2023 Q4 Form 10-Q Financial Statement

#000155837023017754 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $90.06M $4.614M
YoY Change 120.16% -88.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.24M $8.300M
YoY Change -66.94% 13.59%
% of Gross Profit
Research & Development $25.76M $25.86M
YoY Change -57.61% 33.75%
% of Gross Profit
Depreciation & Amortization $1.335M $900.0K
YoY Change 60.07% -32.89%
% of Gross Profit
Operating Expenses $36.00M $34.12M
YoY Change -60.76% 28.06%
Operating Profit -$29.51M
YoY Change -304.31%
Interest Expense $3.154M $3.429M
YoY Change 76.0% 529.17%
% of Operating Profit
Other Income/Expense, Net $0.00 $3.429M
YoY Change -100.0% 7.76%
Pretax Income $57.22M -$26.08M
YoY Change -223.33% -247.97%
Income Tax $822.0K -$177.0K
% Of Pretax Income 1.44%
Net Earnings $56.40M -$25.90M
YoY Change -221.52% -246.96%
Net Earnings / Revenue 62.62% -561.36%
Basic Earnings Per Share -$0.59
Diluted Earnings Per Share $1.12 -$0.59
COMMON SHARES
Basic Shares Outstanding 44.00M 43.90M
Diluted Shares Outstanding 43.86M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.9M $252.9M
YoY Change 94.26% 92.12%
Cash & Equivalents $68.80M $65.27M
Short-Term Investments $162.1M $187.7M
Other Short-Term Assets $2.628M $5.700M
YoY Change -37.92% 12.23%
Inventory
Prepaid Expenses
Receivables $83.49M $3.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $319.7M $261.9M
YoY Change 156.78% 78.25%
LONG-TERM ASSETS
Property, Plant & Equipment $16.49M $17.11M
YoY Change -7.63% -5.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.593M $1.600M
YoY Change 5.15% 5.61%
Total Long-Term Assets $31.60M $32.73M
YoY Change -9.35% -7.91%
TOTAL ASSETS
Total Short-Term Assets $319.7M $261.9M
Total Long-Term Assets $31.60M $32.73M
Total Assets $351.3M $294.7M
YoY Change 120.44% 61.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.604M $3.270M
YoY Change -37.49% 144.58%
Accrued Expenses $16.82M $11.05M
YoY Change 115.24% -11.8%
Deferred Revenue $42.88M $44.26M
YoY Change -27.78% -21.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.51M $61.69M
YoY Change -11.13% -15.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.09M $18.92M
YoY Change -15.03% -14.1%
Total Long-Term Liabilities $18.09M $18.92M
YoY Change -15.03% -14.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.51M $61.69M
Total Long-Term Liabilities $18.09M $18.92M
Total Liabilities $115.0M $118.4M
YoY Change 14.58% 15.37%
SHAREHOLDERS EQUITY
Retained Earnings -$261.2M -$317.6M
YoY Change -33.62% -14.14%
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 $236.3M $176.2M
YoY Change
Total Liabilities & Shareholders Equity $351.3M $294.7M
YoY Change 120.44% 61.47%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $56.40M -$25.90M
YoY Change -221.52% -246.96%
Depreciation, Depletion And Amortization $1.335M $900.0K
YoY Change 60.07% -32.89%
Cash From Operating Activities -$23.76M -$21.00M
YoY Change 94.05% 29.58%
INVESTING ACTIVITIES
Capital Expenditures $755.0K $800.0K
YoY Change -19.08% -387.77%
Acquisitions
YoY Change
Other Investing Activities $27.59M -$157.5M
YoY Change 83.92% -550.0%
Cash From Investing Activities $26.83M -$158.3M
YoY Change 90.75% -555.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0K 300.0K
YoY Change 66.67% 1900.0%
NET CHANGE
Cash From Operating Activities -23.76M -21.00M
Cash From Investing Activities 26.83M -158.3M
Cash From Financing Activities 460.0K 300.0K
Net Change In Cash 3.533M -179.0M
YoY Change 68.32% -1065.95%
FREE CASH FLOW
Cash From Operating Activities -$23.76M -$21.00M
Capital Expenditures $755.0K $800.0K
Free Cash Flow -$24.52M -$21.80M
YoY Change 86.04% 36.87%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 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 10pt 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 10pt 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 10pt 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 fields 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 10pt 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 TRACERTM (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 in vivo 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 receptors for some of its TRACER Capsid families as well as a ligand for a particular receptor and is conducting experiments to evaluate the potential to leverage its receptors to shuttle non-viral genetic medicines across the BBB. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 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, initiated good laboratory practices toxicology studies in the third 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 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 10pt 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 (the “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 September 30, 2023, the Company had an accumulated deficit of $317.6 million. The Company has not generated any product revenue and has financed its operations primarily through funding from fees, milestone payments, and cost reimbursements associated with its prior </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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 Alexion, AstraZeneca Rare Disease (“Alexion”) (successor-in-interest to former licensee Pfizer Inc. (“Pfizer”)), and its option and license agreement with Novartis Pharma AG (“Novartis”), as well as public offerings and private placements of its equity securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">As of September 30, 2023, the Company had cash, cash equivalents, and marketable securities of $252.9 million. The Company is committed to maintaining a strong balance sheet that supports the advancement and growth of its platform and pipeline. The Company continues to assess its planned cash needs both during and in future periods. It expects its cash, cash equivalents, and marketable securities, along with amounts expected to be received as reimbursement for development costs under the Neurocrine collaborations and interest income, to be sufficient to meet the Company’s planned operating expenses and capital expenditure requirements into mid-2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 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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vygr-20230930xex31d2.htm Edgar Link pending
vygr-20230930xex32d1.htm Edgar Link pending
vygr-20230930_def.xml Edgar Link unprocessable
vygr-20230930_lab.xml Edgar Link unprocessable
vygr-20230930_cal.xml Edgar Link unprocessable
vygr-20230930_pre.xml Edgar Link unprocessable
vygr-20230930x10q_htm.xml Edgar Link completed