Vogenx raised $81 million in an IPO to fund Phase 2b testing of mizagliflozin in post-bariatric hypoglycemia, a metabolic condition with no approved drugs. The company is pursuing an oral mechanism-of-action distinction versus other investigational approaches, including injectable peptide programs in development by Amylyx Pharmaceuticals and Recordati, while positioning itself as a differentiated therapy for patients following bariatric surgery.