Vigil Neuroscience, Inc., a clinical-stage biotechnology company focused on developing therapeutics for neurodegenerative diseases, reported its financial results for the third quarter and nine months ended September 30, 2024. The company continues to operate without generating revenue from product sales, as it is still in the clinical development phase for its lead candidates, iluzanebart and VG-3927.

As of September 30, 2024, Vigil's cash and cash equivalents totaled $44.9 million, a decrease from $52.0 million at the end of 2023. Total current assets also declined to $113.7 million from $121.9 million during the same period. The company’s total liabilities increased significantly to $42.7 million from $24.6 million, primarily due to a rise in current liabilities. Total stockholders' equity fell to $88.6 million from $116.3 million at the end of 2023.

For the three months ended September 30, 2024, Vigil reported total operating expenses of $20.7 million, down from $22.3 million in the same period of 2023. The loss from operations for the quarter was $20.7 million, compared to a loss of $22.3 million in the prior year. The net loss for the quarter was $19.3 million, an improvement from $20.5 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $60.4 million, slightly lower than the $60.5 million reported for the same period in 2023.

Research and development expenses for the third quarter were $13.8 million, down from $15.4 million in the prior year, while general and administrative expenses remained stable at $6.9 million. The company reported a decrease in net cash used in operating activities, which was $33.1 million for the nine months ended September 30, 2024, compared to $54.9 million in the same period of 2023.

Vigil has been active in funding activities, raising $40 million through the issuance of Series A non-voting convertible preferred stock in July 2024. The company also generated $5.2 million from the sale of common stock under an at-the-market (ATM) facility during the nine months ended September 30, 2024. Subsequent to this period, an additional $4.4 million was raised through further common stock sales.

The company is focused on advancing its clinical candidates, with iluzanebart currently in a Phase 2 trial for adult-onset leukoencephalopathy and VG-3927 in a Phase 1 trial for Alzheimer's disease. Vigil anticipates continued significant operating losses as it progresses its therapeutic candidates through clinical development.