VYGRNasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Voyager Therapeutics, Inc.

Voyager Therapeutics, Inc. is a U.S.-based biotechnology company focused on developing gene therapy and other genetic medicine approaches for neurological diseases. Its programs are built around the TRACER AAV capsid discovery platform and a pipeline that includes candidates for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, and other central nervous system disorders.

Revenue40.4m USD
−49.5 %y/y
Operating profit (EBIT)-132m USD
−58.3 %y/y
EBIT margin-326.6%
−222.4 ppy/y
Net income-120m USD
−84.2 %y/y
Free cash flow-135m USD
−617.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m USD2020: 171 m USD2020: EBIT 27 m USD20202021: 37 m USD2021: EBIT -74 m USD20212022: 41 m USD2022: EBIT -51 m USD20222023: 250 m USD2023: EBIT 122 m USD20232024: 80 m USD2024: EBIT -83 m USD20242025: 40 m USD2025: EBIT -132 m USD202540-132
RevenueOperating profit (EBIT)

Business

Share of revenue
Gene therapy programs45 %

Clinical and preclinical programs using AAV-based genetic medicines for neurological diseases.

Collaboration revenue40 %

Revenue from strategic research, development, and licensing collaborations with pharma partners.

Platform technologies10 %

TRACER and related discovery tools used to identify capsids and enable brain delivery.

Other research services5 %

Additional research and service arrangements tied to partnered programs and milestones.

Customers

Voyager’s direct customers are primarily pharmaceutical and biotechnology partners that license programs, fund research, or share development responsibilities. The company also develops therapies intended for patients with neurological and rare CNS diseases, but commercial demand is expected to come through partners until products are approved and launched. Its collaborations with larger drug developers are central because they provide validation, funding, and a path to later-stage development.

Pharmaceutical collaboration partners

Partners such as Neurocrine, Novartis, Alexion, and others that pay for research, milestones, or licenses.

Biotechnology licensees and co-development partners

Companies that use Voyager’s capsid discovery and delivery technologies in partnered programs.

Clinical trial ecosystem

CROs, investigators, and clinical sites that execute preclinical and clinical studies for Voyager and collaborators.

Future end patients

Patients with Alzheimer’s, Friedreich’s ataxia, Parkinson’s, and other CNS disorders targeted by the pipeline.

Strategy

Voyager’s strategy is to advance genetic medicines for neurological disease by combining internal discovery with partnerships that share development risk and expand reach. It is also focused on building and protecting its TRACER platform, broadening its pipeline, and using collaborations and out-licensing to support future development. The company’s approach depends on generating differentiated delivery technologies and translating them into partnered or wholly owned programs.

Advance neurological disease pipelineMedium term

Clinical progress is needed to validate the platform and create future partnering or product opportunities.

Improve CNS delivery with TRACERMedium term

Better brain penetration can differentiate Voyager’s genetic medicines from competing approaches.

Expand strategic collaborationsShort term

Partnerships provide funding, validation, and access to external development capabilities.

Protect and monetize IPLong term

Patent and trademark protection supports exclusivity and licensing value in a competitive field.

Geography

Voyager is headquartered in the United States and conducts most of its research, development, and corporate activity there. Its collaborations and trademark filings extend to other countries, and the company notes clinical activity in the United States and Canada for certain programs. Geography matters because clinical trials, regulatory interactions, and partner relationships are concentrated in North America, while intellectual property protection is pursued internationally.

Risks

Voyager faces the typical risks of a development-stage biotech company: clinical failure, regulatory delay, and dependence on third-party research and manufacturing providers. Because its programs are novel gene therapy and non-viral modalities, manufacturing complexity, competition, and capital needs are also material risks. Collaboration revenue depends on partner activity and contract milestones, so timing can be uneven and difficult to predict.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Dependence on third-party service providers2Manufacturing complexity3Competitive pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: HighLikelihood: High

    Product candidates may not generate sufficient safety or efficacy data for approval.

    Exposure: Pipeline programs in CNS and rare disease

  2. Dependence on third-party service providersImpact: HighLikelihood: Medium

    Voyager relies on CROs, investigators, and vendors for trial execution and data quality.

    Exposure: Preclinical and clinical programs

  3. Manufacturing complexityImpact: HighLikelihood: Low

    AAV gene therapies and other biological modalities are difficult to produce consistently.

    Exposure: Gene therapy and vector supply

  4. Capital dependenceImpact: High

    The company expects to fund operations through collaborations and external financing.

    Exposure: Operating runway and program funding

  5. Competitive pressureImpact: MediumLikelihood: Low

    Larger or better-funded peers may reach approval first or develop superior therapies.

    Exposure: CNS gene therapy and delivery platforms

Accounting

Judgemental items
ASC 606 collaboration revenue

Revenue depends on identifying performance obligations and allocating partner payments correctly.

Impact: Can shift revenue between periods and create volatility

Clinical trial accruals

Costs for CROs and sites are estimated before invoices are fully received.

Impact: Affects R&D expense and liabilities

Stock-based compensation

Equity awards are a significant part of employee compensation in biotech.

Impact: Raises operating expense without cash outflow

Sublease income and marketable securities

Other income includes interest income and office/lab sublease receipts.

Impact: Can partially offset operating losses

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Voyager Therapeutics, Inc. (VYGR) Revenue, Earnings & Financials 2025 – Clarifo