$VYGR
Voyager Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023013058 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $4.614M $4.853M
YoY Change -88.77% 581.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.300M $8.294M
YoY Change 13.59% 9.83%
% of Gross Profit
Research & Development $25.86M $21.99M
YoY Change 33.75% 75.5%
% of Gross Profit
Depreciation & Amortization $900.0K $1.086M
YoY Change -32.89% -9.8%
% of Gross Profit
Operating Expenses $34.12M $30.28M
YoY Change 28.06% 50.8%
Operating Profit -$29.51M -$25.43M
YoY Change -304.31% 31.29%
Interest Expense $3.429M $3.274M
YoY Change 529.17% 1394.98%
% of Operating Profit
Other Income/Expense, Net $3.429M $3.000K
YoY Change 7.76% -98.93%
Pretax Income -$26.08M -$22.15M
YoY Change -247.97% 16.04%
Income Tax -$177.0K $59.00K
% Of Pretax Income
Net Earnings -$25.90M -$22.21M
YoY Change -246.96% 16.35%
Net Earnings / Revenue -561.36% -457.61%
Basic Earnings Per Share -$0.59 -$0.51
Diluted Earnings Per Share -$0.59 -$0.51
COMMON SHARES
Basic Shares Outstanding 43.90M 43.54M
Diluted Shares Outstanding 43.86M 43.52M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.9M $272.7M
YoY Change 92.12% 84.22%
Cash & Equivalents $65.27M $244.3M
Short-Term Investments $187.7M $28.45M
Other Short-Term Assets $5.700M $6.080M
YoY Change 12.23% 77.73%
Inventory
Prepaid Expenses
Receivables $3.300M $3.350M
Other Receivables $0.00 $0.00
Total Short-Term Assets $261.9M $282.2M
YoY Change 78.25% 86.1%
LONG-TERM ASSETS
Property, Plant & Equipment $17.11M $31.77M
YoY Change -5.38% 66.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $1.593M
YoY Change 5.61% 5.15%
Total Long-Term Assets $32.73M $33.36M
YoY Change -7.91% -9.78%
TOTAL ASSETS
Total Short-Term Assets $261.9M $282.2M
Total Long-Term Assets $32.73M $33.36M
Total Assets $294.7M $315.5M
YoY Change 61.47% 67.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.270M $1.659M
YoY Change 144.58% 36.21%
Accrued Expenses $11.05M $12.07M
YoY Change -11.8% 68.03%
Deferred Revenue $44.26M $31.67M
YoY Change -21.84% -63.6%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.69M $45.40M
YoY Change -15.78% -53.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.92M $71.11M
YoY Change -14.1% 212.7%
Total Long-Term Liabilities $18.92M $71.11M
YoY Change -14.1% 212.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.69M $45.40M
Total Long-Term Liabilities $18.92M $71.11M
Total Liabilities $118.4M $116.5M
YoY Change 15.37% -9.37%
SHAREHOLDERS EQUITY
Retained Earnings -$317.6M -$291.7M
YoY Change -14.14% -24.72%
Common Stock $44.00K $44.00K
YoY Change 15.79% 15.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $176.2M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $294.7M $315.5M
YoY Change 61.47% 67.3%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$25.90M -$22.21M
YoY Change -246.96% 16.35%
Depreciation, Depletion And Amortization $900.0K $1.086M
YoY Change -32.89% -9.8%
Cash From Operating Activities -$21.00M -$835.0K
YoY Change 29.58% -95.48%
INVESTING ACTIVITIES
Capital Expenditures $800.0K $1.210M
YoY Change -387.77% -197.42%
Acquisitions
YoY Change
Other Investing Activities -$157.5M -$23.45M
YoY Change -550.0% -32.78%
Cash From Investing Activities -$158.3M -$24.66M
YoY Change -555.91% -31.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 1.548M
YoY Change 1900.0% 91.82%
NET CHANGE
Cash From Operating Activities -21.00M -835.0K
Cash From Investing Activities -158.3M -24.66M
Cash From Financing Activities 300.0K 1.548M
Net Change In Cash -179.0M -23.95M
YoY Change -1065.95% -55.49%
FREE CASH FLOW
Cash From Operating Activities -$21.00M -$835.0K
Capital Expenditures $800.0K $1.210M
Free Cash Flow -$21.80M -$2.045M
YoY Change 36.87% -88.14%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VOYAGER THERAPEUTICS INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 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;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;">Voyager Therapeutics, Inc. (the “Company”) is a biotechnology company dedicated to breaking through barriers in gene therapy and neurology. The Company focuses on leveraging its expertise in capsid discovery and neuropharmacology to address the delivery hurdles that have constrained the gene therapy and neurology disciplines, with the goal of either halting or slowing disease progression or reducing symptom severity, therefore providing clinically meaningful impact to patients. The Company’s gene therapy platforms enable it to engineer, optimize, manufacture and deliver its adeno-associated virus (“AAV”) based gene therapies that it believes have the potential to safely provide durable efficacy. The Company’s team of experts in the field of AAV gene therapy and neuroscience first identifies and selects diseases in which the Company believes an AAV gene therapy or other biological therapy will answer a high unmet medical need, be supported by target validation, offer an efficient path to human proof of biology, present robust preclinical pharmacology, and offer strong commercial potential. The Company then engineers and optimizes an AAV vector or other biological therapy for activity in, efficacy in, or delivery to, the targeted tissue or cells. </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 proprietary AAV capsids, the outer viral protein shells that enclose genetic material that makes up the vector payload. The Company’s team has developed a proprietary AAV capsid discovery platform called TRACER<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> (Tropism Redirection of AAV by Cell Type-Specific Expression of RNA) that employs directed evolution to facilitate the selection of AAV capsids with enhanced tissue delivery characteristics, such as more effective delivery across the blood-brain barrier (“BBB”). The TRACER discovery platform is a broadly applicable, functional RNA-based AAV capsid discovery platform that allows for rapid <i style="font-style:italic;">in vivo</i> evolution of AAV capsids with cell-specific transduction properties in multiple species, including non-human primates. The Company believes that the capsids it discovers through its TRACER discovery platform (“TRACER Capsids”) have the potential to significantly enhance the efficacy and safety of its single dose gene therapies, which the Company expects to be delivered with systemic infusions, as compared with conventional capsids. The Company has leveraged the TRACER discovery platform to generate multiple families of TRACER Capsids with robust central nervous system (“CNS”) tropism following intravenous delivery. The Company has presented data at scientific conferences demonstrating strong transduction to multiple areas within the brain, and activity across multiple species. The Company has identified a receptor for one of its TRACER Capsid families as well as a ligand for that receptor. The Company is conducting experiments to evaluate the potential to leverage the receptor to shuttle non-viral genetic medicines across the BBB. The Company has also preliminarily identified two receptors for additional families of TRACER Capsids and is conducting confirmatory experiments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In addition to leveraging TRACER Capsids in potential licensing arrangements, the Company is advancing its own proprietary pipeline of drug candidates for neurological diseases, with a focus on Alzheimer’s disease. The Company’s wholly-owned prioritized pipeline programs include superoxide dismutase 1 (“SOD1”) gene therapy for amyotrophic lateral sclerosis (“ALS”) and an anti-tau antibody for Alzheimer’s disease. The Company identified a lead development candidate in its anti-tau antibody program in the first quarter of 2023 and expects to submit an investigational new drug application (“IND”) to the U.S. Food and Drug Administration (“FDA”) in the first half of 2024. The Company continues to evaluate the data from preclinical studies for its SOD1 program and expects to identify a lead development candidate in the second half of 2023. The Company expects to submit an IND for its SOD1 program in mid-2025. The Company’s pipeline also includes four early research initiatives to develop gene therapies for the treatment of Alzheimer’s disease, Huntington’s disease, and brain metastases from HER2+ metastatic breast cancer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In addition to these wholly-owned programs, the Company is actively advancing two later preclinical-stage programs in collaboration with Neurocrine Biosciences, Inc. (“Neurocrine”): a glucocerebrosidase 1 (“GBA1”) gene therapy program for Parkinson’s disease and other GBA1-mediated diseases (“GBA1 Program”), and a FXN gene therapy program for Friedreich’s ataxia. The Company also maintains a robust early research pipeline of wholly-owned and collaborative gene therapy programs for neurological diseases.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has a history of incurring annual net operating losses. As of June 30, 2023, the Company had an accumulated deficit of $291.7 million. The Company has not generated any product revenue and has financed its </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">operations primarily through public offerings and private placements of its equity securities and funding from fees, milestone payments, and cost reimbursements associated with its prior collaborations with Sanofi Genzyme Corporation (“Sanofi Genzyme”) and AbbVie Biotechnology Ltd and AbbVie Ireland Unlimited Company, its ongoing collaborations with Neurocrine, its option and license agreement with Pfizer Inc. (“Pfizer”), and its option and license agreement with Novartis Pharma AG (“Novartis”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2023, the Company had cash, cash equivalents, and marketable securities of $272.7 million. Based upon its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable securities at June 30, 2023, <span style="background:#ffffff;">a</span>long with amounts expected to be received as reimbursement for development costs under the Company’s collaboration and license agreements with Neurocrine, will be sufficient to meet the Company’s planned operating expenses and capital expenditure requirements into 2025.</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 on terms acceptable to the Company or generate product revenue or revenue from collaboration partners, 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:'Times New Roman','Times','serif';font-size:10pt;min-height:10.0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:10.0pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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.</p>
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