Voyager Therapeutics Reports 82% Decline in Collaboration Revenue and Increased Net Losses in Q2 2025

Voyager Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a significant decline in collaboration revenue and an increase in net losses compared to the same period in the previous year. For the three months ended June 30, 2025, the company generated collaboration revenue of $5.2 million, a decrease of 82% from $29.6 million in the same quarter of 2024. The net loss for the quarter was $33.4 million, compared to a net loss of $10.1 million in the prior year, resulting in a net loss per share of $0.57, up from $0.18.

In terms of operating expenses, Voyager reported a total of $41.8 million for the second quarter of 2025, slightly down from $44.6 million in the same quarter of 2024. The company’s research and development expenses were $31.3 million, while general and administrative expenses totaled $10.5 million. The increase in net loss was attributed to the significant drop in collaboration revenue, which was primarily driven by reduced activity under its collaboration agreements, particularly with Neurocrine Biosciences.

The company’s balance sheet as of June 30, 2025, showed total assets of $322.1 million, down from $393.1 million at the end of 2024. Cash and cash equivalents decreased to $43.9 million from $71.4 million, while marketable securities also fell to $171.7 million from $195.3 million. Voyager's accumulated deficit increased to $390.6 million, reflecting ongoing operational losses. The company’s total stockholders’ equity was reported at $243.9 million, down from $299.8 million at the end of the previous fiscal year.

Operationally, Voyager Therapeutics has continued to focus on its pipeline of gene therapies for neurological diseases, including programs for Alzheimer’s disease and Parkinson’s disease. The company has not launched any new products or made significant acquisitions during this period. As of June 30, 2025, Voyager had 55.4 million shares outstanding, an increase from 54.7 million shares at the end of 2024, reflecting ongoing stock option exercises and equity financing activities.

Looking ahead, Voyager Therapeutics expects its existing cash, cash equivalents, and marketable securities to be sufficient to meet its planned operating expenses and capital expenditure requirements for at least the next twelve months. However, the company cautioned that there can be no assurance of its ability to secure additional financing or generate product revenue in a timely manner, which could materially impact its business and financial condition.