Voyager Therapeutics, Inc. (VYGR): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of Voyager Therapeutics, Inc.'s business model as we hit late 2025, and honestly, it's a classic biotech play right now: proving out proprietary tech through big pharma validation. The whole engine runs on advancing their TRACER™ and NeuroShuttle™ platforms while banking significant non-dilutive cash, evidenced by the $229 million in cash, cash equivalents, and marketable securities they held as of Q3 2025. Their value proposition isn't just about the science-it's about de-risking central nervous system (CNS) drug development for giants like Novartis and Neurocrine Biosciences, which is already translating into tangible income, with collaboration revenue hitting $25.1 million through the first nine months of 2025; let's break down exactly how these key partnerships and high R&D costs shape their path forward.

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

You're mapping out Voyager Therapeutics, Inc.'s (VYGR) strategic backbone, and honestly, the key partnerships are where the near-term value is being generated and de-risked. These external relationships are crucial because they fund a significant chunk of the R&D spend, which hit $35.9 million in the third quarter of 2025. Voyager ended Q1 2025 with $295 million in cash, equivalents, and marketable securities, expecting runway into 2028, partly supported by these deals.

Neurocrine Biosciences for Gene Therapy Programs (FA, GBA1)

The collaboration with Neurocrine Biosciences remains a cornerstone, leveraging Voyager's TRACER capsid platform for Friedreich's ataxia (FA) and GBA1-mediated diseases like Parkinson's. This partnership is highly active; Neurocrine initiated a preclinical toxicology study with the fourth development candidate in one of these programs, which triggered a $3 million milestone payment owed to Voyager in the fourth quarter of 2025. You should expect Neurocrine to provide an update on the IND filing timelines for the FA and GBA1 programs by the end of 2025, with clinical trial initiations potentially following in 2026. Remember the structure: Voyager is eligible for up to $35 million from these two programs entering the clinic within the 2025-2026 window. For the GBA1 program specifically, Voyager has the option for a 50/50 cost- and profit-sharing arrangement in the U.S. upon reaching Phase 2 trials, or it can opt for milestone payments up to $985 million in the U.S. on top of regional royalties. The initial deal in 2023 brought in $175 million upfront, with $136 million being cash. Plus, there are three other undisclosed CNS targets, each potentially worth $175 million in milestones to Voyager.

Here's a quick look at the financial flow from this key relationship:

Metric	Value/Potential	Notes
Q4 2025 Milestone Triggered	$3 million	Fourth development candidate in a gene therapy program.
FA/GBA1 Clinic Entry Potential (2025-2026)	Up to $35 million	Milestone payments expected upon entering the clinic.
GBA1 U.S. Development Milestones (Max)	Up to $1.5 billion	If Voyager opts out of the 50/50 profit share.
Upfront Payment (2023 Agreement)	$175 million total	Includes $136 million cash component.
Additional CNS Programs Potential (Each)	$175 million	Potential milestone payday per program.

Novartis Pharma AG for Multiple Gene Therapy Targets

The relationship with Novartis Pharma AG has seen some pruning recently. Novartis notified Voyager that it intends to discontinue two discovery-stage programs against undisclosed targets, meaning the rights to those targets return to Voyager Therapeutics, Inc. This is defintely a good thing for focus, as these discontinuations don't impact Voyager's cash runway guidance into 2028. To put this in context, Novartis previously exercised options that brought Voyager upfront payments, such as $25 million upfront for two targets, with a potential total of $600 million for those two. An earlier agreement involved Novartis paying $54 million upfront for up to three CNS targets, with a total potential value of up to $1.7 billion.

Transition Bio for Small Molecule Discovery in ALS/FTD

Voyager Therapeutics, Inc. started a collaboration with Transition Bio to tackle TDP-43 pathology in ALS and FTD using small molecules, an area historically considered undruggable. Voyager holds the exclusive option to license these small molecules. If Voyager exercises this option, it faces a single-digit million-dollar upfront payment and is on the hook for potential milestone payments totaling up to $500 million, plus tiered royalties on net sales if a product makes it to market. This is a different modality play, which is smart for diversification.

Alexion, AstraZeneca Rare Disease for a Gene Therapy Program

The agreement with Alexion, AstraZeneca Rare Disease, which was unaffected by Alexion's acquisition by AstraZeneca, involved an extended research term. You should note that the research term under the Alexion Agreement was extended until April 1, 2025, during which Voyager could conduct research to identify additional TRACER Capsids for use under that agreement. This partnership is less about immediate cash flow and more about platform validation for specific rare disease targets.

Contract Research Organizations (CROs) for Clinical Trial Execution

Executing the pipeline, especially with IND submissions anticipated in 2025 for the Neurocrine programs, requires significant external support, which falls to Contract Research Organizations (CROs). Voyager recognizes reimbursable research and development services within its collaboration revenue. For the nine months ending September 30, 2025, Voyager recorded $6.2 million in these reimbursable services under collaborations. For perspective on the broader sector, the global CRO market, which supports companies like Voyager Therapeutics, Inc., is projected to surpass $100 billion by 2028. Collaboration revenue recognized by Voyager was $13.4 million for Q3 2025, down from $24.6 million in Q3 2024, primarily due to revenue recognition timing under the Novartis agreement.

• Collaboration Revenue (Q3 2025): $13.4 million
• Reimbursable R&D Services (9M ending 9/30/2025): $6.2 million
• Global CRO Market Projection (2028): Over $100 billion

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Voyager Therapeutics, Inc. (VYGR) must execute to keep its pipeline moving, especially given the recent restructuring to focus resources.

Research and development (R&D) of multi-modality neurotherapeutics

The primary activity is the focused R&D across different therapeutic approaches for neurological diseases. This is reflected directly in the operating expenses.

Research and development expenses for the third quarter of 2025 totaled $35.9 million, an increase from $30.2 million in the third quarter of 2024. This increased spend was mainly tied to the VY7523 clinical trial and ongoing costs for the VY1706 tau silencing gene therapy program.

Key R&D focus areas include:

• Targeting Alzheimer's disease with multiple approaches: anti-tau antibody, tau silencing gene therapy, and an APOE program.
• Advancing gene therapy programs using the TRACER capsid discovery platform.
• Deprioritizing investment in the SOD1-ALS gene therapy and anti-Aβ antibody gene therapy programs to focus on new discovery programs.

Advancing wholly-owned programs like VY7523 and VY1706 into the clinic

Moving specific, wholly-owned assets through human trials is a critical, high-stakes activity. You want to see clear progression here.

The anti-tau antibody, VY7523, is currently undergoing dosing in the third and final cohort of its Multiple Ascending Dose (MAD) clinical trial in Alzheimer's disease patients. Initial tau PET imaging data from this trial are anticipated in the second half of 2026.

For the tau silencing gene therapy, VY1706, the company is progressing through IND-enabling studies, with an anticipated U.S. IND submission and clinical trial initiation targeted for 2026. Voyager Therapeutics aims to have four programs in the clinic by 2026.

Developing and optimizing the TRACER™ and NeuroShuttle™ platforms

Platform development is key for future pipeline expansion and de-risking delivery across the blood-brain barrier (BBB). The NeuroShuttle platform is a major new focus.

Voyager Therapeutics introduced the Voyager NeuroShuttle, a nonviral delivery platform using novel receptor-binding molecules to transport neurotherapeutics across the BBB. Initial murine proof-of-concept studies for the ALPL-VYGR-NeuroShuttle demonstrated sustained brain expression over three weeks, contrasting with less than one week for transferrin receptor shuttles, with no impact on circulating reticulocytes. The TRACER™ AAV capsid discovery platform is used to generate novel capsids for gene therapy programs.

Platform benefits that the company is working to realize include:

Potential Value Driver	Basis/Target
Increase efficacy	Increasing on-target delivery in the brain
Improve safety	Reducing peripheral exposure
Lower COGS	Reducing the dose needed

Managing and executing complex collaboration agreements

These agreements provide non-dilutive capital and share development risk. Managing partner timelines is a crucial operational task.

Collaboration Revenue for the third quarter of 2025 was $13.4 million, down from $24.6 million in the third quarter of 2024. For the first nine months of 2025, reimbursable research and development services recorded within collaboration revenue and R&D expenses totaled $6.2 million.

Key collaboration milestones and potential value include:

• Total potential non-dilutive capital from 11 partnered programs is up to $2.6 billion in development milestone payments.
• The Neurocrine partnership has potential milestone payments up to $35 million if the Friedreich's ataxia (FA) and GBA1 programs enter the clinic, which is anticipated in 2026.
• A new agreement with Transition Bio targets TDP-43, offering up to $500 million in potential milestone payments, plus royalties in the high single-digit to low double-digit range upon option exercise.
• The Novartis Option and License Agreement saw the discontinuation of two discovery-stage programs.

Conducting Investigational New Drug (IND)-enabling studies

Successfully completing these preclinical studies is the gate to initiating human trials, a major inflection point for valuation.

For VY1706, IND-enabling studies are ongoing, with an anticipated IND filing in 2026. Regarding the Neurocrine-partnered programs (FA and GBA1), Neurocrine has indicated they expect to provide an update on the IND filing timelines by the end of 2025. The company expects to meet its goal of introducing four programs into clinical trials by 2026.

Finance: review Q4 2025 collaboration revenue forecast against Q3 actuals by next Tuesday.

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

You're looking at the core assets that power Voyager Therapeutics, Inc.'s strategy to tackle serious neurological diseases. These aren't just ideas; they are tangible technologies and financial buffers that keep the lights on and the science moving forward. Honestly, in biotech, the IP and the cash are the two things that matter most in the near term.

The foundation of Voyager Therapeutics, Inc.'s value rests heavily on its proprietary technology platforms, which are designed to solve the major hurdle in treating the central nervous system (CNS): delivery.

• Proprietary TRACER™ AAV capsid discovery platform.
• Voyager NeuroShuttle™ nonviral delivery platform.

The TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) platform is an RNA-based screening tool used to rapidly discover novel Adeno-Associated Virus (AAV) capsids. These novel capsids are engineered to cross the blood-brain barrier (BBB) effectively after intravenous delivery. For instance, in cross-species preclinical studies, TRACER-generated capsids transduced between 43% and 98% of neurons and 87% to 99% of astrocytes broadly across brain regions following a single intravenous dose of 3e13 vg/kg in non-human primates. Specifically, the tau silencing gene therapy candidate, VY1706, previously demonstrated up to 73% knockdown of tau mRNA in non-human primates (NHPs) after a single IV dose of 1.3e13 vg/kg.

Also new in late 2025 is the Voyager NeuroShuttle™ nonviral delivery platform, which was introduced in the third quarter. This system uses novel receptor-binding molecules to transport neurotherapeutics across the BBB. Initial proof-of-concept studies in murine models showed sustained brain expression lasting over three weeks, which is significantly longer than what was observed with transferrin receptor shuttles. The first program utilizing this platform is leveraging the ALPL receptor.

The financial health is a critical resource, providing the necessary runway to reach value-inflection points. As of September 30, 2025, Voyager Therapeutics, Inc. reported its financial position.

Financial Metric	Amount as of Q3 2025 (September 30, 2025)
Cash, Cash Equivalents, and Marketable Securities	$229 million
Projected Cash Runway (Based on current plans)	Into 2028
Total Potential Milestone Payments (Across all partnerships)	Up to $2.4 billion
Specific Milestone Potential (FA/GBA1 programs entering clinic)	Up to $35 million
Transition Bio Collaboration Potential Milestones	Up to $500 million

The Intellectual Property (IP) portfolio is the legal moat protecting these platforms and the resulting drug candidates. This includes the rights to the TRACER Capsids and various development candidates. This IP underpins the value of their partnerships, such as the one with Neurocrine Biosciences, which anticipates Investigational New Drug (IND) submissions for Friedreich's ataxia (FA) and GBA1 gene therapy programs by the end of 2025.

Finally, you can't discount the human capital-the Specialized scientific and clinical expertise. This expertise is actively driving several programs toward clinical milestones. For example, the VY7523 anti-tau antibody is currently in the final cohort of its Multiple Ascending Dose (MAD) clinical trial for Alzheimer's disease, with initial tau PET imaging data expected in the second half of 2026. Also, the VY1706 tau silencing gene therapy is advancing through IND-enabling studies, with clinical trial initiation anticipated in 2026. This team is also managing the introduction of the new NeuroShuttle platform and the Transition Bio collaboration targeting TDP-43 pathology, which is relevant to over 90% of Amyotrophic Lateral Sclerosis (ALS) cases.

Finance: draft 13-week cash view by Friday.

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.