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MARKETS / NASDAQ / VYGR
NASDAQ · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · MID CAP

Voyager Therapeutics, Inc. VYGR

12 fiscal years on record · USD · FY2025 reported · SEC filings only
$40.4M
▼ 49.5% YoY
$-119.7M
$-135.1M
In brief

What this company does

Many of the company's programs are derived from its TRACER adeno-associated virus (AAV) capsid discovery platform, which it has used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of the company's programs are wholly-owned, and some are advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; Neurocrine Biosciences, Inc.; and Transition Bio, Inc. The company leases its office and laboratory space, consisting of approximately 26,148 square feet located in Cambridge, Massachusetts and 93,449 square feet located in Lexington, Massachusetts. As of December 31, 2025, the company employed 141 full-time employees in the United States, including 112 in research and development positions and 29 in general and administrative positions.

Written from the business description in Voyager Therapeutics, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 9 March 2026. Every sentence was checked against that document before publication.

Growth
USD 40.4M
Revenue, FY2025 · full 12-year series below
Revenue $M Net income $M
FY2025 · Revenue 40.4 · Net income -119.7
100M200M-40M-80M2014201620182020202220242025
Compound annual growth
−0.4%
−25.1%
+8.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −25.1% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−297 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -326.6% · Net -296.5%
-500%-1000%2014201620182020202220242025
ROE
FY2025 · ROE -48.3%
50%-50%2014201620182020202220242025

Each USD of equity lost 48 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -135.1
25.0M50.0M-50.0M-100.0M2014201620182020202220242025

Total assetsUSD 252.3M
EquityUSD 196.1M
CashUSD 65.3M
Current ratio7.64×

Equity funds 78% of total assets.

The 12-year record
12 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014
Revenue $B0.00.10.30.00.00.20.10.00.00.00.0·
Operating income $B−0.1−0.10.1−0.1−0.10.0−0.1−0.1−0.1−0.0−0.0−0.0
EBITDA $B−0.1−0.10.1−0.0−0.10.0−0.0−0.1−0.1−0.0−0.0−0.0
Income tax $B0.00.00.00.0···−0.0·0.00.0·
Net income $B−0.1−0.10.1−0.0−0.10.0−0.0−0.1−0.1−0.0−0.0−0.0
Free cash flow $B−0.1−0.00.1−0.0−0.1−0.10.0−0.0−0.1−0.00.0−0.0
EPS, diluted $−2.04−1.132.97−1.21−1.890.98−1.21−2.75−2.64−1.599.1427.83
Dividend / sh $····0.000.000.000.00··0.00·
Payout %············
ROE %−48.3−24.389.6−60.2−57.128.9−59.7−97.8−52.4−26.4−40.0·
Shares out B0.060.050.040.040.040.040.040.030.030.030.020.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 2 failures in 49 reconciliationsAUDITED

Reconciled in 11 of 19 fiscal years. 27 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente2 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2013

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