Voyager Therapeutics(VYGR) - 2025 Q4 - Annual Results

Financial Position - Voyager ended 2025 with a cash position of $202 million, expected to maintain runway into 2028[1] - Cash, cash equivalents, and marketable securities decreased to $201,691,000 in 2025 from $332,388,000 in 2024[19] - Total assets decreased to $252,281,000 in 2025 from $393,050,000 in 2024[19] - Total stockholders' equity decreased to $196,081,000 in 2025 from $299,760,000 in 2024[19] - Deferred revenue significantly decreased to $1,590,000 in 2025 from $30,397,000 in 2024[19] Revenue and Collaboration - Collaboration revenue for Q4 2025 was $15.3 million, up from $6.3 million in Q4 2024, while total collaboration revenue for 2025 was $40.4 million, down from $80.0 million in 2024[7] - Collaboration revenue for Q4 2025 was $15,336,000, a 144.5% increase from $6,278,000 in Q4 2024[19] - Net collaboration revenue for the year ended December 31, 2025, was $32,268,000, down from $71,538,000 in 2024[23] Expenses - R&D expenses for Q4 2025 were $36.0 million, slightly up from $35.6 million in Q4 2024, and total R&D expenses for 2025 were $134.7 million, compared to $127.4 million in 2024[7] - General and administrative expenses for Q4 2025 were $9.3 million, compared to $9.0 million in Q4 2024, with total G&A expenses for 2025 at $37.5 million, up from $35.9 million in 2024[7] - Total operating expenses for Q4 2025 were $45,268,000, slightly up from $44,577,000 in Q4 2024[19] - Net research and development expenses for the year ended December 31, 2025, were $126,568,000, compared to $118,905,000 in 2024[23] Net Loss - Net loss for Q4 2025 was $27.4 million, an improvement from a net loss of $34.5 million in Q4 2024, while total net loss for 2025 was $119.7 million, compared to $65.0 million in 2024[7] - Net loss for Q4 2025 was $27,426,000, compared to a net loss of $34,487,000 in Q4 2024, representing a 20.5% improvement[19] - Net loss per share, basic, for Q4 2025 was $0.47, an improvement from $0.59 in Q4 2024[19] Development and Clinical Trials - VY1706 (tau-silencing gene therapy) is expected to achieve first-in-human dosing in H2 2026, with IND application submission anticipated in Q2 2026[3] - VY7523 (anti-tau antibody) completed enrollment in a clinical trial in Q4 2025, with tau PET imaging data expected in H2 2026[3] - Voyager paused development of its APOE gene therapy program to prioritize more advanced programs, unrelated to prior data[7] - Neurocrine intends to initiate a clinical trial with NBIB-'223 for Friedreich's ataxia in H2 2026, pending successful FDA IND clearance[3] Future Financial Expectations - Voyager anticipates potential non-dilutive capital of up to $2.4 billion in development milestone payments[9]