Vigil Neuroscience, Inc., a clinical-stage biotechnology company focused on developing microglia-targeted therapies for neurodegenerative diseases, reported a net loss of $84.3 million for the year ended December 31, 2024, compared to a net loss of $82.6 million in 2023. The company's accumulated deficit reached $307.0 million as of December 31, 2024. Research and development expenses increased by $1.4 million to $62.3 million in 2024, primarily due to increased spending on the small molecule TREM2 agonist program, partially offset by decreased spending on the iluzanebart program. General and administrative expenses decreased by $0.5 million to $27.4 million.
Significant developments during the year included the completion of enrollment in the Phase 2 IGNITE clinical trial for iluzanebart in ALSP patients (20 patients enrolled), with final data expected in the second quarter of 2025. Interim data from the first six patients after six months of treatment showed a favorable safety profile and target engagement. The company also reported complete Phase 1 data for VG-3927, an oral TREM2 agonist for Alzheimer's disease, in January 2025, showing a favorable safety profile and target engagement. A Phase 2 trial for VG-3927 is planned for the third quarter of 2025. In May 2023, the company launched ALSPAware, a program providing no-cost genetic testing for ALSP.
The company's operations rely heavily on third-party collaborations, including FUJIFILM for manufacturing services and Amgen for licensed intellectual property. As of February 28, 2025, Vigil Neuroscience employed 69 full-time employees, 20 of whom hold M.D. or Ph.D. degrees. The company's cash, cash equivalents, and marketable securities totaled $97.8 million as of December 31, 2024, and the company expects its current resources to fund operations into 2026. However, the company acknowledges substantial doubt about its ability to continue as a going concern and anticipates needing substantial additional funding.
Vigil Neuroscience's financial performance is heavily dependent on the success of its clinical trials and the subsequent regulatory approval and commercialization of its therapeutic candidates. The company faces significant risks related to its limited operating history, the inherent uncertainties of drug development, reliance on third parties, intellectual property protection, and competition within the neurodegenerative disease therapeutic space. The company's outlook is contingent upon successful clinical trial outcomes, regulatory approvals, and market acceptance of its products. The company does not anticipate paying dividends in the foreseeable future.
About Vigil Neuroscience, Inc.
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