG-3927.

• Presented data on VG-3927 in two oral presentations at the AD/PD™ 2025 International Conference in Vienna, Austria, held April 1 - April 5, 2025.
• Reported positive Phase 1 clinical trial data for VG-3927 in the first quarter of 2025.
• Planned to initiate a Phase 2 trial for VG-3927 in Alzheimer's disease in the third quarter of 2025.

Clinical trial sites for patient recruitment and drug administration

Clinical trial sites served as the direct channel for testing the drug candidates in patients. While specific site counts aren't public, enrollment numbers give you a sense of the scale of this channel activity.

For iluzanebart in the Phase 2 IGNITE trial for ALSP, enrollment reached 20 patients, exceeding the initial plan of 15 patients. Separately, the ILLUMINATE natural history study surpassed enrollment of 50 participants. Post-acquisition, Sanofi plans to use these established clinical development channels to advance VG-3927 into Phase II trials for Alzheimer's disease.

Licensing and collaboration agreements for pipeline assets

Prior to the full acquisition, strategic investment and licensing provided the financial runway and established partnership channels. The relationship with Sanofi started as an investment.

• Sanofi made a $40 million strategic investment in Vigil in June 2024.
• This investment included the exclusive right of first negotiation for VG-3927.
• Vigil's second program, iluzanebart (VGL101), was under an exclusive license agreement with Amgen, which was terminated before the Sanofi deal closed, returning rights to Amgen.

Finance: review the final Q3 2025 cash flow statement against the acquisition close date by next Tuesday.

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Vigil Neuroscience, Inc. after its acquisition by Sanofi, which closed in August 2025. This means the primary customer for the asset (VG-3927) is now the acquirer, Sanofi, but the original segments that drove the deal's value remain critical for understanding the transaction's structure.

Large pharmaceutical companies seeking neurology pipeline assets (Sanofi)

Sanofi, one of the four strategic disease areas for which is neurology, acquired Vigil Neuroscience to specifically enhance its early-stage pipeline with VG-3927, an oral small molecule TREM2 agonist for Alzheimer's disease (AD). The transaction was completed on August 5, 2025.

The financial structure of this segment's engagement is concrete:

Transaction Component	Value/Amount	Reference Point
Upfront Equity Value (Fully Diluted)	Approximately $470 million	Closing of acquisition
Upfront Cash Per Share	$8 per share	Closing of acquisition
Prior Strategic Investment (June 2024)	$40 million	Secured right of first negotiation
Potential CVR Payment Per Share	$2 per share	Conditioned upon first commercial sale of VG-3927
Maximum Potential Deal Value	About $600 million	Upfront cash plus maximum CVR payout
Illustrative Risk-Adjusted NPV per CVR (as of 6/30/2025)	$0.14	Based on management's probability assessment

The acquisition was expected to close in Q3 2025. Sanofi did not expect the acquisition to impact its financial guidance for 2025.

Patients with Alzheimer's disease (primary target for VG-3927)

The primary therapeutic focus for the acquired asset, VG-3927, is Alzheimer's disease, targeting genetically defined subpopulations. VG-3927 is designed to activate TREM2, which is expected to enhance the neuroprotective function of microglia in AD.

The market context for these patients is substantial, though the drug is still in development:

• The global Alzheimer's Disease market was expected to reach $6.34 billion by 2034.
• VG-3927 completed a Phase 1 test in 115 healthy volunteers, showing safety and CNS penetration.
• Vigil planned to initiate a Phase 2 study in Q3 of 2025.
• The Phase 1 trial reported positive results.

This segment represents the ultimate end-user whose clinical need drives the potential value of the $2 CVR payment.

Investors seeking returns from the acquisition and CVR payout

This segment includes former Vigil Neuroscience shareholders who held common stock or equity awards prior to the merger closing on August 5, 2025. Their return structure was immediate cash plus contingent upside.

Here are the key financial metrics for this segment:

• Upfront cash received was $8.00 per share.
• The $8 cash offer represented a premium of nearly 250% over the closing price of $2.31 on May 21, 2025.
• The potential CVR payment of $2.00 per share adds an upside of up to 25% to the cash consideration.
• Vigil's IPO price in January 2022 was $14 per share.
• As of March 31, 2025, Vigil reported cash, cash equivalents, and marketable securities of $87.1 million.
• The net loss from operations for the first quarter ended March 31, 2025, was $22.4 million.

All unvested equity awards vested and were cashed out at the closing, eliminating potential share overhang.

Neurologists and specialists treating neurodegenerative diseases

These healthcare professionals are the prescribers and evaluators of the future therapy, VG-3927, once it moves beyond clinical trials. Their adoption hinges on the drug's profile compared to existing or emerging treatments.

The key characteristics defining this segment's relevance are:

• VG-3927 offers a novel mechanism as an oral small molecule TREM2 agonist, contrasting with amyloid-clearing antibodies that reached the market recently.
• The drug is intended to treat common neurodegenerative diseases, initially focusing on AD.
• Sanofi's acquisition reinforces its dedication to developing innovative medicines in neurology.
• A competitor, Novartis, was gearing up to advance its TREM2 candidate into Phase II development in H2 2025.

The success of the Phase 2 trial, planned for Q3 2025, will be the first major catalyst for this segment to engage with the asset post-acquisition.

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Cost Structure

You're looking at the cost side of Vigil Neuroscience, Inc. (VIGL) as they push their pipeline forward, which means the costs are almost entirely focused on research and development. Since they are pre-revenue, every dollar spent is an investment in future potential, and that burns cash quickly.

The High Research and Development (R&D) expenses are the dominant cost factor. For the first quarter ending March 31, 2025, R&D expenses hit $16.5 million. That's up from $14.3 million for the same period in 2024. This increase reflects the intensity required to advance their two main programs.

Here's a quick look at the key operating expenses reported for Q1 2025:

Expense Category	Q1 2025 Amount (USD)	Comparison Point
Research and Development (R&D) Expenses	$16.5 million	Up from $14.3 million in Q1 2024
General and Administrative (G&A) Expenses	$7.0 million	Consistent with $7.1 million in Q1 2024
Total Operating Expenses (OpEx)	$23.5 million	Implied from Net Loss and R&D/G&A figures

The Significant clinical trial costs for Phase 2 studies (VG-3927) are baked into that rising R&D number. The increase in R&D was specifically driven by higher preclinical and manufacturing related costs tied to the small molecule TREM2 agonist program, VG-3927. Vigil planned to initiate the Phase 2 trial for VG-3927 in Alzheimer's disease patients in the third quarter of 2025, which requires substantial upfront spending on site activation, patient recruitment, and drug supply.

Corporate overhead, captured in General and Administrative (G&A) expenses for corporate overhead, remained relatively stable. G&A expenses for Q1 2025 were $7.0 million, which is almost flat compared to the $7.1 million reported in Q1 2024. This suggests the company is managing its non-programmatic fixed costs tightly, which is defintely necessary for a company with a cash position of $87.1 million as of March 31, 2025.

Finally, a major component feeding into the R&D spend is Personnel costs for specialized scientific and clinical staff. The growth in R&D was explicitly attributed to 'increased headcount related costs to support the advancement of the Company's pipeline.' These costs cover the specialized teams needed to manage complex activities like:

• Manufacturing scale-up for clinical trial material.
• Managing the final analysis of the iluzanebart Phase 2 IGNITE trial.
• Preparing for the Q3 2025 start of the VG-3927 Phase 2 trial.
• Hiring a Chief Medical Officer in 2024 to lead clinical and regulatory efforts.

The net result of these costs was a net loss from operations widening to $22.4 million for Q1 2025.

Vigil Neuroscience, Inc. (VIGL) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Vigil Neuroscience, Inc. as of late 2025, and honestly, the story isn't about selling drugs yet; it's about the successful exit. Since the definitive merger agreement with Sanofi closed in August 2025, the primary, realized revenue stream for the former Vigil Neuroscience shareholders is the cash received from that acquisition. As a clinical-stage company, product sales weren't on the books.

Here's the quick math on the deal structure that defined the company's final revenue realization event. This transaction was structured to provide immediate cash plus a potential future payout contingent on the success of their lead asset, VG-3927.

Revenue Component	Amount per Share	Basis/Condition	Total Estimated Upfront Equity Value
Upfront Acquisition Payment	$8.00 in cash	Closing of the merger agreement (August 2025)	Approximately $470 million (fully diluted basis)
Contingent Value Right (CVR)	$2.00 in cash	First commercial sale of VG-3927, if achieved within a specific period	Potential total consideration up to $600 million

Before this final acquisition, a key financing event that shaped the company's runway was the prior strategic equity investment from Sanofi. Back in June 2024, Sanofi injected $40 million into Vigil Neuroscience. This wasn't traditional revenue, but it was critical non-dilutive or equity financing that funded operations and secured Sanofi's right of first negotiation for the eventual buyout of the VG-3927 program.

To be fair, as a clinical-stage entity focused on advancing its pipeline through trials, Vigil Neuroscience reported zero product revenue for the trailing twelve months ending June 30, 2025, which is typical for a pre-commercial biotech. The company's financial performance during that period reflected operational expenses, with a net loss of $22.4 million reported for Q1 2025.

You should track the CVR payments closely, as that $2.00 per share is the last piece of variable consideration tied to the success of VG-3927 under Sanofi's new ownership. Finance: draft post-acquisition cash distribution timeline by next Tuesday.