Vogenx, Inc. (Nasdaq: VOGX), a clinical-stage biopharmaceutical company developing a treatment for a metabolic condition with no FDA-approved therapies, filed a Form S-1 registration statement for an initial public offering, disclosing just USD 251,000 in cash as of March 31, 2026. The filing left the number of shares and price range blank, and the company has applied to list on the Nasdaq Capital Market under the ticker "VOGX," stating it will not proceed with the offering if the listing application is not approved.
The prospectus does not specifiy pricing details or expected closing date. The company said it intends to use proceeds to advance its lead candidate in post-bariatric hypoglycemia and gastroparesis, among other corporate purposes.
Vogenx has raised approximately USD 11.5 million since inception through a Series A convertible preferred stock offering in 2021 and 2022 and a convertible promissory note offering in December 2025, according to the filing. The pre-IPO capital raised and the company's cash position are small relative to typical venture-backed biotech IPO candidates, and the Nasdaq Capital Market listing tier is generally used by smaller issuers rather than the Global or Global Select markets favored by larger, more institutionally backed offerings.
Vogenx was founded in 2021 by executives with prior ties to Avolynt and BHV Pharma, including chief executive James Green, chief scientific officer William Wilkison, chief financial officer Steven Delmar and head of research Bentley Cheatham. The company's lead candidate, mizagliflozin, is an oral, minimally absorbed small molecule that selectively inhibits the sodium-glucose transporter 1 (SGLT1) in the intestinal lumen, a mechanism the company said reduces and delays glucose absorption and lowers secretion of insulin and glucose-dependent insulinotropic polypeptide (GIP) after meals. Vogenx licensed exclusive global rights to mizagliflozin, excluding Japan, Korea and Taiwan, from Japan-based Kissei Pharmaceutical in December 2021, an agreement that requires future development and regulatory milestone payments of approximately USD 27 million along with a high single-digit royalty on net sales.
Mizagliflozin is being developed for post-bariatric hypoglycemia (PBH), gastroparesis and GIP-dependent Cushing's Syndrome (GDCS), a rare disorder for which the company said no FDA-approved pharmacologic therapies currently exist. A separate preclinical candidate, VGX-2857, is being evaluated for metabolic disease indications including weight maintenance.