LEXINGTON, Mass. — November 10, 2025 — Leads & Copy — Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company focused on using genetics for neurological disease treatment, has released its third-quarter 2025 financial and operating results.
Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager, stated that the company is pursuing optimal modalities for each neurotherapeutic target. He highlighted the initial preclinical data shared on Voyager NeuroShuttle, a nonviral delivery platform with unique pharmacokinetics, and the introduction of their first NeuroShuttle program. Voyager has also partnered with Transition Bio, securing an option to license their small molecules for ALS and FTD. Sandrock expressed excitement about contributing neurotherapeutics expertise while maintaining a cash runway into 2028.
Pipeline Updates:
VY7523 (anti-tau antibody): The multiple ascending dose (MAD) clinical trial is ongoing in Alzheimer’s disease (AD) patients.
VY1706 (tau silencing gene therapy): Investigational New Drug (IND)-enabling studies are ongoing, with clinical trial initiation expected in 2026.
Partnership Updates:
Neurocrine Partnership: An update on IND filing timelines for Friedreich’s ataxia (FA) and GBA1 gene therapy programs is expected by the end of 2025. Neurocrine also initiated a preclinical toxicology study with a fourth development candidate, triggering a $3 million milestone payment to Voyager in the fourth quarter of 2025.
Novartis Partnership: Novartis intends to discontinue two discovery-stage programs, returning rights to Voyager. Programs for Huntington’s disease, spinal muscular atrophy (SMA), and another undisclosed target will continue.
Early Research and Platform Updates:
Voyager NeuroShuttle™ Platform: Voyager introduced this nonviral delivery platform during the third quarter, utilizing novel receptor-binding molecules for transporting neurotherapeutics across the blood-brain barrier. Initial murine studies of ALPL-VYGR-NeuroShuttle showed sustained brain expression over three weeks, without impacting circulating reticulocytes or causing anemia.
VYGR-NeuroShuttle Program: Voyager is assessing a discovery-stage program using ALPL-VYGR-NeuroShuttle to treat an undisclosed neurological disease.
Small Molecule Approach: Voyager is collaborating with Transition Bio to develop selective small molecules for treating amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD) with TDP-43 pathology. Voyager has the option to license worldwide rights to any development candidate for an upfront payment and potential milestone payments up to $500 million, plus tiered royalties on net sales.
Early Research: Investment in the SOD1-ALS gene therapy and anti-Aβ antibody gene therapy programs has been deprioritized.
Anticipated Milestones:
2025-2026: Data read-outs expected for tau-targeting agents from third parties.
2026: U.S. IND/Canadian CTA submissions and clinical trial initiation anticipated for VY1706 in AD. Potential clinical trial initiations for FA and GBA1 programs are expected from Neurocrine.
H2 2026: Initial tau PET imaging data expected in the MAD clinical trial of VY7523 in AD.
Third Quarter 2025 Financial Results:
Collaboration Revenues: $13.4 million, compared to $24.6 million in 2024, due to lower revenue recognized under the Novartis Option and License Agreement.
R&D Expenses: $35.9 million, compared to $30.2 million in 2024, due to increased spending on the VY7523 MAD clinical trial and the VY1706 tau silencing gene therapy program.
G&A Expenses: $8.1 million, consistent with $8.2 million in 2024, reflecting disciplined expense management.
Net Loss: $27.9 million, compared to $9.0 million in 2024, due to decreased collaboration revenue.
Cash Position: Cash, cash equivalents, and marketable securities were $229 million as of September 30, 2025.
Financial Guidance:
Voyager expects its cash resources, collaboration reimbursements, and interest income to fund operations into 2028. The company could earn up to $2.4 billion in additional milestone payments.
Trista Morrison, NACD.DC, tmorrison@vygr.com
Investors: Sarah McCabe, smccabe@jpa.com
Media: Adam Silverstein, adam@scientpr.com
Source: Voyager Therapeutics
