Voyager Therapeutics, Inc. Fair Value Disclosure
3. Fair value measurements
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, and 2024 are as follows:
Quoted Prices | Significant | |||||||||||
in Active | Other | Significant | ||||||||||
Markets for | Observable | Unobservable | ||||||||||
Identical Assets | Inputs | Inputs | ||||||||||
Assets | | Total | | (Level 1) | | (Level 2) | | (Level 3) | ||||
(in thousands) | ||||||||||||
December 31, 2025 | ||||||||||||
Cash equivalents: | ||||||||||||
Money market funds | $ | 51,161 | $ | 51,161 | $ | — | $ | — | ||||
Commercial paper | 3,477 | — | 3,477 | — | ||||||||
Marketable securities: | ||||||||||||
U.S. Treasury notes | 72,805 | 72,805 | — | — | ||||||||
U.S. Government agency securities | 15,387 | 15,387 | — | — | ||||||||
Corporate bonds | 44,260 | — | 44,260 | — | ||||||||
Commercial paper | 3,939 | — | 3,939 | — | ||||||||
Total cash equivalents and marketable securities | $ | 191,029 | $ | 139,353 | $ | 51,676 | $ | — | ||||
December 31, 2024 | ||||||||||||
Money market funds included in cash and cash equivalents | | $ | 59,658 | $ | 59,658 | $ | — | | $ | — | ||
Marketable securities: | | |||||||||||
U.S. Treasury notes | | 125,783 | 125,783 | — | — | |||||||
U.S. Government agency securities | 27,518 | 27,518 | — | — | ||||||||
Certificates of deposit | 4,286 | — | 4,286 | — | ||||||||
Corporate bonds | 94,976 | — | 94,976 | — | ||||||||
Commercial paper | 8,458 | — | 8,458 | — | ||||||||
Total cash equivalents and marketable securities | | $ | 320,679 | $ | 212,959 | $ | 107,720 | $ | — | |||
The Company measures the fair value of money market funds, U.S. Treasury notes and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, corporate bonds, certificates of deposit, and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 14, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 17, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.