Voyager Therapeutics(VYGR) - 2024 Q4 - Annual Results

Financial Performance - Voyager's collaboration revenue for Q4 2024 was $6.3 million, a decrease of 93% from $90.1 million in Q4 2023, and total collaboration revenue for the year was $80.0 million, down from $250.0 million in 2023[8][18]. - The net loss for Q4 2024 was $34.5 million, compared to a net income of $56.4 million in Q4 2023, and the net loss for the full year was $65.0 million, down from a net income of $132.3 million in 2023[8][18]. - Voyager's total operating expenses for Q4 2024 were $44.6 million, compared to $36.0 million in Q4 2023, reflecting increased program-related spending[8][18]. - GAAP collaboration revenue for Q4 2024 was $6.278 million, compared to $90.061 million in Q4 2023[22]. - Net collaboration revenue decreased to $4.385 million in Q4 2024 from $87.009 million in Q4 2023[22]. - For the year ended December 31, 2024, GAAP collaboration revenue totaled $250.008 million, compared to $80.001 million in 2023[22]. - Yearly net collaboration revenue increased to $71.538 million in 2024 from $239.913 million in 2023[22]. Research and Development - Research and development expenses increased to $35.6 million in Q4 2024 from $25.8 million in Q4 2023, and for the full year, R&D expenses rose to $127.4 million from $92.2 million in 2023[8][18]. - Total research and development expenses increased to $35.583 million in Q4 2024 from $25.756 million in Q4 2023[22]. - Net research and development expenses rose to $33.690 million in Q4 2024, up from $22.704 million in Q4 2023[22]. - Reimbursable research and development services incurred in Q4 2024 were $1.893 million, down from $3.052 million in Q4 2023[22]. - Total research and development expenses for the year 2024 were $127.368 million, significantly higher than $92.172 million in 2023[22]. - Reimbursable research and development services for the year 2024 amounted to $8.463 million, compared to $10.095 million in 2023[22]. Cash Position and Funding - Voyager's cash, cash equivalents, and marketable securities as of December 31, 2024, were $332.4 million, up from $230.9 million in 2023, providing a runway into mid-2027[8][18]. - Voyager generated approximately $80 million in non-dilutive funding in 2024, supporting its advancing pipeline and cash position[2][8]. - The company is no longer advancing the VY9323 candidate for SOD1 ALS, which has contributed to extending the cash runway into mid-2027[4][5][8]. Product Development - The tau silencing gene therapy VY1706 reduced tau mRNA levels by 50% to 73% in a non-human primate study, with additional data expected to be presented at the ADPD conference in April 2025[3][8]. - The anti-tau antibody VY7523 showed an acceptable safety profile in a Phase 1 trial, with initial tau PET imaging data expected in H2 2026[3][8]. - The company is anticipating IND filings in 2025 for partnered gene therapies targeting GBA1 Parkinson's and Friedreich's ataxia[8][9]. Collaboration Agreements - The company has collaboration agreements with Neurocrine and Novartis for preclinical development activities, impacting revenue and expenses[22].