revenue $2.6M, net income -$27.9M. Voyager extends cash runway to 2028 as Novartis, Neurocrine terminate four programs

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Novartis terminated two programs under 2022 agreement (effective Feb 2026), eliminating up to $300M in milestones and royalties; Neurocrine discontinued two 2019 programs (April 2025), cutting $260M in development milestones. Total partnered milestone potential fell from $7.4B to up to $6.8B.

  MD&A: Collaboration Updates verify on EDGAR →
• high

  Cash runway extended from mid-2027 to 2028 despite cash declining from $295M to $172M over the year, driven by 22% R&D expense reduction ($31.5M to $24.6M quarterly) from discontinued SOD1 program, completed VY7523 trial enrollment, and lower headcount.

  MD&A: Liquidity verify on EDGAR →
• high

  VY1706 tau silencing gene therapy for Alzheimer's completed GLP toxicology in Q1 2026, held Type C FDA meeting; IND application expected Q2 2026 with clinical trial initiation in H2 2026 subject to clearance. R&D spend on program increased from $3.2M to $5.6M quarterly.

  MD&A: VY1706 Program verify on EDGAR →