Vogenx is like a clinical-stage Eli Lilly, but hyper-focused on developing therapies for niche metabolic disorders such as post-bariatric hypoglycemia and gastroparesis.

Think of Vogenx as a specialized Novo Nordisk, working on novel treatments for specific gastrointestinal-related metabolic issues like post-bariatric hypoglycemia, rather than broad diabetes and obesity.

• Mizagliflozin: An orally administered, minimally absorbed small molecule drug candidate, a selective inhibitor of SGLT1, in development for the treatment of post-bariatric hypoglycemia (PBH), gastroparesis, and GIP-dependent Cushing’s Syndrome (GDCS).
• VGX-2857: A preclinical small molecule candidate being considered for metabolic disease indications, including weight maintenance.

Major Customers of Vogenx (VOGX)

Vogenx (VOGX) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies. The company's primary objective is to advance its lead investigational product candidate, mizagliflozin, through clinical development and towards regulatory approval for the treatment of serious diseases such as post-bariatric hypoglycemia, gastroparesis, and GIP-dependent Cushing’s Syndrome.

As Vogenx is currently in the research and clinical development stage and has not yet commercialized any products, it does not have major customers (either other companies or individual consumers) at this time. Its focus is on drug development and obtaining regulatory approval, rather than product sales.

Kissei Pharmaceutical Co., Ltd. (TYO: 4547)

James Green, President, Chief Executive Officer & Chairman

James Green is a co-founder of Vogenx, serving since February 2021. Prior to Vogenx, Mr. Green was the chief executive officer of several clinical-stage pharmaceutical companies, including Avolynt and BHV Pharma. He has also held leadership positions at Lonza, GlaxoSmithKline, Ernst & Young, and Bank of America. Mr. Green began his career in banking, advising on mergers and acquisitions, financings, and other strategic transactions.

Steven Delmar, Chief Financial Officer, Corporate Secretary

Steven Delmar is a co-founder of Vogenx, serving since February 2021. He brings over two decades of experience as a chief financial officer of public companies and in various executive management positions within the pharmaceutical, telecommunications, and software industries. Mr. Delmar has successfully led several debt and equity financings, including an initial public offering, and managed the execution and integration of multiple acquisitions and private equity sale transactions.

William Wilkison, Ph.D., Chief Scientific Officer, Chair of the Scientific Advisory Board

William Wilkison, Ph.D., is a co-founder of Vogenx, serving since February 2021. Previously, Dr. Wilkison founded and served as a senior executive at various public and private drug development companies, where he was responsible for overall pipeline strategy and oversight of research and development activities. He spent several years at GlaxoSmithKline, and its predecessor companies, focusing on metabolic disease in worldwide business development, responsible for target and lead identification and development. Dr. Wilkison also held leadership roles at Avolynt and BHV Pharma.

The key risks to Vogenx's business are primarily centered around the challenging and uncertain nature of drug development and its heavy reliance on a single product candidate.

1. Clinical Development and Regulatory Approval Risk

   Vogenx is a clinical-stage biopharmaceutical company, meaning its lead product candidate, mizagliflozin, is still undergoing rigorous testing in human clinical trials. The success of the company is entirely contingent upon mizagliflozin successfully demonstrating efficacy and safety across multiple phases of clinical development and ultimately receiving regulatory approval from bodies like the FDA. This process is inherently lengthy, expensive, and subject to high failure rates. Vogenx is currently planning a Phase 2b study for PBH in 2026, a Phase 2 proof-of-concept trial for gastroparesis in 2027, and an IND submission for GDCS in 2027, all of which represent significant future hurdles that carry substantial risk. Even with positive early results, there is no guarantee of success in later-stage trials or of ultimate regulatory approval.

2. Product Concentration Risk

   Vogenx's business is almost entirely dependent on the successful development and commercialization of a single lead investigational product candidate, mizagliflozin. While the company mentions a preclinical candidate, VGX-2857, it is in a very early stage of development and does not significantly diversify the company's risk profile in the near term. Should mizagliflozin fail to achieve its clinical endpoints, encounter unexpected safety issues, or fail to gain regulatory approval for any of its target indications (PBH, gastroparesis, GDCS), Vogenx's future prospects and viability would be severely jeopardized.

Post-Bariatric Hypoglycemia (PBH)

Gastroparesis

GIP-dependent Cushing’s Syndrome (GDCS)

The expected drivers of future revenue growth for Vogenx (VOGX) over the next 2-3 years are centered on the clinical development and potential market expansion of its lead investigational product candidate, mizagliflozin:

1. Advancement of Mizagliflozin for Post-Bariatric Hypoglycemia (PBH): Vogenx expects to begin screening patients in 2026 for its Phase 2b EMERGE study for mizagliflozin in PBH. Successful progression and positive outcomes in this clinical trial would be a significant driver by moving the drug closer to regulatory approval and eventual commercialization for a condition with observed reductions in hypoglycemic events.
2. Expansion of Mizagliflozin into Gastroparesis: The company plans to initiate a Phase 2 proof-of-concept clinical trial of mizagliflozin in patients diagnosed with gastroparesis in 2027. This represents an entry into a new therapeutic area, expanding the potential market for mizagliflozin beyond PBH.
3. Development of Mizagliflozin for GIP-Dependent Cushing’s Syndrome (GDCS): Vogenx anticipates submitting an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) in 2027 for the use of mizagliflozin in patients with GDCS. Gaining IND approval and progressing into clinical trials for this additional indication would further broaden the potential addressable market and future revenue streams for the company.

Share Issuance

• Vogenx completed its initial public offering (IPO) on August 12, 2026, with its common stock beginning to trade on the Nasdaq Capital Market under the ticker symbol VOGX.
• The company issued 6,250,000 shares of its common stock at an offering price of $13.00 per share.
• The gross proceeds to Vogenx from the IPO were approximately $81.3 million, prior to deducting underwriting discounts, commissions, and other offering expenses.

Inbound Investments

• In 2021, Vogenx secured exclusive worldwide rights, excluding Japan, Korea, and Taiwan, to its lead investigational product candidate, mizagliflozin, from Kissei Pharmaceutical Co., Ltd. This licensing agreement was obtained in exchange for certain milestone payments and future royalties on net sales.

Capital Expenditures

• Vogenx reported capital expenditures of $0.00 million as of December 2025 and for the trailing twelve months ended March 2026.
• For the six months ended December 2025, the company's cash flow for purchasing property, plant, and equipment was $0.00 million.