Voyager Therapeutics Reports $31M Net Loss and Decline in Collaboration Revenue in Q1 2025

Voyager Therapeutics, Inc. reported a net loss of $31.0 million for the first quarter of 2025, a significant increase from the $11.3 million loss recorded in the same period of the previous year. The company's collaboration revenue also saw a decline, totaling $6.5 million compared to $19.5 million in the first quarter of 2024. This decrease in revenue is attributed to reduced contributions from its collaboration agreements, particularly with Neurocrine Biosciences and Novartis, as the company continues to focus on advancing its clinical programs.

Operating expenses for Voyager increased to $41.2 million in the first quarter of 2025, up from $35.7 million in the prior year. The rise in expenses was primarily driven by higher research and development costs, which amounted to $31.5 million, reflecting increased spending on clinical trials, particularly for the VY7523 program. General and administrative expenses also rose to $9.6 million, attributed to higher employee-related costs and professional services. The company’s accumulated deficit now stands at $357.2 million as of March 31, 2025.

In terms of operational developments, Voyager Therapeutics has made strides in its clinical pipeline, particularly with its VY7523 program, an anti-tau antibody for Alzheimer’s disease, which is currently in a Phase 1 multiple ascending dose clinical trial. The company is also advancing its VY1706 gene therapy program targeting tau mRNA, with plans to submit an investigational new drug application in 2026. Additionally, Voyager has ongoing collaborations with Neurocrine and Novartis, which have provided over $500 million in non-dilutive funding to date.

As of March 31, 2025, Voyager reported cash, cash equivalents, and marketable securities totaling $295.1 million, which the company believes will be sufficient to meet its operational needs into mid-2027. However, the company acknowledges the need for additional funding to support its ongoing research and development activities and to navigate the uncertainties associated with clinical trials and regulatory approvals. Voyager's management has indicated that they will continue to explore various financing options, including equity offerings and strategic collaborations, to ensure the sustainability of their operations and development efforts.