Start here if you're new
what it is
Voyager builds gene therapies for severe neurological diseases using AAV, a virus shell that carries DNA.
how it gets paid
Last year Voyager Therapeutics made $40M in revenue. Collaboration revenue was the main engine at $16M, or 40% of sales.
why growth slowed
Revenue fell 49.5% last year. Revenue rose 87% vs. prior year. The loss widened 234% vs. prior year.
what just happened
Voyager's quarter brought $25M of revenue, but EPS was still -$1.57.
At a glance
C++ balance sheet — some cracks in the foundation
5/100 earnings predictability — expect surprises
56.0% return on capital — a money-printing machine
-$1.13 fy2024 eps est
$80M fy2024 rev est
xvary composite: 32/100 — weak
What they do
Voyager builds gene therapies for severe neurological diseases using AAV, a virus shell that carries DNA.
Voyager's pitch is TRACER, a platform built by 172 employees to find better AAV capsids. AAV means a virus shell that carries DNA into cells. So what: you are buying a tool that can feed multiple drug bets, not a single product.
How they make money
$40M
annual revenue · their business grew -49.5% last year
Collaboration revenue
$16M
TRACER collaboration
$11M
Milestone revenue
$7M
Research funding
$6M
The products that matter
gene therapy discovery engine
TRACER Platform
$500M+ partnership revenue generated
it has generated over $500M in partnership revenue, which is why the platform matters even though the company still lost $119.7M last year.
partner interest
blood-brain barrier delivery
NeuroShuttle Platform
$6.8B potential milestones
this is part of the pipeline tied to $6.8B in potential milestones, which sounds enormous until you remember potential milestones are not cash in the bank.
optionality
partner-funded licensing economics
Collaboration Revenue
$40M last year
this $40M revenue stream is the actual cash-producing part of the story today, and it still was nowhere near enough to cover a $119.7M annual loss.
current revenue
Key numbers
$40M
annual revenue
That is the size of the business today. It is tiny next to a $266M market value.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Losses are more than three times sales. That is the whole problem in one number.
$30M
long-term debt
Debt is small in dollar terms, but it matters when sales are only $40M.
1.4
beta
That means the stock moves about 40% harder than the market. Your ride is rougher than index funds.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $30M (10% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for VYGR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Voyager's quarter brought $25M of revenue, but EPS was still -$1.57.
Revenue rose 87% vs. prior year. The loss widened 234% vs. prior year, so the top line improved while profit stayed ugly.
$25M
revenue
-$1.57
eps
87%
revenue vs. last year
loss per share
EPS was -$1.57, and that is the number that matters because the business is still burning money.
source: company earnings report, 2026
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What could go wrong
the #1 risk is pipeline and milestone slippage before the cash runway narrows.
med
No approved products
Voyager has no commercial drugs. The current story is platform science, partner payments, and future possibility.
That means 100% of the current $266M market cap depends on pipeline value that has not been de-risked by product sales.
med
Cash burn outruns partnership cash
Cash from operations was -$132.47M over the trailing twelve months, while cash on hand was $196.45M.
At that pace, delays matter fast. The company has runway, but not the luxury of missing for long.
med
Partnership economics are lumpy
Collaboration revenue was $40M and down -49.5%. This is not recurring subscription revenue. It arrives in chunks.
If milestones slip or partners slow spending, reported revenue can fall faster than costs do.
med
Leadership turnover during development
Chief Medical Officer Toby Ferguson resigned effective February 20, 2026.
That adds execution risk to a pipeline story already asking investors to underwrite science, timing, and financing at once.
$196.45M in cash against -$132.47M of operating cash flow is the math to watch. The $6.8B milestone figure only matters if the programs keep moving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
Expected around May 5, 2026. For this company, the cash line may matter more than the revenue line.
pipeline
milestone conversion
The headline number is $6.8B in potential milestones. The real question is how much turns into signed economics and when.
cash
burn versus runway
Cash on hand was $196.45M while cash from operations was -$132.47M. If that gap does not improve, financing risk gets louder.
execution
post-CMO transition
A leadership change in clinical development is manageable until it is not. Watch whether programs stay on schedule after the February 20, 2026 departure.
Analyst rankings
earnings predictability
5 / 100
In human-speak, analysts do not expect clean, steady numbers here. One payment or delay can move the whole quarter.
price stability
5 / 100
This trades like event risk because it is event risk. Stability is not the product.
balance sheet strength
C++
That grade is below average. For a pre-commercial biotech, below average funding flexibility is the whole plot.
source: institutional data
Institutional activity
institutional ownership data for VYGR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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