0001104659-26-025197
SEC filingVoyager Therapeutics, Inc. reported a net loss of $119.7 million for fiscal year 2025, driven by significant operating expenses of $172.2 million that substantially exceeded collaboration revenue of $40.4 million. The company generated a comprehensive loss of $119.3 million, with basic and diluted net loss per share of $2.00. Operating cash flow was negative $132.5 million, though this was partially offset by $125.4 million in net cash provided by investing activities, primarily from proceeds from sales and maturities of marketable securities. The company ended the period with $100.5 million in cash, cash equivalents, and restricted cash, and total assets of $252.3 million. Stockholders' equity stood at $196.1 million, with an accumulated deficit of $445.9 million. The financial results reflect the company's continued investment in research and development, which totaled $134.7 million for the year.
Voyager Therapeutics reported a net loss of $119.7 million for fiscal year 2025, with a comprehensive loss of $119.3 million. The company generated $40.4 million in collaboration revenue but incurred total operating expenses of $172.2 million, resulting in an operating loss of $131.8 million. Other income of $12.3 million, primarily from interest income of $10.6 million, partially offset the operating loss. Basic and diluted net loss per share was $2.00, based on weighted-average common shares outstanding of 58.7 million. The company's financial performance reflects its continued investment in research and development, which totaled $134.7 million, and general and administrative expenses of $37.5 million.
The company reported collaboration revenue of $40.4 million for fiscal year 2025. No segment breakdown or geographic mix was provided in the available data. The revenue represents income from collaborative arrangements, though specific details about revenue drivers or growth rates compared to prior periods are not disclosed in the provided information. The company's revenue generation appears to be primarily from collaboration agreements rather than product sales or other revenue streams.
Voyager Therapeutics reported an operating loss of $131.8 million on revenue of $40.4 million, indicating negative operating margins. The company's cost structure is dominated by research and development expenses of $134.7 million, which represents approximately 78% of total operating expenses. General and administrative expenses of $37.5 million accounted for the remaining 22% of operating costs. No gross profit or gross margin figures are provided in the available data, suggesting the company may not have significant cost of goods sold or may report collaboration revenue net of certain costs.
The company reported negative operating cash flow of $132.5 million for fiscal year 2025, primarily driven by the net loss of $119.7 million. Investing activities provided $125.4 million in cash, mainly from proceeds from sales and maturities of marketable securities of $262.0 million, partially offset by purchases of marketable securities of $133.9 million. Financing activities provided $816,000 in cash. The company ended the period with $100.5 million in cash, cash equivalents, and restricted cash, down $6.2 million from the beginning of the period. Total assets were $252.3 million, including current assets of $202.7 million. Total liabilities were $56.2 million, resulting in stockholders' equity of $196.1 million.
No specific management guidance, strategic priorities, or forward-looking statements are provided in the available financial data. The filing does not include discussion of future expectations, projected performance, or specific risk factors beyond the presented financial statements. Investors should refer to the complete 10-K filing for management's discussion and analysis, risk factors, and forward-looking statements that typically accompany these financial results.