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Mar 31
Voyager Therapeutics Q1 2025 Earnings Report
Voyager Therapeutics reported a decrease in collaboration revenue and an increase in net loss for the first quarter of 2025.
Key Takeaways
Voyager Therapeutics reported a net loss of $31.0 million for the first quarter of 2025, compared to a net loss of $11.3 million in the same period last year. Collaboration revenue decreased to $6.5 million from $19.5 million in Q1 2024, primarily due to reduced revenue from Neurocrine collaboration agreements. The company ended the quarter with a strong cash position of $295 million, providing runway into mid-2027.
Net loss for Q1 2025 was $31.0 million, a significant increase from $11.3 million in Q1 2024.
Collaboration revenue decreased to $6.5 million in Q1 2025 from $19.5 million in Q1 2024.
Cash, cash equivalents, and marketable securities stood at $295 million as of March 31, 2025, providing runway into mid-2027.
Research and development expenses increased to $31.5 million in Q1 2025, up from $27.1 million in Q1 2024, driven by increased program-related spending.
Voyager Therapeutics
Voyager Therapeutics
Voyager Therapeutics Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.com Forward Guidance
Voyager Therapeutics anticipates its cash, cash equivalents, and marketable securities, along with expected reimbursements from Neurocrine and Novartis collaborations and interest income, to be sufficient to meet operating expenses and capital expenditure requirements into mid-2027.
Positive Outlook
- Strong cash position of $295 million expected to provide runway into mid-2027.
- Potential milestone payments from existing partnerships, including up to $35 million from Neurocrine-partnered FA and GBA1 programs in 2025-2026.
- Anticipated IND submissions in 2025 for Neurocrine-partnered FA and GBA1 programs.
- Expected initiation of first clinical trials for FA and GBA1 programs in 2026.
- Anticipated U.S. IND and Canadian CTA filings for VY1706 for AD in 2026.
Challenges Ahead
- Cash use during Q1 2025 was higher than typical due to one-time payments and start-up activities for the VY7523 MAD trial.
- Neurocrine deprioritized two discovery-stage programs against undisclosed targets, with rights returning to Voyager.
- Uncertainty regarding the timing, initiation, conduct, and outcomes of preclinical and clinical studies.
- Potential for increased costs of critical research components and restricted supply.
- Risks associated with the success of programs controlled by third-party collaboration partners.