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Sep 30, 2025
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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