10-K · March 9, 2026
Voyager Therapeutics positions itself as a CNS-focused biotech leveraging TRACER AAV capsids and a Voyager NeuroShuttle non-viral delivery platform to target Alzheimer’s disease and other neurological disorders. The…
Earnings analysis · 10-Q
VYGR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Voyager Therapeutics, Inc. reported a significant decline in both revenue and net loss compared to the prior year. Collaboration revenue decreased to $2.6 million in Q1 2026 from $6.5 million in Q1 2025, while the net…
Read full summary
Voyager Therapeutics, Inc. reported a significant decline in both revenue and net loss compared to the prior year. Collaboration revenue decreased to $2.6 million in Q1 2026 from $6.5 million in Q1 2025, while the net loss improved slightly to $27.9 million from $31.0 million, indicating ongoing operational challenges. Despite a reduction in cash burn, the company anticipates funding challenges ahead to support its clinical programs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.57
What stood out
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Collaboration Revenue Decline
Collaboration revenue fell to $2.6 million in Q1 2026, down from $6.5 million in Q1 2025, reflecting reduced contributions from partnership agreements.
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Reduced Net Loss
The net loss for Q1 2026 was $27.9 million, improved from a net loss of $31.0 million in Q1 2025, highlighting a slight reduction in operating losses.
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Lower Operating Cash Flow
Net cash used in operating activities was $33.4 million for Q1 2026, an improvement from $37.9 million in Q1 2025.
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Decrease in R&D and G&A Expenses
Research and development expenses decreased to $24.6 million in Q1 2026 from $31.5 million in Q1 2025, along with a decrease in G&A expenses from $9.6 million to $8.3 million.
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Cash Position
Cash, cash equivalents, and marketable securities totaled $171.7 million as of March 31, 2026, providing a runway into 2028 based on current plans.
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CFO Transition
Management has stated the recent changes in the CFO position adds to operational uncertainty, which may impact financial performance.
What to watch
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Revenue Dependency
The company relies heavily on collaboration revenues which fell significantly, pointing to possible future revenue challenges if partnerships do not yield expected results.
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Funding Risks
The ongoing need for financing is critical as continued losses could force reductions in R&D and commercialization efforts, with management alerting to potential delays or cutbacks if funding is not secured.
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R&D Program Viability
Struggles in advancing product candidates through clinical trials may hinder future revenue generation, which is crucial for financial health.
Management's outlook
Future product revenue generation is not anticipated in the near term as the company focuses on development and regulatory milestones.
Earlier filings 4
10-Q · November 10, 2025
Voyager reported Q3 2025 collaboration revenue of $13.365M and GAAP loss per share of $(0.47). Revenue declined versus Q3 2024 ($24.629M) while operating loss widened to $(30.594M) from $(13.780M) a year earlier.…
10-Q · August 6, 2025
Voyager reported Q2 2025 collaboration revenue of $5.2M (vs $29.6M in Q2 2024) and a GAAP net loss of $33.4M (EPS -$0.57), driven by lumpy partner revenue and continued R&D spend. Cash + marketable securities totaled…
10-Q · May 6, 2025
Voyager reported a sharp revenue decline to $6.473M in Q1 2025 from $19.516M in Q1 2024, driving a wider operating loss of $34.693M and GAAP net loss per share of $0.53. Operating cash use was $37.895M in the quarter…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.