Voyager Therapeutics reported a third‑quarter net loss of $27.9 million, a widening from the $9.0 million loss recorded in Q3 2024. Revenue for the period was $13.4 million, driven by $13.4 million in collaboration revenue that, while down 45 % from $24.6 million in the same quarter last year, still exceeded the consensus estimate of $7.86 million. The company’s loss per share of $0.47 beat the analyst expectation of a $0.53 loss, a beat of $0.06 or 11 %. The stronger-than‑expected revenue and narrower loss were largely due to disciplined cost management that offset the decline in collaboration income and the rise in R&D spending to $35.9 million, up from $30.2 million year‑over‑year.
At September 30, Voyager’s cash, cash equivalents and marketable securities totaled $229 million, a figure that the company says will fund operations and research through 2028. The cash runway is a key strength for a clinical‑stage biotech, providing a buffer for continued pipeline development and potential future milestones. The company’s guidance for the remainder of the year remains unchanged, indicating confidence that the current cash position will support its strategic priorities.
The quarter also marked the launch of the Voyager NeuroShuttle™ discovery program. Preclinical data in mice showed sustained brain expression for approximately three weeks, a significant improvement over the less than one‑week duration seen with transferrin‑receptor shuttles. This extended expression window suggests the platform could deliver therapeutic molecules more effectively to the central nervous system, a critical hurdle in neurodegenerative drug development.
In addition, Voyager announced a new collaboration with Transition Bio to develop small‑molecule therapies targeting amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD). The partnership focuses on TDP‑43 pathology, a protein implicated in over 90 % of ALS cases and up to 45 % of FTD cases. Voyager holds an exclusive option to license candidates, with a single‑digit‑million‑dollar upfront payment and the potential for up to $500 million in milestone payments, underscoring the high upside potential of the collaboration.
CEO Alfred W. Sandrock, Jr. emphasized that the company’s focus on optimal modalities for neurological targets is driving the NeuroShuttle program and the Transition Bio partnership. He noted that the company’s strong cash position and extended runway allow it to invest aggressively in these high‑risk, high‑reward areas while maintaining financial flexibility. The guidance for the full year remains unchanged, reflecting management’s confidence that the company can sustain its current trajectory while pursuing breakthrough therapies.
Analysts had expected a loss of $0.53 per share and revenue of $7.86 million; Voyager’s results beat both expectations, with a $0.06 per‑share beat and revenue exceeding estimates by $5.54 million. The beat was attributed to disciplined cost control and the continued contribution of collaboration revenue, even as the company’s R&D spend increased to support its expanding pipeline. The company’s ability to meet or exceed analyst expectations reinforces its position as a compelling investment in the neurotherapeutics space.
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