Executive Summary

Q3 2025 delivered a clean beat versus consensus: collaboration revenue was $13.37M vs S&P Global consensus $7.86M, and EPS was -$0.47 vs consensus -$0.52; beats were driven by higher recognized collaboration revenue and disciplined G&A spending following Q2 restructuring . Consensus figures marked with an asterisk are from S&P Global.
Net loss widened year over year to $27.9M (from $9.0M in Q3 2024) on lower Novartis-related revenue recognition versus the prior year period; R&D rose to support the MAD trial for VY7523 and IND-enabling work for VY1706 .
Guidance maintained cash runway into 2028 and refined milestone potential to “up to $2.4B,” with up to $35M tied to FA/GBA1 programs entering the clinic; cash ended Q3 at $229M .
Strategic updates: introduction of the nonviral Voyager NeuroShuttle platform and a Transition Bio collaboration targeting TDP-43 pathology; Novartis discontinued two discovery-stage programs (rights revert to Voyager), while Neurocrine initiated tox work on a fourth development candidate, triggering a $3M milestone due in Q4 2025 .

What Went Well and What Went Wrong

What Went Well

Strong execution and top-line beat: collaboration revenue of $13.37M outperformed consensus $7.86M; EPS also beat, reflecting higher revenue recognition and cost discipline in G&A after Q2 restructuring . Consensus marked with an asterisk is from S&P Global.
Management sharpened multi-modality focus with the launch of Voyager NeuroShuttle and option-based small molecule collaboration (ALS/FTD); CEO: “Voyager continues to seek out the optimal modalities for each neurotherapeutic target we pursue… we are excited to contribute our neurotherapeutics expertise… while continuing to prioritize maintaining our cash runway into 2028.”
Partner momentum: Neurocrine initiated preclinical tox on a fourth program, triggering a $3M milestone due in Q4 2025; Neurocrine expects updates on FA/GBA1 IND timelines by year-end 2025 with potential clinical starts in 2026 .

What Went Wrong

Year-over-year pressure: collaboration revenue declined vs Q3 2024 ($13.37M vs $24.63M) due primarily to lower Novartis-related revenue recognition; net loss widened to $27.9M from $9.0M .
Novartis discontinued two discovery-stage programs (targets undisclosed), returning rights; though not impacting runway, it removes near-term partnered optionality for those targets .
R&D spending increased to $35.87M (vs $30.24M in Q3 2024), reflecting investment in the VY7523 MAD trial and VY1706 tau-silencing program, keeping operating loss elevated at $(30.59)M .

Financial Results

Quarterly Financials (Actuals)

Metric	Q1 2025	Q2 2025	Q3 2025
Collaboration revenue ($USD Millions)	$6.47	$5.20	$13.37
R&D expense ($USD Millions)	$31.53	$31.33	$35.87
G&A expense ($USD Millions)	$9.64	$10.50	$8.09
Total operating expenses ($USD Millions)	$41.17	$41.83	$43.96
Operating loss ($USD Millions)	$(34.69)	$(36.63)	$(30.59)
Net loss ($USD Millions)	$(31.02)	$(33.38)	$(27.89)
Primary EPS ($USD)	$(0.53)	$(0.57)	$(0.47)

Actual vs S&P Global Consensus

Metric	Q1 2025	Q2 2025	Q3 2025
Collaboration revenue - Actual ($USD Millions)	$6.47	$5.20	$13.37
Collaboration revenue - Consensus ($USD Millions)*	$13.55	$9.50	$7.86
Primary EPS - Actual ($USD)	$(0.53)	$(0.57)	$(0.47)
Primary EPS - Consensus ($USD)*	$(0.464)	$(0.53)	$(0.517)
*Values retrieved from S&P Global.

Segment Breakdown

Not applicable; Voyager reports collaboration revenue and operating expenses without segment disclosure .

KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Cash, cash equivalents & marketable securities ($USD Millions)	$295.12	$262.04	$229.01
Deferred revenue ($USD Millions)	$25.86	$23.12	$12.05
Total stockholders’ equity ($USD Millions)	$272.70	$243.94	$219.83
Weighted-average shares outstanding (Millions)	58.35	58.67	58.80

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Q1→Q2	“Into mid-2027”	“Into 2028”	Raised
Cash runway	Q2→Q3	“Into 2028”	“Into 2028”	Maintained
Development milestone potential	Q2→Q3	“Up to $2.6B”	“Up to $2.4B”	Lowered
Potential FA/GBA1 clinic milestones	Q1/Q2→Q3	“Up to $35M” potential as programs enter clinic	“Up to $35M” potential as programs enter clinic	Maintained
Neurocrine IND/clinical timing	Q2→Q3	INDs guided in 2025 for FA/GBA1; clinical starts in 2026	Update on IND timelines by YE25; potential clinical starts in 2026	Clarified
Quarterly earnings calls	Q1	Company does not plan to host quarterly results calls moving forward	Same policy implied in Q2/Q3 disclosures	Maintained

Earnings Call Themes & Trends

Note: No dedicated Q3 2025 earnings call transcript; analysis includes management commentary from the Stifel 2025 Healthcare Conference (11/11/2025).

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
Tau programs (VY7523 antibody; VY1706 gene therapy)	MAD dosing ongoing; VY1706 pre-IND interaction; IND-enabling work; tau PET data H2’26	MAD dosing ongoing; VY1706 IND/CTA in 2026	MAD dosing ongoing; VY1706 IND-enabling ongoing; PET readout H2’26	Stable/advancing
Nonviral delivery (NeuroShuttle)	Not highlighted	Not highlighted	Introduced NeuroShuttle platform (ALPL receptor); sustained brain exposure in murine PoC	Increasing focus
Cash runway & financing	Runway into mid-2027	Runway extended into 2028	Runway into 2028 maintained	Improved then stable
Partnerships (Neurocrine/Novartis)	FA/GBA1 INDs anticipated in 2025; clinical starts 2026	Neurocrine reiterates INDs 2025; clinical starts 2026	Neurocrine tox start triggers $3M milestone; IND timeline update YE25; Novartis drops two discovery programs, rights return	Mixed (Neurocrine progressing; Novartis pruning)
R&D execution and spend	R&D $31.53M; pipeline investment	R&D $31.33M; slight YoY decrease	R&D $35.87M; higher spend on VY7523/VY1706	Rising due to clinical progress
Communications policy	Ceasing quarterly results calls	Not hosting earnings calls	No Q3 call; Stifel fireside chat used for commentary	Maintained

Management Commentary

“Voyager continues to seek out the optimal modalities for each neurotherapeutic target we pursue… we are now introducing our first NeuroShuttle program,” highlighting differentiated pharmacokinetics vs transferrin receptor shuttles and sustained brain exposure in murine studies .
On partnered programs: “Neurocrine… initiated a preclinical toxicology study with the fourth development candidate… triggering a $3 million milestone payment… owed to Voyager in the fourth quarter of 2025” .
Stifel Fireside Chat: CEO emphasized tau PET as the preferred PD readout: “We’re going to rely more heavily on Tau PET imaging… fluid-based Tau biomarkers… you’ve got to be a little cautious” and expects the MAD study to be “well-powered to see an effect on Tau spread” .
Gene therapy safety/efficacy: VY1706 uses “1.3E13 vg/kg… an order of magnitude lower” dose, with “30-fold” liver de-targeting, achieving “50%-80% knockdown across the brain with… one injection,” supporting risk-benefit in AD .
ALS/TDP-43 strategy: Transition Bio collaboration targets condensates to restore nuclear TDP-43 function; a “single-digit million-dollar” payment was made after meeting high scientific hurdles .

Q&A Highlights

Tau antibody differentiation: Management cited preclinical head-to-heads where pathologic-specific VY7523 blocked tau spread (~70% effect) in a human tau mouse model versus minimal effect from prior N-terminal antibodies; strategy targets tau spread and uses tau PET imaging for PD .
Tau-silencing read-through: Positive BIIB080 outcomes would de-risk VY1706, given similar goal of lowering tau to impact PET signal and clinical outcomes; VY1706 aims for robust CNS knockdown at lower systemic doses .
Safety considerations: Lower AAV dose and liver de-targeting for VY1706 were emphasized; gene therapy viewed as “once and done,” while repeat dosing risks for shuttles will be assessed; benefit-risk in AD discussed .
FA/GBA1 programs: Delivery and transduction across brain and heart (FA) discussed; expectation that gene therapy could affect lysosomal function relevant to Parkinson’s via GCase pathways; Neurocrine leads, with potential opt-in after Phase 1 .

Estimates Context

Q3 2025: collaboration revenue $13.37M vs consensus $7.86M (beat); EPS -$0.47 vs consensus -$0.517 (beat) . Consensus values marked with an asterisk are from S&P Global.
Q2 2025: collaboration revenue $5.20M vs consensus $9.50M (miss); EPS -$0.57 vs consensus -$0.53 (miss) . Consensus values from S&P Global*.
Q1 2025: collaboration revenue $6.47M vs consensus $13.55M (miss); EPS -$0.53 vs consensus -$0.464 (miss) . Consensus values from S&P Global*.

Key Takeaways for Investors

The quarter’s dual beat on revenue and EPS sets a constructive near-term tone; sustained G&A discipline and rising R&D reflect prioritization of two near-term AD shots on goal (VY7523 PET in H2’26; VY1706 clinical entry in 2026) .
Narrative is pivoting toward multi-modality delivery (NeuroShuttle) and pipeline balance (small molecules for TDP-43) to complement AAV gene therapy; these platforms can broaden optionality and partnership leverage .
Partner dynamics: Neurocrine remains a key catalyst (YE25 IND timeline updates; 2026 clinical starts), with immediate $3M milestone visibility; Novartis pruning is non-cash runway impacting but narrows discovery optionality in the short run .
Cash runway into 2028 provides a multi-inflection window; watch for milestone receipts (up to $35M tied to FA/GBA1 entering clinic) and any additional non-dilutive capital clarity vs the “up to $2.4B” updated development milestones potential .
For trading: near-term stock drivers include third-party tau readouts in 2026 (J&J antibody, BIIB080) with read-through to VYGR programs; any interim VY7523 clinical signals or Neurocrine regulatory updates could be catalysts .
Risk checks: continued dependence on collaboration revenue recognition can introduce quarter-to-quarter volatility; R&D rise tied to clinical execution keeps operating losses elevated until milestones and data flow begin to offset .
Engagement: No quarterly earnings calls; investors should leverage conference appearances and 8-Ks/press releases for updates and monitor IND/CTA timing for VY1706 and PET timelines for VY7523 .

Source Documents Read

Q3 2025 8-K with Exhibit 99.1: “Voyager Reports Third Quarter 2025 Financial and Operating Results”
Q2 2025 8-K with Exhibit 99.1: “Voyager Reports Second Quarter 2025 Financial and Operating Results”
Q1 2025 8-K with Exhibit 99.1: “Voyager Reports First Quarter 2025 Financial and Operating Results”
Stifel 2025 Healthcare Conference fireside chat transcript (management commentary)
July 16, 2025 Press Release: “Voyager Adds Fourth Wholly-Owned Alzheimer’s Disease Program (APOE)”

S&P Global Consensus (used for estimates comparisons): Collaboration revenue and EPS consensus for Q1–Q3 2025 marked with an asterisk in tables above.

Voyager Therapeutics, Inc. (VYGR)·Q3 2025 Earnings Summary