VYGR earnings analysis
What we found in VYGR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- CFO Transition
- Management has stated the recent changes in the CFO position adds to operational uncertainty, which may impact financial performance.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- R&D Program Viability
- Struggles in advancing product candidates through clinical trials may hinder future revenue generation, which is crucial for financial health.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.57
What they said about what is next.
Future product revenue generation is not anticipated in the near term as the company focuses on development and regulatory milestones.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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