Voyager narrows to tau programs, cuts 18% of workforce, extends cash runway to 2028

Filed March 9, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 11, 2025 · ~2 min read

Key Changes

• high

  Revenue fell 50% to $40.4M as Neurocrine collaboration reimbursements declined; net loss nearly doubled to $119.7M from $65.0M, driven by continued R&D spending on tau programs.

  MD&A: Revenue & Net Loss verify on EDGAR →
• high

  VY1706 tau silencing program advanced to IND filing in Q2 2026 following FDA Type C meeting; clinical trial initiation expected H2 2026. VY7523 anti-tau antibody MAD trial initiated February 2025 with tau PET imaging data expected H2 2026.

  Business: Pipeline Progress verify on EDGAR →
• high

  Strategic pivot announced alongside workforce reduction (141 employees, down 18%), paused APOE program, discontinued SOD1 program, and potential milestone payments reduced $1.4B to $6.8B, suggesting portfolio rationalization rather than expansion.

  Business & MD&A: Restructuring verify on EDGAR →