VYGR · Voyager Therapeutics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $40.37M | $80.00M | $250.01M | $40.91M | $37.41M | $171.13M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $134.67M | $127.37M | $92.17M | $60.76M | $73.79M | $108.75M |
| SG&A | $37.54M | $35.92M | $35.82M | $30.98M | $37.25M | $34.99M |
| Total Operating Expenses | $172.22M | $163.29M | $127.99M | $91.74M | $111.03M | $143.74M |
| D&A | $4.06M | $4.73M | $4.44M | $6.19M | $5.17M | $3.82M |
| Operating Income | ($131.84M) | ($83.29M) | $122.01M | ($50.84M) | ($73.62M) | $27.38M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $144.0K | $665.0K | $1.41M | $16.0K | - | - |
| Net Income | ($119.72M) | ($65.00M) | $132.33M | ($46.41M) | ($71.20M) | $36.74M |
| EPS - Basic | ($2.04) | ($1.13) | $3.08 | ($1.21) | ($1.89) | $0.99 |
| EPS - Diluted | ($2.04) | ($1.13) | $2.97 | ($1.21) | ($1.89) | $0.98 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $65.30M | $71.37M | $68.80M | $98.96M | $117.43M | $104.44M |
| Accounts Receivable | $1.76M | $1.50M | $80.15M | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $5.01M | $4.00M | $1.60M | $2.57M | $574.0K | $634.0K |
| Current Assets | $202.69M | $276.81M | $319.68M | $124.50M | $136.70M | $197.77M |
| Total Assets | $252.28M | $393.05M | $351.28M | $159.36M | $193.85M | $261.58M |
| Current Liabilities | $26.54M | $49.79M | $64.51M | $72.59M | $50.98M | $26.77M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $56.20M | $93.29M | $114.96M | $100.34M | $98.80M | $107.26M |
| Stockholders' Equity | $196.08M | $299.76M | $236.32M | $59.02M | $95.06M | $154.32M |
| Retained Earnings | ($445.90M) | ($326.18M) | ($261.18M) | ($393.51M) | ($347.10M) | ($275.91M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($132.47M) | ($15.31M) | $77.92M | ($12.51M) | ($53.52M) | ($96.72M) |
| Investing Cash Flow | $125.45M | ($94.86M) | ($141.64M) | ($7.34M) | $65.91M | $113.00M |
| Financing Cash Flow | $816.0K | $114.02M | $33.65M | $1.11M | $612.0K | $3.16M |
| CapEx | $2.60M | $3.52M | $3.26M | $2.49M | $1.61M | $12.10M |
| Free Cash Flow | ($135.06M) | ($18.83M) | $74.66M | ($15.00M) | ($55.13M) | ($108.81M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% | 16.0% |
| EBITDA margin | -316.5% | -98.2% | 50.6% | -109.1% | -183.0% | 18.2% |
| Net margin | -296.5% | -81.3% | 52.9% | -113.4% | -190.3% | 21.5% |
| Free cash flow margin | -334.5% | -23.5% | 29.9% | -36.7% | -147.4% | -63.6% |
| FCF / Net income | 1.13 | 0.29 | 0.56 | 0.32 | 0.77 | -2.96 |
| R&D / Revenue | 333.6% | 159.2% | 36.9% | 148.5% | 197.2% | 63.6% |
| SG&A / Revenue | 93.0% | 44.9% | 14.3% | 75.7% | 99.5% | 20.4% |
| Effective tax rate | - | - | 1.1% | - | - | - |
| Return on assets | -47.5% | -16.5% | 37.7% | -29.1% | -36.7% | 14.0% |
| Return on equity | -61.1% | -21.7% | 56.0% | -78.6% | -74.9% | 23.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 7.64 | 5.56 | 4.96 | 1.72 | 2.68 | 7.39 |
| Quick ratio | 7.64 | 5.56 | 4.96 | 1.72 | 2.68 | 7.39 |
| Cash ratio | 2.46 | 1.43 | 1.07 | 1.36 | 2.30 | 3.90 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.29 | 1.31 | 1.49 | 2.70 | 2.04 | 1.70 |
| Liabilities / Assets | 0.22 | 0.24 | 0.33 | 0.63 | 0.51 | 0.41 |
| Efficiency | ||||||
| Asset turnover | 0.16 | 0.20 | 0.71 | 0.26 | 0.19 | 0.65 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 16d | 7d | 117d | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | 2.8x | - | - | 7.3x |
| P / B | 1.2x | 1.1x | 1.6x | 4.0x | 1.1x | 1.7x |
| P / S | 5.7x | 4.1x | 1.5x | 5.7x | 2.7x | 1.6x |
| EV / EBITDA | - | - | 2.4x | - | - | 5.2x |
| Growth | ||||||
| Revenue growth (YoY) | -49.5% | -68.0% | 511.2% | 9.3% | -78.1% | 63.9% |
| Revenue CAGR (3y) | -0.4% | 28.8% | 13.5% | -26.8% | 38.1% | 156.5% |
| Revenue CAGR (5y) | -25.1% | -5.2% | 77.4% | 32.2% | 21.3% | 58.1% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -58.3% | - | - | 30.9% | - | - |
| Net income growth (YoY) | -84.2% | - | - | 34.8% | - | - |
| EPS growth (YoY) | -80.5% | - | - | 36.0% | - | - |
| EPS CAGR (3y) | - | - | 44.7% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -617.2% | - | - | 72.8% | 49.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -34.6% | 26.8% | 300.4% | -37.9% | -38.4% | 55.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$40.37M totalSingle Reportable Segment$40.37M · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.00
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
1/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Voyager Therapeutics against the 5 most active filers in the same SIC group.