Voyager Therapeutics Inc Financials
Voyager Therapeutics Inc (VYGR) reported $40.4M in revenue for fiscal year 2025, down 49.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Voyager’s economics are driven by balance-sheet-funded R&D, while episodic revenue spikes have not covered a $132.5M operating cash burn.
FY2023’s profit surge looks episodic rather than foundational: revenue fell from$250.0M to$40.4M by FY2025. At the same time, R&D kept expanding to$134.7M , leaving cash burn close to the accounting loss and showing that recent losses come from the core research model rather than from large non-cash charges or heavy fixed-asset needs.
Near-term liquidity is still comfortable: cash of
This is not a capex-heavy business: FY2025 capital spending was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Voyager Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Voyager Therapeutics Inc, and counted as zero in the overall score.
Voyager Therapeutics Inc scores -0.96, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($210.1M) relative to total liabilities ($56.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Voyager Therapeutics Inc passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Voyager Therapeutics Inc reported a net loss of $119.7M while operations used $132.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Voyager Therapeutics Inc generated $40.4M in revenue in fiscal year 2025. This represents a decrease of 49.5% from the prior year.
Voyager Therapeutics Inc's EBITDA was -$127.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 62.7% from the prior year.
Voyager Therapeutics Inc reported -$119.7M in net income in fiscal year 2025. This represents a decrease of 84.2% from the prior year.
Voyager Therapeutics Inc earned -$2.04 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 80.5% from the prior year.
Cash & Balance Sheet
Voyager Therapeutics Inc recorded an outflow of $135.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 617.2% from the prior year.
Voyager Therapeutics Inc held $65.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Voyager Therapeutics Inc's ROE was -61.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 39.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Voyager Therapeutics Inc invested $134.7M in research and development in fiscal year 2025. This represents an increase of 5.7% from the prior year.
Voyager Therapeutics Inc invested $2.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 26.3% from the prior year.
Not reported for fiscal year 2025.
VYGR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.5M | $40.4M-49.5% | $80.0M-68.0% | $250.0M+511.2% | $40.9M+9.3% | $37.4M-78.1% | $171.1M+63.9% | $104.4M+1270.1% | $7.6M-24.8% | $10.1M-28.7% | $14.2M-18.0% | $17.3M | N/A |
| R&D Expenses | $118.5M | $134.7M+5.7% | $127.4M+38.2% | $92.2M+51.7% | $60.8M-17.6% | $73.8M-32.2% | $108.8M-9.2% | $119.7M+84.5% | $64.9M+4.2% | $62.3M+47.4% | $42.2M+52.6% | $27.7M+211.1% | $8.9M |
| SG&A Expenses | $33.2M | $37.5M+4.5% | $35.9M+0.3% | $35.8M+15.6% | $31.0M-16.8% | $37.2M+6.4% | $35.0M-3.7% | $36.3M+7.5% | $33.8M+71.3% | $19.7M+48.7% | $13.3M+33.9% | $9.9M+81.2% | $5.5M |
| Operating Income | -$117.2M | -$131.8M-58.3% | -$83.3M-168.3% | $122.0M+340.0% | -$50.8M+30.9% | -$73.6M-368.8% | $27.4M+153.0% | -$51.7M+43.3% | -$91.1M-26.8% | -$71.9M-74.0% | -$41.3M-103.9% | -$20.3M-41.0% | -$14.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $9.4M+383.0% | $1.9M |
| Income Tax | $126K | $144K-78.3% | $665K-52.8% | $1.4M+8700.0% | $16K | N/A | N/A | N/A | -$180K | N/A | $52K | $0 | N/A |
| Net Income | -$107.7M | -$119.7M-84.2% | -$65.0M-149.1% | $132.3M+385.1% | -$46.4M+34.8% | -$71.2M-293.8% | $36.7M+184.3% | -$43.6M+50.6% | -$88.3M-24.9% | -$70.7M-75.9% | -$40.2M-35.5% | -$29.7M-81.8% | -$16.3M |
| EPS (Diluted) | — | -$2.04-80.5% | -$1.13-138.0% | $2.97+345.5% | -$1.21+36.0% | -$1.89-292.9% | $0.98+181.0% | -$1.21+56.0% | -$2.75 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VYGR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $252.3M-35.8% | $393.1M+11.9% | $351.3M+120.4% | $159.4M-17.8% | $193.9M-25.9% | $261.6M-26.3% | $354.8M+100.4% | $177.0M-4.0% | $184.5M-2.7% | $189.6M-17.4% | $229.5M+1895.8% | $11.5M |
| Current Assets | $202.7M-26.8% | $276.8M-13.4% | $319.7M+156.8% | $124.5M-8.9% | $136.7M-30.9% | $197.8M-35.1% | $304.7M+87.5% | $162.5M-5.4% | $171.8M-3.9% | $178.8M-8.7% | $195.9M+2243.8% | $8.4M |
| Cash & Equivalents | $65.3M-8.5% | $71.4M+3.7% | $68.8M-30.5% | $99.0M-15.7% | $117.4M+12.4% | $104.4M+21.4% | $86.0M+83.6% | $46.9M+48.6% | $31.5M-13.9% | $36.6M+17.0% | $31.3M+345.0% | $7.0M |
| Total Liabilities | $56.2M-39.8% | $93.3M-18.9% | $115.0M+14.6% | $100.3M+1.6% | $98.8M-7.9% | $107.3M-58.0% | $255.2M+95.5% | $130.6M+159.0% | $50.4M-6.0% | $53.6M-11.2% | $60.4M+86.8% | $32.3M |
| Current Liabilities | $26.5M-46.7% | $49.8M-22.8% | $64.5M-11.1% | $72.6M+42.4% | $51.0M+90.5% | $26.8M-64.8% | $76.0M+140.0% | $31.7M+99.2% | $15.9M+15.2% | $13.8M-42.3% | $23.9M+867.3% | $2.5M |
| Total Equity | $196.1M-34.6% | $299.8M+26.8% | $236.3M+300.4% | $59.0M-37.9% | $95.1M-38.4% | $154.3M+55.1% | $99.5M+114.3% | $46.4M-65.4% | $134.1M-1.4% | $135.9M-19.6% | $169.1M+911.7% | -$20.8M |
| Retained Earnings | -$445.9M-36.7% | -$326.2M-24.9% | -$261.2M+33.6% | -$393.5M-13.4% | -$347.1M-25.8% | -$275.9M+11.8% | -$312.6M-16.2% | -$269.1M-67.4% | -$160.7M-78.5% | -$90.0M-80.7% | -$49.8M-139.2% | -$20.8M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
VYGR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$120.6M | -$132.5M-765.2% | -$15.3M-119.6% | $77.9M+722.9% | -$12.5M+76.6% | -$53.5M+44.7% | -$96.7M-298.7% | $48.7M+406.3% | -$15.9M+74.1% | -$61.4M-44.4% | -$42.5M-202.9% | $41.3M+446.5% | -$11.9M |
| Capital Expenditures | $847K | $2.6M-26.3% | $3.5M+8.1% | $3.3M+30.7% | $2.5M+54.8% | $1.6M-86.7% | $12.1M+56.7% | $7.7M+79.3% | $4.3M+8.0% | $4.0M-20.8% | $5.0M+388.3% | $1.0M-65.5% | $3.0M |
| Free Cash Flow | -$121.4M | -$135.1M-617.2% | -$18.8M-125.2% | $74.7M+597.8% | -$15.0M+72.8% | -$55.1M+49.3% | -$108.8M-365.7% | $40.9M+302.8% | -$20.2M+69.1% | -$65.3M-37.5% | -$47.5M-218.0% | $40.3M+370.2% | -$14.9M |
| Investing Cash Flow | $105.8M | $125.4M+232.2% | -$94.9M+33.0% | -$141.6M-1830.0% | -$7.3M-111.1% | $65.9M-41.7% | $113.0M+224.9% | -$90.5M-441.8% | $26.5M+819.0% | -$3.7M-107.7% | $47.7M+124.5% | -$194.8M | N/A |
| Financing Cash Flow | $6.5M | $816K-99.3% | $114.0M+238.9% | $33.6M+2931.1% | $1.1M+81.4% | $612K-80.7% | $3.2M-96.1% | $81.0M+1605.5% | $4.7M-92.1% | $59.9M+11557.6% | $514K-99.7% | $177.7M | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VYGR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% | 16.0%+65.5pp | -49.5% | -1195.6% | -709.1% | -290.4% | -116.9% | N/A |
| Net Margin | -296.5% | -81.3%-134.2pp | 52.9% | -113.5% | -190.3% | 21.5%+63.2pp | -41.8% | -1158.8% | -697.6% | -282.6% | -171.2% | N/A |
| Return on Equity | -61.1%-39.4pp | -21.7%-77.7pp | 56.0%+134.6pp | -78.6%-3.7pp | -74.9%-98.7pp | 23.8%+67.6pp | -43.8%+146.3pp | -190.1%-137.3pp | -52.7%-23.2pp | -29.6%-12.0pp | -17.5% | N/A |
| Return on Assets | -47.5%-30.9pp | -16.5%-54.2pp | 37.7%+66.8pp | -29.1%+7.6pp | -36.7%-50.8pp | 14.1%+26.3pp | -12.3%+37.6pp | -49.9%-11.5pp | -38.3%-17.1pp | -21.2%-8.3pp | -12.9%+129.0pp | -141.9% |
| Current Ratio | 7.64+2.1x | 5.56+0.6x | 4.96+3.2x | 1.72-1.0x | 2.68-4.7x | 7.39+3.4x | 4.01-1.1x | 5.13-5.7x | 10.81-2.1x | 12.95+4.8x | 8.19+4.8x | 3.38 |
| Debt-to-Equity | 0.290.0x | 0.31-0.2x | 0.49-1.2x | 1.70+0.7x | 1.04+0.3x | 0.70-1.9x | 2.56-0.2x | 2.81+2.4x | 0.380.0x | 0.390.0x | 0.36 | N/A |
| FCF Margin | -334.5% | -23.5%-53.4pp | 29.9%+66.5pp | -36.7% | -147.4% | -63.6%-102.8pp | 39.2% | -265.0% | -644.7% | -334.1% | 232.3% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Voyager Therapeutics Inc Ranks
Frequently Asked Questions
What is Voyager Therapeutics Inc's annual revenue?
Voyager Therapeutics Inc (VYGR) reported $40.4M in total revenue for fiscal year 2025. This represents a -49.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Voyager Therapeutics Inc's revenue growing?
Voyager Therapeutics Inc (VYGR) revenue declined by 49.5% year-over-year, from $80.0M to $40.4M in fiscal year 2025.
Is Voyager Therapeutics Inc profitable?
No, Voyager Therapeutics Inc (VYGR) reported a net income of -$119.7M in fiscal year 2025.
What is Voyager Therapeutics Inc's EBITDA?
Voyager Therapeutics Inc (VYGR) had EBITDA of -$127.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Voyager Therapeutics Inc's return on equity (ROE)?
Voyager Therapeutics Inc (VYGR) has a return on equity of -61.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Voyager Therapeutics Inc's free cash flow?
Voyager Therapeutics Inc (VYGR) recorded an outflow of $135.1M in free cash flow during fiscal year 2025. This represents a -617.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Voyager Therapeutics Inc's operating cash flow?
Voyager Therapeutics Inc (VYGR) recorded an outflow of $132.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Voyager Therapeutics Inc's total assets?
Voyager Therapeutics Inc (VYGR) had $252.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Voyager Therapeutics Inc's capital expenditures?
Voyager Therapeutics Inc (VYGR) invested $2.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Voyager Therapeutics Inc spend on research and development?
Voyager Therapeutics Inc (VYGR) invested $134.7M in research and development during fiscal year 2025.
What is Voyager Therapeutics Inc's current ratio?
Voyager Therapeutics Inc (VYGR) had a current ratio of 7.64 as of fiscal year 2025, which is generally considered healthy.
What is Voyager Therapeutics Inc's debt-to-equity ratio?
Voyager Therapeutics Inc (VYGR) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Voyager Therapeutics Inc's return on assets (ROA)?
Voyager Therapeutics Inc (VYGR) had a return on assets of -47.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Voyager Therapeutics Inc's cash runway?
Based on fiscal year 2025 data, Voyager Therapeutics Inc (VYGR) had $65.3M in cash against an annual operating cash burn of $132.5M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Voyager Therapeutics Inc's Altman Z-Score?
Voyager Therapeutics Inc (VYGR) has an Altman Z-Score of -0.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Voyager Therapeutics Inc's Piotroski F-Score?
Voyager Therapeutics Inc (VYGR) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Voyager Therapeutics Inc's earnings high quality?
Voyager Therapeutics Inc (VYGR) reported a net loss of $119.7M while operations used $132.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Voyager Therapeutics Inc?
Voyager Therapeutics Inc (VYGR) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.