Executive Summary

Q3 2024 reflected disciplined OpEx control and a smaller net loss: Net loss was $19.3M vs $20.5M YoY; diluted EPS $(0.47) vs $(0.53) YoY; total OpEx declined to $20.7M from $22.3M YoY .
Cash strengthened to $111.3M (incl. marketable securities), up from $86.7M in Q2, extending runway into 2026; the uplift follows prior quarter Sanofi’s $40M strategic investment and treasury management .
Strategic updates create potential regulatory catalysts: FDA open to accelerated approval pathway for iluzanebart; IGNITE final 12‑month analysis targeted for 1H 2025; VG‑3927 full Phase 1 data on track for Q1 2025; FDA removed VG‑3927 partial clinical hold in September .
No earnings call transcript was available in our sources; prepared remarks emphasized momentum in both TREM2 programs and updated ALSP prevalence estimates (U.S. ~19k; EU+UK ~29k), which could expand the perceived market opportunity .

What Went Well and What Went Wrong

What Went Well

Execution and OpEx discipline: Q3 total operating expenses fell to $20.7M from $22.3M YoY; net loss narrowed to $19.3M vs $20.5M YoY; EPS improved to $(0.47) from $(0.53) .
Regulatory pathway clarity: After a Type C FDA meeting, the agency indicated openness to accelerated approval for iluzanebart; Vigil preserved IGNITE for a final 12‑month analysis in 1H 2025 .
VG‑3927 progress: Interim Phase 1 data showed robust and sustained sTREM2 decreases (proof‑of‑target engagement); FDA removed partial clinical hold in September; full Phase 1 data on track for Q1 2025 .
CEO tone: “Our accomplishments in the third quarter have provided significant momentum…” highlighting confidence in dual TREM2 strategy .

What Went Wrong

Continued losses inherent to clinical stage: Net loss was $19.3M and there is still no product revenue reported; interest income declined YoY to $1.4M from $1.8M .
Program timeline deferral: Q1 had indicated a near‑term IGNITE readout; strategy was updated in July to preserve full 12‑month dataset, pushing the final IGNITE readout to 1H 2025 (vs Q3 2024 partial readout previously contemplated) .
Estimates and call transparency: We did not find an earnings call transcript for Q3 2024, limiting real‑time Q&A insights; S&P Global consensus estimates were unavailable via our tool mapping, constraining beat/miss analysis [functions.GetEstimates error] [InternetSearch Q3 10‑Q link].

Financial Results

P&L and EPS (USD Millions except EPS)

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Research & Development ($MM)	$15.4	$14.3	$15.5	$13.8
General & Administrative ($MM)	$6.9	$7.1	$6.9	$6.9
Total Operating Expenses ($MM)	$22.3	$21.4	$22.5	$20.7
Interest Income, net ($MM)	$1.8	$1.5	$1.3	$1.4
Net Loss ($MM)	$20.5	$19.9	$21.2	$19.3
Diluted EPS ($)	$(0.53)	$(0.50)	$(0.52)	$(0.47)

Notes:

All figures are from company press releases/8‑K exhibits (unaudited, in thousands, converted to millions).
No product revenue line reported in these releases; company remains clinical‑stage .

Balance Sheet KPIs

Metric	Q1 2024	Q2 2024	Q3 2024
Cash, Cash Equivalents & Marketable Securities ($MM)	$101.6	$86.7	$111.3
Total Assets ($MM)	$125.1	$108.5	$131.3
Total Liabilities ($MM)	$21.3	$23.2	$42.7
Total Stockholders’ Equity ($MM)	$103.8	$85.3	$88.6

Segment breakdown and margins: Not applicable; Vigil is pre‑revenue and reports consolidated operating expenses and net loss .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Company	Into H2 2025 (Q1)	Into 2026 (Q2, Q3)	Raised in Q2; Maintained in Q3
IGNITE Final Analysis (Iluzanebart)	Clinical milestone	Q1 indicated next data readout in Q3 2024	Final 12‑month analysis 1H 2025; no interim prior to completion	Strategy updated; timing deferred
VG‑3927 Full Phase 1 Data	Clinical milestone	Plan for complete data incl. AD cohort Q1 2025 (Q2)	On track Q1 2025 (Q3)	Maintained
VG‑3927 FDA Partial Clinical Hold	Regulatory	Partial hold in place through mid‑2024	Hold removed Sept 2024	Removed (positive)
ALSP Prevalence Estimate	Market context	~10k U.S. prior to July publication	~19k U.S.; ~29k EU+UK (updated)	Increased prevalence estimate

Earnings Call Themes & Trends

We did not find a Q3 2024 earnings call transcript in our sources; themes below are derived from company releases.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Regulatory/Accelerated Approval (iluzanebart)	Q2: FDA open to accelerated approval; plan to preserve IGNITE for 12‑month final analysis	Reiterated accelerated pathway openness; confirmed 1H 2025 final analysis	Increasing clarity; path maintained
VG‑3927 Clinical Progress	Q1/Q2: Interim Phase 1 data planned mid‑2024; AD cohort screening; full data Q1 2025	Interim data showed robust sTREM2 reduction; partial hold removed; full data Q1 2025	Positive progression; de‑risking
R&D Execution/OpEx	Q1/Q2: R&D increased to advance VG‑3927; steady G&A	R&D declined YoY; G&A flat; total OpEx down	Improved OpEx discipline
Market Opportunity (ALSP prevalence)	Q2: Publication suggests underreported prevalence	Updated estimate: U.S. ~19k; EU+UK ~29k	TAM perception expands

Management Commentary

CEO (Q3 press release): “Our accomplishments in the third quarter have provided significant momentum… We believe our strategic positioning of iluzanebart in ALSP and VG‑3927 in Alzheimer’s disease creates two distinct opportunities to establish TREM2 as a therapeutic target…” .
CMO (Sept. press release on VG‑3927): “We are pleased with the resolution of the partial clinical hold… the option to increase the exposure limit provides us the best opportunity to explore the full pharmacology of VG‑3927…” .
CMO (July interim VG‑3927 data): “These interim clinical findings showed that VG‑3927 had a significant impact on sTREM2… supports VG‑3927 as a potent molecule that functionally engages TREM2 receptors in the brain.” .

Q&A Highlights

We did not locate a Q3 2024 earnings call transcript for Vigil Neuroscience in our document corpus or public investor pages; as a result, Q&A specifics and any guidance clarifications from a call were unavailable in our sources [ListDocuments earnings-call-transcript: none] .

Estimates Context

We attempted to retrieve S&P Global/Capital IQ consensus for Q3 2024 EPS and revenue; the request failed due to a missing CIQ mapping for VIGL in our tool, so consensus comparisons are unavailable. Values would have been retrieved from S&P Global if accessible (Primary EPS Consensus Mean, Revenue Consensus Mean) [functions.GetEstimates error].
As Vigil is pre‑revenue and in clinical development, Street focus likely centers on OpEx, cash runway, and clinical catalysts rather than top‑line metrics; any estimate adjustments would be contingent on updated timelines (IGNITE final analysis 1H 2025; VG‑3927 full Phase 1 Q1 2025) .

Key Takeaways for Investors

Cash runway now into 2026 and Q3 cash rebounded to $111.3M, providing adequate funding through key 2025 catalysts; sequential cash increase is supportive near‑term .
Regulatory pathway for iluzanebart is clearer with FDA openness to accelerated approval; IGNITE final 12‑month analysis in 1H 2025 is a binary catalyst likely to drive stock direction on readout .
VG‑3927 de‑risked: interim data confirm target engagement; partial hold removal reduces regulatory overhang; full Phase 1 data in Q1 2025 is the next inflection .
OpEx discipline narrowed losses YoY and improved EPS; sustaining R&D efficiency while advancing programs is a constructive trend into 2025 .
Expanded ALSP prevalence estimate (U.S. ~19k; EU+UK ~29k) broadens perceived TAM for iluzanebart, supportive for valuation frameworks if efficacy and regulatory pathway hold .
Near‑term trading implications: expect sensitivity to any interim regulatory or clinical disclosures; absence of revenue makes shares more catalyst‑driven—monitor FDA interactions and IGNITE/VG‑3927 timelines .
Medium‑term thesis: Dual TREM2 strategy (antibody for rare ALSP; small molecule for common AD) offers differentiated positioning; balance sheet supports progression; execution on upcoming data readouts is crucial for re‑rating.

Additional Source Documents Reviewed

Q3 2024 press release and embedded financial tables .
Q3 2024 8‑K (Item 2.02) and Exhibit 99.1 press release content .
Q2 2024 8‑K and press release (Sanofi $40M investment; runway into 2026) .
Q1 2024 8‑K and press release (IGNITE enrollment complete; planned interim) .
VG‑3927 partial clinical hold removal press release .
VG‑3927 interim Phase 1 data press release .
Iluzanebart clinical strategy update press release (Type C meeting; accelerated pathway) .

Vigil Neuroscience, Inc. (VIGL)·Q3 2024 Earnings Summary