Voyager Therapeutics, Inc. (VYGR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No domínio de ponta da terapêutica neurológica, a Voyager Therapeutics (VYGR) surge como uma força pioneira, transformando a medicina genética por meio de inovações inovadoras de terapia genética. Ao alavancar a engenharia vetorial avançada e as intervenções genéticas direcionadas, este inovador de biotecnologia está pronto para revolucionar abordagens de tratamento para distúrbios neurológicos complexos, oferecendo esperança a pacientes com condições genéticas raras em que estratégias médicas tradicionais ficaram aquém. Seu modelo abrangente de negócios de negócios revela um plano estratégico que entrelaça a excelência científica, parcerias colaborativas e potencial médico transformador, prometendo remodelar a paisagem de tratamentos neurológicos personalizados.

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: Parcerias -chave

Colaboração com empresas farmacêuticas

A Voyager Therapeutics estabeleceu uma parceria estratégica com biosciências neurócrinas, concentrando -se no desenvolvimento da terapia genética para distúrbios neurológicos.

Parceiro	Detalhes da parceria	Termos financeiros
Biosciências neurócrinas	Colaboração de terapia genética para condições neurológicas	Pagamento antecipado de US $ 75 milhões em 2018
Abbvie	Colaboração de terapia genética para doenças de Parkinson	US $ 455 milhões totais potenciais pagamentos

Parcerias de pesquisa com instituições acadêmicas

A Voyager Therapeutics mantém colaborações críticas de pesquisa com os principais centros de pesquisa acadêmica.

• Hospital Geral de Massachusetts
• Escola de Medicina de Harvard
• Universidade da Califórnia, São Francisco

Alianças estratégicas no desenvolvimento da terapia genética

A Companhia desenvolveu alianças estratégicas para promover tecnologias de terapia genética.

Parceiro da Aliança	Área de foco	Escopo de colaboração
Pfizer	Pesquisa de doenças neurológicas genéticas	Vários programas de terapia genética pré -clínica
Sanofi	Distúrbios neurológicos raros	Pesquisa e desenvolvimento colaborativos

Acordos de licenciamento

A Voyager Therapeutics garantiu vários acordos de licenciamento para tecnologias avançadas de tratamento neurológico.

• MIT Licença de tecnologia: Direitos exclusivos da plataforma de terapia genética proprietária
• Licença de biotecnologia de Harvard: Tecnologias de tratamento de doenças neurológicas

Receita total de parceria e licenciamento para 2023: US $ 28,3 milhões

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de terapia genética

No quarto trimestre 2023, a Voyager Therapeutics investiu US $ 42,3 milhões em despesas de P&D relacionadas ao desenvolvimento da terapia genética. A empresa se concentra no desenvolvimento de terapias genéticas baseadas em AAV direcionadas a distúrbios neurológicos.

Área de foco de pesquisa	Investimento (2023)	Programas ativos
Distúrbios neurológicos	US $ 42,3 milhões	3 programas de terapia genética primária
Doenças genéticas raras	US $ 18,7 milhões	2 programas de estágio pré -clínico

Gerenciamento de ensaios clínicos

Atualmente, a Voyager Therapeutics gerencia 4 ensaios clínicos ativos em várias áreas de indicação neurológica.

• Fase 1/2 ensaios para a doença de Huntington
• Ensaios de fase 1 para a doença de Parkinson
• Desenvolvimento clínico de terapia genética em estágio avançado

Pesquisa pré -clínica e translacional

A empresa mantém um robusto pipeline de pesquisa pré -clínica com 6 candidatos terapêuticos em potencial em desenvolvimento.

Estágio de pesquisa	Número de candidatos	Indicações alvo
Pré -clínico	6 candidatos	Distúrbios neurológicos
Pesquisa translacional	3 programas	Condições genéticas raras

Engenharia vetorial proprietária

A Voyager se desenvolveu 15 plataformas de vetor AAV exclusivas Para entrega de genes direcionados.

• Técnicas avançadas de engenharia do capsídeo
• Recursos de segmentação de tecido neural aprimorado
• Eficiência de transferência de genes aprimorada

Inovação em tratamento de doenças neurológicas

As despesas de pesquisa para inovações em doenças neurológicas atingiram US $ 27,6 milhões em 2023.

Área da doença	Orçamento de pesquisa	Foco na inovação
Doença de Huntington	US $ 12,4 milhões	Estratégias de silenciamento de genes
Doença de Parkinson	US $ 9,2 milhões	Entrega de fatores neurotróficos
Outras condições neurológicas	US $ 6 milhões	Abordagens de terapia genética direcionadas

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: Recursos -chave

Plataformas avançadas de tecnologia de terapia genética

A Voyager Therapeutics utiliza Plataforma de engenharia de vetores de terapia genética AAV Com as seguintes especificações:

• Variantes de capsídeo AAV de engenharia totais: 171.000+
• Plataforma de tecnologia de evolução direcionada proprietária
• Capacidades de projeto de vetores de terapia genética direcionando distúrbios neurológicos

Métricas da plataforma de tecnologia	Dados quantitativos
Variantes do capsídeo AAV	171,000+
Pesquisar & Investimento de desenvolvimento (2023)	US $ 52,4 milhões
Recursos de design de terapia genética	5 alvos de doenças neurológicas distintas

Portfólio de propriedade intelectual

A Voyager Therapeutics mantém uma robusta estratégia de propriedade intelectual:

• Total de patentes concedidas: 84
• Aplicações de patentes pendentes: 36
• Famílias de patentes cobrindo tecnologias de terapia genética

Experiência em pesquisa científica

Composição da equipe de pesquisa	Número
Total de cientistas de pesquisa	68
Pesquisadores de doutorado	42
Especialistas em neurociência	24

Infraestrutura de laboratório especializada

As instalações de laboratório incluem:

• Espaço total da instalação de pesquisa: 45.000 pés quadrados
• Recursos avançados de fabricação de vetores genéticos
• Laboratórios de pesquisa de nível 2 e nível 3 de biossegurança

Equipe de gerenciamento experiente

Posição de liderança	Anos de experiência
CEO	22 anos em biotecnologia
Diretor científico	18 anos em terapia genética
Pesquisar & Diretor de Desenvolvimento	15 anos em pesquisa de neurociência

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: proposições de valor

Terapias genéticas direcionadas para distúrbios neurológicos

A Voyager Therapeutics se concentra no desenvolvimento de terapias genéticas direcionadas especificamente aos distúrbios neurológicos. A partir do quarto trimestre 2023, a empresa possui três programas de terapia genética primária no desenvolvimento clínico.

Programa de terapia	Transtorno alvo	Estágio clínico
VY-AADC	Doença de Parkinson	Fase 1/2
VY-HTT01	Doença de Huntington	Pré -clínico
VY-SOD01	ALS	Fase 1/2

Possíveis tratamentos inovadores para condições genéticas raras

A empresa identificou 5 condições neurológicas genéticas raras como alvos terapêuticos primários.

• Doença de Parkinson
• Doença de Huntington
• Esclerose lateral amiotrófica (ALS)
• Ataxia de Friedreich
• Ataxia spinocerebelar

Design de vetores inovadores para intervenções genéticas precisas

A Voyager se desenvolveu Tecnologias de vetores AAV proprietários com recursos aprimorados de direcionamento de tecidos. Os investimentos em pesquisa em engenharia vetorial foram de aproximadamente US $ 24,7 milhões em 2023.

Abordagens terapêuticas personalizadas

Abordagem	Descrição	Custo de desenvolvimento
Triagem genética	Perfil genético específico do paciente	US $ 3,2 milhões
Dosagem de precisão	Intervenções terapêuticas personalizadas	US $ 5,6 milhões

Atendendo às necessidades médicas não atendidas em doenças neurodegenerativas

O potencial de mercado para terapias de genes neurológicos estimados em US $ 12,5 bilhões até 2026. As despesas de pesquisa e desenvolvimento da Voyager em 2023 foram de US $ 67,3 milhões.

• Total de programas de pipeline: 6
• Ensaios clínicos ativos: 3
• Portfólio de patentes: 45 patentes concedidas

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com comunidades de pacientes

A partir do quarto trimestre 2023, a Voyager Therapeutics mantém o envolvimento direto da comunidade de pacientes por meio de:

• Grupos de apoio a doenças neurodegenerativas
• Redes de pacientes com transtorno genético raro
• Plataformas de comunicação de pacientes online

Métricas de interação da comunidade de pacientes	2023 dados
Total de participantes da rede de pacientes	3,287
Taxa de engajamento online	67.4%
Eventos anuais da comunidade de pacientes	12

Comunicação de pesquisa colaborativa

A Voyager Therapeutics implementa estratégias de comunicação colaborativa de pesquisa com:

• Parcerias de instituição de pesquisa
• Programas de colaboração acadêmica
• Interações do Conselho Consultivo Científico

Métricas de colaboração de pesquisa	2023 dados
Parcerias de pesquisa ativa	18
Subsídios de pesquisa colaborativa	US $ 4,2 milhões
Publicações científicas	22

Suporte de participante do ensaio clínico

Estrutura abrangente de apoio aos participantes do ensaio clínico inclui:

• Coordenadores dedicados de apoio ao paciente
• Recursos de informação do ensaio clínico
• Gerenciamento de compensação do paciente

Métricas de suporte ao ensaio clínico	2023 dados
Ensaios clínicos ativos	7
TOTAL DE ENTRADOS CLÍNICOS PARTICIPANTES	412
Taxa de retenção de pacientes	85.6%

Educação e Extensão Profissional Médica

Estratégias de engajamento profissional médico abrangem:

• Programas de educação médica contínua
• Apresentações da conferência científica
• Interações profissionais de rede médica

Métricas de divulgação profissional médica	2023 dados
Apresentações da conferência médica	16
Participantes do programa CME	1,243
Membros da rede profissional	5,672

Relatório de progresso da pesquisa transparente

Os canais de comunicação transparentes incluem:

• Atualizações trimestrais de pesquisa
• Comunicações de Relações com Investidores
• Plataformas públicas de divulgação científica

Métricas de transparência de pesquisa	2023 dados
Relatórios trimestrais de pesquisa	4
Divulgações de pesquisa pública	37
Eventos de comunicação de investidores	6

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: canais

Conferências e apresentações científicas diretas

Em 2023, a Voyager Therapeutics participou de 12 principais conferências científicas, apresentando pesquisas em:

• Sociedade Americana de Gene & Reunião anual de terapia celular
• Conferência Anual da Sociedade para Neurociência
• Congresso Internacional de Parkinson e Transtorno de Movimento

Tipo de conferência	Número de apresentações em 2023	Alcance estimado do público
Conferências de neurociência	7	3.500 pesquisadores
Simpósios de terapia genética	5	2.800 especialistas

Networking da indústria farmacêutica

A Voyager Therapeutics manteve parcerias estratégicas com:

• Instituições de pesquisa em neurociência
• Redes de desenvolvimento farmacêutico
• Centros de pesquisa acadêmica

Categoria de parceria	Número de parcerias ativas	Valor de colaboração
Instituições de pesquisa	8	US $ 12,5 milhões
Centros acadêmicos	6	US $ 7,3 milhões

Publicações científicas revisadas por pares

Pesquisa publicada em periódicos -chave durante 2023:

• Terapia molecular
• Neurociência da natureza
• Neurônio

Categoria de publicação	Número de publicações	Citações totais
Revistas revisadas por pares	9	287

Comunicações de Relações com Investidores

Métricas de comunicação para investidores para 2023:

• Chamadas de ganhos trimestrais
• Apresentações de investidores
• Reunião Anual dos Acionistas

Tipo de comunicação	Frequência em 2023	Engajamento do investidor
Chamadas de ganhos	4	215 participantes
Apresentações de investidores	6	340 investidores institucionais

Plataformas científicas e médicas online

Plataformas de engajamento digital usadas em 2023:

• Pesquisa
• Rede científica do LinkedIn
• Site da empresa

Plataforma	Seguidores/conexões	Interações de conteúdo
Pesquisa	4,200	12.500 visualizações
LinkedIn	3,800	9.700 compromissos

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: segmentos de clientes

Pacientes em doenças neurológicas

A Voyager Therapeutics tem como alvo pacientes com condições neurológicas específicas:

Categoria de doença	População estimada de pacientes	Condições direcionadas
Doença de Parkinson	1 milhão de pacientes nos Estados Unidos	Terapia genética VY-AADC
Doença de Huntington	30.000 pacientes sintomáticos nos Estados Unidos	Terapia genética VY-HTT01

Comunidades de transtorno genético raras

Concentre -se em distúrbios neurológicos genéticos específicos:

• Condições neurológicas genéticas raras que afetam aproximadamente 25 a 30 milhões de indivíduos globalmente
• Direcionando populações de pacientes com opções de tratamento limitadas
• Abordagens de terapia genética de precisão para mutações genéticas específicas

Instituições de pesquisa em neurociência

Parcerias de colaboração e pesquisa:

Tipo de instituição	Número de parceiros em potencial	Foco na pesquisa
Centros de pesquisa acadêmica	57 Principais instituições de pesquisa em neurociência	Desenvolvimento da terapia genética
Laboratórios de neurociência financiados pelo NIH	42 instalações de pesquisa primária	Pesquisa avançada de tratamento neurológico

Empresas farmacêuticas

Potencial de parceria estratégica:

• As 20 principais empresas farmacêuticas globais com divisões de neurociência
• Potenciais oportunidades de licenciamento e colaboração
• Potencial de transferência de tecnologia de terapia genética

Provedores de saúde especializados em terapias genéticas

Target Centros Médicos Especializados:

Categoria de provedor	Número de centros especializados	Foco terapêutico
Centros de tratamento genético especializados	87 centros na América do Norte	Terapias neurológicas avançadas
Redes de tratamento de neurologia	129 redes de saúde integradas	Implementação de medicina de precisão

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Voyager Therapeutics registrou despesas de P&D de US $ 97,8 milhões. Os custos de P&D da empresa se concentraram principalmente em programas de terapia genética para distúrbios neurológicos.

Ano	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 97,8 milhões	68.3%
2021	US $ 84,3 milhões	65.7%

Investimentos de ensaios clínicos

A Voyager Therapeutics investiu US $ 52,4 milhões em atividades de ensaios clínicos durante 2022, visando vários programas de doenças neurológicas.

• Programa Clínico VY-AADC: US ​​$ 18,2 milhões
• Programa de doenças de Huntington: US $ 15,7 milhões
• Programa de doenças de Parkinson: US $ 12,5 milhões

Manutenção da propriedade intelectual

A empresa gastou aproximadamente US $ 3,5 milhões em proteção de propriedade intelectual e manutenção de patentes em 2022.

Desenvolvimento da plataforma de tecnologia

Os custos de desenvolvimento da plataforma de tecnologia para 2022 foram de US $ 22,6 milhões, com foco em tecnologias avançadas de terapia genética.

Plataforma de tecnologia	Valor do investimento
Engenharia de vetor AAV	US $ 12,3 milhões
Sistemas de entrega de genes	US $ 10,3 milhões

Conformidade e teste regulatórios

As despesas regulatórias de conformidade e teste totalizaram US $ 6,7 milhões em 2022, garantindo a adesão aos padrões regulatórios da FDA e da International.

• Teste pré -clínico: US $ 3,2 milhões
• Preparação de submissão regulatória: US $ 2,5 milhões
• Monitoramento de conformidade: US $ 1,0 milhão

Voyager Therapeutics, Inc. (VYGR) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Voyager Therapeutics possui possíveis acordos de licenciamento com os seguintes parceiros farmacêuticos importantes:

Parceiro	Valor potencial de negócios	Área de foco
Biosciências neurócrinas	US $ 1,1 bilhão em potencial total de pagamentos marcantes	Terapia genética para a doença de Parkinson
Abbvie	Termos financeiros não divulgados	Programas de doenças neurológicas genéticas

Bolsas de pesquisa

A Voyager Therapeutics recebeu subsídios de pesquisa das seguintes fontes:

• Institutos Nacionais de Saúde (NIH): US $ 2,5 milhões em 2023
• Michael J. Fox Foundation: US $ 1,2 milhão para a pesquisa de doenças de Parkinson

Financiamento de pesquisa colaborativa

Researção colaborativa Financiamento de pesquisa para 2023:

Parceiro de colaboração	Valor de financiamento
Hospital Geral de Massachusetts	US $ 3,7 milhões
Escola de Medicina de Harvard	US $ 2,1 milhões

Vendas futuras de produtos terapêuticos

Receita potencial projetada do desenvolvimento de pipeline:

• Terapia genética VY-AADC: Valor potencial estimado de US $ 450 milhões anualmente
• Tratamentos de transtorno neurológico: alcance potencial de mercado de US $ 750 milhões até 2026

Pagamentos marcantes de parcerias farmacêuticas

Estrutura de pagamento marco com parceiros farmacêuticos atuais:

Parceiro	Potenciais pagamentos marcantes	Gatilho eventos
Biosciências neurócrinas	Até US $ 1,1 bilhão	Desenvolvimento clínico, aprovações regulatórias
Abbvie	Pagamentos marcantes não divulgados	Avanço pré -clínico e clínico

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.