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]