Voyager Therapeutics 2025 Q3 Earnings Losses Widens 208.4% as Revenue Plummets 45.7%

Voyager Therapeutics (VYGR) reported Q3 2025 results that exceeded revenue and EPS estimates but highlighted a significant widening of losses. The company’s cash runway remains intact through 2028, with $229 million in reserves, while strategic collaborations and clinical advancements underscore long-term potential.

Revenue

Collaboration revenue accounted for the entirety of the $13.37 million total revenue, reflecting a 45.7% year-over-year decline. The drop was attributed to reduced milestone payments from Novartis, a key partner in previous quarters. Despite the shortfall, the figure surpassed Wall Street’s $8.5 million forecast, signaling resilience in diversified partnerships.

Earnings/Net Income

The company’s losses deepened to $0.47 per share, a 208.4% increase in net loss to $27.89 million compared to $9.04 million in 2024 Q3. The deterioration was driven by elevated R&D expenses tied to clinical trials for VY7523 and VY1706.

Post-Earnings Price Action Review

Despite the financial setbacks, Voyager’s stock experienced mixed short-term performance. Shares edged up 0.47% on the latest trading day and 2.40% over the past week, contrasting with a 14.80% monthly decline. The upward momentum in the immediate term may reflect investor optimism about the company’s clinical pipeline and cash position, while the monthly downturn could signal broader market skepticism about near-term profitability.

CEO Commentary

Alfred W. Sandrock, Jr., emphasized Voyager’s focus on multi-modality therapies, including a nonviral delivery platform and a collaboration with Transition Bio targeting TDP-43 in ALS and FTD. He highlighted the potential of these initiatives to address historically undruggable targets and maintain cash runway through 2028. The tone remained cautiously optimistic, balancing R&D investments with financial prudence.

Guidance

Voyager reaffirmed its cash runway into 2028, with no material changes to prior guidance. Forward-looking statements included the expectation of IND submissions for VY1706 and Neurocrine-partnered programs in 2026, along with potential milestone payments from collaborations.

Additional News

1. Transition Bio Collaboration: A $500M-possible deal to develop TDP-43-targeting small molecules for ALS and FTD, with Voyager retaining licensing rights post-candidate nomination.

2. Neurocrine Partnership Update: Anticipated IND filings for Friedreich’s ataxia and GBA1 gene therapy programs by year-end 2025.

3. Investor Conference Participation: Scheduled appearances at six major conferences in September 2025 to discuss non-viral delivery platforms and blood-brain barrier innovations.