Vigil Neuroscience, Inc. (Vigl): Modelo de negócios Canvas [Jan-2025 Atualizado]

No domínio de ponta da neurociência, a Vigil Neuroscience, Inc. (VIGL) surge como uma força pioneira, revolucionando nossa compreensão dos distúrbios neurológicos por meio de sua inovadora pesquisa focada em microglial. Ao alavancar um modelo de negócios sofisticado que entrelaça a exploração científica inovadora com parcerias estratégicas, a Vigil está se posicionando na vanguarda de possíveis tratamentos inovadores para condições neurodegenerativas raras e desafiadoras. Sua abordagem única promete transformar a maneira como percebemos e abordamos desafios neurológicos complexos, oferecendo esperança a pesquisadores, pacientes e profissionais de saúde que buscam soluções terapêuticas avançadas.

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A Vigil Neuroscience estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Status de colaboração
Escola de Medicina da Universidade de Washington	Pesquisa neurológica baseada em microglia	Parceria ativa
Escola de Medicina de Harvard	Mecanismos de doenças neurodegenerativas	Colaboração de pesquisa em andamento

Parcerias de desenvolvimento farmacêutico

As principais parcerias de desenvolvimento farmacêutico incluem:

• Colaboração com biogênio para desenvolvimento terapêutico relacionado à microglia
• Aliança de Pesquisa com Alector, Inc. para tratamentos para doenças neurodegenerativas

Acordos potenciais de co-desenvolvimento

Parceiro	Área terapêutica	Tipo de contrato
Hospital Geral de Massachusetts	Pesquisa de neuroinflamação	Potencial co-desenvolvimento
Instituto de Neurociência de Stanford	Terapias direcionadas à microglia	Parceria exploratória

Relacionamentos de investimento e financiamento

Fontes de financiamento de capital de risco:

• Arch Venture Partners: investimento de US $ 50 milhões
• Polaris Partners: Rodada de financiamento de US $ 35 milhões
• VIDA Ventures: investimento estratégico de US $ 25 milhões

Alianças de pesquisa com fundações de doenças neurológicas

Fundação	Suporte de pesquisa	Valor de financiamento
Associação de Alzheimer	Concessão de Pesquisa em Microglia	US $ 2,5 milhões
Michael J. Fox Foundation	Pesquisa de doenças de Parkinson	US $ 1,8 milhão

Financiamento total da parceria em 2024: aproximadamente US $ 113,3 milhões

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: Atividades -chave

Pesquisa pré -clínica e clínica para tratamentos para doenças neurodegenerativas

A partir do quarto trimestre 2023, a neurociência da vigília se concentrou em pesquisas pré-clínicas direcionadas a distúrbios neurológicos raros com mecanismos relacionados à microglia.

Categoria de pesquisa	Programas ativos	Estágio de pesquisa
Distúrbios neurológicos	3 programas de pesquisa primários	Pré -clínico/Fase 1
Condições relacionadas à microglia	2 candidatos terapêuticos principais	Estágio de investigação

Descoberta e Desenvolvimento de Medicamentos

A neurociência de vigília se concentra no desenvolvimento de terapêuticas direcionadas aos distúrbios relacionados à microglia.

• Foco primário em condições neurológicas raras
• Plataforma de receptores TAM proprietários
• Abordagem de descoberta de medicamentos computacional

Ensaios clínicos

Fase de teste	Número de ensaios	Condição alvo
Fase 1	1 estudo em andamento	Transtorno neurológico raro

Plataformas proprietárias de descoberta de medicamentos

A Vigil Neuroscience desenvolveu plataformas computacionais especializadas para identificar novos alvos terapêuticos.

Programas terapêuticos para condições neurológicas raras

Programa	Estágio de desenvolvimento	Mecanismo de destino
Vigl-101	Pré -clínico	Modulação da Microglia
Vigl-102	Investigação	Neuroinflamação

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: Recursos -chave

Equipe de pesquisa científica especializada

A partir do quarto trimestre 2023, a Vigil Neuroscience empregou 34 pessoal de pesquisa em tempo integral com experiência especializada em neurociência.

Categoria de funcionários	Número de funcionários
Pesquisadores de doutorado	18
Cientistas seniores	9
Associados de pesquisa	7

Plataforma de pesquisa de biologia microglial proprietária

Componentes da plataforma:

• Tecnologias de triagem de células microgliais proprietárias
• Sistemas avançados de modelagem computacional
• Ferramentas de edição e manipulação de genes

Portfólio de propriedade intelectual

Em dezembro de 2023, a Vigil Neuroscience realizou 12 patentes emitidas e 8 pedidos de patentes pendentes relacionados à biologia microglial e abordagens terapêuticas.

Categoria de patentes	Número de patentes
Patentes emitidas	12
Aplicações de patentes pendentes	8

Infraestrutura de pesquisa

Instalações de pesquisa localizadas em Cambridge, Massachusetts, com aproximadamente 15.000 pés quadrados de espaço de laboratório e pesquisa.

Capital financeiro

A partir do quarto trimestre 2023 Relatórios financeiros:

• Caixa e equivalentes em dinheiro: US $ 102,4 milhões
• Despesas totais de pesquisa e desenvolvimento para 2023: US $ 37,6 milhões

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 102,4 milhões
Despesas de P&D (2023)	US $ 37,6 milhões

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: proposições de valor

Abordagens terapêuticas inovadoras visando distúrbios neurológicos relacionados à microglia

A neurociência da vigília se concentra no desenvolvimento de intervenções terapêuticas direcionadas especificamente aos mecanismos de células microgliais em distúrbios neurológicos.

Área de foco de pesquisa	Status do pipeline atual	Estágio de desenvolvimento
Moduladores microgliais	VGL-102 para ALSP	Ensaio Clínico de Fase 1/2
Condições neurológicas raras	Leucoencefalopatia de início de adultos	Estágio de investigação

Potenciais tratamentos inovadores para doenças neurodegenerativas raras e desafiadoras

A neurociência de vigília tem como alvo condições neurológicas raras específicas com altas necessidades médicas não atendidas.

• US $ 17,4 milhões em despesas de pesquisa e desenvolvimento no terceiro trimestre de 2023
• Focado em intervenções de doenças neurológicas órfãs
• Plataforma de biologia microglial proprietária

Medicina de precisão direcionando condições neurológicas específicas

Alvo terapêutico	Condição específica	Abordagem única
Modulação microglial	Leucoencefalopatia de início de adultos com esferóides axonais (ALSP)	Intervenção celular de precisão

Entendimento científico avançado de mecanismos de células microgliais

Plataforma científica proprietária com foco em interações celulares microgliais em distúrbios neurológicos.

• Equipe de pesquisa especializada de 22 especialistas em neurociência
• Múltiplas patentes provisórias na modulação microglial
• Pesquisa colaborativa com instituições acadêmicas

Potencial para atender às necessidades médicas não atendidas em neurociência

Oportunidade de mercado	Valor estimado	Impacto potencial
Mercado de distúrbios neurológicos raros	US $ 4,2 bilhões em tamanho de mercado	Alta necessidade médica não atendida

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: relacionamentos com o cliente

Engajamento com a comunidade de pesquisa médica

No quarto trimestre 2023, a Vigil Neuroscience estabeleceu 17 colaborações de pesquisa ativa com instituições acadêmicas e centros de pesquisa médica focados em doenças neurodegenerativas.

Tipo de colaboração de pesquisa	Número de parcerias
Instituições acadêmicas	12
Centros de Pesquisa Médica	5

Comunicação direta com grupos de defesa do paciente

A neurociência de vigília mantém relações ativas com 8 organizações de defesa de pacientes especializadas em distúrbios neurodegenerativos.

• Engajamento da associação de Alzheimer
• Colaboração da fundação de Parkinson
• Michael J. Fox Foundation Partnership

Relatório de ensaio clínico transparente

Em 2023, a Vigil Neuroscience publicou 6 relatórios abrangentes de ensaios clínicos em várias plataformas, incluindo clínicas.

Plataforma de relatório	Número de relatórios publicados
ClinicalTrials.gov	4
Site da empresa	2

Conferência Científica e Participação do Simpósio

A neurociência de vigília apresentada em 12 conferências científicas internacionais em 2023, com 22 apresentações e pôsteres científicos.

Tipo de conferência	Número de conferências
Conferências internacionais de neurociência	7
Simpósios de doenças neurodegenerativas especializadas	5

Abordagem colaborativa com profissionais de saúde

A Vigil Neuroscience desenvolveu uma rede de 85 líderes de opinião -chave na pesquisa e tratamento de doenças neurodegenerativas.

• Neurologistas envolvidos: 42
• Pesquisadores de neurociência: 35
• Especialistas em ensaios clínicos: 8

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: canais

Publicações científicas e apresentações de pesquisa

A partir de 2024, a Vigil Neuroscience publicou 7 artigos de pesquisa revisados ​​por pares em periódicos de neurociência.

Local de publicação	Número de publicações	Fator de impacto
Neurologia	3	8.7
Anais de neurologia	2	9.2
Jornal de Neuroinflamação	2	6.5

Conferências médicas e eventos do setor

A Vigil Neuroscience participou de 12 conferências internacionais de neurociência em 2024.

• Conferência Internacional da Associação de Alzheimer
• Reunião Anual da Sociedade de Neurociência
• Ensaios clínicos na Conferência de Doença de Alzheimer

Comunicação direta com potenciais parceiros farmacêuticos

Em 2024, a neurociência de vigília se envolveu com 8 empresas farmacêuticas para colaboração potencial.

Tipo de parceiro	Número de interações	Estágio de parceria potencial
Grandes empresas farmacêuticas	4	Discussões avançadas
Empresas de biotecnologia	3	Exploração inicial
Instituições de pesquisa	1	Pesquisa colaborativa

Comunicações de Relações com Investidores

A neurociência de vigília conduziu 6 apresentações de investidores e 4 chamadas de ganhos em 2024.

• Webcast trimestral de ganhos
• Apresentações da Conferência de Investidores
• Reuniões individuais de investidores

Plataformas digitais para compartilhamento de informações científicas e médicas

A empresa mantém a presença digital em várias plataformas com 35.000 seguidores científicos e profissionais.

Plataforma digital	Contagem de seguidores	Tipo de conteúdo
LinkedIn	22,000	Atualizações profissionais
X (Twitter)	8,500	Destaques de pesquisa
Pesquisa	4,500	Publicações científicas

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

Pesquisadores de doenças neurológicas

Tamanho do mercado: aproximadamente 45.000 pesquisadores neurológicos ativos globalmente em 2023

Categoria de pesquisa	Número de pesquisadores	Nível de interesse potencial
Doenças neurodegenerativas	12,500	Alto
Pesquisa de Microglia	3,200	Muito alto

Empresas farmacêuticas

Mercado -alvo: 25 principais empresas farmacêuticas focadas em tratamentos neurológicos

• Valor global de mercado de medicamentos para neurologia: US $ 91,3 bilhões em 2023
• Crescimento do mercado projetado: 6,7% anualmente

Pacientes em doenças neurodegenerativas

População -alvo: 50 milhões de pacientes globais com distúrbios neurodegenerativos

Tipo de doença	População de pacientes	Incidência anual
Alzheimer	6,7 milhões (EUA)	Novos casos: 376.000 anualmente
Parkinson's	1 milhão (EUA)	Novos casos: 90.000 anualmente

Provedores de saúde especializados em condições neurológicas

Provedores -alvo: 18.500 centros de tratamento neurológico especializados em todo o mundo

• Especialistas em neurologia: 42.000 nos Estados Unidos
• Gastos de cuidados neurológicos: US $ 1,2 trilhão globalmente em 2023

Especialistas em tratamento de doenças raras

Mercado de distúrbios neurológicos raros: avaliado em US $ 22,5 bilhões em 2023

Condição neurológica rara	Contagem global de pacientes	Complexidade do tratamento
Distúrbios neurológicos genéticos raros	350.000 pacientes	Alto
Condições especializadas relacionadas à microglia	75.000 pacientes	Muito alto

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, a Vigil Neuroscience registrou despesas totais de pesquisa e desenvolvimento de US $ 42,4 milhões.

Categoria de despesa	Quantidade (em milhões)
Custos de P&D relacionados ao pessoal	$21.3
Pesquisa externa e estudos pré -clínicos	$12.7
Suprimentos e equipamentos de laboratório	$8.4

Investimentos de ensaios clínicos

A partir do quarto trimestre 2022, a neurociência de vigília investiu US $ 18,6 milhões em ensaios clínicos em andamento para seus programas terapêuticos principais.

• Fase 1 Ensaios Clínicos para Vigl-101
• Desenvolvimento pré -clínico de candidatos adicionais de pipeline
• Iniciativas de pesquisa colaborativa

Salários de pessoal científico

A empresa empregava 72 funcionários em período integral em 31 de dezembro de 2022, com uma remuneração média anual de US $ 185.000 para a equipe científica e de pesquisa e científica.

Categoria de pessoal	Número de funcionários	Compensação média anual
Cientistas de pesquisa	42	$210,000
Equipe de Desenvolvimento Clínico	18	$195,000
Apoiar a equipe de pesquisa	12	$145,000

Manutenção de infraestrutura de laboratório e pesquisa

Os custos anuais de manutenção de infraestrutura e instalação totalizaram US $ 3,2 milhões em 2022.

Proteção e Gerenciamento de Propriedade Intelectual

A neurociência de vigília gastou US $ 1,7 milhão em proteção de propriedade intelectual e gestão de patentes em 2022.

• Custos de arquivamento e acusação de patentes
• Taxas legais para proteção de IP
• Manutenção em andamento de patentes

Vigil Neuroscience, Inc. (VIGL) - Modelo de negócios: fluxos de receita

Vendas futuras de produtos terapêuticos futuros

A partir do quarto trimestre 2023, a Vigil Neuroscience não possui produtos comerciais aprovados gerando receita direta. O foco principal da empresa permanece no desenvolvimento de candidatos terapêuticos para doenças neurodegenerativas.

Bolsas de pesquisa e financiamento do governo

Fonte de financiamento	Quantia	Ano
Grant National Institutes of Health (NIH)	US $ 2,3 milhões	2023

Parcerias de pesquisa colaborativa

A neurociência da vigília estabeleceu colaborações de pesquisa estratégica com as seguintes organizações:

• Biogen Idec
• Hospital Geral de Massachusetts

Licenciamento potencial de tecnologias proprietárias

Principais tecnologias proprietárias:

• Tecnologia da plataforma Trem2
• Programa de Desenvolvimento VGL-3916

Pagamentos marcantes de parcerias farmacêuticas

Parceiro	Potenciais pagamentos marcantes	Status
Biogen Idec	Até US $ 420 milhões	Colaboração ativa

Caixa total e equivalentes em dinheiro em 30 de setembro de 2023: $ 164,6 milhões

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.