Voyager Therapeutics Q3 collaboration revenue falls to $4.01M
Based on current operating plans, Voyager expects cash resources, collaboration reimbursements and interest income to fund planned costs into Q2 2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Voyager Therapeutics, Inc. reported third-quarter 2026 collaboration revenue of $4.014 million, versus $13.365 million a year earlier; the decrease primarily reflected lower revenue recognized under the Neurocrine collaboration as activities transitioned beyond research. Net loss was $24.694 million, versus $27.892 million. Research and development expense was $24.371 million versus $35.866 million, and general and administrative expense was $6.065 million versus $8.093 million.
Cash, cash equivalents and marketable securities were $132.133 million as of September 30, 2026. Based on current operating plans and anticipated collaboration reimbursements and interest income, Voyager expects these resources to fund planned operating expenses and capital expenditures into Q2 2028. The last patient visit in the VY7523 multiple ascending dose trial is complete; tau PET imaging efficacy data are expected in Q4 2026. VY1706 screening continues in the United States; pending enrollment, dosing is expected in the next few months, with initial acute safety data in Q1 2027.
Neurocrine Biosciences said its partnered Friedreich’s ataxia program is expected to enter Phase 1 in the coming months, with initial patient-level data anticipated in 2027. Robin Swartz was appointed President and is expected to succeed CEO Alfred W. Sandrock, Jr.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNet loss was $24.694 million versus $27.892 million a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Voyager expects planned costs to be funded into Q2 2028.
Negative
- Moderate pointCollaboration revenue was $4.014 million versus $13.365 million a year earlier.
8-K Event Classification
Key Figures
Key Terms
multiple ascending dose (MAD) medical
positron emission tomography (PET) medical
CSF tau biomarker-based data medical
good laboratory practice (GLP) medical
Earnings Snapshot
Voyager expects VY7523 tau PET imaging efficacy data in Q4 2026. Pending enrollment, VY1706 dosing is expected in the next few months, with initial acute safety data in Q1 2027. Based on current operating plans, Voyager expects cash, cash equivalents and marketable securities, together with anticipated collaboration reimbursements and interest income, to fund planned operating expenses and capital expenditures into Q2 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were VYGR's third-quarter 2026 collaboration revenue and net loss?
How much cash did VYGR have, and how long does it expect it to last?
When does Voyager expect initial VY1706 CSF biomarker data?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code (
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, Voyager Therapeutics, Inc. (the “Company”) announced third quarter 2026 financial results and corporate updates. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
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Exhibit |
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Description |
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99.1 |
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Press release dated November 5, 2026 entitled “Voyager Reports Third Quarter 2026 Financial and Operating Results”. |
104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: November 5, 2026 |
VOYAGER THERAPEUTICS, INC. |
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By: |
/s/ Alfred Sandrock |
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Alfred Sandrock |
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Chief Executive Officer and Director (Principal Executive Officer) |
3
Voyager Reports Third Quarter 2026 Financial and Operating Results
- VY7523 clinical data readout on track for Q4 2026 and VY1706 dosing expected in the next few months pending enrollment -
- Neurocrine Biosciences partnered Friedreich’s ataxia gene therapy program expected to enter the clinic in the coming months -
- Ended Q3 2026 with cash position of $132 million, runway into Q2 2028 -
LEXINGTON, Mass., November 5, 2026 -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported third quarter 2026 financial and operating results.
“There is strong momentum behind our two tau-targeted Alzheimer’s disease programs, and we expect to report PET imaging data from our VY7523 multiple ascending dose trial in the fourth quarter and to dose the first patient with our lead gene therapy VY1706 in the next few months,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “During the third quarter, we continued to be disciplined in our operations to reduce year-over-year operating expenses and as a result, we have extended our cash runway into the second quarter of 2028. This strengthens our position as we approach key upcoming milestones.”
Third Quarter 2026 and Recent Business Highlights
Upcoming Presentations
Third Quarter 2026 Financial Results
About Voyager Therapeutics
Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com.
Voyager Therapeutics® is a registered trademark, and TRACER™ and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws about Voyager’s belief, expectations, plans and prospects regarding the development, regulatory status of its product candidates and advancement of its preclinical and clinical development programs, including Voyager’s advancement of the tau silencing gene therapy program in AD, VY1706, and the expected timing of enrollment, dosing and initial acute safety data, and initial biomarker-based data; the progress and timing of Voyager’s clinical-stage anti-tau antibody program in AD, VY7523, including the timing of expected clinical tau PET imaging efficacy data and other clinical data; Voyager’s ability to advance gene therapy product candidates under the Novartis licenses and collaboration and Neurocrine collaboration, including the anticipated progression into the clinic by Neurocrine for NBIB-‘223 in FA; the role of tau in the treatment of AD, including as a critical disease-modifying target; the therapeutic potential, safety, and pharmacological effect of Voyager’s current and future product candidates; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; Voyager’s cash runway, anticipated cost savings, including as a result of cost-cutting and efficiency initiatives, and its ability to execute across its pipeline and platforms; the mission, goals and value drivers for Voyager’s business; Voyager’s expected succession plan; Voyager’s anticipated presentation at upcoming events and conferences; and the ability to generate sufficient cash resources to enable Voyager to continue its business and operations through multiple clinical inflection points. The use of words such as “may,” “will,” “might,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “view,” “potential,” “intend,” “seek,” “predict,” “estimate,” “project,” “target,” or “continue” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
All forward-looking statements are based on management’s current estimates and assumptions and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from any forward-looking statements in this press release. Factors include, among others, the risks and uncertainties inherent in the development of product candidates, including the timing, initiation, and conduct of preclinical studies and clinical trials, including potential delays in timing as a result of slower than expected site initiation, slower than expected enrollment, the need or decision to expand the trials, conduct additional pre-clinical studies, or other changes, which may impact Voyager’s ability to meet its expected timelines and may increase its costs; the expectations and decisions of regulatory authorities; the availability of data from and outcomes of Voyager’s preclinical studies and clinical trials and those conducted by its partners and collaborators, including that success in earlier preclinical studies may not be repeated or observed in ongoing or future preclinical studies or clinical trials, ongoing and future clinical trials may not meet their primary or key secondary endpoints, which may substantially impair development, timing for expected data may be delayed, and Voyager may encounter adverse events that could negatively impact further development; Voyager’s ability to demonstrate that current or future product candidates are safe and effective for their proposed indications; the availability, commercial potential and success of Voyager’s wholly owned candidates; the availability of data from and the outcomes of third-party preclinical studies and clinical trials and the potential impact on Voyager’s development plans; the continued development of Voyager’s technology platforms, including Voyager’s TRACER and nonviral discovery platforms; Voyager’s scientific approach and program development progress and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid and nonviral discovery platform and programs; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid and nonviral discovery platforms, the capsids and ligands identified by the platforms, and the development of clinical candidates and related data from Voyager’s pipeline programs; the willingness and ability of Voyager's
collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the need to align with its collaborators, which may hamper or delay its development efforts and timelines; the possibility or timing of Voyager’s receipt of program reimbursement, development or commercialization milestone payments, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest, including that the anticipated benefits of these ongoing collaborations, including the receipt of payments or the successful development or commercialization of products and generation of revenue, may never be achieved at the levels or timing Voyager expects or at all; the adverse impact on Voyager’s business if any of its key collaborators fails to perform its obligations or terminates the collaboration; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; additional funding may not be available on acceptable terms when needed, or at all, which could hamper Voyager’s development efforts; the ability to attract and retain talented directors, employees, and contractors and the resulting impact to Voyager’s business and ability to meet its goals and timelines; the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives; any of the foregoing events could impair the drivers and value creation opportunities for Voyager’s business; and technical and other unexpected hurdles in the development, manufacture and supply of product candidates, may delay Voyager’s timing, change its plans, increase its costs, or otherwise negatively impact its business.
These risks and uncertainties are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by its subsequent filings with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Company and Investors: Andrea Zuniga, investors@vygr.com
Media: Lisa Guiterman, voyagerpr@scientpr.com
Consolidated Balance Sheet
(in thousands)
(Unaudited)
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September 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Cash, cash equivalents and marketable securities |
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$ |
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132,133 |
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$ |
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201,691 |
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Accounts receivable, including related party collaboration receivable |
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4,274 |
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1,912 |
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Property and equipment, net |
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9,767 |
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13,136 |
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Operating lease right-of-use assets |
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24,579 |
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28,478 |
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Other assets |
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6,300 |
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7,064 |
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Total assets |
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$ |
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177,053 |
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$ |
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252,281 |
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Liabilities and stockholders’ equity |
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Deferred revenue |
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$ |
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— |
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$ |
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1,590 |
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Operating lease liabilities |
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30,507 |
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36,499 |
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Other liabilities |
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11,435 |
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18,111 |
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Total liabilities |
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41,942 |
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56,200 |
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Total stockholders’ equity |
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135,111 |
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196,081 |
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Total liabilities and stockholders’ equity |
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$ |
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177,053 |
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$ |
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252,281 |
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Consolidated Statement of Operations
(in thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
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4,014 |
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$ |
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13,365 |
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$ |
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9,772 |
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$ |
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25,038 |
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Operating expenses: |
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Research and development |
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24,371 |
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35,866 |
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71,014 |
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98,722 |
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General and administrative |
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6,065 |
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8,093 |
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21,842 |
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28,228 |
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Total operating expenses |
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30,436 |
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43,959 |
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92,856 |
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126,950 |
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Operating loss |
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(26,422 |
) |
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(30,594 |
) |
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(83,084 |
) |
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(101,912 |
) |
Total other income |
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1,746 |
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2,785 |
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6,032 |
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9,752 |
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Loss before income taxes |
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(24,676 |
) |
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(27,809 |
) |
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(77,052 |
) |
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(92,160 |
) |
Income tax provision |
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18 |
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83 |
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52 |
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135 |
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Net loss |
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$ |
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(24,694 |
) |
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$ |
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(27,892 |
) |
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$ |
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(77,104 |
) |
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$ |
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(92,295 |
) |
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Net loss per share, basic and diluted |
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$ |
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(0.40 |
) |
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$ |
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(0.47 |
) |
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$ |
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(1.27 |
) |
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$ |
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(1.57 |
) |
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Weighted-average common shares outstanding, basic and diluted |
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61,824,703 |
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58,803,015 |
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60,631,494 |
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58,608,075 |
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GAAP vs. Non-GAAP Financial Measures
Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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GAAP collaboration revenue |
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$ |
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4,014 |
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$ |
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13,365 |
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$ |
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9,772 |
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$ |
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25,038 |
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Revenue recognized for reimbursed research and development services (Note 1) |
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3,402 |
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2,212 |
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7,815 |
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6,229 |
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Net collaboration revenue |
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$ |
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612 |
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$ |
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11,153 |
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$ |
|
1,957 |
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$ |
|
18,809 |
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GAAP total research and development expenses |
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$ |
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24,371 |
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$ |
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35,866 |
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$ |
|
71,014 |
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$ |
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98,722 |
|
Expenses incurred for reimbursed research and development services (Note 1) |
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3,402 |
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2,212 |
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7,815 |
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6,229 |
|
Net research and development expenses |
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$ |
|
20,969 |
|
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$ |
|
33,654 |
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$ |
|
63,199 |
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$ |
|
92,493 |
|
Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2026, the Company incurred $3.4 million and $7.8 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses, respectively. During the three and nine months ended September 30, 2025, the Company incurred $2.2 million and $6.2 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses, respectively.