Voyager Therapeutics, Inc. reported a net loss of $65.0 million for the year ended December 31, 2024, compared to a net income of $132.3 million in 2023 and a net loss of $46.4 million in 2022. The company's accumulated deficit as of December 31, 2024, was $326.2 million. Revenue for 2024 totaled $80.0 million, significantly lower than the $250.0 million reported in 2023. This decrease stemmed from a reduction in collaboration revenue across several agreements, including the 2023 Neurocrine Collaboration Agreement, the Novartis Amendment, the 2019 Neurocrine Collaboration Agreement, and the 2023 Novartis Collaboration Agreement.
Research and development expenses increased by $35.2 million to $127.4 million in 2024, primarily due to increased facility costs, external research and development spending, and higher internal research and development costs associated with increased headcount. General and administrative expenses remained relatively consistent year-over-year. Other income, net, increased to $18.95 million in 2024 from $11.7 million in 2023, mainly due to higher interest income on increased marketable securities balances.
During 2024, Voyager advanced its wholly-owned pipeline, including VY7523, an anti-tau antibody for Alzheimer's disease currently in a Phase 1 MAD clinical trial, and VY1706, a tau silencing gene therapy anticipated to have an IND application submitted in 2026. The company also continued collaborations with Neurocrine Biosciences and Novartis, with Neurocrine expected to submit IND filings in 2025 for a GBA1 gene therapy and an FXN gene therapy. Voyager also has licensing agreements with Novartis for three undisclosed CNS targets and Alexion for one undisclosed rare neurological disease target. These partnerships have generated over $500 million in non-dilutive funding to date.
As of December 31, 2024, Voyager held $332.4 million in cash, cash equivalents, and marketable securities. The company anticipates that these funds, along with expected reimbursements from Neurocrine and Novartis, will be sufficient to cover operating expenses and capital expenditures into mid-2027. Future funding requirements will depend on various factors, including clinical trial progress, regulatory approvals, and the success of collaborations and licensing agreements. The company anticipates continued losses for the foreseeable future and plans to finance operations through a combination of equity offerings, debt financings, collaborations, and licensing arrangements. The company does not currently anticipate paying cash dividends.
About Voyager Therapeutics, Inc.
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