Voyager Therapeutics, Inc. Segments Disclosure
16. Segment Information
The Company’s CODM, the Company’s Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment, which is the business of developing and commercializing genetic medicine. The Company therefore has one reportable segment.
The CODM reviews the segment's profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actual variances monthly for expenses that are deemed significant in making resource allocation decisions and assessing performance. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheets. All long-lived assets are held in the United States.
The CODM views specific categories within research and development expenses and general and administrative expenses in totality as significant. Further, the CODM reviews the external research and development expenses of specific programs as significant given the impact on achieving the Company’s corporate goals. The following table reconciles reported collaboration revenue to net (loss) income under the significant expense principle for the years ended December 31, 2025, 2024, and 2023:
Year ended December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Collaboration revenue | | $ | 40,374 | | $ | 80,001 | | $ | 250,008 |
External research and development (1): | |||||||||
Anti-tau antibody program (VY7523) | 20,069 | 15,647 | 16,923 | ||||||
SOD1 silencing gene therapy program | 2,267 | 15,818 | 6,251 | ||||||
Tau silencing gene therapy program (VY1706) | 19,188 | 7,455 | 696 | ||||||
Partnered programs (2) | 5,495 | 4,985 | 7,650 | ||||||
Other programs and platforms (3) | 17,332 | 14,176 | 14,488 | ||||||
Internal research and development (4) | 42,106 | 38,422 | 27,860 | ||||||
Facilities and other research and development (5) | 28,217 | 30,865 | 18,304 | ||||||
General and administrative (5) | 37,544 | 35,920 | 35,822 | ||||||
Interest income | 10,618 | 18,328 | 11,721 | ||||||
Other income | 1,649 | 622 | 3 | ||||||
Income tax provision | 144 | 665 | 1,408 | ||||||
Net (loss) income | $ | (119,721) | $ | (65,002) | $ | 132,330 | |||
| (3) | Other programs and platforms consist of expenses related to other early research programs and platforms which are not considered quantitatively and qualitatively significant, including capsid discovery, non-viral delivery, and early research programs. |
| (4) | Internal research and development consist of employee-related expenses including salaries, benefits, and stock-based compensation expense. |
| (5) | Depreciation and amortization expense is allocated between general and administrative and facilities and other research and development. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.