$VYGR
Voyager Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021013999 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $28.07M $1.482M $117.8M
YoY Change 331.89% -98.74% 476.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.351M $8.714M $8.300M
YoY Change 0.61% 4.99% -2.35%
% of Gross Profit
Research & Development $14.02M $17.91M $25.04M
YoY Change -36.27% -28.46% -15.91%
% of Gross Profit
Depreciation & Amortization $1.482M $1.224M $1.000M
YoY Change 48.2% 22.4% 42.86%
% of Gross Profit
Operating Expenses $22.37M $26.63M $33.32M
YoY Change -26.17% -20.07% -12.88%
Operating Profit -$25.15M $84.53M
YoY Change -129.75% -574.68%
Interest Expense -$643.0K $121.0K $254.0K
YoY Change -743.0% -52.36% -86.07%
% of Operating Profit 0.3%
Other Income/Expense, Net $650.0K $9.000K $1.084M
YoY Change -91.56% -99.17% -61.3%
Pretax Income $5.709M -$25.14M $85.60M
YoY Change -135.91% -129.37% -670.44%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $5.709M -$25.14M $85.61M
YoY Change -135.91% -129.36% -670.51%
Net Earnings / Revenue 20.34% -1696.15% 72.65%
Basic Earnings Per Share -$0.67 $2.30
Diluted Earnings Per Share $151.0K -$0.67 $2.27
COMMON SHARES
Basic Shares Outstanding 37.96M 37.78M 37.24M
Diluted Shares Outstanding 37.78M 37.67M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.5M $121.5M $200.0M
YoY Change -26.81% -39.25% -34.94%
Cash & Equivalents $117.4M $111.5M $147.4M
Short-Term Investments $15.11M $10.02M $52.60M
Other Short-Term Assets $1.701M $3.540M $3.600M
YoY Change 8.0% -1.67% -41.94%
Inventory
Prepaid Expenses
Receivables $732.0K $1.165M $12.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.7M $126.2M $216.3M
YoY Change -30.88% -41.66% -33.97%
LONG-TERM ASSETS
Property, Plant & Equipment $21.92M $22.99M $23.21M
YoY Change -13.82% -0.95% 51.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.200M
YoY Change 10.0%
Other Assets $1.779M $1.779M $1.900M
YoY Change -22.65% -6.37% -5.0%
Total Long-Term Assets $57.16M $58.57M $53.44M
YoY Change -10.43% 9.59% 9.92%
TOTAL ASSETS
Total Short-Term Assets $136.7M $126.2M $216.3M
Total Long-Term Assets $57.16M $58.57M $53.44M
Total Assets $193.9M $184.8M $269.8M
YoY Change -25.89% -31.5% -28.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $574.0K $592.0K $3.386M
YoY Change -9.46% -82.52% -15.9%
Accrued Expenses $10.95M $11.32M $21.67M
YoY Change -22.91% -47.73% 30.61%
Deferred Revenue $33.89M $9.537M $13.46M
YoY Change 338.43% -29.16% -76.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.98M $26.70M $42.05M
YoY Change 90.47% -36.5% -47.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.61M $41.01M $29.26M
YoY Change -10.81% 40.16% -10.79%
Total Long-Term Liabilities $39.61M $41.01M $29.26M
YoY Change -10.81% 40.16% -10.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.98M $26.70M $42.05M
Total Long-Term Liabilities $39.61M $41.01M $29.26M
Total Liabilities $98.80M $97.35M $103.5M
YoY Change -7.89% -5.96% -61.38%
SHAREHOLDERS EQUITY
Retained Earnings -$347.1M -$352.8M -$260.0M
YoY Change 25.8% 35.69% -13.36%
Common Stock $38.00K $38.00K $37.00K
YoY Change 2.7% 2.7% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.06M $87.42M $166.2M
YoY Change
Total Liabilities & Shareholders Equity $193.9M $184.8M $269.8M
YoY Change -25.89% -31.5% -28.3%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $5.709M -$25.14M $85.61M
YoY Change -135.91% -129.36% -670.51%
Depreciation, Depletion And Amortization $1.482M $1.224M $1.000M
YoY Change 48.2% 22.4% 42.86%
Cash From Operating Activities $11.20M -$20.71M -$24.70M
YoY Change -150.89% -16.16% 14.35%
INVESTING ACTIVITIES
Capital Expenditures -$347.0K -$660.0K -$5.100M
YoY Change -90.36% -87.06% 363.64%
Acquisitions
YoY Change
Other Investing Activities -$5.117M $15.00M $32.60M
YoY Change -71.57% -53.99% 36.97%
Cash From Investing Activities -$5.464M $14.34M $27.30M
YoY Change -74.59% -47.47% 20.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 227.0K 0.000 500.0K
YoY Change -54.6% -100.0% -70.59%
NET CHANGE
Cash From Operating Activities 11.20M -20.71M -24.70M
Cash From Investing Activities -5.464M 14.34M 27.30M
Cash From Financing Activities 227.0K 0.000 500.0K
Net Change In Cash 5.958M -6.369M 3.100M
YoY Change -113.86% -305.45% 14.81%
FREE CASH FLOW
Cash From Operating Activities $11.20M -$20.71M -$24.70M
Capital Expenditures -$347.0K -$660.0K -$5.100M
Free Cash Flow $11.54M -$20.05M -$19.60M
YoY Change -162.73% 2.29% -4.39%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Voyager Therapeutics, Inc. (the “Company”) is a gene therapy company focused on developing life-changing treatments and next-generation platform technologies. The Company is focused on diseases where the Company believes a single dose adeno-associated virus (“AAV”) gene therapy approach that either increases or decreases the production of a specific protein can either halt or slow disease progression or reduce the symptom severity, therefore providing clinically meaningful impact to patients. The Company’s gene therapy platforms enable it to engineer, optimize, manufacture and deliver its AAV-based gene therapies that the Company believes have the potential to safely provide durable efficacy following a single administration. The Company’s team of experts in the fields of AAV gene therapy and neuroscience first identifies and selects diseases with target tissues that have tropism for 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 believes its single dose gene therapies have the potential to be delivered directly, with targeted infusions or systemically, in conjunction with its novel capsids.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is identifying novel AAV capsids, outer viral protein shells that enclose genetic material of a virus payload. 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The Company is also applying the TRACER system towards further capsid variant libraries and selection for tropism and transduction in additional cell and tissue types, such as cardiac and skeletal muscle. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s quality and manufacturing processes employ an established system capable of enabling production of high quality AAV vectors at clinical scale. In addition to the Company’s capsid screening platform, the Company has developed a vectorized antibody platform which the Company believes will overcome many of the challenges of passive immunization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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. 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. (“Neurocrine”) under a collaboration agreement that became effective in January 2019 (the “Neurocrine Collaboration Agreement”), or out-licensing activities including license agreements related to the Company’s AAV capsids</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;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has a history of incurring annual net operating losses. As of September 30, 2021, the Company had an accumulated deficit of $352.8 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 Sanofi Genzyme Corporation (“Sanofi Genzyme”) and AbbVie Biotechnology Ltd and AbbVie Ireland Unlimited Company (collectively, “AbbVie”) and its ongoing collaboration with Neurocrine, and, in October 2021, its licensing agreement with Pfizer Inc. (“Pfizer”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Through September 30, 2021, 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, 2021, the Company had cash, cash equivalents, and marketable debt securities of $121.5 million. Based upon its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable debt securities will be sufficient to meet the Company’s planned operating expenses and capital expenditure re<span style="background-color:#ffffff;">quirements</span> into early 2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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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