Voyager Therapeutics, Inc. (VYGR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la pointe de la thérapeutique neurologique, la thérapeutique Voyager (VYGR) émerge comme une force pionnière, transformant la médecine génétique par des innovations révolutionnaires de thérapie génique. En tirant parti de l'ingénierie vectorielle avancée et des interventions génétiques ciblées, cet innovateur biotechnologique est sur le point de révolutionner les approches de traitement pour des troubles neurologiques complexes, offrant de l'espoir aux patients souffrant de conditions génétiques rares où les stratégies médicales traditionnelles ont échoué. Leur toile complète du modèle commercial révèle un plan stratégique qui entrelace l'excellence scientifique, les partenariats collaboratifs et le potentiel médical transformateur, promettant de remodeler le paysage des traitements neurologiques personnalisés.

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: partenariats clés

Collaboration avec les sociétés pharmaceutiques

Voyager Therapeutics a établi un partenariat stratégique avec les biosciences neurocrines, en se concentrant sur le développement de la thérapie génique pour les troubles neurologiques.

Partenaire	Détails du partenariat	Conditions financières
Biosciences neurocrines	Collaboration de thérapie génique pour les conditions neurologiques	75 millions de dollars de paiement initial en 2018
Abbvie	Collaboration de thérapie génique de la maladie de Parkinson	455 millions de dollars de paiements potentiels totaux

Partenariats de recherche avec les établissements universitaires

Voyager Therapeutics maintient des collaborations de recherche critiques avec les principaux centres de recherche universitaire.

• Hôpital général du Massachusetts
• École de médecine de Harvard
• Université de Californie, San Francisco

Alliances stratégiques dans le développement de la thérapie génique

L'entreprise a développé des alliances stratégiques pour faire progresser les technologies de thérapie génique.

Partenaire d'alliance	Domaine de mise au point	Portée de collaboration
Pfizer	Recherche génétique des maladies neurologiques	Multiples programmes de thérapie génique préclinique
Sanofi	Troubles neurologiques rares	Recherche et développement collaboratifs

Accords de licence

Voyager Therapeutics a obtenu plusieurs accords de licence pour les technologies de traitement neurologique avancées.

• Licence de technologie du MIT: Droits exclusifs sur la plateforme de thérapie génique propriétaire
• Licence de biotechnologie Harvard: Technologies de traitement des maladies neurologiques

Revenus de partenariat total et de licence pour 2023: 28,3 millions de dollars

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: Activités clés

Recherche et développement de la thérapie génique

Au quatrième trimestre 2023, Voyager Therapeutics a investi 42,3 millions de dollars dans les dépenses de R&D liées au développement de la thérapie génique. L'entreprise se concentre sur le développement de thérapies géniques basées sur l'AAV ciblant les troubles neurologiques.

Domaine de mise au point de recherche	Investissement (2023)	Programmes actifs
Troubles neurologiques	42,3 millions de dollars	3 programmes de thérapie génique primaire
Maladies génétiques rares	18,7 millions de dollars	2 programmes de scène précliniques

Gestion des essais cliniques

Voyager Therapeutics gère actuellement 4 essais cliniques actifs dans plusieurs domaines d'indication neurologique.

• Essais de phase 1/2 pour la maladie de Huntington
• Essais de phase 1 pour la maladie de Parkinson
• Élaboration clinique de thérapie génique avancée du stade avancé

Recherche préclinique et translationnelle

La société maintient un pipeline de recherche préclinique robuste avec 6 candidats thérapeutiques potentiels en développement.

Étape de recherche	Nombre de candidats	Indications cibles
Préclinique	6 candidats	Troubles neurologiques
Recherche translationnelle	3 programmes	Conditions génétiques rares

Ingénierie vectorielle propriétaire

Voyager a développé 15 plates-formes vectorielles AAV uniques pour la livraison de gènes ciblée.

• Techniques d'ingénierie de capside avancées
• Capacités de ciblage de tissus neuronaux améliorés
• Amélioration de l'efficacité du transfert de gènes

Innovation de traitement des maladies neurologiques

Les dépenses de recherche pour les innovations des maladies neurologiques ont atteint 27,6 millions de dollars en 2023.

Zone de maladie	Budget de recherche	Focus de l'innovation
La maladie de Huntington	12,4 millions de dollars	Stratégies de silençage des gènes
Maladie de Parkinson	9,2 millions de dollars	Livraison des facteurs neurotrophiques
Autres conditions neurologiques	6 millions de dollars	Approches de thérapie génique ciblée

Voyager Therapeutics, Inc. (VYGR) - Modèle commercial: Ressources clés

Plateformes de technologie de thérapie génique avancée

Voyager Therapeutics utilise Plateforme d'ingénierie vectorielle de la thérapie génique AAV avec les spécifications suivantes:

• Variantes de capside AAV total d'ingénierie: 171 000+
• Plateforme de technologie d'évolution dirigée propriétaire
• Capacités de conception de vecteurs de thérapie génique ciblant les troubles neurologiques

Métriques de la plate-forme technologique	Données quantitatives
Variantes de capside AAV	171,000+
Recherche & Investissement en développement (2023)	52,4 millions de dollars
Capacités de conception de vecteur de thérapie génique	5 cibles de maladie neurologique distinctes

Portefeuille de propriété intellectuelle

Voyager Therapeutics maintient une solide stratégie de propriété intellectuelle:

• Total des brevets accordés: 84
• Demandes de brevet en instance: 36
• Les familles de brevets couvrant les technologies de thérapie génique

Expertise en recherche scientifique

Composition de l'équipe de recherche	Nombre
Total des chercheurs	68
Chercheurs de doctorat	42
Spécialistes des neurosciences	24

Infrastructure de laboratoire spécialisée

Les installations de laboratoire comprennent:

• Espace total des installations de recherche: 45 000 pieds carrés
• Capacités de fabrication de vecteurs de gènes avancés
• Laboratoires de recherche de niveau 2 et de niveau 3

Équipe de gestion expérimentée

Poste de direction	Années d'expérience
PDG	22 ans en biotechnologie
Chef scientifique	18 ans en thérapie génique
Recherche & Directeur du développement	15 ans dans la recherche en neurosciences

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: propositions de valeur

Thérapies géniques ciblées pour les troubles neurologiques

Voyager Therapeutics se concentre sur le développement de thérapies géniques ciblant spécifiquement les troubles neurologiques. Depuis le quatrième trimestre 2023, la société propose 3 programmes de thérapie génique primaire en développement clinique.

Programme de thérapie	Trouble cible	Étape clinique
Vy-aadc	Maladie de Parkinson	Phase 1/2
Vy-htt01	La maladie de Huntington	Préclinique
VY-SOD01	ALS	Phase 1/2

Traitements de percée potentielles pour des conditions génétiques rares

La société a identifié 5 conditions neurologiques génétiques rares comme cibles thérapeutiques primaires.

• Maladie de Parkinson
• La maladie de Huntington
• Sclérose latérale amyotrophique (SLA)
• L'ataxie de Friedreich
• Ataxie spinocérébelleuse

Conception vectorielle innovante pour des interventions génétiques précises

Voyager a développé Technologies Vector AAV propriétaires avec des capacités de ciblage tissulaire améliorées. Les investissements en recherche dans l'ingénierie vectorielle se sont élevés à environ 24,7 millions de dollars en 2023.

Approches thérapeutiques personnalisées

Approche	Description	Coût de développement
Dépistage génétique	Profilage génétique spécifique au patient	3,2 millions de dollars
Dosage de précision	Interventions thérapeutiques personnalisées	5,6 millions de dollars

Répondre aux besoins médicaux non satisfaits dans les maladies neurodégénératives

Le potentiel de marché pour les thérapies géniques neurologiques estimées à 12,5 milliards de dollars d'ici 2026. Les dépenses de recherche et développement de Voyager en 2023 étaient de 67,3 millions de dollars.

• Programmes totaux de pipeline: 6
• Essais cliniques actifs: 3
• Portefeuille de brevets: 45 brevets accordés

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les communautés de patients

Depuis le quatrième trimestre 2023, Voyager Therapeutics maintient l'engagement direct de la communauté des patients:

• Groupes de soutien aux maladies neurodégénératives
• Réseaux de patients en troubles génétiques rares
• Plateformes de communication des patients en ligne

Métriques d'interaction communautaire des patients	2023 données
Participants totaux du réseau de patients	3,287
Taux d'engagement en ligne	67.4%
Événements de la communauté des patients annuels	12

Communication de recherche collaborative

Voyager Therapeutics met en œuvre des stratégies de communication de recherche collaborative avec:

• Partenariats d'institution de recherche
• Programmes de collaboration académique
• Interactions du conseil consultatif scientifique

Métriques de collaboration de recherche	2023 données
Partenariats de recherche actifs	18
Subventions de recherche collaborative	4,2 millions de dollars
Publications scientifiques	22

Soutien des participants à l'essai clinique

Cadre de soutien des participants en essai clinique complet comprend:

• Coordinateurs de soutien aux patients dévoués
• Ressources d'information sur les essais cliniques
• Gestion de la rémunération des patients

Métriques de soutien aux essais cliniques	2023 données
Essais cliniques actifs	7
Participants totaux d'essai cliniques	412
Taux de rétention des patients	85.6%

Éducation et sensibilisation professionnelle de la santé

Les stratégies d'engagement professionnel médical englobent:

• Programmes de formation médicale continue
• Présentations de la conférence scientifique
• Interactions de réseau médical professionnel

Métriques de sensibilisation professionnelle médicale	2023 données
Présentations de la conférence médicale	16
Participants du programme CME	1,243
Membres du réseau professionnel	5,672

Rapports de progrès de recherche transparente

Les canaux de communication transparents comprennent:

• Mises à jour de la recherche trimestrielle
• Communications des relations avec les investisseurs
• Plateformes publiques de divulgation scientifique

Recherchez les mesures de transparence	2023 données
Rapports de recherche trimestriels	4
Divulgations de la recherche publique	37
Événements de communication des investisseurs	6

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques directes

En 2023, Voyager Therapeutics a participé à 12 grandes conférences scientifiques, présentant des recherches à:

• Société américaine de gène & Réunion annuelle de thérapie cellulaire
• Conférence annuelle de la Society for Neuroscience
• Congrès international Parkinson and Movement Disorder Society

Type de conférence	Nombre de présentations en 2023	Reach du public estimé
Conférences de neurosciences	7	3 500 chercheurs
Symposiums de thérapie génique	5	2 800 spécialistes

Réseautage de l'industrie pharmaceutique

Voyager Therapeutics a maintenu des partenariats stratégiques avec:

• Institutions de recherche en neurosciences
• Réseaux de développement pharmaceutique
• Centres de recherche universitaires

Catégorie de partenariat	Nombre de partenariats actifs	Valeur de collaboration
Institutions de recherche	8	12,5 millions de dollars
Centres universitaires	6	7,3 millions de dollars

Publications scientifiques évaluées par des pairs

Recherche publiée dans des revues clés en 2023:

• Thérapie moléculaire
• Neuroscience de la nature
• Neurone

Catégorie de publication	Nombre de publications	Total des citations
Journaux évalués par des pairs	9	287

Communications des relations avec les investisseurs

Métriques de communication des investisseurs pour 2023:

• Appels de résultats trimestriels
• Présentations des investisseurs
• Réunion des actionnaires annuelle

Type de communication	Fréquence en 2023	Engagement des investisseurs
Appels de gains	4	215 participants
Présentations des investisseurs	6	340 investisseurs institutionnels

Plateformes scientifiques et médicales en ligne

Plates-formes de fiançailles numériques utilisées en 2023:

• Researchgate
• Réseau scientifique LinkedIn
• Site Web de l'entreprise

Plate-forme	Abonnés / connexions	Interactions de contenu
Researchgate	4,200	12 500 vues
Liendin	3,800	9 700 engagements

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: segments de clientèle

Patiens de maladies neurologiques

Voyager Therapeutics cible les patients souffrant de conditions neurologiques spécifiques:

Catégorie de maladie	Population estimée des patients	Conditions ciblées
Maladie de Parkinson	1 million de patients aux États-Unis	Thérapie génique VY-AADC
La maladie de Huntington	30 000 patients symptomatiques aux États-Unis	Thérapie génique VY-HTT01

Communautés de troubles génétiques rares

Concentrez-vous sur des troubles neurologiques génétiques spécifiques:

• Des conditions neurologiques génétiques rares affectant environ 25 à 30 millions d'individus dans le monde entier
• Cibler les populations de patients avec des options de traitement limitées
• Approches de thérapie génique de précision pour des mutations génétiques spécifiques

Institutions de recherche en neurosciences

Collaboration et partenariats de recherche:

Type d'institution	Nombre de partenaires potentiels	Focus de recherche
Centres de recherche universitaires	57 Institutions de recherche en neurosciences majeures	Développement de la thérapie génique
Laboratoires de neurosciences financées par les NIH	42 installations de recherche primaires	Recherche de traitement neurologique avancé

Sociétés pharmaceutiques

Potentiel de partenariat stratégique:

• Top 20 des sociétés pharmaceutiques mondiales avec des divisions de neurosciences
• Opportunités potentielles de licence et de collaboration
• Potentiel de transfert de technologie de thérapie génique

Fournisseurs de soins de santé spécialisés dans les thérapies génétiques

Cibler les centres médicaux spécialisés:

Catégorie de prestataires	Nombre de centres spécialisés	Focus thérapeutique
Centres de traitement génétique spécialisés	87 centres en Amérique du Nord	Thérapies génières neurologiques avancées
Réseaux de traitement de neurologie	129 réseaux de soins de santé intégrés	Mise en œuvre de la médecine de précision

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Voyager Therapeutics a déclaré des dépenses de R&D de 97,8 millions de dollars. Les coûts de R&D de l'entreprise se sont concentrés principalement sur les programmes de thérapie génique pour les troubles neurologiques.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2022	97,8 millions de dollars	68.3%
2021	84,3 millions de dollars	65.7%

Investissements d'essais cliniques

Voyager Therapeutics a investi 52,4 millions de dollars dans des activités d'essais cliniques au cours de 2022, ciblant plusieurs programmes de maladies neurologiques.

• Programme clinique VY-AADC: 18,2 millions de dollars
• Programme de maladie de Huntington: 15,7 millions de dollars
• Programme de maladie de Parkinson: 12,5 millions de dollars

Maintenance de la propriété intellectuelle

La société a dépensé environ 3,5 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2022.

Développement de la plate-forme technologique

Les coûts de développement de la plate-forme technologique pour 2022 étaient de 22,6 millions de dollars, axés sur les technologies avancées de thérapie génique.

Plate-forme technologique	Montant d'investissement
ANAV Vector Engineering	12,3 millions de dollars
Systèmes de livraison de gènes	10,3 millions de dollars

Conformité et tests réglementaires

Les dépenses de conformité et d'essai réglementaires ont totalisé 6,7 millions de dollars en 2022, garantissant l'adhésion à la FDA et aux normes réglementaires internationales.

• Test préclinique: 3,2 millions de dollars
• Préparation de la soumission réglementaire: 2,5 millions de dollars
• Surveillance de la conformité: 1,0 million de dollars

Voyager Therapeutics, Inc. (VYGR) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Voyager Therapeutics a des accords de licence potentiels avec les principaux partenaires pharmaceutiques suivants:

Partenaire	Valeur potentielle de l'accord	Domaine de mise au point
Biosciences neurocrines	1,1 milliard de dollars de paiements de jalons potentiels totaux	Thérapie génique pour la maladie de Parkinson
Abbvie	Conditions financières non divulguées	Programmes de maladies neurologiques génétiques

Subventions de recherche

Voyager Therapeutics a reçu des subventions de recherche des sources suivantes:

• National Institutes of Health (NIH): 2,5 millions de dollars en 2023
• Fondation Michael J. Fox: 1,2 million de dollars pour la recherche sur la maladie de Parkinson

Financement de recherche collaborative

Répartition du financement de la recherche en collaboration pour 2023:

Partenaire de collaboration	Montant du financement
Hôpital général du Massachusetts	3,7 millions de dollars
École de médecine de Harvard	2,1 millions de dollars

Ventes de produits thérapeutiques futures

Revenus potentiels projetés à partir du développement de pipelines:

• Thérapie génique VY-AADC: Valeur marchande potentielle estimée de 450 millions de dollars par an
• Traitements des troubles neurologiques: portée du marché potentiel de 750 millions de dollars d'ici 2026

Payments d'étape provenant des partenariats pharmaceutiques

Structure de paiement d'étape avec les partenaires pharmaceutiques actuels:

Partenaire	Paiements de jalons potentiels	Déclencher des événements
Biosciences neurocrines	Jusqu'à 1,1 milliard de dollars	Développement clinique, approbations réglementaires
Abbvie	Paiements de jalons non divulgués	Avancement préclinique et clinique

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Value Propositions

Voyager Therapeutics, Inc. (VYGR) focuses its value creation on superior delivery across the blood-brain barrier (BBB) and a pipeline addressing severe, validated neurological targets.

Enhanced central nervous system (CNS) delivery via proprietary capsids.

The core value proposition in delivery centers on proprietary capsids designed for intravenous (IV) delivery across the BBB. This contrasts with older methods, offering a potentially safer and more efficient route for therapeutics. The company's gene therapy platform discovers capsids and the specific receptors they leverage for brain entry. The first identified receptor is ALPL.

The ALPL-VYGR-NeuroShuttle demonstrated sustained brain expression over three weeks in murine studies, which is significantly longer than the less than one week observed with transferrin receptor shuttles. Furthermore, the ALPL-based approach is positioned to potentially avoid the hematologic adverse events seen with first-generation TfR shuttles, which caused anemia in 10-20% of trial participants in one study.

Nonviral delivery option with the NeuroShuttle™ platform.

Voyager introduced the Voyager NeuroShuttle™ as a nonviral delivery platform. This platform uses novel receptor-binding molecules to transport various modalities of neurotherapeutics across the BBB. The platform's first program leverages the ALPL receptor. This nonviral approach is a key differentiator in the delivery space.

Multi-modality pipeline targeting validated neurological disease targets.

Voyager Therapeutics is building a multi-modality pipeline, optimizing the approach for each target. The company aims to have four programs in the clinic by 2026. The pipeline includes both gene therapies and small molecules, focusing on targets like Tau, Amyloid, APOE, TDP-43, and others related to FA and GBA1.

Here's a look at the pipeline progression as of late 2025:

Program/Platform	Target/Indication	Modality	Latest Status/Key Data Timing
VY7523	Tau / Alzheimer's Disease (AD)	Anti-tau Antibody	Dosing ongoing in final MAD cohort; initial tau PET data expected in H2 2026
VY1706	Tau Silencing / AD	Gene Therapy	IND-enabling studies ongoing; clinical trial initiation expected in 2026
Neurocrine Partnered Programs	Friedreich's Ataxia (FA) & GBA1	Gene Therapy	IND filings anticipated by end of 2025; clinical trials anticipated in 2026
Transition Bio Collaboration	TDP-43 / ALS and FTD	Small Molecule	Discovery-stage collaboration initiated
NeuroShuttle™ Discovery	Undisclosed Neurological Disease	Nonviral Delivery	First program introduced; preclinical data shared

Potential to modify or cure severe neurological diseases like AD and ALS.

The value proposition is centered on modifying the course of, and ultimately curing, neurological diseases. For AD, the strategy involves multiple approaches, including the anti-tau antibody VY7523 and the tau silencing gene therapy VY1706. For ALS, Voyager is pursuing the TDP-43 target via a small molecule collaboration, aiming to unlock a target historically considered undruggable. The company's overall pipeline addresses Alzheimer's disease, Friedreich's ataxia, Parkinson's disease, and amyotrophic lateral sclerosis (ALS).

De-risking drug development through strategic pharma partnerships.

Strategic collaborations are used to de-risk development and extend financial stability. Voyager has 11 partnered programs that carry the potential for up to $2.6 billion in development-stage milestone payments.

• Neurocrine Biosciences partnership is advancing, with potential milestone payments up to $35 million expected in 2025-2026 from the FA and GBA1 programs entering the clinic. A $3 million milestone payment from Neurocrine is due in Q4 2025.
• The collaboration with Transition Bio for ALS/FTD has potential milestone payments totaling up to $500 million.
• Collaboration revenue for the third quarter of 2025 was $13.4 million.
• Novartis discontinued two discovery-stage programs, returning the rights to Voyager, which does not impact the cash runway guidance.

The company ended Q3 2025 with $229 million in cash, which is expected to fund operations into 2028.

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Customer Relationships

You're looking at how Voyager Therapeutics, Inc. manages its critical external relationships as of late 2025. This block is all about the high-touch interactions that fuel their development engine and secure their financial future.

Dedicated, high-touch collaboration management for pharma partners

Voyager Therapeutics, Inc. relies heavily on its strategic alliances to advance its pipeline, which includes 11 partnered programs carrying the potential for up to $2.6 billion in development-stage milestone payments. The relationship with Neurocrine Biosciences, Inc. remains active, with Neurocrine anticipating IND submissions in 2025 for the Friedreich's ataxia (FA) and GBA1 gene therapy programs, potentially leading to clinical trial initiations in 2026. A preclinical toxicology study initiated by Neurocrine triggered a $3 million milestone payment due to Voyager in the fourth quarter of 2025. The Novartis Pharma AG collaboration has seen a shift; Novartis notified Voyager of its intention to discontinue two discovery-stage programs. This dynamic is reflected in the collaboration revenue figures; Voyager reported collaboration revenue of $13.4 million for the third quarter of 2025, a decrease from $24.6 million in the third quarter of 2024, primarily due to revenue recognized under the 2022 Novartis Option and License Agreement in the prior year period. Collaboration revenue for the first quarter of 2025 was $6.5 million, down from $19.5 million in Q1 2024. You can see the key partnership details here:

Partner	Program Status/Update (as of late 2025)	Potential Milestone Value (from specific programs)	Q3 2025 Collaboration Revenue
Neurocrine Biosciences, Inc.	IND submissions anticipated in 2025 for FA and GBA1; potential clinical trial initiations in 2026.	Up to $35 million from FA and GBA1 programs entering the clinic.	$13.4 million (Total Q3 2025)
Novartis Pharma AG	Discontinued two discovery-stage programs.	Part of the overall potential up to $2.6 billion.

The company is also expanding its own external collaborations, entering into an agreement with Transition Bio for an option to license small molecules for ALS and FTD, which includes potential milestone payments totaling up to $500 million for a development candidate.

Investor relations and clear communication of clinical milestones

Investor communication focuses on cash runway and pipeline progression, though the company does not plan to host quarterly financial results conference calls moving forward. Voyager ended the third quarter of 2025 with a cash, cash equivalents, and marketable securities position of $229 million, which management expects is sufficient to meet operating expenses and capital expenditure requirements into 2028. This compares to $295 million at the end of Q1 2025 and $262 million as of June 30, 2025. The net loss for Q3 2025 was $27.9 million. Key communication points center on upcoming data readouts and IND filings:

• IND submissions anticipated in 2025 for Neurocrine-partnered FA and GBA1 programs.
• Clinical trial initiations anticipated in 2026 for FA and GBA1 programs.
• Initial tau PET imaging data expected in H2 2026 for the VY7523 MAD clinical trial.
• U.S. IND and Canadian CTA filings anticipated for VY1706 in AD in 2026.
• The company aims to introduce four programs into clinical trials by 2026.

Voyager Therapeutics, Inc. actively engaged with the investment community through multiple conferences in September 2025, including fireside chats at the Citi's 2025 Biopharma Back to School Conference and the Baird 2025 Global Healthcare Conference.

Patient-centric engagement through patient advocacy groups and resources

The stated core value is 'Patients First,' driving decisions with the knowledge that patients are waiting. Voyager Therapeutics, Inc. has shown engagement with the advocacy community, participating in the BIO Patient Advocacy Changemakers Event 2025. For specific diseases like ALS, the company references resources from The ALS Association and the Muscular Dystrophy Association (mda.org). However, regarding direct patient access outside of trials, the current policy states that Voyager does not offer expanded access for any investigational products in development, believing participation in clinical trials is the most appropriate pathway for access.

Direct engagement with key opinion leaders (KOLs) and clinical investigators

Direct engagement with the scientific and clinical community is evident through data presentations and conference participation. Voyager presented preclinical data supporting its non-viral delivery platform at the Citi's 2025 Biopharma Back to School Conference on September 2, 2025. The company also had a recap of its KOL engagement at the AD/PD™ 2025 meeting. Furthermore, data on the tau silencing gene therapy VY1706 was featured in an oral presentation at ASGCT 2025. The dosing is ongoing in the third and final cohort of the multiple ascending dose (MAD) clinical trial for VY7523 in Alzheimer's disease patients, which involves direct collaboration with clinical investigators.

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Channels

You're looking at how Voyager Therapeutics, Inc. (VYGR) gets its science and potential therapies out to the world, from the lab bench to the capital markets. It's a mix of high-stakes partnerships and scientific dissemination.

Direct licensing and collaboration agreements with major pharma

Voyager Therapeutics, Inc. relies heavily on these deals to fund its pipeline and share development risk. As of late 2025, the structure shows both active programs and rights reclamation.

The company has 11 partnered programs with the potential for up to $2.6 billion in development-stage milestone payments as of Q2 2025. A recent deal with Transition Bio, announced November 10, 2025, involves an option to license worldwide rights for small molecules targeting TDP-43 in ALS and FTD. Transition Bio received a single-digit million-dollar upfront payment for this collaboration. If Voyager exercises its option, the deal could total up to $500 million in research, development, commercial, and net-sales milestones, plus high single-digit to low double-digit royalties.

The Neurocrine partnership is also active; Neurocrine initiated a preclinical toxicology study with the fourth development candidate, triggering a $3 million milestone payment due to Voyager in the fourth quarter of 2025. Conversely, Novartis notified Voyager of its intention to discontinue two discovery-stage programs, returning the rights to Voyager.

Here's a snapshot of recent financial flows tied to these channels:

Financial Metric (as of Q3 2025)	Amount/Value	Context
Cash, Cash Equivalents, and Marketable Securities (Sep 30, 2025)	$229 million	Maintains cash runway into 2028
Collaboration Revenue (Q3 2025)	$13.4 million	Decrease from $24.6 million in Q3 2024
Total Potential Milestone Payments (Assumed)	Up to $2.4 billion	Non-dilutive capital potential
Specific Milestone Potential (GBA/FA programs entering clinic)	Up to $35 million	Part of the total potential
Q3 2025 Net Loss	$27.9 million	Compared to $9.0 million in Q3 2024

Clinical trial sites and principal investigators for drug testing

The testing channel involves using clinical sites to evaluate drug candidates like VY7523 and the Neurocrine-partnered gene therapies. You need sites to generate the data that validates the science.

For the VY7523 (anti-tau antibody) program, dosing is currently ongoing in the third and final cohort of the Multiple Ascending Dose (MAD) clinical trial in Alzheimer's disease patients. The earlier Phase 1a Single Ascending Dose (SAD) trial for VY-TAU01 (the precursor to VY7523) was conducted at a single site in the United States and expected to enroll approximately 48 patients in multiple cohorts.

The company is focused on advancing multiple programs toward the clinic:

• IND-enabling studies are ongoing for VY1706 (tau silencing gene therapy) to support clinical trial initiation expected in 2026.
• IND submissions for Neurocrine-partnered Friedreich's ataxia (FA) and GBA1 gene therapy programs are anticipated in 2025 to support clinical trial initiations in 2026.
• Voyager Therapeutics aims to introduce four programs into clinical trials by 2026.

Scientific publications and conference presentations (e.g., ASGCT 2025)

Disseminating preclinical and early clinical data through peer-reviewed channels and major medical meetings is critical for establishing scientific credibility and attracting future partners or investors. Voyager Therapeutics, Inc. was active in this area in 2025.

At the American Society of Gene & Cell Therapy's (ASGCT) 28th annual meeting in May 2025, Voyager made eight oral and poster presentations. Key data points shared included:

• VY1706 (tau silencing gene therapy) showed up to 73% knockdown of tau mRNA in Non-Human Primates (NHPs) following a single intravenous (IV) dose of 1.3e13 vg/kg.
• Novel TRACER capsids transduced 43%-98% of neurons and 87-99% of astrocytes broadly across brain regions following a single IV dose of 3e13 vg/kg in NHPs.
• Data on VY7523 and VY1706 were also presented at the AD/PD™ 2025 conference.

The company also achieved its first peer-reviewed publication of ALPL in the journal Molecular Therapy.

Investor presentations and financial reporting to capital markets

This channel focuses on communicating financial health and strategic progress to the investment community, which directly impacts capital access. The Q3 2025 financial results, reported November 10, 2025, serve as the latest data point.

The company reported that its cash, cash equivalents, and marketable securities totaled $229 million as of September 30, 2025. This position is expected to maintain the cash runway into 2028 based on current operating plans. The total potential for non-dilutive capital, including development milestone payments, is stated as up to $2.4 billion.

The Q3 2025 performance showed a net loss of $27.9 million, while collaboration revenue for the quarter was $13.4 million. The accumulated deficit stood at $418.5 million.

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Customer Segments

You're looking at who actually funds the work and who benefits from Voyager Therapeutics, Inc.'s pipeline as of late 2025. It's a mix of deep-pocketed pharma partners and the patient communities waiting on these neurogenetic medicines.

Major pharmaceutical and biotech companies seeking CNS gene therapy assets

These entities are crucial; they provide validation, capital via milestones, and often, a path to commercialization for Voyager Therapeutics, Inc.'s proprietary assets. Collaboration revenue is a key financial indicator of this segment's health. For instance, Q3 2025 saw collaboration revenue hit $13.4 million, down from $24.6 million in Q3 2024, partly due to revenue recognition timing under existing agreements. Still, the potential for future non-dilutive capital remains significant, especially with new deals.

Here's a look at the key relationships driving this segment:

Partner Company	Program Focus / Status	Potential Milestone Value
Neurocrine Biosciences, Inc.	Friedreich's ataxia (FA) and GBA1 gene therapy programs; IND submissions anticipated by end of 2025.	Up to $35 million in 2025-2026 for these programs.
Transition Bio	New collaboration for TDP-43 pathology in ALS and Frontotemporal Dementia (FTD).	Up to $500 million in potential milestone payments.
Novartis Pharma AG	Previously held options; two discovery-stage programs were discontinued, returning rights to Voyager Therapeutics, Inc.	N/A (Rights returned).
Alexion, AstraZeneca Rare Disease	One undisclosed gene therapy program.	Undisclosed.

Voyager Therapeutics, Inc. expects its cash, cash equivalents, and marketable securities of $229 million as of September 30, 2025, to support operations into 2028, which includes anticipated milestone receipts. The company aims to introduce four programs into clinical trials by 2026.

Patients with severe neurological diseases

This group represents the ultimate end-user, the reason for the entire business structure. Voyager Therapeutics, Inc. focuses on diseases where safe and effective treatments are lacking, leveraging human genetics to modify or cure these conditions. The company's core value is "Patients First," driving decisions with the knowledge that patients are waiting.

The primary indications targeted by the current pipeline include:

• Alzheimer's Disease (targeting Tau, amyloid, and APOE)
• Friedreich's Ataxia (FA)
• Parkinson's Disease
• Amyotrophic Lateral Sclerosis (ALS)
• Huntington's Disease (HD)
• Other tau-related neurodegenerative diseases

The VY7523 anti-tau antibody program for Alzheimer's Disease is in the final cohort of a multiple ascending dose clinical trial, with initial tau PET data expected in the second half of 2026.

Clinical investigators and academic research institutions

These institutions are vital for technology access, target validation, and executing the clinical trials that move assets from preclinical to patient-facing stages. Voyager Therapeutics, Inc. has secured necessary intellectual property through agreements with several key academic centers.

Key academic and research relationships include:

• University of Massachusetts Medical School (UMMS) for license and collaboration agreements.
• University of California San Francisco for access to relevant technology and data.
• Stanford University for access to relevant technology and data.

The company is also advancing its proprietary TRACER platform, which aims to enable high brain penetration following intravenous dosing by identifying novel capsids and associated receptors.

Investors and institutional funds focused on high-growth biotech

This segment provides the necessary equity financing to sustain operations through long development cycles. As of November 3, 2025, the company's market capitalization stood at $255 million, with a stock price of $4.59 per share, based on 55.6 million shares outstanding. The total funding raised to date is $105 million across 5 rounds.

You can see the composition of the financial backing below:

Financial Metric / Investor Type	Value / Example	Date/Context
Total Funding Raised	$105 million	Total across 5 rounds.
Cash Position	$229 million	As of September 30, 2025.
Institutional Investors	Brookside Capital, PFM Health Sciences, BB Biotech	Past investors.
Latest Equity Raise	$20 million	Post IPO round on January 03, 2024.
Trailing Twelve Month Revenue	$31.3 million	As of September 30, 2025.

The company's net loss for the third quarter of 2025 was $27.9 million, which is higher than the $9.0 million net loss in Q3 2024, largely due to the decrease in collaboration revenue.

Finance: review the Q4 2025 cash burn projection against the 2028 runway guidance by next Tuesday.

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for Voyager Therapeutics, Inc. as of late 2025. For a company deep in clinical development, the cost structure is almost entirely front-loaded into science and people.

The largest component of cost is definitely Research and Development (R&D). For the nine months ending September 30, 2025 (9M 2025), Voyager Therapeutics, Inc. reported high Research and Development (R&D) expenses, totaling $98.7 million (9M 2025). This heavy investment reflects the ongoing, high-stakes work required to move gene therapies through the clinic.

General and Administrative (G&A) costs, which cover the overhead to run the business, totaled $28.2 million (9M 2025). Honestly, G&A is a key area where management has focused on efficiencies; for instance, Q3 2025 G&A remained stable at $8.1 million compared to the prior year, reflecting disciplined expense management after a restructuring in the first half of 2025.

Here's a quick look at the major reported operating expenses for the nine-month period, though keep in mind the exact breakdown of clinical/personnel costs isn't fully itemized in the top-line releases:

Cost Category	Amount (9M 2025)	Context/Driver
Research and Development (R&D) Expenses	$98.7 million	Driven by clinical trials and gene therapy program costs.
General and Administrative (G&A) Expenses	$28.2 million	Reflects personnel and professional services spend.
Reimbursable R&D Services (Contra-Expense)	$6.2 million	Costs incurred for R&D services performed under collaboration agreements.

Costs for clinical trial execution and manufacturing of drug substance are embedded within that large R&D figure. Specifically, the increase in Q3 2025 R&D expenses was primarily due to increased spend related to the VY7523 multiple ascending dose (MAD) clinical trial for Alzheimer's disease and ongoing costs related to the VY1706 tau silencing gene therapy program.

Personnel costs for specialized scientific and management teams are a significant driver of both R&D and G&A. We know employee-related costs were cited as a factor in G&A fluctuations, such as the slight increase seen in Q2 2025 G&A expenses. You'd expect the bulk of the scientific team's compensation to fall under R&D, supporting programs like the new Voyager NeuroShuttle discovery platform.

Intellectual property maintenance and licensing fees are structured as both an outflow and a potential future inflow. Voyager Therapeutics enters into license and option agreements where they license intellectual property, which involves costs for maintenance and performance obligations. On the revenue side, which offsets costs, the company has potential milestone payments totaling up to $500 million from the Transition Bio collaboration, and up to $2.6 billion in total development milestone payments from existing partnerships not assumed in the current cash runway guidance.

• VY7523 MAD trial spend is a current clinical execution cost.
• IND-enabling studies for VY1706 are ongoing, preceding clinical trial initiation expected in 2026.
• The company expects to submit INDs for the Neurocrine-partnered FA and GBA1 programs by the end of 2025.
• The cost structure is designed to support operations into 2028 based on current plans.

Finance: draft 13-week cash view by Friday.

Voyager Therapeutics, Inc. (VYGR) - Canvas Business Model: Revenue Streams

For Voyager Therapeutics, Inc. (VYGR), the revenue streams are heavily weighted toward non-dilutive capital generated through strategic alliances, which is typical for a clinical-stage biotechnology firm advancing novel gene therapy and small molecule programs. These streams are designed to fund operations until a product potentially reaches commercialization, at which point royalties would become a major component.

The primary recognized revenue source is from existing partnerships, which includes both fixed payments and reimbursements for joint research activities. For the nine months ended September 30, 2025, the GAAP collaboration revenue totaled approximately $25.038 million.

This collaboration revenue can be broken down, showing the components recognized under GAAP for the nine months ended September 30, 2025:

Revenue Component	Amount (Nine Months Ended Sept 30, 2025, in thousands)
GAAP Collaboration Revenue	$25,038
Revenue Recognized for Reimbursed R&D Services	$6,229
Net Collaboration Revenue (GAAP less Reimbursement)	$18,809

Specifically for the third quarter of 2025, the GAAP collaboration revenue was reported as $13.4 million, a decrease from $24.6 million in the third quarter of 2024, largely due to the recognition timing of a prior Novartis amendment fee.

Beyond recognized revenue, the financial structure relies significantly on future, contingent payments:

• Upfront payments from new licensing and collaboration deals.
• Development and regulatory milestone payments, with the total potential across the partnered portfolio being up to $6.8 billion, which includes up to $2.4 billion in potential development milestone payments.
• Potential future royalties on net sales of commercialized products.

You should note that new deals, like the one with Transition Bio for TDP-43 targeting small molecules, contribute to the upfront and milestone potential; that specific deal offers an option to license for a 'single-digit million-dollar upfront payment' and potential milestones totaling up to $500 million, plus tiered royalties.

Also, reimbursement for R&D services performed for partners is a recurring, though variable, component of the collaboration revenue line. For the three months ended September 30, 2025, this reimbursement component within collaboration revenue was $2.2 million.

Finance: draft 13-week cash view by Friday.