Voyager Therapeutics次季虧損收窄至2450萬美元 現金儲備充足支持12個月營運

10-Q
 
 
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q
 
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026 
 

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the transition period from ______ to ______
Commission file number: 001-37625
 
 
Voyager Therapeutics, Inc.
(Exact name of Registrant as specified in its charter)
 
 

 
 
 
 
 
 

 
 Delaware

  

 46-3003182

 

 
 (State or other jurisdiction of
incorporation or organization)

  

 (I.R.S. Employer
Identification No.)

 

 
  

  

  

 

 
 75 Hayden Avenue, 
Lexington, Massachusetts

  

 02421

 

 
 (Address of principal executive offices)

  

 (Zip Code)

 

 (857) 259-5340
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 

 
 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 

 
 Common Stock, $0.001 par value

 VYGR

 Nasdaq Global Select Market

 

  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 
 
 
 
 
 
 
 

 
  

  

  

  

  

 

 
 Large accelerated filer

 ☐

  

 Accelerated filer

 ☒

 

 
 Non-accelerated filer

 ☐

  

 Smaller reporting company

 ☒

 

 
  

  

  

 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, as of July 30, 2026, was 61,617,948.
 
 
 

 

 
 Table of Contents

  

 Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “target,” “potential,” “contemplate,” “goals,” “will,” “would,” “could,” “should,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:
•our plans to develop, manufacture and commercialize our proprietary adeno-associated virus, or AAV, gene therapy, antibody, non-viral therapeutic, and small molecule product candidates;

•our ability to continue to develop our proprietary gene therapy platform technologies, including our TRACERTM (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) discovery platform, our non-viral therapeutics platform, including VOYAGER NEUROSHUTTLETM, and our proprietary antibody, small molecule, gene therapy, shuttled or vectorized antibody, and non-viral therapeutic programs;

•our ability to identify and optimize product candidates, proprietary AAV capsids, and non-viral blood-brain-barrier shuttles;

•our strategic collaborations and licensing agreements with, and funding from, our collaboration partners Neurocrine Biosciences, Inc. and Novartis Pharma AG and our licensee Alexion, AstraZeneca Rare Disease (successor-in-interest to former licensee Pfizer Inc.);

•our collaboration with Transition Bio, Inc. to advance small molecules targeting TDP-43 to treat amyotrophic lateral sclerosis and frontotemporal dementia with TDP-43 pathology;

•our ongoing and planned clinical trials, preclinical development efforts, related timelines and studies, including our plans to generate initial data from the Phase 1 multiple ascending dose clinical trial of VY7523 in early Alzheimer’s disease patients in the fourth quarter of 2026 and to initiate and begin dosing patients in a clinical trial of VY1706 in the fourth quarter of 2026 and generate initial acute safety data and initial cerebrospinal fluid tau biomarker-based data in early 2027 and the second half of 2027, respectively;

•our ability to enter into future collaborations, strategic alliances, or option and license arrangements;

•the timing of and our ability to submit applications and obtain and maintain regulatory approvals for our product candidates, including the ability to submit investigational new drug applications for our programs;

•our belief as to potential outcomes of our clinical development activities, and plans and potential outcomes with respect to interactions with regulatory authorities;

•our estimates regarding future revenue, expenses, contingent liabilities, existing cash resources, capital requirements and cash runway; 

•our intellectual property position and our ability to obtain, maintain and enforce intellectual property protection for our proprietary assets; 

•our estimates regarding the size of the potential markets for our product candidates and our ability to serve those markets; 

•our need for and the timing of additional funding and our plans and ability to raise additional capital, including through equity offerings, debt financings, collaborations, strategic alliances, and option and license arrangements; 

 2

 
 Table of Contents

  

 •our competitive position and the success of competing products that are or might become available for the indications that we are pursuing;

•the impact of government laws and regulations, including in the United States, the European Union, and other important geographies such as Japan; and

•our ability to control costs and prioritize our product candidate pipeline and platform development objectives successfully in connection with our strategic initiatives.

These forward-looking statements are only predictions, and we may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. You should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. We have included important factors in the cautionary statements included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2026, particularly in “Part I, Item 1A — Risk Factors,” and, if applicable, this Quarterly Report on Form 10-Q, particularly in “Part II, Item 1A — Risk Factors,” that could cause actual future results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, strategic collaborations, licenses, joint ventures or investments we may make or enter into.
You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
We obtained the statistical and other industry and market data in this Quarterly Report on Form 10-Q and the documents we have filed as exhibits to this Quarterly Report on Form 10-Q from our own internal estimates and research, as well as from industry and general publications and research, surveys, studies and trials conducted by third parties. Some data is also based on our good faith estimates, which are derived from management’s knowledge of the industry and independent sources. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, while we believe the market opportunity information included in this Quarterly Report on Form 10-Q and the documents we have filed as exhibits to this Quarterly Report on Form 10-Q is reliable and is based upon reasonable assumptions, such data involves risks and uncertainties and are subject to change based on various factors, including those discussed under “Risk Factors” and in the documents we have filed as exhibits to the Quarterly Report on Form 10-Q. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. 
We own various U.S. federal trademark registrations and applications and unregistered trademarks, including our corporate logo. This Quarterly Report on Form 10-Q and the documents filed as exhibits to this Quarterly Report on Form 10-Q contain references to trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q and the information incorporated herein, including logos, artwork, and other visual displays, that may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks or trade names. We do not intend our use or display of other companies’ trade names, service marks or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. All trademarks, service marks and trade names included or incorporated by reference into this Quarterly Report on Form 10-Q and the documents filed as exhibits to this Quarterly Report on Form 10-Q are the property of their respective owners.
 

 3

 
 Table of Contents

  

 VOYAGER THERAPEUTICS, INC.
FORM 10-Q
TABLE OF CONTENTS
 

 
 
 
 
 
 
 

 
  

 Page

 

 
 PART I. FINANCIAL INFORMATION

 

 
 ITEM 1.

 

 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

  

 

 
  

  

 CONDENSED CONSOLIDATED BALANCE SHEETS

 5

 

 
  

  

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 6

 

 
  

  

 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

 7

 

 
  

  

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 8

 

 
  

  

 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 9

 

 
 ITEM 2.

  

 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 18

 

 
 ITEM 3.

  

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 32

 

 
 ITEM 4.

  

 CONTROLS AND PROCEDURES

 32

 

 
  

 

 
 PART II. OTHER INFORMATION

 

 
 ITEM 1.

  

 LEGAL PROCEEDINGS

 33

 

 
 ITEM 1A.

  

 RISK FACTORS

 33

 

 
 ITEM 5.

  

 OTHER INFORMATION

 33

 

 
 ITEM 6.

  

 EXHIBITS

 34

 

 
  

  

 SIGNATURES

 35

 

  

 4

 
 Table of Contents

  

 PART I. FINANCIAL INFORMATION
Voyager Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Assets

  

  

 

  

  

  

 

  

 

 
 Current assets:

  

  

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

  

 35,769

  

  

 $

  

 65,300

  

 

 
 Marketable securities

  

  

  

 80,569

  

  

  

  

 131,147

  

 

 
 Accounts receivable

  

  

  

 2,932

  

  

  

  

 1,761

  

 

 
 Related party collaboration receivable

  

  

  

 222

  

  

  

  

 151

  

 

 
 Prepaid expenses and other current assets

  

  

  

 5,736

  

  

  

  

 4,328

  

 

 
 Total current assets

  

  

  

 125,228

  

  

  

  

 202,687

  

 

 
 Property and equipment, net

  

  

  

 11,194

  

  

  

  

 13,136

  

 

 
 Restricted cash

  

  

  

 2,736

  

  

  

  

 2,736

  

 

 
 Marketable securities, non-current

  

  

  

 32,476

  

  

  

  

 5,244

  

 

 
 Other non-current assets

  

  

  

 214

  

  

  

  

 —

  

 

 
 Operating lease, right-of-use assets

  

  

  

 25,905

  

  

  

  

 28,478

  

 

 
 Total assets

  

 $

  

 197,753

  

  

 $

  

 252,281

  

 

 
 Liabilities and stockholders’ equity

  

  

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

  

 1,614

  

  

 $

  

 5,013

  

 

 
 Accrued expenses

  

  

  

 7,951

  

  

  

  

 12,098

  

 

 
 Operating lease liabilities

  

  

  

 6,876

  

  

  

  

 7,840

  

 

 
 Deferred revenue

  

  

  

 244

  

  

  

  

 1,590

  

 

 
 Total current liabilities

  

  

  

 16,685

  

  

  

  

 26,541

  

 

 
 Operating lease liabilities, net of current portion

  

  

  

 25,691

  

  

  

  

 28,659

  

 

 
 Other non-current liabilities

  

  

  

 1,000

  

  

  

  

 1,000

  

 

 
 Total liabilities

  

  

  

 43,376

  

  

  

  

 56,200

  

 

 
 Commitments, contingencies, and other liabilities (see note 7)

  

  

  

  

  

  

  

  

 

 
 Stockholders’ equity:

  

  

  

  

  

  

  

  

 

 
 Preferred stock, $0.001 par value: 5,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025

  

  

  

 —

  

  

  

  

 —

  

 

 
 Common stock, $0.001 par value: 240,000,000 and 120,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 61,273,390 and 59,047,860 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

  

  

  

 61

  

  

  

  

 59

  

 

 
 Additional paid-in capital

  

  

  

 653,052

  

  

  

  

 641,895

  

 

 
 Accumulated other comprehensive (loss) income

  

  

  

 (421

 )

  

  

  

 32

  

 

 
 Accumulated deficit

  

  

  

 (498,315

 )

  

  

  

 (445,905

 )

 

 
 Total stockholders’ equity

  

  

  

 154,377

  

  

  

  

 196,081

  

 

 
 Total liabilities and stockholders’ equity

  

 $

  

 197,753

  

  

 $

  

 252,281

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements.

 5

 
 Table of Contents

  

 Voyager Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(amounts in thousands, except share and per share data) 
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Collaboration revenue

  

 $

  

 3,165

  

  

 $

  

 5,200

  

  

 $

  

 5,758

  

  

 $

  

 11,673

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Research and development

  

  

  

 22,041

  

  

  

  

 31,330

  

  

  

  

 46,643

  

  

  

  

 62,856

  

 

 
 General and administrative

  

  

  

 7,516

  

  

  

  

 10,495

  

  

  

  

 15,777

  

  

  

  

 20,135

  

 

 
 Total operating expenses

  

  

  

 29,557

  

  

  

  

 41,825

  

  

  

  

 62,420

  

  

  

  

 82,991

  

 

 
 Operating loss

  

  

  

 (26,392

 )

  

  

  

 (36,625

 )

  

  

  

 (56,662

 )

  

  

  

 (71,318

 )

 

 
 Other income, net:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest income

  

  

  

 1,528

  

  

  

  

 2,831

  

  

  

  

 3,440

  

  

  

  

 6,122

  

 

 
 Other income

  

  

  

 411

  

  

  

  

 427

  

  

  

  

 846

  

  

  

  

 845

  

 

 
 Total other income, net

  

  

  

 1,939

  

  

  

  

 3,258

  

  

  

  

 4,286

  

  

  

  

 6,967

  

 

 
 Loss before income taxes

  

  

  

 (24,453

 )

  

  

  

 (33,367

 )

  

  

  

 (52,376

 )

  

  

  

 (64,351

 )

 

 
 Income tax provision

  

  

  

 20

  

  

  

  

 15

  

  

  

  

 34

  

  

  

  

 52

  

 

 
 Net loss

  

 $

  

 (24,473

 )

  

 $

  

 (33,382

 )

  

 $

  

 (52,410

 )

  

 $

  

 (64,403

 )

 

 
 Other comprehensive (loss) income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net unrealized (loss) gain on available-for-sale securities

  

  

  

 (158

 )

  

  

  

 (22

 )

  

  

  

 (453

 )

  

  

  

 186

  

 

 
 Total other comprehensive (loss) income

  

  

  

 (158

 )

  

  

  

 (22

 )

  

  

  

 (453

 )

  

  

  

 186

  

 

 
 Comprehensive loss

  

 $

  

 (24,631

 )

  

 $

  

 (33,404

 )

  

 $

  

 (52,863

 )

  

 $

  

 (64,217

 )

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss per share, basic and diluted

  

 $

  

 (0.40

 )

  

 $

  

 (0.57

 )

  

 $

  

 (0.87

 )

  

 $

  

 (1.10

 )

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Weighted-average common shares outstanding, basic and diluted

  

  

  

 60,547,863

  

  

  

  

 58,666,460

  

  

  

  

 60,025,001

  

  

  

  

 58,508,989

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements.

 6

 
 Table of Contents

  

 Voyager Therapeutics, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(amounts in thousands, except share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 Additional

  

  

 Other

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Paid-In

  

  

 Comprehensive

  

  

 Accumulated

  

  

 Stockholders'

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Loss

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance at December 31, 2025

  

  

 59,047,860

  

  

 $

  

 59

  

  

 $

  

 641,895

  

  

 $

  

 32

  

  

 $

  

 (445,905

 )

  

 $

  

 196,081

  

 

 
 Exercises of stock options

  

  

 87,081

  

  

  

  

 —

  

  

  

  

 294

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 294

  

 

 
 Vesting of restricted stock units

  

  

 545,015

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 Issuance of common stock from at-the-market sales agreement, net of issuance costs

  

  

 630,570

  

  

  

  

 1

  

  

  

  

 3,037

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 3,038

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

  

 —

  

  

  

  

 2,488

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 2,488

  

 

 
 Unrealized loss on available-for-sale securities, net of tax

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (295

 )

  

  

  

 —

  

  

  

  

 (295

 )

 

 
 Net loss

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (27,937

 )

  

  

  

 (27,937

 )

 

 
 Balance at March 31, 2026

  

  

 60,310,526

  

  

 $

  

 60

  

  

 $

  

 647,714

  

  

 $

  

 (263

 )

  

 $

  

 (473,842

 )

  

 $

  

 173,669

  

 

 
 Exercises of stock options

  

  

 105,481

  

  

  

  

 —

  

  

  

  

 57

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 57

  

 

 
 Vesting of restricted stock units

  

  

 55,914

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 Issuance of common stock under ESPP

  

  

 73,473

  

  

  

  

 —

  

  

  

  

 219

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 219

  

 

 
 Issuance of common stock from at-the-market sales agreement, net of issuance costs

  

  

 727,996

  

  

  

  

 1

  

  

  

  

 2,629

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 2,630

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

  

 —

  

  

  

  

 2,433

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 2,433

  

 

 
 Unrealized loss on available-for-sale securities, net of tax

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (158

 )

  

  

  

 —

  

  

  

  

 (158

 )

 

 
 Net loss

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (24,473

 )

  

  

  

 (24,473

 )

 

 
 Balance at June 30, 2026

  

  

 61,273,390

  

  

 $

  

 61

  

  

 $

  

 653,052

  

  

 $

  

 (421

 )

  

 $

  

 (498,315

 )

  

 $

  

 154,377

  

 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 Additional

  

  

 Other

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Paid-In

  

  

 Comprehensive

  

  

 Accumulated

  

  

 Stockholders'

  

 

 
 

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Loss

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance at December 31, 2024

  

  

 54,731,316

  

  

 $

  

 55

  

  

 $

  

 626,296

  

  

 $

  

 (407

 )

  

 $

  

 (326,184

 )

  

 $

  

 299,760

  

 

 
 Exercises of stock options

  

  

 27,613

  

  

  

  

 —

  

  

  

  

 82

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 82

  

 

 
 Vesting of restricted stock units

  

  

 450,556

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

  

 —

  

  

  

  

 3,673

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 3,673

  

 

 
 Unrealized gain on available-for-sale securities, net of tax

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 208

  

  

  

  

 —

  

  

  

  

 208

  

 

 
 Net loss

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (31,021

 )

  

  

  

 (31,021

 )

 

 
 Balance at March 31, 2025

  

  

 55,209,485

  

  

 $

  

 55

  

  

 $

  

 630,051

  

  

 $

  

 (199

 )

  

 $

  

 (357,205

 )

  

 $

  

 272,702

  

 

 
 Exercises of stock options

  

  

 27,433

  

  

  

  

 1

  

  

  

  

 78

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 79

  

 

 
 Vesting of restricted stock units

  

  

 99,528

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 Issuance of common stock under ESPP

  

  

 98,510

  

  

  

  

 —

  

  

  

  

 434

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 434

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

  

 —

  

  

  

  

 4,133

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 4,133

  

 

 
 Unrealized loss on available-for-sale securities, net of tax

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (22

 )

  

  

  

 —

  

  

  

  

 (22

 )

 

 
 Net loss

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 —

  

  

  

  

 (33,382

 )

  

  

  

 (33,382

 )

 

 
 Balance at June 30, 2025

  

  

 55,434,956

  

  

 $

  

 56

  

  

 $

  

 634,696

  

  

 $

  

 (221

 )

  

 $

  

 (390,587

 )

  

 $

  

 243,944

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements.

 7

 
 Table of Contents

  

 Voyager Therapeutics, Inc.
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

 

 
  

  

  

 2026

  

  

 2025

  

 

 
 Cash flow from operating activities

  

  

  

  

  

  

  

  

 

 
 Net loss

  

 $

  

 (52,410

 )

  

 $

  

 (64,403

 )

 

 
 Adjustments to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

  

  

 

 
 Stock-based compensation expense

  

  

  

 4,921

  

  

  

  

 7,806

  

 

 
 Depreciation

  

  

  

 1,840

  

  

  

  

 2,079

  

 

 
 Amortization of premiums and discounts on marketable securities

  

  

  

 (613

 )

  

  

  

 (1,789

 )

 

 
 Loss on disposal of fixed assets

  

  

  

 105

  

  

  

  

 79

  

 

 
 Non-cash lease expense

  

  

  

 2,573

  

  

  

  

 2,376

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

  

  

 

 
 Accounts receivable

  

  

  

 (1,171

 )

  

  

  

 (170

 )

 

 
 Related party collaboration receivable

  

  

  

 (71

 )

  

  

  

 (175

 )

 

 
 Prepaid expenses and other current assets

  

  

  

 (1,397

 )

  

  

  

 (1,826

 )

 

 
 Other non-current assets

  

  

  

 (214

 )

  

  

  

 —

  

 

 
 Accounts payable

  

  

  

 (3,399

 )

  

  

  

 (2,192

 )

 

 
 Accrued expenses

  

  

  

 (4,147

 )

  

  

  

 (2,146

 )

 

 
 Operating lease liabilities

  

  

  

 (3,932

 )

  

  

  

 (3,522

 )

 

 
 Deferred revenue

  

  

  

 (1,346

 )

  

  

  

 (7,273

 )

 

 
 Net cash used in operating activities

  

  

  

 (59,261

 )

  

  

  

 (71,156

 )

 

 
 Cash flow from investing activities

  

  

  

  

  

  

  

  

 

 
 Purchases of property and equipment

  

  

  

 (14

 )

  

  

  

 (1,763

 )

 

 
 Purchases of marketable securities

  

  

  

 (70,851

 )

  

  

  

 (114,790

 )

 

 
 Proceeds from sales and maturities of marketable securities

  

  

  

 94,357

  

  

  

  

 159,687

  

 

 
 Net cash provided by investing activities

  

  

  

 23,492

  

  

  

  

 43,134

  

 

 
 Cash flow from financing activities

  

  

  

  

  

  

  

  

 

 
 Proceeds from the exercise of stock options

  

  

  

 351

  

  

  

  

 161

  

 

 
 Proceeds from the purchase of common stock under ESPP

  

  

  

 219

  

  

  

  

 434

  

 

 
 Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs

  

  

  

 5,668

  

  

  

  

 —

  

 

 
 Net cash provided by financing activities

  

  

  

 6,238

  

  

  

  

 595

  

 

 
 Net decrease in cash, cash equivalents, and restricted cash

  

  

  

 (29,531

 )

  

  

  

 (27,427

 )

 

 
 Cash, cash equivalents, and restricted cash, beginning of period

  

  

  

 68,036

  

  

  

  

 74,241

  

 

 
 Cash, cash equivalents, and restricted cash, end of period

  

 $

  

 38,505

  

  

 $

  

 46,814

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements.

 8

 
 Table of Contents

  

 VOYAGER THERAPEUTICS, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of business
Voyager Therapeutics, Inc. (the “Company”) is a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Its pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, and multiple other diseases of the central nervous system (“CNS”). Its pipeline includes programs it wholly owns and programs it is advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG (“Novartis”); Neurocrine Biosciences, Inc. (“Neurocrine”); and Transition Bio, Inc.
Many of the Company’s programs are derived from its TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) adeno-associated virus (“AAV”) capsid discovery platform, which it has used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. TRACER is a broadly applicable, RNA-based screening platform that enables rapid discovery of AAV capsids with robust penetration of the blood-brain barrier (“BBB”) and enhanced CNS tropism in multiple species, including non-human primates. The Company is also developing a second, non-viral therapeutics platform focused on non-viral receptor-mediated transport across the BBB, the Voyager NeuroShuttleTM platform.
The Company has a history of incurring annual net operating losses. As of June 30, 2026, the Company had an accumulated deficit of $498.3 million. The Company has not generated any product revenue and has financed its operations primarily through public offerings and private placements of its equity securities and funding from fees, milestone payments, and cost reimbursements associated with its prior and current collaborations and license agreements.
As of June 30, 2026, the Company had cash, cash equivalents, and marketable securities of $148.8 million. Based upon its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable securities at June 30, 2026, to be sufficient to meet the Company’s planned operating expenses and capital expenditure requirements for at least twelve months from the issuance of these condensed consolidated financial statements.
There can be no assurance that the Company will be able to obtain additional debt or equity financing on terms acceptable to the Company or generate product revenue or revenue from collaboration partners, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition and require the Company to defer or limit some or all of its research, development and/or clinical programs.

2. Summary of significant accounting policies and basis of presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 9, 2026. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP, which can be found in the Accounting Standards Codification and Accounting Standards Updates of the Financial Accounting Standards Board. 

Principles of Consolidation
The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary as disclosed in Note 2, Summary of Significant Accounting Policies and Basis of Presentation, within the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Intercompany balances and transactions have been eliminated.

 9

 
 Table of Contents

  

 Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, research and development accrued expenses, stock‑based compensation expense, and income taxes. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.

Summary of Significant Accounting Policies
There have been no changes in the Company’s significant accounting policies as described in Note 2, Summary of Significant Accounting Policies and Basis of Presentation, within the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

3. Fair value measurements
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, are as follows:
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

 Quoted Prices

  

  

 Significant

  

  

  

  

  

 

 
  

  

  

  

  

  

 in Active

  

  

 Other

  

  

 Significant

  

 

 
  

  

  

  

  

  

 Markets for

  

  

 Observable

  

  

 Unobservable

  

 

 
  

  

  

  

  

  

 Identical Assets

  

  

 Inputs

  

  

 Inputs

  

 

 
 Assets

  

 Total

  

  

 (Level 1)

  

  

 (Level 2)

  

  

 (Level 3)

  

 

 
 June 30, 2026

  

 (in thousands)

  

 

 
 Cash equivalents:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Money market funds

  

 $

  

 24,548

  

  

 $

  

 24,548

  

  

 $

  

 —

  

  

 $

  

 —

  

 

 
 Marketable securities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 U.S. Treasury notes

  

  

  

 39,931

  

  

  

  

 39,931

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 U.S. Government agency securities

  

  

  

 23,940

  

  

  

  

 23,940

  

  

  

  

 —

  

  

  

  

 —

  

 

 
 Corporate bonds

  

  

  

 43,371

  

  

  

  

 —

  

  

  

  

 43,371

  

  

  

  

 —

  

 

 
 Commercial paper

  

  

  

 5,803

  

  

  

  

 —

  

  

  

  

 5,803

  

  

  

  

 —

  

 

 
 Total cash equivalents and marketable securities

  

 $

  

 137,593

  

  

 $

  

 88,419

  

  

 $

  

 49,174

  

  

 $

  

 —

  

 

 
 December 31, 2025

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash equivalents:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Money market funds

  

 $

  

 51,161

  

  

 $

  

 51,161

  

  

 $

  

 —

  

  

 $

  

 —

  

 

 
 Commercial paper

  

  

  

 3,477

  

  

  

  

 —

  

  

  

  

 3,477

  

  

  

  

 —

  

 

 
 Marketable securities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 U.S. Treasury notes

  

  

  

 72,805

  

  

  

  

 72,805

  

  

  

  

 —

  

  

  

  

 —