Voyager Therapeutics, Inc.

Listed Company

VYGRCIK 0001640266NasdaqAcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$40.37M

Net Income

$-119.72M

Total Assets

$252.28M

Equity

$196.08M

Shares Out

59.60M

Op. Cash Flow

$-132.47M

Business

Voyager Therapeutics, Inc. is a biotechnology company that leverages human genetics to develop neurogenetic medicines aimed at modifying or curing neurological diseases. It develops intravenously delivered gene therapies using proprietary TRACER AAV capsids, monoclonal antibodies (including anti‑tau), vectorized antibodies and a non‑viral receptor‑mediated BBB shuttle platform. Its operations consist of wholly‑owned therapeutic programs (notably tau-focused Alzheimer’s programs and other CNS programs) and partnered/licensed programs with multiple pharmaceutical collaborators. It advances candidates through preclinical and clinical trials and distributes development rights and products via collaborations and licensees across the United States and other global markets.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	40	80	250	41	37
Research and development	135	127	92	61	74
General and administrative	38	36	36	31	37
Total operating expenses	172	163	128	92	111
Operating (loss) income	−132	−83	122	−51	−74
Interest income	11	18	12	2	−390,000
Other income	2	622,000	3,000	3	3
Total other income, net	12	19	12	4	2
(Loss) income before income taxes	−120	−64	134	−46	−71
Income tax provision	144,000	665,000	1	16,000	—
Net (loss) income	−120	−65	132	−46	−71
Net unrealized gain (loss) on available-for-sale-securities	439,000	−359,000	171,000	−81,000	−4,000
Total other comprehensive income (loss)	439,000	−359,000	171,000	−81,000	−4,000
Comprehensive income (loss)	−119	−65	133	−46	−71
Net (loss) income per share, basic (in dollars per share)	−2.04	−1.13	3.08	−1.21	−1.89
Net (loss) income per share, diluted (in dollars per share)	−2.04	−1.13	2.97	−1.21	−1.89
Weighted-average common shares outstanding, basic (in shares)	59	58	43	38	38
Weighted-average common shares outstanding, diluted (in shares)	59	58	45	38	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	65	71	69	99	117
Marketable securities	131	195	162	20	15
Accounts receivable	2	2	80	—	—
Related party collaboration receivable	151,000	676,000	3	257,000	732,000
Prepaid expenses and other current assets	4	8	5	5	3
Total current assets	203	277	320	124	137
Property and equipment, net	13	14	16	18	22
Restricted cash	3	3	2	—	—
Marketable securities	5	66	—	—	—
Operating lease right-of-use assets	28	33	14	15	33
Total assets	252	393	351	159	194
Accounts payable	5	4	2	3	574,000
Accrued expenses	12	14	17	8	11
Operating lease liabilities	8	7	3	—	—
Deferred revenue	2	24	43	59	34
Total current liabilities	27	50	65	73	51
Operating lease liabilities, net of current portion	29	36	17	—	—
Deferred revenue, net of current portion	—	6	32	6	8
Other non-current liabilities	1	1	1	—	—
Total liabilities	56	93	115	100	99
Commitments, contingencies, and other liabilities (see note 8)	—	—	—	—	—
Preferred stock, $0.001 par value: 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.001 par value: 120,000,000 shares authorized; 59,047,860 and 54,731,316 shares issued and outstanding at December 31, 2025 and 2024, respectively	59,000	55,000	44,000	38,000	38,000
Additional paid-in capital	642	626	498	453	442
Accumulated other comprehensive income (loss)	32,000	−407,000	−48,000	−219,000	−138,000
Accumulated deficit	−446	−326	−261	−394	−347
Total stockholders' equity	196	300	236	59	95
Total liabilities and stockholders' equity	252	393	351	159	194

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−120	−65	132	−46	−71
Stock-based compensation expense	15	15	11	9	11
Depreciation	4	5	4	6	5
Impairment charge on leased facility	—	3	—	—	—
Amortization of premiums and discounts on marketable securities	−3	−8	−4	−16,000	349,000
Loss on disposal of fixed assets	141,000	510,000	178,000	377,000	—
Non-cash lease expense	5	5	2	—	—
Accounts receivable	−257,000	79	−80	—	—
Related party collaboration receivable	525,000	3	−3	475,000	7
Prepaid expenses and other assets	4	−3	76,000	−2	2
Accounts payable	1	2	−962,000	2	−60,000
Accrued expenses	−3	−3	9	−3	−3
Operating lease liabilities	−7	−3	−3	−4	−3
Deferred revenue	−29	−45	9	24	−2
Net cash (used in) provided by operating activities	−132	−15	78	−13	−54
Purchases of property and equipment	−3	−4	−3	−2	−2
Purchases of marketable securities	−134	−466	−224	−55	−15
Proceeds from sales and maturities of marketable securities	262	374	86	50	83
Net cash provided by (used in) investing activities	125	−95	−142	−7	66
Proceeds from the exercise of stock options	267,000	388,000	2	629,000	28,000
Proceeds from the issuance of common stock and pre-funded warrants in connection with the underwritten public offering	—	93	—	—	—
Proceeds from the issuance of common stock in connection with the 2023 Novartis Stock Purchase Agreement	—	19	—	—	—
Proceeds from the issuance of common stock in connection with the 2023 Neurocrine Collaboration Agreement	—	—	31	—	—
Proceeds from the purchase of common stock under ESPP	549,000	849,000	672,000	481,000	584,000
Net cash provided by financing activities	816,000	114	34	1	612,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	−6	4	−30	−19	13
Operating lease right-of-use asset obtained in exchange for operating lease liability	—	27	—	—	664,000
Capital expenditures incurred but not yet paid	−427,000	—	—	14,000	80,000

Filings

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