Voyager Therapeutics 2025 Q1 Earnings Misses Targets with Net Income Decline of 173.8%

Voyager Therapeutics (VYGR) reported its fiscal 2025 Q1 earnings on May 06th, 2025. The biotechnology company fell short of market expectations as it reported a significant decline in revenue and net income compared to the previous year. The company's guidance remains in line with previous projections, with an expectation that its current cash position will support operations into mid-2027, excluding potential milestone payments from partnerships. Despite the challenging financial results, Voyager is optimistic about its strategic pipeline advances.

Revenue

Voyager Therapeutics saw its total revenue drop sharply by 66.8% year-over-year to $6.47 million for the first quarter of 2025. This decline was mainly attributed to collaboration revenue, which accounted for the entirety of the company's revenue during the period. The drop was primarily due to decreased revenue recognized under its Neurocrine collaboration agreements.

Earnings/Net Income

Voyager Therapeutics faced a wider loss in earnings per share, reporting a loss of $0.53 per share in Q1 2025, compared to a loss of $0.20 per share in Q1 2024. The net loss reached $31.02 million, marking a substantial increase from the previous year's $11.33 million loss. The earnings performance reflects significant challenges in revenue generation and cost management.

Price Action

The stock price of Voyager Therapeutics has dropped 6.34% during the latest trading day, has tumbled 9.34% during the most recent full trading week, and has climbed 4.50% month-to-date.

Post Earnings Price Action Review

Voyager Therapeutics experienced a notable decline in revenue during the first quarter of 2025, with a 66.8% year-over-year decrease. Despite this financial setback, the company's stock has seen significant price fluctuations, falling by 42.58% over the last three months and 62.94% over the past year. Investors holding Voyager shares for 30 days post-revenue drop did not benefit as the stock continued to lose value. Over the past five years, Voyager's stock performance has been underwhelming, marked by an 81.69% decline since its IPO. Analysts have set a 12-month average price target of $21.1, with high and low estimates of $30.00 and $5.73, respectively. Voyager's financial health remains a concern, with a negative enterprise value and a net margin of -549.33%, signaling significant losses and necessitating effective cost management. The company's financial position and analyst ratings suggest cautious optimism may be necessary as prospects for recovery appear bleak in the near term.

CEO Commentary

“Voyager ended the first quarter of 2025 with a strong cash position of $295 million, which we expect to provide runway into mid-2027,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. The company is strategically advancing its pipeline, focusing on two wholly-owned tau-targeting programs for Alzheimer’s disease, as well as other partnerships, with IND submissions anticipated this year. Despite a decrease in collaboration revenues leading to a net loss of $31.0 million, the CEO remains optimistic about the upcoming milestones and the company's long-term strategic direction.

Guidance

Voyager anticipates that its current cash position will support operations into mid-2027, excluding potential milestone payments from partnerships. The company expects to earn up to $35 million from Neurocrine-partnered programs in 2025-2026, with IND submissions for the Friedreich’s ataxia and GBA1 gene therapy programs anticipated in 2025. Clinical trial initiations for these programs are expected in 2026, alongside IND filings for the tau silencing gene therapy VY1706, with initial tau PET imaging data expected in the second half of 2026.

Additional News

In recent weeks, Voyager Therapeutics announced notable progress in its tau-targeting programs, with data from VY7523 and VY1706 presented at the AD/PD™ 2025 conference, reaffirming tau as a critical target in Alzheimer's disease treatment. The company is set to showcase its advancements at the upcoming American Society of Gene & Cell Therapy’s 28th annual meeting, where it will present on its innovative gene therapies for neurological diseases, including Alzheimer's. Voyager has also decided to assess alternate payloads in its SOD1 ALS gene therapy program, extending its cash runway into mid-2027 and maintaining timelines for IND submissions in other programs. The potential for further developments in gene therapy continues to position Voyager as a key player in neurogenetic medicine.