Confidential · Investor Preview · July 2026

The missing vital sign
for cardiometabolic risk.

Cardiorespiratory fitness — VO₂ max — is the strongest modifiable predictor of cardiometabolic death. Every major wearable already estimates it. No one manages it as a clinical signal. We do.

aeroglyphics · trajectory_monitor · patient_id 0x1F4A
24 mo window · +12.4 ml/kg/min
263034384246M0M6M12M18M24UNFIT → FIT THRESHOLDVO₂ MAX · ML/KG/MINFIG 1.1 · FILTERED LATENT STATE
Thesis

VO₂ max is the control signal for cardiometabolic disease.

A panel of labs — HbA1c, blood pressure, BNP, BMI — measures single organs. VO₂ max measures the integrated output of the whole system — heart, lungs, blood, vessels, muscle metabolism. In head-to-head cohorts it equals or beats those same risk factors at predicting death.

And it is the only one estimable passively and continuously from a wearable already on hundreds of millions of wrists.

Evidence

A signal already validated by clinical cardiology.

Mortality reduction
44%

All-cause mortality falls when patients move from the unfit to the fit quartile.

Mandsager, JAMA Netw Open 2018

Per 1-MET gain
−14%

Reduction in cardiometabolic mortality per unit VO₂ improvement, with no observed ceiling.

Kodama, JAMA 2009

US diabetes cost / yr
$413B

One in four US healthcare dollars. AHA projects 61% of adults will have CVD by 2050.

AHA · ADA 2024

12-week HIIT effect
Large

Interval training raises VO₂ max with a large effect size while improving glucose, BP, and body composition.

Systematic review · 2024

Adjusted mortality risk by fitness quintilen = 122,007

The lowest fitness quintile carries a hazard ratio greater than smoking, diabetes, and coronary artery disease combined.

0.0×1.0×2.0×3.0×4.0×5.0×6.0×elite baseline · HR 1.05.04×Low2.75×Below Avg1.49×Above Avg1.19×High1.00×EliteAdjusted hazard ratio · all-cause mortality

Source · Mandsager et al., JAMA Network Open, 2018

Low fitness vs other risk factors

Percentage increase in all-cause mortality relative to the reference group. VO₂ max dwarfs every other modifiable risk factor.

Low VO₂ max+400% · Mandsager 2018
Smoking+41% · Blair 1989
Diabetes+40% · Blair 1989
Hypertension+36% · Blair 1989
High cholesterol+30% · Framingham

Sources · Mandsager 2018 · Blair 1989 · Kodama 2009 · Framingham

Vital sign mandate
AHA Scientific Statement · Circulation 2016

The only major risk factor not routinely measured.

“Mounting evidence over the past three decades has firmly established that low levels of cardiorespiratory fitness are associated with a high risk of cardiovascular disease and all-cause mortality… CRF is currently the only major risk factor not routinely assessed in clinical practice.”
Ross R, Blair SN, Arena R, et al. · Circulation 2016;134:e653–e699
CRF independently predicts
Cardiovascular disease
All-cause mortality
Breast cancer mortality
Colon & digestive cancers
Read the AHA statement ↗
Why now
01

Wearable ubiquity

560M+ devices output a VO₂ max estimate passively — Apple Watch, Garmin, Whoop, Fitbit, Polar, Oura.

02

Guideline mandate

The American Heart Association already designates fitness a clinical vital sign. The tooling has not caught up.

03

Model maturity

State-space filtering plus wearable foundation models convert noisy free-living data into a calibrated trajectory. Fenland: r ≈ 0.82.

Live estimator

Feel the signal in five seconds.

A trivial two-input estimate — age and resting heart rate — already places most people inside a Mandsager quintile with a hazard ratio attached. This is what our platform tracks continuously, at higher fidelity, and closes the loop on.

Age (years)42
Resting HR (bpm)58
Biological sex

Formula: VO₂ ≈ 15 × (HRmax / HRrest) · Uth-Sørensen-Overgaard-Pedersen
HRmax = 208 − 0.7 × age · Tanaka, JACC 2001
Norms: FRIEND registry · Kaminsky, Mayo Clin Proc 2015

aeroglyphics · vo2_estimate
Estimated VO₂ max
46.2ml/kg/min
HRmax (est.)
179 bpm
Mandsager quintile
High
FRIEND percentile
60th

Good · age/sex adjusted

Adjusted mortality risk
HR 1.19

vs elite baseline · Mandsager 2018

copies a link that reproduces this estimate

Estimate only. For clinical precision request a CPET (cardiopulmonary exercise test). Smartwatch VO₂ max readings are also a valid input.

Daily tracking

Log a reading. Watch the risk curve move.

A minimal personal ledger. Each 1 ml·kg⁻¹·min⁻¹ gain maps to ~13% lower all-cause mortality and ~45 additional life-days. Stored in your browser — the same longitudinal shape our platform manages at population scale.

Log a reading
Source

Stored locally in your browser only. Export/import to move history. Forecast uses the Sparse Laplace Approximation Method (SLAM; Tillinghast, arXiv:1504.06352) with a log variance-stabilizing transform and a 30-day half-life kernel. Trend math uses Kodama 2009 and the Copenhagen 46-year cohort. See methods.

aeroglyphics · daily_trend
0 readings

Log two or more readings and your trajectory appears here.

System

A closed loop across three technical moats.

LATENTVO₂ maxSTATE01WEARABLEPassive signal02ESTIMATIONMulti-read fusion03STOCHASTIC MODELKalman · HMM · GP04LEARNING NETLSTM · DeepSurv · RL05DOSINGInterval RxRISK ↓
01

Estimation

Fuse repeated free-living readings into a filtered latent state, overcoming the wide per-reading error of any single wearable.

02

Stochastic models

Kalman / EKF / UKF tracking, hidden-Markov segmentation, particle filters, and Gaussian processes recover the true trajectory with calibrated uncertainty.

03

Learning networks

LSTM and transformer encoders, DeepSurv / DeepHit survival models for time-to-event risk, and reinforcement-learning dosing of intervention.

The gap

The number already exists on hundreds of millions of wrists. Nobody manages it.

Incumbents optimize adjacent signals — weight, glucose, consumer fitness scores. None operationalize continuously-estimated fitness as a clinical management signal.

CapabilityWearable OEMsTwin · Virta · OmadaCGM platformsAeroGlyphics
VO₂ max as clinical signalConsumer scoreNot trackedNot trackedManaged vital sign
Estimation strategySingle-read, wide errorN/AN/AFiltered latent trajectory
Intervention loopNoneManual coachingGlucose-onlyRL-dosed interval Rx
Reimbursement pathNoneEmployer / cashCategory-specificMedicare RPM · SaMD
Hardware dependencyOEM lock-inDevices + coachesSensor lock-inHardware-agnostic
Market

Reimbursement already exists. The mandate came first.

Cardiovascular digital health grows from ~$42B (2024) to ~$141B (2030E) at a 22.5% CAGR. Medicare RPM codes already reimburse device-based physiologic monitoring at $120+/patient/mo. The SaMD regulatory path is defined. The AHA vital-sign mandate precedes the tooling.

Cardiovascular digital health TAMCAGR 22.5%
'24$42B'25$51B'26$63B'27$78B'28$96B'29$117B'30$141B
RPM codes
$120+/pt/mo
Regulatory
SaMD defined
Category leader
Open
Proof plan

Three phases. Each answers the single question a partner asks next.

Phase 1
Q: Is the estimate real?

Estimation validity vs CPET

Benchmark filtered wearable trajectories against gold-standard cardiopulmonary exercise testing across a mixed cohort.

Phase 2
Q: Does it beat what we use today?

Predictive lift over standard risk scores

Head-to-head vs Framingham, PCE, and lab panels on linked EHR outcomes data — hazard for CV events and all-cause mortality.

Phase 3
Q: Does the loop actually move outcomes?

Prospective trial of the closed loop

Randomized: our estimation + dosing loop vs usual care. Endpoints: VO₂ change and measured cardiometabolic risk at 26 weeks.

Why we win

Hardware-agnostic

We ride the wearable distribution instead of competing with it. 560M devices become our sensor fleet on day one.

Data flywheel

Every filtered trajectory trains our proprietary risk and dosing models. Advantage compounds with cohort size.

Reimbursable framing

A clinical vital sign, not a consumer score. Medicare RPM and SaMD paths, not app-store TAM.

Timing

Guideline mandate, wearable ubiquity, and model maturity all arrived at once. This window did not exist in 2022.

Research library

The peer-reviewed record behind every number on this page.

No proprietary claims dressed as science. Every stat we quote traces to published, replicated cardiology literature — the same evidence that pushed the AHA to designate fitness a clinical vital sign.

VO₂ max
JAMA Network Open · 2018
PMID: 30646252

Association of Cardiorespiratory Fitness With Long-term Mortality Among Adults Undergoing Exercise Treadmill Testing

Mandsager K, Harb S, Cremer P, et al.

n = 122,007. Lowest fitness quintile carried 5.04× mortality vs elite. No upper limit of benefit.

open ↗
CRF vital sign
Circulation · AHA Scientific Statement · 2016

Importance of Assessing Cardiorespiratory Fitness in Clinical Practice: A Case for Fitness as a Clinical Vital Sign

Ross R, Blair SN, Arena R, et al.

CRF is currently the only major risk factor not routinely assessed in clinical practice.

open ↗
Meta-analysis
JAMA · 2009
PMID: 19454641

Cardiorespiratory Fitness as a Quantitative Predictor of All-Cause Mortality and Cardiovascular Events

Kodama S, Saito K, Tanaka S, et al.

Each 1-MET gain reduced all-cause mortality 13% and cardiovascular events 15% across 33 studies.

open ↗
Landmark cohort
JAMA · 1989
PMID: 2795824

Physical Fitness and All-Cause Mortality: A Prospective Study of Healthy Men and Women

Blair SN, Kohl HW III, Paffenbarger RS Jr, et al.

First large prospective cohort establishing fitness as an independent mortality predictor.

open ↗
Longevity
JACC · 2022

Cardiorespiratory Fitness and Mortality Risk Across the Spectra of Age, Race, and Sex

Kokkinos P, Faselis C, Samuel IBH, et al.

US Veterans (n > 750,000). Modest fitness gains cut mortality 13–15%, independent of age, BMI, sex.

open ↗
Free-living estimation
MSSE · Fenland cohort

Prediction of Maximal Oxygen Uptake From Submaximal Wearable Recordings in Free-Living Adults

Brage S, Westgate K, et al.

Wearable-derived VO₂ max correlated with lab measurement at r ≈ 0.82 across 12,000+ adults.

open ↗
Reference norms
Mayo Clinic Proceedings · 2015
PMID: 26455884

Reference Standards for Cardiorespiratory Fitness Measured With Cardiopulmonary Exercise Testing: Data From the FRIEND Registry

Kaminsky LA, Arena R, Myers J.

First US CPET reference standards. Age- and sex-specific percentiles from > 7,700 verified maximal tests, now the FRIEND normative baseline.

open ↗
Clinical review
Reviews in Cardiovascular Medicine · 2024

VO₂ Max in Clinical Cardiology: Clinical Applications, Evidence Gaps and Future Directions

Contemporary review

Positions VO₂ max as central to risk stratification in HF, CAD, valvular and pulmonary disease; identifies wearable estimation and closed-loop programming as the two largest unmet gaps.

open ↗

We are raising to run Phase 1.

Aeroglyphics is applying to Y Combinator, Techstars, and Stanford StartX. The full data room — thesis deck, scientific appendix, and program protocol — is available on request.