Vogenx (VOGX) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on novel therapies for metabolic diseases, including post-bariatric hypoglycemia (PBH), gastroparesis, and GIP-dependent Cushing's Syndrome.

• Lead product candidate is mizagliflozin, a selective SGLT1 inhibitor, licensed from Kissei (ex-Japan, Korea, Taiwan).

• Pipeline includes VGX-2857 for weight maintenance and early-stage solute transporter drug discovery.

• Founded in 2021 by experienced industry leaders; headquartered in Raleigh, NC.

Financial performance and metrics

• No revenue from product sales to date; operations funded by $11.5M in equity and convertible notes.

• Net losses: $2.2M (2024), $1.4M (2025), $475K (Q1 2026); accumulated deficit of $11.3M as of March 31, 2026.

• Cash and equivalents: $251K as of March 31, 2026.

• Pro forma net tangible book value post-IPO: $4.83/share; immediate dilution to new investors: $7.17/share.

Use of proceeds and capital allocation

• IPO expected to raise ~$67.8M ($78.2M if full over-allotment exercised) at $12.00/share midpoint.

• Proceeds to fund clinical development of mizagliflozin for PBH ($26.3M), gastroparesis ($20.4M), accrued expenses, R&D, and working capital.

• Funds expected to support operations through 2028, but not through Phase 3 or regulatory approval.