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Sep 30
Voyager Therapeutics Q3 2025 Earnings Report
Voyager Therapeutics reported a wider net loss in Q3 2025 due to lower collaboration revenue despite steady operating expenses.
Key Takeaways
Voyager Therapeutics experienced a drop in collaboration revenue in Q3 2025, resulting in a net loss increase. R&D spending rose to support pipeline programs, while G&A expenses remained stable. The company maintained a strong cash position to support operations into 2028.
Collaboration revenue fell to $13.4M from $24.6M YoY, primarily due to prior-year Novartis payments.
R&D expenses increased to $35.9M, driven by development of VY7523 and VY1706 programs.
Net loss widened to $27.9M compared to $9.0M in Q3 2024.
Cash and marketable securities totaled $229M, providing runway into 2028.
Voyager Therapeutics
Voyager Therapeutics
Voyager Therapeutics Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.com Forward Guidance
Voyager expects its current cash reserves to fund operations into 2028 and sees potential milestone payments ahead.
Positive Outlook
- Cash runway expected to last into 2028
- Potential to earn up to $2.4B in milestone payments
- Strong pipeline progress including VY1706 IND filing planned for 2026
- Neurocrine collaboration may bring $35M for FA and GBA programs entering clinic
- Robust strategic collaborations with Transition Bio and others
Challenges Ahead
- Discontinued Novartis discovery programs reduce short-term pipeline breadth
- Q3 revenue decline increases near-term financial pressure
- Growing R&D expenses may pressure future margins
- No near-term commercial product revenue expected
- Net loss widened significantly compared to last year