Voyager Therapeutics, Inc. VYGR
We are a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Our pipeline includes programs for Alzheimer's disease, or AD; Friedreich's ataxia, or FA; Parkinson's disease, or PD; and multiple other diseases of the central nervous system, or CNS. Many of our programs are derived from our TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) adeno-associated virus, or AAV, capsid discovery platform, which we have used to generate novel capsids, or TRACER Capsids, and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous, or IV, dosing. Some of our programs are wholly-owned, and some are advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease, or Alexion; Novartis Pharma AG, or Novartis; Neurocrine Biosciences, Inc., or Neurocrine; and Transition Bio, Inc., or Transition Bio.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.4M | $80.0M | $250.0M | $40.9M | $37.4M | $171.1M | $104.4M | $7.6M | $10.1M | $14.2M |
| R&D | $134.7M | $127.4M | $92.2M | $60.8M | $73.8M | $108.8M | $119.7M | $64.9M | $62.3M | $42.2M |
| SG&A | $37.5M | $35.9M | $35.8M | $31.0M | $37.2M | $35.0M | $36.3M | $33.8M | $19.7M | $13.3M |
| Total operating expenses | $172.2M | $163.3M | $128.0M | $91.7M | $111.0M | $143.7M | $156.1M | $98.7M | $82.0M | $55.5M |
| Operating income | -$131.8M | -$83.3M | $122.0M | -$50.8M | -$73.6M | $27.4M | -$51.7M | -$91.1M | -$71.9M | -$41.3M |
| Pre-tax income | -$119.6M | -$64.3M | $133.7M | -$46.4M | -$71.2M | $36.7M | -$43.6M | -$88.5M | -$70.7M | -$40.1M |
| Income tax | $144.0K | $665.0K | $1.4M | $16.0K | — | — | — | $180.0K | — | $52.0K |
| Net income | -$119.7M | -$65.0M | $132.3M | -$46.4M | -$71.2M | $36.7M | -$43.6M | -$88.3M | -$70.7M | -$40.2M |
| EPS, basic | -2.04 | -1.13 | 3.08 | -1.21 | -1.89 | 0.99 | -1.21 | -2.75 | — | — |
| EPS, diluted | -2.04 | -1.13 | 2.97 | -1.21 | -1.89 | 0.98 | -1.21 | -2.75 | -2.64 | -1.59 |
| Shares, diluted (wtd. avg.) | $58.7M | $57.7M | $44.6M | $38.4M | $37.7M | $37.3M | $35.9M | $32.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $65.3M | $71.4M | $70.4M | $100.5M | $119.2M | $106.2M | $86.8M | $47.6M | $32.3M | $37.4M |
| Short-term investments | $131.1M | $195.3M | $162.1M | $19.9M | $15.1M | $76.7M | $195.5M | $108.9M | $137.5M | $137.8M |
| Receivables | $1.8M | $1.5M | $80.2M | — | — | — | — | — | — | — |
| Total current assets | $202.7M | $276.8M | $319.7M | $124.5M | $136.7M | $197.8M | $304.7M | $162.5M | $171.8M | $178.8M |
| Property, plant and equipment | $13.1M | $14.3M | $16.5M | $17.9M | $21.9M | $25.4M | $18.0M | $12.8M | $10.3M | $7.9M |
| Total assets | $252.3M | $393.1M | $351.3M | $159.4M | $193.9M | $261.6M | $354.8M | $177.0M | $184.5M | $189.6M |
| Accounts payable | $5.0M | $4.0M | $1.6M | $2.6M | $574.0K | $634.0K | $4.1M | $1.0M | $1.0M | $550.0K |
| Total current liabilities | $26.5M | $49.8M | $64.5M | $72.6M | $51.0M | $26.8M | $76.0M | $31.7M | $15.9M | $13.8M |
| Total liabilities | $56.2M | $93.3M | $115.0M | $100.3M | $98.8M | $107.3M | $255.2M | $130.6M | $50.4M | $53.6M |
| Retained earnings | -$445.9M | -$326.2M | -$261.2M | -$393.5M | -$347.1M | -$275.9M | -$312.6M | -$269.1M | -$160.7M | -$90.0M |
| Total equity | $196.1M | $299.8M | $236.3M | $59.0M | $95.1M | $154.3M | $99.5M | $46.4M | $134.1M | $135.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$132.5M | -$15.3M | $77.9M | -$12.5M | -$53.5M | -$96.7M | $48.7M | -$15.9M | -$61.4M | -$42.5M |
| Depreciation and amortisation | $4.1M | $4.7M | $4.4M | $6.2M | $5.2M | $3.8M | $2.8M | $2.1M | $1.6M | $612.0K |
| Stock-based compensation | $14.8M | $14.8M | $11.2M | $9.3M | $11.3M | $14.9M | $15.6M | $15.7M | $9.2M | $6.3M |
| Capital expenditure | $2.6M | $3.5M | $3.3M | $2.5M | $1.6M | $12.1M | $7.7M | $4.3M | $4.0M | $5.0M |
| Investing cash flow | $125.4M | -$94.9M | -$141.6M | -$7.3M | $65.9M | $113.0M | -$90.5M | $26.5M | -$3.7M | $47.7M |
| Financing cash flow | $816.0K | $114.0M | $33.6M | $1.1M | $612.0K | $3.2M | $81.0M | $4.7M | $59.9M | $514.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050297.
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