VYGR

MKT CAP:$230M

Voyager Therapeutics, Inc.

Market Cap

$230M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$4.04+$0.01 (+0.25%)

Apr 23, 2026

Company Details

Voyager Therapeutics, Inc., a gene therapy company, focuses on the development of treatments and next-generation platform technologies. The company's lead clinical candidate is the VY-AADC, which is in open-label Phase 1 clinical trial for ...

CEO

Alfred W. Sandrock Jr.

IPO Date

Nov 11, 2015

Website

www.voyagertherapeutics.com

Key Metrics TTM

Revenue

$40M

-49.5% YoY

Net Income

-$120M

EPS (Diluted)

-$2.04

Free Cash Flow

-$135M

Revenue / Share

$0.69

Gross Margin

89.9%

Operating Margin

-326.6%

Net Margin

-296.5%

FCF Margin

-334.5%

P/S

5.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 9, 2026

$40M-49.5%EPS -$2.04

Q4 2025

Mar 9, 2026

$15M+144.3%EPS -$0.47

Q3 2025

Nov 10, 2025

$13M-45.7%EPS -$0.47

Q2 2025

Aug 6, 2025

$5M-82.4%EPS -$0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$658.0K	-$14M	-$21M
Q2 22	$712.0K	-$12M	-$19M
Q3 22	$41M	$22M	$14M
Q4 22	-$2M	-$16M	-$25M
Q1 23	$150M	$132M	$123M
Q2 23	$5M	-$17M	-$25M
Q3 23	$5M	-$21M	-$30M
Q4 23	$90M	$89M	$54M
Q1 24	$20M	$18M	-$16M
Q2 24	$30M	-$2M	-$15M
Q3 24	$25M	$25M	-$14M
Q4 24	$6M	$6M	-$38M
Q1 25	$6M	$6M	-$35M
Q2 25	$5M	$5M	-$37M
Q3 25	$13M	$13M	-$31M
Q4 25	$15M	$11M	-$30M

Valuation

Quarter	P/S	P/E
Q1 22	7.3x	—
Q2 22	7.4x	—
Q3 22	3.3x	—
Q4 22	5.6x	—
Q1 23	1.2x	2.3x
Q2 23	1.2x	2.4x
Q3 23	1.4x	4.4x
Q4 23	0.9x	1.7x
Q1 24	1.9x	—
Q2 24	1.6x	25.4x
Q3 24	1.4x	8.9x
Q4 24	2.9x	—
Q1 25	3.4x	—
Q2 25	5.4x	—
Q3 25	7.3x	—
Q4 25	5.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$34M	$34M
Q2 22	-$18M	-$20M
Q3 22	-$16M	-$16M
Q4 22	-$12M	-$13M
Q1 23	$124M	$123M
Q2 23	-$835.0K	-$2M
Q3 23	-$21M	-$22M
Q4 23	-$24M	-$25M
Q1 24	$59M	$57M
Q2 24	-$32M	-$33M
Q3 24	-$28M	-$28M
Q4 24	-$15M	-$15M
Q1 25	-$38M	-$39M
Q2 25	-$33M	-$34M
Q3 25	-$31M	-$31M
Q4 25	-$30M	-$31M

Capital Expenditures

Quarter	CapEx
Q1 22	$38.0K
Q2 22	$1M
Q3 22	$278.0K
Q4 22	$933.0K
Q1 23	$509.0K
Q2 23	$1M
Q3 23	$782.0K
Q4 23	$755.0K
Q1 24	$2M
Q2 24	$967.0K
Q3 24	$258.0K
Q4 24	$155.0K
Q1 25	$658.0K
Q2 25	$1M
Q3 25	$207.0K
Q4 25	$626.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-89.9%	-31.4%
Q2 22	-47.5%	-32.9%
Q3 22	+2672.3%	+0.1%
Q4 22	-105.5%	+2.9%
Q1 23	+22769.3%	+25.4%
Q2 23	+581.6%	+50.8%
Q3 23	-88.8%	+28.1%
Q4 23	+5910.4%	+56.4%
Q1 24	-87.0%	+29.4%
Q2 24	+509.5%	+47.3%
Q3 24	+433.8%	+12.6%
Q4 24	-93.0%	+23.8%
Q1 25	-66.8%	+15.3%
Q2 25	-82.4%	-6.2%
Q3 25	-45.7%	+14.4%
Q4 25	+144.3%	+1.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	352.4%
Q2 22	$0	0.0%
Q3 22	$2M	5.3%
Q4 22	$2M	—
Q1 23	$3M	1.7%
Q2 23	$3M	55.1%
Q3 23	$3M	62.4%
Q4 23	$3M	3.4%
Q1 24	$4M	18.3%
Q2 24	$4M	13.7%
Q3 24	$3M	13.9%
Q4 24	$4M	59.5%
Q1 25	$4M	56.7%
Q2 25	$4M	79.5%
Q3 25	$0	0.0%
Q4 25	$4M	23.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$14M	$8M
Q2 22	$13M	$8M
Q3 22	$19M	$7M
Q4 22	$15M	$8M
Q1 23	$19M	$9M
Q2 23	$22M	$8M
Q3 23	$26M	$8M
Q4 23	$24M	$10M
Q1 24	$26M	$9M
Q2 24	$34M	$10M
Q3 24	$30M	$8M
Q4 24	$36M	$9M
Q1 25	$32M	$10M
Q2 25	$31M	$10M
Q3 25	$36M	$8M
Q4 25	$36M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$132M	$35M	$167M
Q2 22	$78M	$70M	$148M
Q3 22	$97M	$35M	$132M
Q4 22	$99M	$20M	$119M
Q1 23	$268M	$5M	$273M
Q2 23	$244M	$28M	$273M
Q3 23	$65M	$188M	$253M
Q4 23	$69M	$162M	$231M
Q1 24	$143M	$256M	$400M
Q2 24	$76M	$295M	$371M
Q3 24	$113M	$233M	$345M
Q4 24	$71M	$195M	$267M
Q1 25	$75M	$161M	$236M
Q2 25	$44M	$172M	$216M
Q3 25	$45M	$164M	$209M
Q4 25	$65M	$131M	$196M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	+0.6%	+1.5%
Q2 22	38M	+0.7%	+1.9%
Q3 22	40M	+3.3%	+4.7%
Q4 22	39M	-2.6%	+2.0%
Q1 23	42M	+9.4%	+10.8%
Q2 23	44M	+3.2%	+13.6%
Q3 23	44M	+0.8%	+10.9%
Q4 23	45M	+2.8%	+16.9%
Q1 24	57M	+26.7%	+35.5%
Q2 24	58M	+1.1%	+32.6%
Q3 24	58M	+0.2%	+31.9%
Q4 24	58M	+0.2%	+28.6%
Q1 25	58M	+0.6%	+2.2%
Q2 25	59M	+0.5%	+1.6%
Q3 25	59M	+0.2%	+1.6%
Q4 25	59M	-0.2%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$6.5K	101
Q2 22	$7.0K	101
Q3 22	$406.8K	101
Q4 22	-$12.4K	125
Q1 23	$1M	125
Q2 23	$38.8K	125
Q3 23	$36.9K	125
Q4 23	$720.5K	125
Q1 24	$156.1K	125
Q2 24	$236.6K	125
Q3 24	$197.0K	125
Q4 24	$36.5K	172
Q1 25	$37.6K	172
Q2 25	$30.2K	172
Q3 25	$77.7K	172
Q4 25	$77	200K

Revenue / Employee