Loading...
•
Dec 31, 2025
Voyager Therapeutics Q4 2025 Earnings Report
Voyager Therapeutics Q4 2025 Earnings Report
Key Takeaways
Voyager Therapeutics reported a significant increase in quarterly collaboration revenue and maintained a strong cash position of $201.7 million, which is expected to fund operations into 2028. While the company realized a net loss for the quarter, it was narrower than the previous year's Q4, and the company is preparing for multiple clinical entries in the second half of 2026.
Collaboration revenue for Q4 increased to $15.3 million, up from $6.3 million in the prior year period, driven by the Neurocrine agreement.
Cash runway is projected to extend into 2028, supported by $201.7 million in cash, cash equivalents, and marketable securities.
Multiple clinical milestones are anticipated in H2 2026, including first-in-human dosing for VY1706 and tau PET imaging data for VY7523.
The company triggered a $3 million milestone payment from Neurocrine in Q4 2025 following the initiation of a preclinical toxicology study.
Revenue by Segment
Forward Guidance
Voyager expects its current cash position to fund operations into 2028 and anticipates several clinical milestones in 2026.
Positive Outlook
- Cash runway expected to last into 2028
- Potential to earn up to $2.4 billion in additional development milestone payments
- VY1706 first-in-human dosing expected in H2 2026
- Tau PET imaging data for VY7523 expected in H2 2026
- Neurocrine intends to initiate clinical trial for Friedreich’s ataxia in H2 2026
Challenges Ahead
- Development of APOE gene therapy program has been paused to prioritize other assets
- Future milestones are subject to successful FDA IND clearances
- Clinical trial timing is subject to risks of site initiation and enrollment delays
- Success in early preclinical studies may not be repeated in future clinical trials
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...