2020 Q4 Form 10-Q Financial Statement

#000155837020013395 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $6.500M $117.8M $20.43M
YoY Change -80.11% 476.73% 875.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.300M $8.300M $8.500M
YoY Change -16.16% -2.35% 28.79%
% of Gross Profit
Research & Development $22.00M $25.04M $29.78M
YoY Change -39.89% -15.91% 79.03%
% of Gross Profit
Depreciation & Amortization $1.000M $1.000M $700.0K
YoY Change 25.0% 42.86% 40.0%
% of Gross Profit
Operating Expenses $30.30M $33.32M $38.24M
YoY Change -34.76% -12.88% 64.54%
Operating Profit $84.53M -$17.81M
YoY Change -574.68% -15.79%
Interest Expense $100.0K $254.0K $1.823M
YoY Change -92.86% -86.07% 93.52%
% of Operating Profit 0.3%
Other Income/Expense, Net $7.700M $1.084M $2.801M
YoY Change -3950.0% -61.3% 226.46%
Pretax Income -$15.90M $85.60M -$15.01M
YoY Change 26.19% -670.44% -26.04%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$15.90M $85.61M -$15.01M
YoY Change 26.45% -670.51% -26.04%
Net Earnings / Revenue -244.62% 72.65% -73.44%
Basic Earnings Per Share $2.30 -$0.41
Diluted Earnings Per Share -$426.3K $2.27 -$0.41
COMMON SHARES
Basic Shares Outstanding 37.47M 37.24M 36.74M
Diluted Shares Outstanding 37.67M 36.74M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.1M $200.0M $307.4M
YoY Change -35.67% -34.94% 71.16%
Cash & Equivalents $104.4M $147.4M $82.64M
Short-Term Investments $76.70M $52.60M $224.8M
Other Short-Term Assets $1.575M $3.600M $6.200M
YoY Change 12.66% -41.94% 113.79%
Inventory
Prepaid Expenses
Receivables $8.000M $12.70M $14.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $197.8M $216.3M $327.6M
YoY Change -35.09% -33.97% 79.51%
LONG-TERM ASSETS
Property, Plant & Equipment $25.44M $23.21M $15.29M
YoY Change 41.42% 51.79% 22.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $2.200M $2.000M
YoY Change -100.0% 10.0% 150.0%
Other Assets $2.300M $1.900M $2.000M
YoY Change 35.29% -5.0% 53.85%
Total Long-Term Assets $63.82M $53.44M $48.62M
YoY Change 27.37% 9.92% 233.03%
TOTAL ASSETS
Total Short-Term Assets $197.8M $216.3M $327.6M
Total Long-Term Assets $63.82M $53.44M $48.62M
Total Assets $261.6M $269.8M $376.2M
YoY Change -26.26% -28.3% 90.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $634.0K $3.386M $4.026M
YoY Change -84.42% -15.9% 187.57%
Accrued Expenses $14.21M $21.67M $16.59M
YoY Change -33.98% 30.61% 97.48%
Deferred Revenue $7.729M $13.46M $56.54M
YoY Change -83.64% -76.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.77M $42.05M $80.17M
YoY Change -64.79% -47.55% 167.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.41M $29.26M $32.80M
YoY Change 38.89% -10.79% -67.65%
Total Long-Term Liabilities $44.41M $29.26M $32.80M
YoY Change 38.89% -10.79% -67.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.77M $42.05M $80.17M
Total Long-Term Liabilities $44.41M $29.26M $32.80M
Total Liabilities $107.3M $103.5M $268.1M
YoY Change -57.98% -61.38% 103.85%
SHAREHOLDERS EQUITY
Retained Earnings -$275.9M -$260.0M -$300.1M
YoY Change -11.75% -13.36%
Common Stock $37.00K $37.00K $37.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.3M $166.2M $108.2M
YoY Change
Total Liabilities & Shareholders Equity $261.6M $269.8M $376.2M
YoY Change -26.26% -28.3% 90.88%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$15.90M $85.61M -$15.01M
YoY Change 26.45% -670.51% -26.04%
Depreciation, Depletion And Amortization $1.000M $1.000M $700.0K
YoY Change 25.0% 42.86% 40.0%
Cash From Operating Activities -$22.00M -$24.70M -$21.60M
YoY Change -5.58% 14.35% 22.73%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M -$5.100M -$1.100M
YoY Change 5.88% 363.64% 22.22%
Acquisitions
YoY Change
Other Investing Activities -$18.00M $32.60M $23.80M
YoY Change -160.4% 36.97% -6050.0%
Cash From Investing Activities -$21.50M $27.30M $22.60M
YoY Change -181.44% 20.8% -1983.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K 500.0K 1.700M
YoY Change 66.67% -70.59% 21.43%
NET CHANGE
Cash From Operating Activities -22.00M -24.70M -21.60M
Cash From Investing Activities -21.50M 27.30M 22.60M
Cash From Financing Activities 500.0K 500.0K 1.700M
Net Change In Cash -43.00M 3.100M 2.700M
YoY Change -1364.71% 14.81% -115.52%
FREE CASH FLOW
Cash From Operating Activities -$22.00M -$24.70M -$21.60M
Capital Expenditures -$3.600M -$5.100M -$1.100M
Free Cash Flow -$18.40M -$19.60M -$20.50M
YoY Change -7.54% -4.39% 22.75%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">VOYAGER THERAPEUTICS INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">NOTE</b><b style="font-weight:bold;">S TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1. Nature of business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Voyager Therapeutics, Inc. (the “Company”) is a clinical-stage gene therapy company focused on developing life-changing treatments for patients suffering from severe neurological diseases. The Company is focused on neurological diseases where it believes an adeno-associated virus (“AAV”) gene therapy approach that either increases or decreases the production of a specific protein can slow or reduce the symptoms experienced by patients, and therefore have a clinically meaningful impact. The Company has built a gene therapy platform that it believes positions itself to be a leading company at the intersection of AAV gene therapy and severe neurological disease. The Company’s gene therapy platform enables it to engineer, optimize, manufacture and deliver its AAV-based gene therapies that have the potential to provide durable efficacy following a single administration. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Additionally, the Company is working to identify novel AAV capsids, which are the outer viral protein shells that enclose the genetic material of the virus payload. The Company’s team of experts in the fields of AAV gene therapy and neuroscience first identifies and selects severe neurological diseases that are well-suited for treatment using AAV gene therapy. The Company then engineers and optimizes AAV vectors for delivery of the virus payload to the targeted tissue or cells. The Company’s manufacturing process employs an established system that it believes will enable production of high quality AAV vectors at commercial scale. In addition to the Company’s capsid optimization efforts, it leverages novel delivery paradigms, established routes of administration, and advances in dosing techniques to optimize delivery of its AAV gene therapies to target tissues, regions and cell types that are critical to the disease of interest. The Company believes it can achieve this directly, with targeted infusions to discrete regions of the brain, the spinal cord, or systemically, in conjunction with its novel capsids.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s business strategy focuses on discovering, developing, manufacturing and commercializing its gene therapy programs. As part of this strategy, the Company has developed core competencies specific to AAV gene therapy development and manufacturing and is beginning to build its commercial infrastructure. This business strategy also includes business development activities that may include in-licensing activities or partnering certain programs in certain geographies with collaborators, as the Company has demonstrated through its ongoing <span style="background-color:#ffffff;">collaboration with Neurocrine Biosciences, Inc. (the “Neurocrine Collaboration</span>. The Company is devoting substantially all of its efforts to product research and development, market development, and raising capital. The Company is subject to risks common to companies in the biotechnology and gene therapy industries, including but not limited to, the need to obtain sufficient capital to continue to fund its operations, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary information and technology, protection against data breaches and other cybersecurity threats, compliance with government regulations, development by competitors of technological innovations, and ability to transition from pilot-scale manufacturing to large-scale production of products. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has incurred annual net operating losses every year prior to 2020. As of September 30, 2020, the Company had an accumulated deficit of $260.0 million. The Company has not generated any product revenue and has financed its operations primarily through public offerings and private placements of its equity securities and funding from its prior collaborations with <span style="font-family:'Times';">Sanofi Genzyme Corporation (“Sanofi Genzyme”) and AbbVie Biotechnology Ltd and AbbVie Ireland Unlimited Company (collectively, “AbbVie”) and its ongoing collaboration with Neurocrine Biosciences, Inc. (“Neurocrine”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Through September 30, 2020, the Company has raised approximately $640.0 million of proceeds from sales of convertible preferred stock and common stock, including its initial public offering and follow-on public offering, and proceeds from collaboration agreements. As of September 30, 2020, the Company had cash, cash equivalents, and marketable debt securities of $200.0 million. Based upon its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable debt securities, as well as ongoing reimbursement amounts expected from development costs related to its collaboration and license agreement with Neurocrine, or the Neurocrine </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Collaboration Agreement, will enable the Company to meet its planned operating expenses and capital expenditure re<span style="background-color:#ffffff;">quirements</span> into mid-2022. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenue from collaboration partners on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition. </p>
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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;min-height:10.0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Use of estimates</i></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;min-height:10.0pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, accrued expenses, stock-based compensation expense, and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Certain reclassifications have been made to prior periods to conform to current period presentation.</span></p>
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37242504
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35581408
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36742993
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37079242
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
429824
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
420913
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37672328
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36742993
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37500155
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35581408

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