Voyager Therapeutics (VYGR) Q4 2025 earnings summary

Executive summary

• Achieved significant pipeline progress in 2025, positioning for pivotal clinical milestones in 2026, including first-in-human dosing for tau-targeting therapies in Alzheimer's disease and advancement of nonviral delivery platforms.

• Ended 2025 with $202 million in cash, supporting operations into 2028.

Financial highlights

• Collaboration revenue was $15.3M for Q4 2025 (up from $6.3M in Q4 2024) and $40.4M for FY 2025 (down from $80.0M in FY 2024), reflecting timing of milestone payments.

• R&D expenses were $36.0M for Q4 2025 and $134.7M for FY 2025, both relatively flat year-over-year.

• G&A expenses were $9.3M for Q4 2025 and $37.5M for FY 2025, showing disciplined expense management.

• Net loss was $27.4M for Q4 2025 (improved from $34.5M in Q4 2024) and $119.7M for FY 2025 (widened from $65.0M in FY 2024).

• Cash, cash equivalents, and marketable securities totaled $201.7M at year-end 2025.

Outlook and guidance

• Cash runway expected to last into 2028, excluding up to $2.4B in potential milestone payments.

• Anticipates first-in-human dosing for VY1706 and tau PET imaging data for VY7523 in H2 2026.

• Neurocrine partnership may initiate clinical trial for NBIB-223 for Friedreich's ataxia in H2 2026, pending FDA clearance.