Voyager Therapeutics, Inc.
VYGRHealthcare|Biotechnology|US
$1.86
+0.14 (+8.43%)
Tangible Book / Share
$2.19
Cash / Share
$1.73
Financials
Financial Snapshot
Market Cap
$114.9M
Enterprise Value
$97.0M
Revenue (TTM)
$25.1M
Net Income (TTM)
-$104.5M
Cash & Investments
$106.8M
Net Cash
$76.3M
Free Cash Flow (TTM)
-$109.8M
Operating CF (TTM)
-$109.2M
Debt/Equity
0.23
Cash Runway & Burn Rate
Cash on Hand
$106.8M
Quarterly Burn
$27.3M
Monthly Burn
$9.1M
Est. Runway
~3.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $174.4M | $169.1M | $155.8M | $281.5M | $181.1M | $132.5M | $118.8M | $230.9M | $266.7M | $196.4M | $106.8M | |
| Operating Cash Flow | -$42.5M | -$61.4M | -$15.9M | $48.7M | -$96.7M | -$53.5M | -$12.5M | $77.9M | -$15.3M | -$132.5M | -$109.2M | |
| Free Cash Flow | -$47.5M | -$65.3M | -$20.2M | $40.9M | -$108.8M | -$55.1M | -$15.0M | $74.7M | -$18.8M | -$135.1M | -$109.8M | |
| Capital Expenditure | -$5.0M | -$4.0M | -$4.3M | -$7.7M | -$12.1M | -$1.6M | -$2.5M | -$3.3M | -$3.5M | -$2.6M | -$640.0K | |
| Financing Cash Flow | $514.0K | $59.9M | $4.7M | $81.0M | $3.2M | $612.0K | $1.1M | $33.6M | $114.0M | $816.0K | $9.4M |
R&D Spending
R&D (TTM)
$107.0M
R&D Intensity
426.0%
R&D Growth vs Prior
-20.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.2M | $10.1M | $7.6M | $104.4M | $171.1M | $37.4M | $40.9M | $250.0M | $80.0M | $40.4M | $25.1M | |
| R&D Expense | $42.2M | $62.3M | $64.9M | $119.7M | $108.8M | $73.8M | $60.8M | $92.2M | $127.4M | $134.7M | $107.0M | |
| R&D % of Revenue | 297.1% | 614.3% | 851.9% | 114.7% | 63.6% | 197.2% | 148.5% | 36.9% | 159.2% | 333.6% | 426.0% | |
| SG&A | $13.3M | $19.7M | $33.8M | $36.3M | $35.0M | $37.2M | $31.0M | $35.8M | $35.9M | $36.4M | $31.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.2M | $10.1M | $7.6M | $104.4M | $171.1M | $37.4M | $40.9M | $250.0M | $80.0M | $40.4M | $25.1M | |
| Cost of Revenue | $42.2M | $62.3M | $64.9M | $119.7M | $108.8M | $73.8M | $55.8M | $92.2M | $0.00 | $132.3M | $0.00 | |
| Gross Profit | -$28.0M | -$52.1M | -$57.3M | -$15.3M | $62.4M | -$36.4M | -$14.9M | $157.8M | $80.0M | -$91.9M | $21.1M | |
| R&D | $42.2M | $62.3M | $64.9M | $119.7M | $108.8M | $73.8M | $60.8M | $92.2M | $127.4M | $134.7M | $107.0M | |
| SG&A | $13.3M | $19.7M | $33.8M | $36.3M | $35.0M | $37.2M | $31.0M | $35.8M | $35.9M | $36.4M | $31.2M | |
| Operating Income | -$41.3M | -$71.9M | -$91.1M | -$51.7M | $27.4M | -$73.6M | -$50.8M | $122.0M | -$83.3M | -$131.8M | -$86.6M | |
| Interest Expense | $976.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$40.1M | -$70.7M | -$88.5M | -$43.6M | $36.7M | -$71.2M | -$46.4M | $133.7M | -$64.3M | -$119.6M | -$104.5M | |
| Net Income | -$40.2M | -$70.7M | -$88.3M | -$43.6M | $36.7M | -$71.2M | -$46.4M | $132.3M | -$65.0M | -$119.7M | -$104.5M | |
| EPS (Diluted) | -1.59 | -2.64 | -2.75 | -1.14 | 0.98 | -1.75 | -1.21 | 2.97 | -1.13 | -2.04 | -1.74 | |
| EBITDA | -$40.7M | -$70.3M | -$89.0M | -$48.9M | $31.2M | -$66.0M | -$39.6M | $138.2M | -$59.6M | -$115.5M | -$76.9M | |
| Shares Out. (M) | 25.30 | 26.80 | 32.07 | 35.90 | 37.35 | 37.67 | 38.36 | 44.57 | 57.67 | 58.69 | 61.82 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $36.6M | $31.5M | $46.9M | $86.0M | $104.4M | $117.4M | $99.0M | $68.8M | $71.4M | $65.3M | $48.4M | |
| Short-Term Investments | $137.8M | $137.5M | $108.9M | $195.5M | $76.7M | $15.1M | $19.9M | $162.1M | $195.3M | $131.1M | $58.4M | |
| Total Current Assets | $178.8M | $171.8M | $162.5M | $304.7M | $197.8M | $136.7M | $124.5M | $319.7M | $276.8M | $202.7M | $114.4M | |
| Total Assets | $189.6M | $184.5M | $177.0M | $354.8M | $261.6M | $193.9M | $159.4M | $351.3M | $393.1M | $252.3M | $177.1M | |
| Total Current Liabilities | $13.8M | $15.9M | $31.7M | $76.0M | $26.8M | $51.0M | $72.6M | $64.5M | $49.8M | $26.5M | $16.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $24.1M | |
| Total Liabilities | $53.6M | $50.4M | $130.6M | $255.2M | $107.3M | $98.8M | $100.3M | $115.0M | $93.3M | $56.2M | $41.9M | |
| Stockholders' Equity | $135.9M | $134.1M | $46.4M | $99.5M | $154.3M | $95.1M | $59.0M | $236.3M | $299.8M | $196.1M | $135.1M | |
| Retained Earnings | -$90.0M | -$160.7M | -$269.1M | -$312.6M | -$275.9M | -$347.1M | -$393.5M | -$261.2M | -$326.2M | -$445.9M | -$523.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.5M | -$61.4M | -$15.9M | $48.7M | -$96.7M | -$53.5M | -$12.5M | $77.9M | -$15.3M | -$132.5M | -$109.2M | |
| Capital Expenditure | -$5.0M | -$4.0M | -$4.3M | -$7.7M | -$12.1M | -$1.6M | -$2.5M | -$3.3M | -$3.5M | -$2.6M | -$640.0K | |
| Free Cash Flow | -$47.5M | -$65.3M | -$20.2M | $40.9M | -$108.8M | -$55.1M | -$15.0M | $74.7M | -$18.8M | -$135.1M | -$109.8M | |
| Investing Cash Flow | $47.3M | -$3.7M | $26.5M | -$90.5M | $113.0M | $65.9M | -$7.3M | -$141.6M | -$94.9M | $125.4M | $100.2M | |
| Financing Cash Flow | $514.0K | $59.9M | $4.7M | $81.0M | $3.2M | $612.0K | $1.1M | $33.6M | $114.0M | $816.0K | $9.4M | |
| Issuance of Stock | $0.00 | $58.0M | $0.00 | $77.6M | $0.00 | $612.0K | $1.1M | $33.6M | $114.0M | $816.0K | $8.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $860.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $219.0K | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.3M | $9.2M | $15.7M | $15.6M | $14.9M | $11.3M | $9.3M | $11.2M | $14.8M | $14.8M | $11.0M | |
| Net Change in Cash | $5.3M | -$5.1M | $15.3M | $39.2M | $18.4M | $13.0M | -$18.5M | -$30.1M | $3.8M | -$6.2M | $405.0K |
Dilution Tracker
Shares outstanding grew 57.1% over 5 years — significant dilution
Shares Outstanding
62M
5-Year Share Growth
+57.1%
Stock Issuance (TTM)
$8.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 25.30 | 26.80 | 32.07 | 35.90 | 37.35 | 37.67 | 38.36 | 44.57 | 57.67 | 58.69 | 61.82 | |
| Change vs Prior % | — | 5.9% | 19.6% | 12.0% | 4.0% | 0.9% | 1.8% | 16.2% | 29.4% | 1.8% | 5.3% | |
| Stock Issuance | $0.00 | $58.0M | $0.00 | $77.6M | $0.00 | $612.0K | $1.1M | $33.6M | $114.0M | $816.0K | $8.8M | |
| Stock Repurchase | $0.00 | $0.00 | $860.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $219.0K | |
| Stock Based Comp. | $6.3M | $9.2M | $15.7M | $15.6M | $14.9M | $11.3M | $9.3M | $11.2M | $14.8M | $14.8M | $11.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -197.1% | -514.3% | -751.9% | -14.7% | 36.4% | -97.2% | -36.3% | 63.1% | 100.0% | -227.6% | 84.0% | |
| Operating Margin % | -290.4% | -709.1% | -1195.6% | -49.5% | 16.0% | -196.8% | -124.3% | 48.8% | -104.1% | -326.6% | -344.9% | |
| Net Margin % | -282.7% | -697.6% | -1158.8% | -41.8% | 21.5% | -190.3% | -113.4% | 52.9% | -81.3% | -296.5% | -416.3% | |
| EBITDA Margin % | -286.1% | -693.3% | -1167.8% | -46.9% | 18.2% | -176.5% | -96.9% | 55.3% | -74.5% | -286.1% | -306.3% | |
| FCF Margin % | -334.1% | -644.6% | -265.0% | 39.2% | -63.6% | -147.4% | -36.7% | 29.9% | -23.5% | -334.5% | -437.4% | |
| ROE % | -29.6% | -52.7% | -190.1% | -43.8% | 23.8% | -74.9% | -78.6% | 56.0% | -21.7% | -61.1% | -63.4% | |
| ROA % | -21.2% | -38.3% | -49.9% | -12.3% | 14.0% | -36.7% | -29.1% | 37.7% | -16.5% | -47.5% | -59.0% | |
| ROIC % | -23.5% | -42.6% | -62.5% | -18.3% | 11.5% | -49.6% | -56.7% | 41.6% | -23.8% | -56.4% | -52.0% | |
| R&D / Revenue % | 297.1% | 614.3% | 851.9% | 114.7% | 63.6% | 197.2% | 148.5% | 36.9% | 159.2% | 333.6% | 426.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -18.0% | -28.7% | -24.8% | 1270.1% | 63.9% | -78.1% | 9.3% | 511.2% | -68.0% | -49.5% | |
| Gross Profit | -170.9% | -86.0% | -9.9% | 73.2% | 506.5% | -158.3% | 59.2% | 1162.4% | -49.3% | -214.9% | |
| Operating Income | -103.9% | -74.0% | -26.8% | 43.3% | 153.0% | -368.8% | 30.9% | 340.0% | -168.3% | -58.3% | |
| Net Income | -35.5% | -75.9% | -24.9% | 50.6% | 184.3% | -293.8% | 34.8% | 385.1% | -149.1% | -84.2% | |
| EPS (Diluted) | 77.5% | -66.0% | -4.2% | 58.5% | 186.0% | -278.6% | 30.9% | 345.5% | -138.0% | -80.5% | |
| Operating Cash Flow | -202.9% | -44.4% | 74.1% | 406.3% | -298.7% | 44.7% | 76.6% | 722.9% | -119.6% | -765.2% | |
| Free Cash Flow | -218.0% | -37.5% | 69.1% | 302.8% | -365.7% | 49.3% | 72.8% | 597.8% | -125.2% | -617.2% | |
| R&D Expense | 52.6% | 47.4% | 4.2% | 84.5% | -9.2% | -32.2% | -17.6% | 51.7% | 38.2% | 5.7% | |
| SG&A Expense | 33.9% | 48.7% | 71.3% | 7.5% | -3.7% | 6.4% | -16.8% | 15.6% | 0.3% | 1.5% | |
| Total Assets | -17.4% | -2.7% | -4.0% | 100.4% | -26.3% | -25.9% | -17.8% | 120.4% | 11.9% | -35.8% | |
| Book Value / Share | -86.7% | -6.9% | -71.0% | 91.4% | 49.9% | -39.3% | -39.0% | 257.0% | -5.4% | -35.7% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 39.3% | -7.2% | -47.7% | -12.2% | 115.5% | -16.5% | |
| Diluted Shares | 503.7% | 5.9% | 19.6% | 12.0% | 4.0% | 0.9% | 1.8% | 16.2% | 29.4% | 1.8% |
Valuation
P/E (TTM)At Loss
P/S4.58
10Y Low / Med / High1.45 / 5.71 / 43.90
P/B0.85
10Y Low / Med / High1.07 / 2.37 / 6.49
EV/EBITDAAt Loss
EV/Revenue3.86
10Y Low / Med / High0.77 / 4.30 / 40.79
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.19
Net Current Assets / Share
$1.18
Graham Net-Net
$1.10
Cash / Share
$1.73
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -8.01 | -6.29 | -3.42 | -12.24 | 7.22 | -1.55 | -5.04 | 2.74 | -5.02 | -1.93 | -1.07 | |
| P/S Ratio | 22.67 | 43.90 | 39.56 | 4.80 | 1.55 | 2.73 | 5.72 | 1.45 | 4.09 | 5.71 | 4.58 | |
| P/B Ratio | 2.37 | 3.32 | 6.49 | 5.03 | 1.72 | 1.07 | 3.96 | 1.54 | 1.09 | 1.18 | 0.85 | |
| EV/EBITDA | -7.02 | -5.88 | -2.86 | -9.18 | 6.69 | -0.44 | -3.99 | 2.28 | -5.02 | -1.75 | -1.26 | |
| EV/Revenue | 20.09 | 40.79 | 33.41 | 4.30 | 1.22 | 0.77 | 3.87 | 1.26 | 3.74 | 5.00 | 3.86 |
Analyst Estimates & Quality
Altman Z-Score
-3.18
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $20.3M | $46.6M | $76.4M |
| Net Income | -$105.2M | -$86.5M | -$81.3M |
| EPS | $-1.70 | $-1.31 | $-1.14 |
| # Analysts (EPS) | 8 | 8 | 8 |
Revenue Segments
By Product
| Segment | 2017 |
|---|---|
| Parkinsonprogram | $5.5M |