Vigil Neuroscience, Inc. (VIGL): Business Model Canvas [Dec-2025 Updated]

You're looking at the final chapter of Vigil Neuroscience, Inc. as an independent entity, and frankly, the business model is now defined by a single event: the August 2025 acquisition by Sanofi. Before that deal, the company was a classic high-burn biotech, spending $16.5 million on R&D in Q1 2025 to push their small molecule Alzheimer's candidate, VG-3927, into Phase 2. That acquisition was the whole game. Now, their primary revenue stream isn't drug sales, but an upfront payment plus a $2.00 per share Contingent Value Right tied to that very asset. Scroll down to see how their key activities and customer segments completely rewired overnight.

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

You're looking at the structure of Vigil Neuroscience, Inc. (VIGL) right after the Sanofi acquisition closed in August 2025. That transaction fundamentally reshaped its Key Partnerships block, effectively absorbing the core asset and R&D team into a much larger entity. Here's the breakdown of the relationships that defined its path to this point.

Sanofi (Acquirer of VG-3927 program in August 2025)

This is the most significant partnership event, transitioning from a strategic investor to a full acquirer. Sanofi completed the buyout on August 6, 2025. The deal was built upon a prior strategic investment Sanofi made in June 2024 for $40 million, which secured the right of first negotiation for VG-3927. Now, Sanofi owns the lead asset, VG-3927, an oral small molecule TREM2 agonist intended for Alzheimer's disease. The Phase 1 trial for VG-3927 showed a reduction in the sTREM2 biomarker in spinal fluid by up to 50%, supporting the move into Phase 2 testing under Sanofi's umbrella.

The financial terms of the acquisition are concrete, giving you a clear picture of the exit valuation for the VG-3927 program:

It's important to note what Sanofi didn't take on; the VGL101 program was explicitly excluded from the final merger agreement.

Amgen (Original licensor of Iluzanebart/VGL101, which was returned)

This partnership was terminated as a direct consequence of the VGL101 clinical trial results. The rights to Iluzanebart (VGL101), the monoclonal antibody for Adult-onset Leukoencephalopathy with Axonal Spheroids and Pigmented Glia (ALSP), reverted to Amgen, the original licensor, prior to the Sanofi closing. This reversion followed the Phase 2 IGNITE trial failure, where VGL101 showed no beneficial effects on biomarker or clinical efficacy endpoints. To fund the initial development leading up to this point, Vigil had previously raised approximately $140 million in Series A and B funding after spinning out the TREM2 assets from Amgen.

Clinical Research Organizations (CROs) for trial execution

While specific late-2025 CRO contracts aren't public, the execution of past trials dictates the historical reliance on these specialized service providers. Vigil's Phase 2 IGNITE trial for Iluzanebart involved dosing cohorts up to 20 mg/kg or 40 mg/kg. The company's financial health leading into the acquisition, with a Q1 2025 net loss of $22.4 million and cash reserves of $87.1 million as of March 31, 2025, reflects the significant spend required to manage these complex, multi-site clinical programs. You can expect Sanofi to integrate these functions into its existing global CRO network.

Academic and institutional research collaborators

Collaboration with the broader scientific community was key for validating the underlying biology. Vigil presented preclinical work on VGL101 at the August 2022 AAIC. Furthermore, a key executive, former CMO Petra Kaufmann, has a background that includes serving as the Head of the Office of Rare Diseases Research at the National Institutes of Health (NIH), where she worked on advancing clinical-trial infrastructure for rare conditions. This institutional connection suggests a deep understanding of federal research pathways.

Specialized contract manufacturing organizations (CMOs)

The transfer of the VG-3927 program to Sanofi means that the development and manufacturing agreements for that small molecule asset are now governed by Sanofi's internal or external CMO network. The initial agreement with Sanofi in June 2024 included the right to research, develop, manufacture, and commercialize VG-3927. The VGL101 antibody program, which was returned to Amgen, would have had its own separate manufacturing agreements that are now Amgen's responsibility.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core operational focus for Vigil Neuroscience, Inc. assets as of late 2025, which is now firmly under the Sanofi umbrella following the acquisition completion in August 2025. The key activities reflect the immediate post-merger priorities and the final pre-acquisition milestones that set the stage.

Advancing VG-3927 into Phase 2 clinical trials for Alzheimer's disease

The primary activity centered on moving VG-3927, the oral small molecule TREM2 agonist, into the next stage of human testing. Vigil had planned to initiate this Phase 2 trial in the third quarter of 2025, building on positive Phase 1 results.

The Phase 1 data supported the selection of a specific dose for the subsequent trial:

• Maximum sTREM2 reduction in the CSF observed was approximately 50%.
• This reduction was seen at the 25 mg dose level.
• The selected dose for Phase 2 is a 25 mg once-daily oral formulation.
• The Phase 1 trial enrolled a total of 115 participants.
• Eighty-nine (89) participants received VG-3927 in the Phase 1 trial.

Microglial biology and TREM2 agonist research and development

The underlying scientific activity is the continued development of the microglial modulation platform, specifically targeting TREM2. Even as an acquired asset, the R&D investment that drove the program forward is a key historical activity.

Here's a look at the R&D spend leading up to the transition:

This increase in R&D expense was driven by preclinical and manufacturing costs for the small molecule TREM2 agonist program.

Managing the transition and integration of VG-3927 assets into Sanofi

This is the defining activity of late 2025. The transaction closed in August 2025, solidifying the transfer of VG-3927 development rights. The financial structure of this integration is concrete.

• Total equity value of the acquisition was approximately $470 million.
• The upfront cash payment per share was $8.
• Shareholders received a contingent value right (CVR) of $2 per share.
• The CVR payment is conditioned upon the first commercial sale of VG-3927.
• Sanofi's initial strategic investment in June 2024 was $40 million.
• Sanofi confirmed the acquisition would not impact its 2025 financial guidance.

The integration activity also involved separating assets; Vigil's second program, VGL101, was excluded and rights reverted to Amgen.

Maintaining intellectual property portfolio for small molecule TREM2 agonists

The core IP value was secured through the Sanofi deal structure. The initial June 2024 strategic investment secured a critical contractual right for Sanofi.

• The initial investment secured the right of first negotiation (ROFN) for the small molecule TREM2 agonist program, including VG-3927.
• The acquisition finalized the transfer of rights to research, develop, manufacture, and commercialize VG-3927.

The focus shifted from maintaining the portfolio defensively to leveraging Sanofi's global IP infrastructure for the lead asset.

Regulatory strategy and filings for drug candidates

Regulatory activity was split between advancing VG-3927 and concluding the development path for iluzanebart, which was not part of the Sanofi deal.

For VG-3927, a key prior activity was successfully addressing the FDA:

• The FDA removed a partial clinical hold on the VG-3927 Phase 1 trial.
• This removal followed the submission of a complete response providing non-clinical and clinical data.

For iluzanebart, the regulatory strategy concluded:

• The final analysis from the Phase 2 IGNITE trial was expected in the second quarter of 2025.
• The FDA had previously indicated openness to considering an accelerated approval pathway for iluzanebart in ALSP.
• Following the trial results, Vigil agreed to return the rights to iluzanebart to Amgen.

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

The Key Resources for Vigil Neuroscience, Inc. as of late 2025 are heavily weighted toward its intellectual property and clinical pipeline assets, particularly following the August 2025 acquisition by Sanofi.

Proprietary TREM2 Agonist Pipeline Assets

• Proprietary TREM2 agonist small molecule pipeline candidate, VG-3927, for Alzheimer's disease (AD).
• VG-3927 Phase 1 trial involved 115 healthy volunteers and showed safety, tolerability, CNS penetration, and target engagement.
• Phase 2 trial initiation for VG-3927 in AD patients was planned for the Q3 2025 period.
• Iluzanebart (VGL101) Phase 2 IGNITE trial was a global, open-label, proof-of-concept trial evaluating 20 patients with symptomatic ALSP.
• Iluzanebart demonstrated a favorable safety, tolerability, and pharmacokinetic profile across both the 20 mg/kg and 40 mg/kg dose cohorts.
• The IGNITE trial showed no beneficial effects on biomarker or clinical efficacy endpoints with iluzanebart treatment.
• The Phase 2 long-term extension study for iluzanebart was discontinued following the efficacy findings.

The financial and transactional structure as of late 2025 forms a critical resource base, even post-acquisition:

Intellectual Property Protecting TREM2-Targeting Compounds

• Patent grant number 12428425 for heterocyclic compounds as TREM2 agonists was granted on September 30, 2025.
• This patent lists AMGEN INC. and VIGIL NEUROSCIENCE, INC. as assignees.
• Other granted patents protecting TREM2 agonists include numbers 11884675 (granted January 30, 2024) and 11912711 (granted February 27, 2024).
• The compounds are reported to be useful for treating disorders including Alzheimer's disease, Parkinson's disease, and multiple sclerosis.

Specialized Team in Neuroinflammation and Microglial Biology

The core scientific resource is the expertise in microglial biology, which underpins both the iluzanebart and VG-3927 programs. The company's President and Chief Executive Officer is Ivana Magovčević-Liebisch, Ph. D., J.D..

The R&D expenses for the first quarter ending March 31, 2025, were $16.5 million, up from $14.3 million in Q1 2024, driven by costs related to the small molecule TREM2 program and increased headcount to support pipeline advancement.

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:

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:

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:

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:

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:

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.

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.