Initiated IGNITE, a Phase 2 proof-of-concept trial in ALSP: In December 2022, Vigil announced its first patient had been dosed in the Phase 2, proof-of-concept clinical trial evaluating VGL101, a fully human monoclonal antibody TREM2 agonist, in patients with adult-onset leukoencephalopathy with axonal spheroids and pigmented glia (ALSP). IGNITE, the first interventional trial in ALSP, is a global Phase 2, open-label trial designed to evaluate the safety and tolerability of VGL101 in up to 15 patients with symptomatic ALSP who have a CSF1R gene mutation. Patients enrolled in the trial will receive an intravenous (IV) infusion of 20 mg/kg of VGL101 approximately every four weeks, for a treatment duration of one year. The Company expects to report six-month interim data for six patients from this Phase 2 study in the second half of 2023.

Reported interim data from ongoing natural history study, ILLUMINATE: In December 2022, Vigil hosted a ALSP Key Opinion Leader (KOL) event and reported interim data from its ongoing ILLUMINATE study, the first natural history study in ALSP patients with mutations in the CSF1R gene. At six months, volumetric magnetic resonance imaging (MRI) findings showed a greater disease progression for symptomatic versus prodromal participants based on greater reductions in brain tissue volume, and greater increases in white matter lesion and ventricular volumes. In addition, baseline levels of fluid biomarkers including soluble CSF1R (sCSF1R) and neurofilament light chain (NfL) were found to be altered in ALSP individuals. At six months, sCSF1R levels were significantly reduced in prodromal and symptomatic individuals versus healthy volunteers and NfL levels were significantly increased in symptomatic individuals, reflecting active neurodegeneration.

Reported interim data from the ongoing VGL101 Phase 1 trial: In November 2022, Vigil reported interim topline data from this Phase 1 trial in healthy volunteers in the United States and Australia. Based on these data, VGL101 was found to be safe and well-tolerated at doses up to 40 mg/kg single ascending dose (SAD) and 20 mg/kg multiple ascending dose (MAD). VGL101 showed a linear, predictable PK profile at all doses administered and a half-life that supports monthly IV dosing. VGL101 achieved dose dependent, durable decreases in levels of soluble TREM2 (sTREM2) in the cerebrospinal fluid (CSF) demonstrating proof of target engagement. VGL101 20 mg/kg repeat dosing was associated with robust reduction in sTREM2 levels and reduced levels were still observed 28 days after the third and final dose. VGL101 is the first antibody reported to demonstrate durability of TREM2 engagement in a clinical setting. The Company has completed dosing SAD cohorts up to 60 mg/kg, has initiated dosing of a 60 mg/kg MAD cohort in Australia and expects to report the full data analysis from the Phase 1 trial in the second half of 2023.

Continued to advance small molecule TREM2 agonist program towards the clinic: The Company’s first-in-class, orally available and highly CNS penetrant small molecule program is designed to activate TREM2 for the treatment of common neurodegenerative diseases. Vigil has established that its small molecules have a different mechanism of action and bind to a different site than VGL101, providing the potential for additional optionality in positioning these molecules in different patient populations and potential differentiation from TREM2 antibody therapeutics. Vigil’s highly active, selective and brain-penetrant small molecule agonists are designed to act as a molecular glue that potentiates the TREM2 signaling response to natural damage ligands. Vigil has established that its small molecule agonists demonstrate on-target TREM2 activation across both common and rare TREM2 variants. Additionally, the Company has demonstrated that its small molecule agonists were able to deliver in vivo TREM2 responses within the CNS at a magnitude and specificity similar to VGL101. The Company expects to submit an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) and, subject to FDA clearance of the IND, initiate clinical development for its lead small molecule TREM2 agonist, with an initial focus in genetically defined Alzheimer’s disease subpopulations, in the second half of 2023.

Appointed David Gray, Ph.D. as Chief Science Officer: On December 15, 2022, Vigil announced the appointment of David Gray, Ph.D. as Chief Science Officer, effective February 27, 2023. Dr. Gray previously served as Chief Scientific Officer of Inscopix, where he led the development of its first therapeutic research programs. Prior to Inscopix, he was Vice President of Chemistry at Cerevel Therapeutics, where he led the development of late-stage clinical programs for Parkinson’s disease and Alzheimer’s disease and was responsible for advancing early-stage programs. Before that, Dr. Gray held several roles during his 16 years at Pfizer, including Senior Director, Neuroscience Biology.

Vigil plans to participate in a fireside chat at the Stifel 2023 CNS Days virtual conference on Wednesday, March 29, 2023, at 12:00 PM ET.

Vigil plans to give an oral presentation highlighting preclinical data from the characterization of its small molecule TREM2 agonist program for the potential treatment of Alzheimer’s disease at the AD/PD, Alzheimer’s & Parkinson’s Diseases International Conference taking place March 28-April 1, 2023, in Gothenburg, Sweden. The Company will also present a poster summarizing its work in leveraging precision medicine for TREM2-targeted therapeutics in Alzheimer’s disease.

Vigil plans to provide three oral presentations and two poster presentations on its lead indication for VGL101, ALSP, at the 2023 American Academy of Neurology (AAN) Annual Meeting taking place April 22-27, 2023, in Boston, MA.

Cash Position: Cash and cash equivalents were $186.6 million as of December 31, 2022. The Company expects its cash and cash equivalents to fund its operational plans into the first quarter of 2025.

R&D Expenses: Research and development expenses were $12.2 million for the fourth quarter and $47.4 million for the year ended December 31, 2022, compared to $9.1 million and $32.3 million for the same periods in 2021. The increase year over year was primarily attributable to costs related to preclinical studies for the Company’s small molecule program, increased clinical trial related expenses for the VGL101 program due to the transition from preclinical studies to initiation of the Phase 1 clinical trial in the fourth quarter of 2021 and the initiation of the Phase 2 clinical trial in the fourth quarter of 2022, and increases in headcount to support the Company’s continued growth.

G&A Expenses: General and administrative expenses were $6.7 million for the fourth quarter and $21.4 million for the year ended December 31, 2022, compared to $3.9 million and $10.1 million for the same periods in 2021. The increase year over year was primarily attributable to headcount-related costs and other operating costs associated with operating as a public company.

Net Loss: Loss from operations were $18.5 million for the fourth quarter and $68.3 million for the year ended December 31, 2022, compared to $13.0 million and $43.3 million for the same periods in 2021. The increase year over year was primarily attributable to higher operating costs in the current period to support the continued advancement of the Company’s pipeline.

Operating expenses:

Research and development

General and administrative

Total operating expenses

Loss from operations

Other income (expense):

Change in fair value of the related party antidilution obligation

Change in fair value of Series A preferred stock tranche obligation

Interest income, net

Other income (expense), net

Total other expense, net

Net loss and comprehensive loss

Net loss per share attributable to common stockholders, basic and diluted

Weighted—average common shares outstanding, basic and diluted

Cash and cash equivalents

Total assets

Total liabilities

Total stockholders’ equity (deficit)