Voyager Therapeutics, Inc. (VYGR) 10-Year Financial Performance & Capital Metrics

VYGR • • Industrial / General

HealthcareBiotechnologyRare Genetic DiseasesGene Therapy & Rare Diseases

AboutVoyager Therapeutics, Inc., a gene therapy company, focuses on the development of treatments and next-generation platform technologies. The company's lead clinical candidate is the VY-AADC, which is in open-label Phase 1 clinical trial for the treatment of Parkinson's disease. Its preclinical programs comprise VY-SOD102 for the treatment of amyotrophic lateral sclerosis; VY-HTT01 for Huntington's disease; VY-FXN01 for Friedreich's ataxia; and Tau program for the treatment of tauopathies, including Alzheimer's disease, progressive supranuclear palsy, and frontotemporal dementia, as well as for spinal muscular atrophy. The company has collaboration and license agreements with Neurocrine Biosciences, Inc., Pfizer Inc., and Novartis Pharma, A.G. for the research, development, and commercialization of adeno-associated virus gene therapy products. Voyager Therapeutics, Inc. was incorporated in 2013 and is headquartered in Cambridge, Massachusetts.Show more

Revenue $80M -68.0%
EBITDA -$79M -162.1%
Net Income -$65M -149.1%
EPS (Diluted) -1.13 -138.0%
Gross Margin 100% +58.4%
EBITDA Margin -98.19% -294.1%
Operating Margin -104.11% -313.3%
Net Margin -81.25% -253.5%
ROE -24.25% -127.1%
ROIC -27.16% -125.4%
Debt/Equity 0.15 +69.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.7%
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 5.2% over 5 years
✗Shares diluted 29.4% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-5.18%

3Y28.83%

TTM-80.88%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-589.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM-404.23%

ROCE

10Y Avg-19.84%

5Y Avg-6.74%

3Y Avg-1.8%

Latest-26.44%

Peer Comparison

Gene Therapy & Rare Diseases

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRYSKrystal Biotech, Inc.	8.18B	282.01	94.00	473.02%	53.3%	17.48%	1.46%	0.01
BMRNBioMarin Pharmaceutical Inc.	10.58B	55.07	24.92	17.97%	16.82%	8.59%	4.49%	0.11
SRPTSarepta Therapeutics, Inc.	2.23B	21.31	9.11	52.97%	-11.25%	-20.57%		0.88
RAREUltragenyx Pharmaceutical Inc.	2.27B	23.50	-3.74	29.01%	-91.95%	-35.88%		0.15
DYNDyne Therapeutics, Inc.	2.7B	16.42	-4.87			-61.26%		0.04
TVTXTravere Therapeutics, Inc.	2.54B	28.40	-6.96	60.55%	-20.32%	-120.36%		6.80
BEAMBeam Therapeutics Inc.	3.25B	32.05	-7.00	-83.18%	-7.44%	-42.92%		0.22
SLNOSoleno Therapeutics, Inc.	2.25B	41.95	-9.58		-79.5%	-15.85%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.33M	14.22M	10.13M	7.62M	104.39M	171.13M	37.41M	40.91M	250.01M	80M
Revenue Growth %	-	-0.18%	-0.29%	-0.25%	12.7%	0.64%	-0.78%	0.09%	5.11%	-0.68%
Cost of Goods Sold+	27.68M	42.25M	62.26M	64.91M	119.73M	108.75M	73.79M	55.76M	92.17M	0
COGS % of Revenue	1.6%	2.97%	6.14%	8.52%	1.15%	0.64%	1.97%	1.36%	0.37%	-
Gross Profit+	-10.35M	-28.03M	-52.13M	-57.29M	-15.34M	62.38M	-36.37M	-14.86M	157.84M	80M
Gross Margin %	-0.6%	-1.97%	-5.14%	-7.52%	-0.15%	0.36%	-0.97%	-0.36%	0.63%	1%
Gross Profit Growth %	-0.16%	-1.71%	-0.86%	-0.1%	0.73%	5.07%	-1.58%	0.59%	11.62%	-0.49%
Operating Expenses+	37.59M	55.52M	82M	98.71M	36.34M	34.99M	37.25M	35.98M	35.82M	163.29M
OpEx % of Revenue	2.17%	3.9%	8.09%	12.96%	0.35%	0.2%	1%	0.88%	0.14%	2.04%
Selling, General & Admin	9.91M	13.27M	19.74M	33.81M	36.34M	34.99M	37.25M	30.98M	35.82M	35.92M
SG&A % of Revenue	0.57%	0.93%	1.95%	4.44%	0.35%	0.2%	1%	0.76%	0.14%	0.45%
Research & Development	27.68M	42.25M	62.26M	64.91M	119.73M	108.75M	73.79M	60.76M	92.17M	127.37M
R&D % of Revenue	1.6%	2.97%	6.14%	8.52%	1.15%	0.64%	1.97%	1.49%	0.37%	1.59%
Other Operating Expenses	-9.42M	1.16M	1.17M	2.63M	-119.73M	-108.75M	-73.79M	-55.76M	-92.17M	0
Operating Income+	-20.25M	-41.3M	-71.86M	-91.09M	-51.68M	27.38M	-73.62M	-50.84M	122.01M	-83.29M
Operating Margin %	-1.17%	-2.9%	-7.09%	-11.96%	-0.5%	0.16%	-1.97%	-1.24%	0.49%	-1.04%
Operating Income Growth %	-0.41%	-1.04%	-0.74%	-0.27%	0.43%	1.53%	-3.69%	0.31%	3.4%	-1.68%
EBITDA+	-19.65M	-40.69M	-70.27M	-88.98M	-48.91M	31.2M	-68.45M	-44.65M	126.45M	-78.56M
EBITDA Margin %	-1.13%	-2.86%	-6.93%	-11.68%	-0.47%	0.18%	-1.83%	-1.09%	0.51%	-0.98%
EBITDA Growth %	-0.39%	-1.07%	-0.73%	-0.27%	0.45%	1.64%	-3.19%	0.35%	3.83%	-1.62%
D&A (Non-Cash Add-back)	600K	612K	1.59M	2.12M	2.77M	3.82M	5.17M	6.19M	4.44M	4.73M
EBIT	-20.25M	-41.3M	-71.86M	-91.09M	-51.68M	27.38M	-73.62M	-45.84M	122.01M	-83.29M
Net Interest Income+	332K	976K	1.23M	3.31M	6.46M	1.66M	0	1.79M	11.72M	18.33M
Interest Income	0	0	1.23M	3.31M	6.46M	1.66M	0	1.79M	11.72M	18.33M
Interest Expense	332K	976K	0	0	0	0	0	0	0	0
Other Income/Expense	-9.42M	1.16M	1.17M	2.63M	8.08M	9.36M	2.42M	4.45M	11.72M	18.95M
Pretax Income+	-29.67M	-40.14M	-70.7M	-88.47M	-43.6M	36.74M	-71.2M	-46.39M	133.74M	-64.34M
Pretax Margin %	-1.71%	-2.82%	-6.98%	-11.61%	-0.42%	0.21%	-1.9%	-1.13%	0.53%	-0.8%
Income Tax+	0	52K	0	-180K	0	0	0	16K	1.41M	665K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	0.99%	1.01%
Net Income+	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Net Margin %	-1.71%	-2.83%	-6.98%	-11.59%	-0.42%	0.21%	-1.9%	-1.13%	0.53%	-0.81%
Net Income Growth %	-0.82%	-0.35%	-0.76%	-0.25%	0.51%	1.84%	-2.94%	0.35%	3.85%	-1.49%
Net Income (Continuing)	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-7.08	-1.59	-2.64	-2.75	-1.14	0.98	-1.75	-1.21	2.97	-1.13
EPS Growth %	-5.38%	0.78%	-0.66%	-0.04%	0.59%	1.86%	-2.79%	0.31%	3.45%	-1.38%
EPS (Basic)	-7.08	-1.59	-2.64	-2.75	-1.14	0.99	-1.75	-1.21	3.08	-1.13
Diluted Shares Outstanding	4.19M	25.3M	26.8M	32.07M	35.9M	37.35M	37.67M	38.36M	44.57M	57.67M
Basic Shares Outstanding	4.19M	25.3M	26.8M	32.07M	35.9M	37.13M	37.67M	38.36M	43.02M	57.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	195.89M	178.79M	171.79M	162.48M	304.66M	197.77M	136.7M	124.5M	319.68M	276.81M
Cash & Short-Term Investments	224.34M	174.42M	169.05M	155.81M	281.53M	181.14M	132.54M	118.85M	230.88M	266.68M
Cash Only	31.31M	36.64M	31.53M	46.86M	86.04M	104.44M	117.43M	98.96M	68.8M	71.37M
Short-Term Investments	163.03M	137.78M	137.52M	108.95M	195.49M	76.7M	15.11M	19.89M	162.07M	195.32M
Accounts Receivable	411K	2.3M	0	201K	18.7M	8.01M	748K	639K	84.45M	4.49M
Days Sales Outstanding	8.65	59.11	-	9.63	65.38	17.09	7.3	5.7	123.3	20.49
Inventory	-29.24M	1.52M	1.85M	5.11M	2.2M	0	0	0	0	0
Days Inventory Outstanding	-	13.17	10.85	28.76	6.71	-	-	-	-	-
Other Current Assets	382K	430K	2.22M	1.36M	1.95M	7.16M	1.7M	4.23M	2.63M	2.87M
Total Non-Current Assets+	33.56M	10.78M	12.69M	14.55M	50.1M	63.81M	57.16M	34.86M	31.6M	116.24M
Property, Plant & Equipment	3.23M	7.89M	10.28M	12.77M	46.46M	61.5M	55.38M	33.34M	30M	47.66M
Fixed Asset Turnover	5.36x	1.80x	0.99x	0.60x	2.25x	2.78x	0.68x	1.23x	8.33x	1.68x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	30.01M	1.36M	1.1M	628K	1.92M	0	0	0	0	65.7M
Other Non-Current Assets	321K	1.53M	1.3M	1.15M	1.72M	2.32M	1.78M	1.51M	1.59M	2.87M
Total Assets+	229.46M	189.57M	184.48M	177.03M	354.76M	261.58M	193.85M	159.36M	351.28M	393.05M
Asset Turnover	0.08x	0.08x	0.05x	0.04x	0.29x	0.65x	0.19x	0.26x	0.71x	0.20x
Asset Growth %	18.96%	-0.17%	-0.03%	-0.04%	1%	-0.26%	-0.26%	-0.18%	1.2%	0.12%
Total Current Liabilities+	23.93M	13.8M	15.9M	31.67M	76.01M	26.77M	50.98M	72.59M	64.51M	49.79M
Accounts Payable	612K	550K	1.02M	1.04M	4.07M	634K	574K	2.57M	1.6M	4M
Days Payables Outstanding	8.07	4.75	5.98	5.84	12.41	2.13	2.84	16.8	6.35	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Liabilities	2.39M	4.09M	8.11M	6.01M	15.78M	7.73M	5.02M	4.56M	6.61M	6.75M
Current Ratio	8.19x	12.95x	10.81x	5.13x	4.01x	7.39x	2.68x	1.72x	4.96x	5.56x
Quick Ratio	9.41x	12.84x	10.69x	4.97x	3.98x	7.39x	2.68x	1.72x	4.96x	5.56x
Cash Conversion Cycle	-	67.53	-	32.55	59.69	-	-	-	-	-
Total Non-Current Liabilities+	36.45M	39.84M	34.53M	98.91M	179.24M	80.5M	47.82M	27.75M	50.45M	43.5M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	30.98M	43.41M	38.61M	20.29M	17.09M	36.5M
Deferred Tax Liabilities	0	0	0	0	-47.23M	0	0	0	0	0
Other Non-Current Liabilities	1.06M	5.02M	6.35M	6.71M	1M	37.09M	1M	1M	1M	1M
Total Liabilities	60.38M	53.64M	50.43M	130.58M	255.25M	107.26M	98.8M	100.34M	114.96M	93.29M
Total Debt+	0	0	0	0	34.17M	47.61M	44.18M	23.13M	20.29M	43.73M
Net Debt	-31.31M	-36.64M	-31.53M	-46.86M	-51.87M	-56.83M	-73.25M	-75.83M	-48.51M	-27.64M
Debt / Equity	-	-	-	-	0.34x	0.31x	0.46x	0.39x	0.09x	0.15x
Debt / EBITDA	-	-	-	-	-	1.53x	-	-	0.16x	-
Net Debt / EBITDA	-	-	-	-	-	-1.82x	-	-	-0.38x	-
Interest Coverage	-61.01x	-42.31x	-	-	-	-	-	-	-	-
Total Equity+	169.07M	135.92M	134.05M	46.45M	99.51M	154.32M	95.06M	59.02M	236.32M	299.76M
Equity Growth %	146.15%	-0.2%	-0.01%	-0.65%	1.14%	0.55%	-0.38%	-0.38%	3%	0.27%
Book Value per Share	40.34	5.37	5.00	1.45	2.77	4.13	2.52	1.54	5.30	5.20
Total Shareholders' Equity	169.07M	135.92M	134.05M	46.45M	99.51M	154.32M	95.06M	59.02M	236.32M	299.76M
Common Stock	25K	26K	32K	32K	37K	37K	38K	38K	44K	55K
Retained Earnings	-49.82M	-90.02M	-160.71M	-269.05M	-312.65M	-275.91M	-347.1M	-393.51M	-261.18M	-326.18M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-251K	-52K	-287K	-133K	-104K	-134K	-138K	-219K	-48K	-407K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	41.3M	-42.48M	-61.35M	-15.89M	48.67M	-96.72M	-53.52M	-12.51M	77.92M	-15.31M
Operating CF Margin %	2.38%	-2.99%	-6.05%	-2.09%	0.47%	-0.57%	-1.43%	-0.31%	0.31%	-0.19%
Operating CF Growth %	4.47%	-2.03%	-0.44%	0.74%	4.06%	-2.99%	0.45%	0.77%	7.23%	-1.2%
Net Income	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Depreciation & Amortization	600K	612K	1.59M	2.12M	2.77M	3.82M	5.17M	6.19M	4.44M	4.73M
Stock-Based Compensation	4.03M	6.31M	9.24M	15.71M	15.64M	0	0	0	11.15M	14.79M
Deferred Taxes	452K	696K	-24K	-2.16M	0	0	0	0	0	0
Other Non-Cash Items	9.75M	2.94M	674K	1.36M	-4.58M	7.26M	9.21M	7.24M	-3.45M	-4.68M
Working Capital Changes	56.14M	-12.85M	-2.13M	55.38M	78.44M	-144.54M	3.29M	20.47M	-66.56M	34.86M
Change in Receivables	0	0	0	0	-18.5M	10.48M	7.28M	475K	-83.23M	81.31M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-942K	-62K	470K	-282K	2.6M	-3.44M	-60K	1.99M	-962K	2.39M
Cash from Investing+	-194.77M	47.3M	-3.68M	26.47M	-90.48M	113M	65.91M	-7.34M	-141.64M	-94.86M
Capital Expenditures	-1.03M	-5.03M	-3.98M	-4.3M	-7.72M	-12.1M	-1.61M	-2.49M	-3.26M	-3.52M
CapEx % of Revenue	0.06%	0.35%	0.39%	0.57%	0.07%	0.07%	0.04%	0.06%	0.01%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-193.74M	-421K	304K	30.77M	172K	0	0	0	-138.39M	0
Cash from Financing+	177.74M	514K	59.92M	4.75M	80.99M	3.16M	612K	1.11M	33.65M	114.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	72.95M	514K	1.93M	4.75M	3.38M	0	0	0	2.52M	1.24M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	40.27M	-47.51M	-65.33M	-20.19M	40.95M	-108.81M	-55.13M	-15M	74.66M	-18.83M
FCF Margin %	2.32%	-3.34%	-6.45%	-2.65%	0.39%	-0.64%	-1.47%	-0.37%	0.3%	-0.24%
FCF Growth %	3.7%	-2.18%	-0.38%	0.69%	3.03%	-3.66%	0.49%	0.73%	5.98%	-1.25%
FCF per Share	9.61	-1.88	-2.44	-0.63	1.14	-2.91	-1.46	-0.39	1.68	-0.33
FCF Conversion (FCF/Net Income)	-1.39x	1.06x	0.87x	0.18x	-1.12x	-2.63x	0.75x	0.27x	0.59x	0.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-34.86%	-26.36%	-52.37%	-97.83%	-59.74%	28.95%	-57.1%	-60.24%	89.61%	-24.25%
Return on Invested Capital (ROIC)	-21.99%	-26.13%	-53.42%	-133.82%	-164.15%	28.3%	-92.57%	-1528.78%	107.03%	-27.16%
Gross Margin	-59.68%	-197.11%	-514.31%	-751.88%	-14.7%	36.45%	-97.21%	-36.32%	63.13%	100%
Net Margin	-171.18%	-282.65%	-697.56%	-1158.79%	-41.76%	21.47%	-190.29%	-113.45%	52.93%	-81.25%
Debt / Equity	-	-	-	-	0.34x	0.31x	0.46x	0.39x	0.09x	0.15x
Interest Coverage	-61.01x	-42.31x	-	-	-	-	-	-	-	-
FCF Conversion	-1.39x	1.06x	0.87x	0.18x	-1.12x	-2.63x	0.75x	0.27x	0.59x	0.24x
Revenue Growth	-	-17.96%	-28.73%	-24.82%	1270.14%	63.93%	-78.14%	9.33%	511.16%	-68%

Revenue by Segment

	2017
Parkinsonprogram	5.5M
Parkinsonprogram Growth	-

Frequently Asked Questions

Growth & Financials

Voyager Therapeutics, Inc. (VYGR) reported $31.3M in revenue for fiscal year 2024.

Voyager Therapeutics, Inc. (VYGR) saw revenue decline by 68.0% over the past year.

Voyager Therapeutics, Inc. (VYGR) reported a net loss of $126.8M for fiscal year 2024.

Dividend & Returns

Voyager Therapeutics, Inc. (VYGR) has a return on equity (ROE) of -24.3%. Negative ROE indicates the company is unprofitable.

Voyager Therapeutics, Inc. (VYGR) had negative free cash flow of $118.9M in fiscal year 2024, likely due to heavy capital investments.

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Voyager Therapeutics, Inc. (VYGR) 10-Year Financial Performance & Capital Metrics

VYGR • • Industrial / General

HealthcareBiotechnologyRare Genetic DiseasesGene Therapy & Rare Diseases

Revenue $80M -68.0%
EBITDA -$79M -162.1%
Net Income -$65M -149.1%
EPS (Diluted) -1.13 -138.0%
Gross Margin 100% +58.4%
EBITDA Margin -98.19% -294.1%
Operating Margin -104.11% -313.3%
Net Margin -81.25% -253.5%
ROE -24.25% -127.1%
ROIC -27.16% -125.4%
Debt/Equity 0.15 +69.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.7%
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 5.2% over 5 years
✗Shares diluted 29.4% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-5.18%

3Y28.83%

TTM-80.88%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-589.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM-404.23%

ROCE

10Y Avg-19.84%

5Y Avg-6.74%

3Y Avg-1.8%

Latest-26.44%

Peer Comparison

Gene Therapy & Rare Diseases

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRYSKrystal Biotech, Inc.	8.18B	282.01	94.00	473.02%	53.3%	17.48%	1.46%	0.01
BMRNBioMarin Pharmaceutical Inc.	10.58B	55.07	24.92	17.97%	16.82%	8.59%	4.49%	0.11
SRPTSarepta Therapeutics, Inc.	2.23B	21.31	9.11	52.97%	-11.25%	-20.57%		0.88
RAREUltragenyx Pharmaceutical Inc.	2.27B	23.50	-3.74	29.01%	-91.95%	-35.88%		0.15
DYNDyne Therapeutics, Inc.	2.7B	16.42	-4.87			-61.26%		0.04
TVTXTravere Therapeutics, Inc.	2.54B	28.40	-6.96	60.55%	-20.32%	-120.36%		6.80
BEAMBeam Therapeutics Inc.	3.25B	32.05	-7.00	-83.18%	-7.44%	-42.92%		0.22
SLNOSoleno Therapeutics, Inc.	2.25B	41.95	-9.58		-79.5%	-15.85%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.33M	14.22M	10.13M	7.62M	104.39M	171.13M	37.41M	40.91M	250.01M	80M
Revenue Growth %	-	-0.18%	-0.29%	-0.25%	12.7%	0.64%	-0.78%	0.09%	5.11%	-0.68%
Cost of Goods Sold+	27.68M	42.25M	62.26M	64.91M	119.73M	108.75M	73.79M	55.76M	92.17M	0
COGS % of Revenue	1.6%	2.97%	6.14%	8.52%	1.15%	0.64%	1.97%	1.36%	0.37%	-
Gross Profit+	-10.35M	-28.03M	-52.13M	-57.29M	-15.34M	62.38M	-36.37M	-14.86M	157.84M	80M
Gross Margin %	-0.6%	-1.97%	-5.14%	-7.52%	-0.15%	0.36%	-0.97%	-0.36%	0.63%	1%
Gross Profit Growth %	-0.16%	-1.71%	-0.86%	-0.1%	0.73%	5.07%	-1.58%	0.59%	11.62%	-0.49%
Operating Expenses+	37.59M	55.52M	82M	98.71M	36.34M	34.99M	37.25M	35.98M	35.82M	163.29M
OpEx % of Revenue	2.17%	3.9%	8.09%	12.96%	0.35%	0.2%	1%	0.88%	0.14%	2.04%
Selling, General & Admin	9.91M	13.27M	19.74M	33.81M	36.34M	34.99M	37.25M	30.98M	35.82M	35.92M
SG&A % of Revenue	0.57%	0.93%	1.95%	4.44%	0.35%	0.2%	1%	0.76%	0.14%	0.45%
Research & Development	27.68M	42.25M	62.26M	64.91M	119.73M	108.75M	73.79M	60.76M	92.17M	127.37M
R&D % of Revenue	1.6%	2.97%	6.14%	8.52%	1.15%	0.64%	1.97%	1.49%	0.37%	1.59%
Other Operating Expenses	-9.42M	1.16M	1.17M	2.63M	-119.73M	-108.75M	-73.79M	-55.76M	-92.17M	0
Operating Income+	-20.25M	-41.3M	-71.86M	-91.09M	-51.68M	27.38M	-73.62M	-50.84M	122.01M	-83.29M
Operating Margin %	-1.17%	-2.9%	-7.09%	-11.96%	-0.5%	0.16%	-1.97%	-1.24%	0.49%	-1.04%
Operating Income Growth %	-0.41%	-1.04%	-0.74%	-0.27%	0.43%	1.53%	-3.69%	0.31%	3.4%	-1.68%
EBITDA+	-19.65M	-40.69M	-70.27M	-88.98M	-48.91M	31.2M	-68.45M	-44.65M	126.45M	-78.56M
EBITDA Margin %	-1.13%	-2.86%	-6.93%	-11.68%	-0.47%	0.18%	-1.83%	-1.09%	0.51%	-0.98%
EBITDA Growth %	-0.39%	-1.07%	-0.73%	-0.27%	0.45%	1.64%	-3.19%	0.35%	3.83%	-1.62%
D&A (Non-Cash Add-back)	600K	612K	1.59M	2.12M	2.77M	3.82M	5.17M	6.19M	4.44M	4.73M
EBIT	-20.25M	-41.3M	-71.86M	-91.09M	-51.68M	27.38M	-73.62M	-45.84M	122.01M	-83.29M
Net Interest Income+	332K	976K	1.23M	3.31M	6.46M	1.66M	0	1.79M	11.72M	18.33M
Interest Income	0	0	1.23M	3.31M	6.46M	1.66M	0	1.79M	11.72M	18.33M
Interest Expense	332K	976K	0	0	0	0	0	0	0	0
Other Income/Expense	-9.42M	1.16M	1.17M	2.63M	8.08M	9.36M	2.42M	4.45M	11.72M	18.95M
Pretax Income+	-29.67M	-40.14M	-70.7M	-88.47M	-43.6M	36.74M	-71.2M	-46.39M	133.74M	-64.34M
Pretax Margin %	-1.71%	-2.82%	-6.98%	-11.61%	-0.42%	0.21%	-1.9%	-1.13%	0.53%	-0.8%
Income Tax+	0	52K	0	-180K	0	0	0	16K	1.41M	665K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	0.99%	1.01%
Net Income+	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Net Margin %	-1.71%	-2.83%	-6.98%	-11.59%	-0.42%	0.21%	-1.9%	-1.13%	0.53%	-0.81%
Net Income Growth %	-0.82%	-0.35%	-0.76%	-0.25%	0.51%	1.84%	-2.94%	0.35%	3.85%	-1.49%
Net Income (Continuing)	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-7.08	-1.59	-2.64	-2.75	-1.14	0.98	-1.75	-1.21	2.97	-1.13
EPS Growth %	-5.38%	0.78%	-0.66%	-0.04%	0.59%	1.86%	-2.79%	0.31%	3.45%	-1.38%
EPS (Basic)	-7.08	-1.59	-2.64	-2.75	-1.14	0.99	-1.75	-1.21	3.08	-1.13
Diluted Shares Outstanding	4.19M	25.3M	26.8M	32.07M	35.9M	37.35M	37.67M	38.36M	44.57M	57.67M
Basic Shares Outstanding	4.19M	25.3M	26.8M	32.07M	35.9M	37.13M	37.67M	38.36M	43.02M	57.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	195.89M	178.79M	171.79M	162.48M	304.66M	197.77M	136.7M	124.5M	319.68M	276.81M
Cash & Short-Term Investments	224.34M	174.42M	169.05M	155.81M	281.53M	181.14M	132.54M	118.85M	230.88M	266.68M
Cash Only	31.31M	36.64M	31.53M	46.86M	86.04M	104.44M	117.43M	98.96M	68.8M	71.37M
Short-Term Investments	163.03M	137.78M	137.52M	108.95M	195.49M	76.7M	15.11M	19.89M	162.07M	195.32M
Accounts Receivable	411K	2.3M	0	201K	18.7M	8.01M	748K	639K	84.45M	4.49M
Days Sales Outstanding	8.65	59.11	-	9.63	65.38	17.09	7.3	5.7	123.3	20.49
Inventory	-29.24M	1.52M	1.85M	5.11M	2.2M	0	0	0	0	0
Days Inventory Outstanding	-	13.17	10.85	28.76	6.71	-	-	-	-	-
Other Current Assets	382K	430K	2.22M	1.36M	1.95M	7.16M	1.7M	4.23M	2.63M	2.87M
Total Non-Current Assets+	33.56M	10.78M	12.69M	14.55M	50.1M	63.81M	57.16M	34.86M	31.6M	116.24M
Property, Plant & Equipment	3.23M	7.89M	10.28M	12.77M	46.46M	61.5M	55.38M	33.34M	30M	47.66M
Fixed Asset Turnover	5.36x	1.80x	0.99x	0.60x	2.25x	2.78x	0.68x	1.23x	8.33x	1.68x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	30.01M	1.36M	1.1M	628K	1.92M	0	0	0	0	65.7M
Other Non-Current Assets	321K	1.53M	1.3M	1.15M	1.72M	2.32M	1.78M	1.51M	1.59M	2.87M
Total Assets+	229.46M	189.57M	184.48M	177.03M	354.76M	261.58M	193.85M	159.36M	351.28M	393.05M
Asset Turnover	0.08x	0.08x	0.05x	0.04x	0.29x	0.65x	0.19x	0.26x	0.71x	0.20x
Asset Growth %	18.96%	-0.17%	-0.03%	-0.04%	1%	-0.26%	-0.26%	-0.18%	1.2%	0.12%
Total Current Liabilities+	23.93M	13.8M	15.9M	31.67M	76.01M	26.77M	50.98M	72.59M	64.51M	49.79M
Accounts Payable	612K	550K	1.02M	1.04M	4.07M	634K	574K	2.57M	1.6M	4M
Days Payables Outstanding	8.07	4.75	5.98	5.84	12.41	2.13	2.84	16.8	6.35	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Liabilities	2.39M	4.09M	8.11M	6.01M	15.78M	7.73M	5.02M	4.56M	6.61M	6.75M
Current Ratio	8.19x	12.95x	10.81x	5.13x	4.01x	7.39x	2.68x	1.72x	4.96x	5.56x
Quick Ratio	9.41x	12.84x	10.69x	4.97x	3.98x	7.39x	2.68x	1.72x	4.96x	5.56x
Cash Conversion Cycle	-	67.53	-	32.55	59.69	-	-	-	-	-
Total Non-Current Liabilities+	36.45M	39.84M	34.53M	98.91M	179.24M	80.5M	47.82M	27.75M	50.45M	43.5M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	30.98M	43.41M	38.61M	20.29M	17.09M	36.5M
Deferred Tax Liabilities	0	0	0	0	-47.23M	0	0	0	0	0
Other Non-Current Liabilities	1.06M	5.02M	6.35M	6.71M	1M	37.09M	1M	1M	1M	1M
Total Liabilities	60.38M	53.64M	50.43M	130.58M	255.25M	107.26M	98.8M	100.34M	114.96M	93.29M
Total Debt+	0	0	0	0	34.17M	47.61M	44.18M	23.13M	20.29M	43.73M
Net Debt	-31.31M	-36.64M	-31.53M	-46.86M	-51.87M	-56.83M	-73.25M	-75.83M	-48.51M	-27.64M
Debt / Equity	-	-	-	-	0.34x	0.31x	0.46x	0.39x	0.09x	0.15x
Debt / EBITDA	-	-	-	-	-	1.53x	-	-	0.16x	-
Net Debt / EBITDA	-	-	-	-	-	-1.82x	-	-	-0.38x	-
Interest Coverage	-61.01x	-42.31x	-	-	-	-	-	-	-	-
Total Equity+	169.07M	135.92M	134.05M	46.45M	99.51M	154.32M	95.06M	59.02M	236.32M	299.76M
Equity Growth %	146.15%	-0.2%	-0.01%	-0.65%	1.14%	0.55%	-0.38%	-0.38%	3%	0.27%
Book Value per Share	40.34	5.37	5.00	1.45	2.77	4.13	2.52	1.54	5.30	5.20
Total Shareholders' Equity	169.07M	135.92M	134.05M	46.45M	99.51M	154.32M	95.06M	59.02M	236.32M	299.76M
Common Stock	25K	26K	32K	32K	37K	37K	38K	38K	44K	55K
Retained Earnings	-49.82M	-90.02M	-160.71M	-269.05M	-312.65M	-275.91M	-347.1M	-393.51M	-261.18M	-326.18M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-251K	-52K	-287K	-133K	-104K	-134K	-138K	-219K	-48K	-407K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	41.3M	-42.48M	-61.35M	-15.89M	48.67M	-96.72M	-53.52M	-12.51M	77.92M	-15.31M
Operating CF Margin %	2.38%	-2.99%	-6.05%	-2.09%	0.47%	-0.57%	-1.43%	-0.31%	0.31%	-0.19%
Operating CF Growth %	4.47%	-2.03%	-0.44%	0.74%	4.06%	-2.99%	0.45%	0.77%	7.23%	-1.2%
Net Income	-29.67M	-40.19M	-70.7M	-88.29M	-43.6M	36.74M	-71.2M	-46.41M	132.33M	-65M
Depreciation & Amortization	600K	612K	1.59M	2.12M	2.77M	3.82M	5.17M	6.19M	4.44M	4.73M
Stock-Based Compensation	4.03M	6.31M	9.24M	15.71M	15.64M	0	0	0	11.15M	14.79M
Deferred Taxes	452K	696K	-24K	-2.16M	0	0	0	0	0	0
Other Non-Cash Items	9.75M	2.94M	674K	1.36M	-4.58M	7.26M	9.21M	7.24M	-3.45M	-4.68M
Working Capital Changes	56.14M	-12.85M	-2.13M	55.38M	78.44M	-144.54M	3.29M	20.47M	-66.56M	34.86M
Change in Receivables	0	0	0	0	-18.5M	10.48M	7.28M	475K	-83.23M	81.31M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-942K	-62K	470K	-282K	2.6M	-3.44M	-60K	1.99M	-962K	2.39M
Cash from Investing+	-194.77M	47.3M	-3.68M	26.47M	-90.48M	113M	65.91M	-7.34M	-141.64M	-94.86M
Capital Expenditures	-1.03M	-5.03M	-3.98M	-4.3M	-7.72M	-12.1M	-1.61M	-2.49M	-3.26M	-3.52M
CapEx % of Revenue	0.06%	0.35%	0.39%	0.57%	0.07%	0.07%	0.04%	0.06%	0.01%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-193.74M	-421K	304K	30.77M	172K	0	0	0	-138.39M	0
Cash from Financing+	177.74M	514K	59.92M	4.75M	80.99M	3.16M	612K	1.11M	33.65M	114.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	72.95M	514K	1.93M	4.75M	3.38M	0	0	0	2.52M	1.24M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	40.27M	-47.51M	-65.33M	-20.19M	40.95M	-108.81M	-55.13M	-15M	74.66M	-18.83M
FCF Margin %	2.32%	-3.34%	-6.45%	-2.65%	0.39%	-0.64%	-1.47%	-0.37%	0.3%	-0.24%
FCF Growth %	3.7%	-2.18%	-0.38%	0.69%	3.03%	-3.66%	0.49%	0.73%	5.98%	-1.25%
FCF per Share	9.61	-1.88	-2.44	-0.63	1.14	-2.91	-1.46	-0.39	1.68	-0.33
FCF Conversion (FCF/Net Income)	-1.39x	1.06x	0.87x	0.18x	-1.12x	-2.63x	0.75x	0.27x	0.59x	0.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-34.86%	-26.36%	-52.37%	-97.83%	-59.74%	28.95%	-57.1%	-60.24%	89.61%	-24.25%
Return on Invested Capital (ROIC)	-21.99%	-26.13%	-53.42%	-133.82%	-164.15%	28.3%	-92.57%	-1528.78%	107.03%	-27.16%
Gross Margin	-59.68%	-197.11%	-514.31%	-751.88%	-14.7%	36.45%	-97.21%	-36.32%	63.13%	100%
Net Margin	-171.18%	-282.65%	-697.56%	-1158.79%	-41.76%	21.47%	-190.29%	-113.45%	52.93%	-81.25%
Debt / Equity	-	-	-	-	0.34x	0.31x	0.46x	0.39x	0.09x	0.15x
Interest Coverage	-61.01x	-42.31x	-	-	-	-	-	-	-	-
FCF Conversion	-1.39x	1.06x	0.87x	0.18x	-1.12x	-2.63x	0.75x	0.27x	0.59x	0.24x
Revenue Growth	-	-17.96%	-28.73%	-24.82%	1270.14%	63.93%	-78.14%	9.33%	511.16%	-68%

Revenue by Segment

	2017
Parkinsonprogram	5.5M
Parkinsonprogram Growth	-

Frequently Asked Questions

Growth & Financials

Voyager Therapeutics, Inc. (VYGR) reported $31.3M in revenue for fiscal year 2024.

Voyager Therapeutics, Inc. (VYGR) saw revenue decline by 68.0% over the past year.

Voyager Therapeutics, Inc. (VYGR) reported a net loss of $126.8M for fiscal year 2024.

Dividend & Returns

Voyager Therapeutics, Inc. (VYGR) has a return on equity (ROE) of -24.3%. Negative ROE indicates the company is unprofitable.

Voyager Therapeutics, Inc. (VYGR) had negative free cash flow of $118.9M in fiscal year 2024, likely due to heavy capital investments.