Voyager Therapeutics, Inc. reported a net loss of $119.7 million for the fiscal year ended December 31, 2025, a significant decrease compared to the net income of $132.3 million reported for the year ended December 31, 2023, and a net loss of $65.0 million for the year ended December 31, 2024. The company's collaboration revenue totaled $40.4 million in 2025, a decrease from the $80.0 million reported in 2024 and $250.0 million in 2023. This revenue was primarily derived from ongoing collaborations with Neurocrine Biosciences, Inc. and Novartis Pharma AG, as well as other agreements.
The company's research and development expenses increased to $134.7 million in 2025 from $127.4 million in 2024. This increase was mainly due to higher internal research and development costs, including employee-related expenses and external costs associated with the anti-tau antibody program (VY7523) and the tau silencing gene therapy program (VY1706). These increases were partially offset by decreased spending on the superoxide dismutase 1 (SOD1) silencing gene therapy program, as the company is no longer advancing VY9323, and decreased facility costs. General and administrative expenses also saw a slight increase, rising to $37.5 million in 2025 from $35.9 million in 2024, primarily due to increased consulting fees and employee-related costs associated with restructuring.
Strategic developments during the year included the progression of VY7523, an anti-tau antibody for Alzheimer's disease, into a Phase 1 multiple ascending dose clinical trial. The company also anticipates submitting an investigational new drug application for VY1706, a tau silencing gene therapy, in the second quarter of 2026, with a clinical trial expected to begin in the second half of 2026. Furthermore, Neurocrine Biosciences intends to initiate a clinical trial with NBIB-'223 for Friedreich's ataxia in the second half of 2026, pending successful FDA IND clearance. The company also continues to advance its Voyager NeuroShuttle platform for non-viral therapeutic delivery across the blood-brain barrier.
As of December 31, 2025, Voyager Therapeutics had cash, cash equivalents, and marketable securities totaling $201.7 million. The company anticipates that these resources, along with expected reimbursements for development costs from collaboration partners and interest income, will be sufficient to fund planned operating expenses and capital expenditures into 2028. The company's employee headcount stood at 141 full-time employees as of December 31, 2025, with a focus on research and development. However, a restructuring executed in December 2025 resulted in the separation of 30 employees in early 2026.
About Voyager Therapeutics, Inc.
Voyager Therapeutics is a biotechnology company focused on developing gene therapies for neurological diseases. Utilizing proprietary platforms like TRACER for blood-brain barrier crossing, it advances treatments for Alzheimer’s, Parkinson’s, Friedreich’s ataxia, and other CNS disorders. The company collaborates with industry partners, licensing innovative capsids and antibody technologies to create disease-modifying medicines targeting genetic and protein pathways in the brain.
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