Core Insights - Voyager Therapeutics is advancing its clinical programs targeting tau-related neurological diseases, with VY7523 clinical data expected soon and VY1706 anticipated to enter clinical trials in 2026 [1][11] Financial Performance - For Q3 2025, Voyager reported collaboration revenue of $13.4 million, a decrease from $24.6 million in Q3 2024, primarily due to prior year revenue from the Novartis agreement [12] - 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 VY1706 program [12] - The net loss for Q3 2025 was $27.9 million, compared to $9.0 million in Q3 2024, attributed to reduced collaboration revenue [12] Pipeline Developments - The VY7523 anti-tau antibody is currently in the final cohort of a clinical trial for Alzheimer's disease [5] - VY1706, a tau silencing gene therapy, is undergoing IND-enabling studies with clinical trial initiation expected in 2026 [5][11] - Voyager introduced the Voyager NeuroShuttle, a nonviral delivery platform, which has shown promising results in preclinical studies for delivering neurotherapeutics across the blood-brain barrier [4][5] Collaborations and Partnerships - Voyager has entered a collaboration with Transition Bio to develop small molecules targeting TDP-43 for ALS and frontotemporal dementia, with potential milestone payments up to $500 million [6] - Neurocrine Biosciences is expected to provide updates on IND filing timelines for their gene therapy programs by the end of 2025, which could lead to clinical trials in 2026 [5] - Novartis has decided to discontinue two discovery-stage programs, returning rights to Voyager, but this will not affect Voyager's cash runway guidance [5] Cash Position and Financial Guidance - As of September 30, 2025, Voyager's cash position was $229 million, sufficient to maintain operations into 2028 [4][9] - The company anticipates potential non-dilutive capital of up to $2.4 billion from development milestone payments, including $35 million from GBA and FA programs entering the clinic [9]

Core Insights - Ovid Therapeutics is at a pivotal moment with its pipeline advancing into the next stage of clinical development, particularly focusing on OV329 for treatment-resistant epilepsies and KCC2 activators [2][3] - The company has strengthened its leadership team with key appointments to enhance its regulatory and investor strategies [5][6] Business Strategy & Updates - Ovid anticipates its cash runway will support operations and clinical development into the second half of 2026, with several key milestones expected, including results for OV329 biomarker and safety data in Q3 2025 and initiation of a Phase 2a study in Q1 2026 [3][4] - The company is committed to fiscal discipline in managing clinical development programs and exploring partnerships to accelerate development and offset costs [4] Organizational Updates - Key appointments include Stelios Papadopoulos to the Board of Directors and Manal Morsy and Victoria Fort to the management team, aimed at supporting the company's pipeline and business strategies [5][6][7] - The Phase 1 study of OV329 is expected to yield topline results in Q3 2025, focusing on biomarkers that measure clinical effect and safety [5] Pipeline Strategy & Updates - Ovid is developing a differentiated pipeline targeting neurological and psychiatric disorders, including OV329 as a next-generation GABA-AT inhibitor for drug-resistant epilepsies [8][10] - The company is advancing its KCC2 direct activator library, with OV350 already in a first-in-human study and OV4071 expected to enter human trials in Q2 2026 [14] Financial Results - As of December 31, 2024, Ovid reported cash, cash equivalents, and marketable securities totaling $53.1 million, expected to support operations into the second half of 2026 [15][21] - The company reported a net loss of $26.4 million for the year ended December 31, 2024, an improvement from a net loss of $52.3 million in 2023 [16][20]