Vogenx closed its final pre-IPO quarter with $193 thousand of cash, a $384 thousand net loss and officer pay deferred onto the balance sheet — then raised $84.9 million net in its August 2026 IPO, roughly 50 times its current annual spending rate.
The last quarter before the money arrived
Vogenx, Inc. (Nasdaq: VOGX) is a clinical-stage drug developer — it has no approved products and has never recorded a dollar of revenue since it was incorporated in Delaware in February 2021. Its Q2 2026 report, covering the three months ended June 30, 2026, is the first quarterly filing of its life as a public company, and it captures the company at its most financially strained point: $193,017 of cash on hand against quarterly operating expenses of $355,384, with total liabilities of $3.19 million exceeding total assets of $1.41 million.
What makes the filing readable rather than alarming is everything that happened after the quarter closed. In August 2026 Vogenx completed its initial public offering — selling 7,187,500 shares at $13.00, including the underwriter's full over-allotment exercise — for gross proceeds of roughly $93.4 million and net proceeds of approximately $84.9 million. The shares began trading on the Nasdaq Capital Market on August 12, 2026, with JonesTrading Institutional Services as sole book-running manager. None of that money appears anywhere in the June 30 balance sheet or income statement, which the company states explicitly: the statements "do not give effect to the IPO and related actions as the IPO closed subsequent to June 30, 2026."
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$174,268
+14.0%
Total operating expenses
$355,384
$310,660
+14.4%
Other income (expense), net
$(29,046)
$15,863
$44,909 swing to expense
Net loss
$(384,430)
$(294,797)
30.4% wider
Net loss per share (basic & diluted)
$(0.07)
$(0.05)
40% wider
Cash & equivalents (period end)
$193,017
$390,276
−50.5%
Operating cash used (six months)
$(323,119)
$(572,647)
−43.6%
Common shares outstanding (period end)
5,263,158
5,263,158
Unchanged
Per-share figures for both years reflect a one-for-three reverse stock split approved on July 21, 2026 and effected July 28 — applied retroactively to all periods, so the comparison above is like-for-like.
What Vogenx is actually developing
The lead candidate is mizagliflozin, an orally administered, minimally absorbed small molecule that inhibits SGLT1 — a protein in the gut wall that transports glucose out of food and into the bloodstream. Blunting that transport is the mechanism Vogenx is testing against three conditions: post-bariatric hypoglycemia (PBH), in which weight-loss-surgery patients suffer dangerous blood-sugar crashes after meals; gastroparesis; and GIP-induced Cushing's syndrome. A second program, VGX-2857, targets weight maintenance. Mizagliflozin is not Vogenx's own discovery — it comes from a December 2021 exclusive license from Kissei Pharmaceutical Co., Ltd., which carries milestone and royalty obligations the company says it cannot yet estimate the timing or likelihood of.
Spending barely moved, and the reason it moved is small
Total operating expenses rose $44,724 year over year — the kind of quarter that shows a company preserving cash rather than running trials. Within R&D's $20,394 increase, direct program spending on PBH rose only about $6,000, for clinical trial materials for the planned EMERGE Phase 2b study (Phase 2b is the stage where a drug is tested in a larger patient group to pin down dose and efficacy before a final confirmatory trial). The larger single item was intellectual property legal expense, up $28,171 to $33,603 from $5,432 — patent work, not clinical work. R&D salaries actually fell $9,355 to $113,849. On the six-month view, PBH program spending rose $61,000 and IP legal expense $59,000, with R&D salaries down $24,000.
The G&A increase has an even narrower explanation: "an increase of approximately $25 thousand in accounting and tax expenses associated with audit, review, valuation and tax-related services" — the cost of preparing to be a public company, not of operating as one.
The word "planned" is doing real work here. As of June 30, 2026, the EMERGE Phase 2b study had not started; what Vogenx bought was trial materials. Clinical-stage spending of $157,000 in a quarter is a company waiting for funding, not a company running a trial.
The low burn figure is a function of unpaid salaries, not low spending
Reported operating cash outflow for the first half of 2026 was $323,119 — 44% below the prior year's $572,647, which looks like improving discipline. It is mostly the opposite. Against $818,536 of six-month operating expenses, only $323,119 of cash actually left the building, because accrued expenses rose $385,725 (accrued expenses are costs recognized in the income statement but not yet paid out).
The note on those accruals says where the money didn't go: compensation payable to officers rose from $363,318 at December 31, 2025 to $719,043 at June 30, 2026, alongside an unchanged $286,500 of unpaid bonuses and $90,000 of unpaid board fees (up from $60,000). That accrual build alone equals 47% of the half-year expense base, and 60% once the $104,313 increase in operating accounts payable is counted too. That is the classic pre-IPO holding pattern — management working for IOUs to keep the lights on until the offering closes — and it means the $323,119 figure understates the company's true cost of operating by more than half.
Accounts payable tells the other half of the story. It jumped from $62,964 to $1,223,671, but only $104,313 of that increase flows through operating cash flow; the other $1,056,394 was unpaid IPO expenses, disclosed as a non-cash item. That matches the $1,204,631 of deferred offering costs sitting in current assets at June 30 — bills for the offering, capitalized rather than expensed, which get charged against the IPO proceeds in Q3 rather than against earnings.
The wider net loss is entirely non-cash — and non-repeating
Net loss grew 30.4% while operating expenses grew 14.4%. The whole gap sits in other income (expense), which swung $44,909 from a $15,863 gain to a $29,046 charge. Three components, none of them operating:
A $31,900 charge for the change in fair value of related-party convertible notes (no equivalent in Q2 2025). In December 2025 Vogenx borrowed $750,000 at 12% interest from its own CFO (also a director), an entity owned by another director, and an entity owned by a relative of the Chief Scientific Officer. The notes were carried at fair value, which rose from $816,300 to $867,700 over the half-year as an IPO became more likely — because the notes converted at a 10% discount to the IPO price, a more probable IPO made the conversion right more valuable, and that gain to the lenders is recorded as an expense to the company.
A smaller warrant gain: $2,831 versus $14,154, as the warrant liability wound down to $1,415.
Interest income of $23, down from $1,709, "due to decreases in our available cash."
All three are now gone. At the IPO, the preferred stock and convertible notes automatically converted into 1,951,246 common shares and the warrants were cashlessly exercised into 453,183 shares. From Q3 2026 onward, the fair-value line items that widened this quarter's loss simply do not exist, and reported loss should track operating spending far more directly.
Before and after: the balance sheet inverts
At June 30, 2026, Vogenx had a stockholders' deficit of $1,779,301 (liabilities exceeding assets), worse than the $919,235 deficit at year-end 2025, on an accumulated deficit of $11.7 million. Lifetime funding before the IPO was about $11.5 million of gross proceeds from preferred stock and the related-party notes, and the company carried $9.4 million of federal net operating loss carryforwards at year-end 2025.
Then the share count nearly tripled: from 5,263,158 shares outstanding at June 30 to 14,855,087 as of September 17, 2026 — 7,187,500 from the offering, 1,951,246 from converting preferred and notes, 453,183 from warrants. Holders of the pre-IPO common stock went from owning the entire company to 35% of it, but they were diluted into a solvent one: cash goes from $193 thousand to roughly $85 million, and the preferred stock, the related-party debt and the warrant liability all disappear from the capital structure. The authorized share count was raised to 500 million common and 10 million undesignated preferred on August 13.
One consequence worth naming: Q3 2026 results will be nearly uncomparable to anything before them — the fair-value charges vanish, the deferred offering costs are netted against equity, the deferred officer compensation presumably gets paid, and interest income on ~$85 million becomes a material income line for the first time.
Controls: material weaknesses that already caused a restatement
Management concluded disclosure controls were not effective as of June 30, 2026. Two material weaknesses identified in preparing the 2025 and 2024 financial statements remain unremediated: an insufficient number of qualified accounting staff to maintain segregation of duties, and user-access controls that do not adequately restrict privileged access to financial applications. The filing states plainly that these weaknesses "resulted in a misstatement of our financial statements" — elsewhere confirming they required a restatement of the years ended December 31, 2025 and 2024.
This is common for a company that was private until last month, and Vogenx says it is hiring accounting personnel and formalizing controls "using part of the proceeds from our IPO," targeting progress during fiscal 2026. It is still the reason to treat these unaudited interim figures with more caution than a seasoned issuer's: the company's own control environment has produced a material misstatement once already, and nothing changed in internal control during the quarter.
Takeaway: The reportable numbers here — a $384 thousand quarterly loss on $355 thousand of spending, and a $193 thousand cash balance — describe a company with about one quarter of cash left — and only that much because it was paying its officers in IOUs rather than cash. The August IPO's $84.9 million net changes the question entirely: Vogenx has raised roughly 50 times its current annual spending rate and has still not dosed the first patient in its EMERGE Phase 2b trial. The risk has moved from "can it fund the trial" to "can a company that spent $819 thousand in six months responsibly deploy $85 million."
Forward read
Management's only quantified guidance is on runway: existing cash plus IPO net proceeds "will be sufficient to fund our projected operating expenses and capital expenditure requirements for at least the next 12 months," and on that basis it concluded substantial doubt about going-concern no longer exists — a change from the pre-IPO position. There is no revenue guidance, because there will be no revenue "in the foreseeable future, if at all," and no timeline is given in this filing for the EMERGE Phase 2b start. Management does warn that expenses will "increase substantially," listing trial scope, manufacturing, public-company costs and new hiring as the drivers.
The 12-month statement is conservative to the point of being uninformative. At the first-half 2026 run rate of $819 thousand per six months, $85 million funds well over a decade — so the real variable is how fast Vogenx chooses to spend, not whether it can. A credible Phase 2b program in post-bariatric hypoglycemia plus parallel work in gastroparesis, GIP-induced Cushing's and VGX-2857 could plausibly consume $20-30 million a year once fully staffed and enrolling, which would put the next financing conversation three to four years out rather than twelve months.
Three things to watch in the Q3 report, which will be the first to show the post-IPO company:
Whether R&D actually steps up. A Q3 or Q4 R&D line still in the $150-200 thousand range would mean the money is sitting in the bank while the clinical clock runs. Trial-material purchases without an enrollment start are not yet progress.
Whether the accrued officer compensation is settled. The $719 thousand of deferred pay and $286.5 thousand of bonuses are an obvious first call on IPO cash; if they are still accrued at September 30, that is worth an explanation.
Progress on the material weaknesses. Vogenx said it expects to implement remediation during fiscal 2026 using IPO proceeds. Hiring is the cheap part of that promise, and the Q3 filing is where the first evidence should appear.
The bear case is not solvency any more — it is that a company with admittedly ineffective financial controls, a licensed-in lead asset, and no trial yet enrolling now holds $85 million and a public-market clock. The bull case is that mizagliflozin's mechanism is directly targeted at a condition (PBH) with no approved therapy, the trial materials are already bought, and the balance-sheet constraint that held the program at $157 thousand a quarter is gone. Both cases resolve on execution speed, and the Q3 filing is the first place it will be visible.