Vogenx (VOGX) investor relations material

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, mizagliflozin, is a selective SGLT1 inhibitor targeting glucose absorption and postprandial dysregulation.

• Pipeline includes VGX-2857 for weight maintenance and early discovery efforts in solute carrier biology.

• Founded in 2021 by experienced industry leaders; operations to date have focused on R&D, business planning, and capital raising.

Financial performance and metrics

• No revenue from product sales to date; operations funded primarily through $11.5 million in Series A preferred stock and convertible notes.

• Net losses of $2.2 million (2024), $1.4 million (2025), and $475,000 (Q1 2026); accumulated deficit of $11.3 million as of March 31, 2026.

• Cash and cash equivalents of $251,000 as of March 31, 2026.

• Pro forma net tangible book value after IPO would be $67.1 million, or $4.83 per share, with immediate dilution of $7.17 per share to new investors at a $12.00 offering price.

Use of proceeds and capital allocation

• Estimated net proceeds of $67.8 million (or $78.2 million if underwriters' option exercised) at $12.00 per share.

• Proceeds to fund Phase 2b EMERGE study for PBH ($26.3M), Phase 2 gastroparesis trial ($20.4M), accrued expenses ($844K), and additional R&D, working capital, and general corporate purposes.

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