Voyager Therapeutics(VYGR) - 2025 Q3 - Quarterly Results

Financial Performance - Voyager reported collaboration revenue of $13.4 million for Q3 2025, down from $24.6 million in Q3 2024, primarily due to prior year revenue from the Novartis agreement[8]. - The net loss for Q3 2025 was $27.9 million, compared to a net loss of $9.0 million in Q3 2024, attributed to decreased collaboration revenue[8]. - Voyager ended Q3 2025 with a cash position of $229 million, sufficient to support operations into 2028[8][9]. - GAAP collaboration revenue for Q3 2025 was $13.365 million, down from $24.629 million in Q3 2024, representing a decrease of approximately 45%[22]. - Net collaboration revenue for Q3 2025 was $11.153 million, compared to $23.207 million in Q3 2024, indicating a decline of about 52%[22]. - For the nine months ended September 30, 2025, GAAP collaboration revenue totaled $25.038 million, down from $73.723 million for the same period in 2024, a decrease of approximately 66%[22]. - Net collaboration revenue for the nine months ended September 30, 2025, was $18.809 million, compared to $67.153 million in the prior year, indicating a decline of about 72%[22]. Research and Development - Research and development expenses increased to $35.9 million in Q3 2025 from $30.2 million in Q3 2024, driven by costs associated with the VY7523 clinical trial and the VY1706 program[8]. - GAAP total research and development expenses for Q3 2025 were $35.866 million, an increase from $30.241 million in Q3 2024, reflecting a rise of approximately 19%[22]. - Net research and development expenses for Q3 2025 were $33.654 million, up from $28.819 million in Q3 2024, marking an increase of around 17%[22]. - The company incurred $2.2 million in reimbursable research and development services during Q3 2025, compared to $1.4 million in Q3 2024, which is a 57% increase[22]. - Total research and development expenses for the nine months ended September 30, 2025, were $98.722 million, up from $91.785 million in 2024, reflecting an increase of approximately 8%[22]. - The company incurred $6.2 million in reimbursable research and development services for the nine months ended September 30, 2025, slightly down from $6.6 million in the same period of 2024[22]. Clinical Trials and Programs - The company is advancing its VY7523 anti-tau antibody in a clinical trial for Alzheimer's disease, with dosing ongoing in the final cohort[3]. - Voyager expects to initiate clinical trials for VY1706 in 2026, pending IND-enabling studies[3]. - A collaboration with Transition Bio aims to develop small molecules targeting TDP-43 for ALS and FTD, with potential milestone payments totaling up to $500 million[7]. - Voyager anticipates receiving a $3 million milestone payment from Neurocrine in Q4 2025 related to a partnered gene therapy program[3]. Financial Guidance - Voyager's financial guidance indicates potential non-dilutive capital of up to $2.4 billion in development milestone payments, including $35 million from GBA and FA programs entering the clinic[9]. - Management emphasizes the importance of non-GAAP measures for evaluating operating performance and comparing current results with prior periods[20]. Innovation and Technology - Voyager introduced the Voyager NeuroShuttle™ platform, demonstrating sustained brain expression in murine studies over three weeks, compared to less than one week for traditional methods[7].