Voyager Therapeutics (NASDAQ: VYGR) is a clinical-stage biopharmaceutical company that develops gene therapy and non-viral therapeutic treatments targeting neurological diseases. Revenue is generated through collaboration agreements and option and license arrangements with pharmaceutical partners, primarily Neurocrine Biosciences, Novartis, and Alexion, rather than from product sales. As of the 10-K filed March 9, 2026, the company had no approved commercial products and reported a net loss of $119.7 million for the year ended December 31, 2025, with an accumulated deficit of $445.9 million. Core platform technologies include NeuroShuttle, a non-viral delivery platform designed to transport neurotherapeutics across the blood-brain barrier, and TRACER, a tropism redirection platform for gene therapy vectors. The company conducted two restructurings during 2025, incurring $4.3 million in restructuring expenses. Voyager was listed on the Nasdaq Global Select Market under the symbol VYGR on November 11, 2015.

Revenue model

Collaboration and licensing revenue from agreements with Neurocrine Biosciences (2019 and 2023 agreements), Novartis (2023 collaboration and 2022 option and license agreement), and Alexion (agreement dated October 1, 2021). No product sales revenue as of December 31, 2025.

Products and services

NeuroShuttle non-viral delivery platform; TRACER (Tropism Redirection for Adeno-associated virus Capsid Reconstruction) capsid engineering platform; proprietary antibody and gene therapy programs targeting neurological conditions. All product candidates are pre-commercial as of the 10-K filed March 9, 2026.

Customers and end markets

Pharmaceutical and biopharmaceutical company partners (Neurocrine Biosciences, Novartis, Alexion) as collaboration customers. End markets are neurological disease patients pending regulatory approval of product candidates.

Value-chain role

Drug discovery and platform technology licensor. Voyager originates gene therapy and non-viral therapeutic platforms and out-licenses or co-develops programs with large pharmaceutical partners. Research and development expenses are the primary cost driver.

Source: SEC 10-K, filed 2026-03-09

Industry: Biological Products, (No Diagnostic Substances) Peers: 89bio, Inc. Evelo Biosciences, Inc. LianBio Cartesian Therapeutics Inc Summit Therapeutics Inc Vaxxinity, Inc.