Liquidity is under pressure as the company recorded a $33.4 million cash burn in 2026Q1, while deferred revenue has collapsed from $64.6 million in 2024Q1 to just $395,000.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -127.99M | -132.47M | -15.31M | 77.92M | -12.51M | -53.52M | -96.72M | 48.67M | -15.89M | -61.35M | -42.48M | 41.3M | -11.92M | -5.45M |
| Operating CF Margin % | - | -328.1% | -19.14% | 31.17% | -30.58% | -143.06% | -56.52% | 46.62% | -208.52% | -605.33% | -298.75% | 238.25% | - | - |
| Operating CF Growth % | -112.82% | -765.23% | -119.65% | 722.9% | 76.63% | 44.66% | -298.73% | 406.33% | 74.1% | -44.41% | -202.86% | 446.53% | -118.68% | - |
| Net Income | -116.64M | -119.72M | -65M | 132.33M | -46.41M | -71.2M | 36.74M | -43.6M | -88.29M | -70.7M | -40.19M | -29.67M | -16.32M | -7.67M |
| Depreciation & Amortization | 3.61M | 4.06M | 4.73M | 4.44M | 6.19M | 5.17M | 3.82M | 2.77M | 2.12M | 1.59M | 612K | 600K | 184K | 0 |
| Stock-Based Compensation | 13.6M | 14.79M | 14.79M | 11.15M | 9.34M | 11.32M | 14.93M | 15.64M | 15.71M | 9.24M | 6.31M | 4.03M | 425K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.16M | -24K | 696K | 452K | 0 | 0 |
| Other Non-Cash Items | -1.82M | -2.83M | -4.68M | -3.45M | -2.11M | -2.11M | -7.67M | -4.58M | 1.36M | 674K | 2.94M | 9.75M | 3.31M | 2.03M |
| Working Capital Changes | -26.75M | -28.76M | 34.86M | -66.56M | 20.47M | 3.29M | -144.54M | 78.44M | 55.38M | -2.13M | -12.85M | 56.14M | 477K | 182K |
| Change in Receivables | 465K | 268K | 81.31M | -83.23M | 475K | 7.28M | 10.48M | -18.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 89K | 1.02M | 2.39M | -962K | 1.99M | -60K | -3.44M | 2.6M | -282K | 470K | -62K | -942K | 604K | 0 |
| Cash from Investing | 92.35M | 125.45M | -94.86M | -141.64M | -7.34M | 65.91M | 113M | -90.48M | 26.47M | -3.68M | 47.3M | -194.77M | -3.3M | 0 |
| Capital Expenditures | -1.95M | -2.6M | -3.52M | -3.26M | -2.49M | -1.61M | -12.1M | -7.72M | -4.3M | -3.98M | -5.03M | -1.03M | -2.99M | 0 |
| CapEx % of Revenue | 5.35% | 6.43% | 4.4% | 1.3% | 6.09% | 4.3% | 7.07% | 7.39% | 56.5% | 39.32% | 35.37% | 5.94% | - | - |
| Acquisitions | 0 | 0 | 0 | 138.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -138.39M | 0 | 0 | 0 | 172K | 30.77M | 304K | -421K | -193.74M | -314K | 0 |
| Cash from Financing | 4.07M | 816K | 114.02M | 33.65M | 1.11M | 612K | 3.16M | 80.99M | 4.75M | 59.92M | 514K | 177.74M | 22.12M | 5.72M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 4.07M | 816K | 114.02M | 33.65M | 1.11M | 612K | 0 | 77.62M | 0 | 57.99M | 0 | 209.56M | 22.12M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 860K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 3.16M | 3.38M | 4.75M | 1.93M | 514K | -31.81M | 0 | 5.72M |
| Net Change in Cash | -34.32M | -6.21M | 3.85M | -30.08M | -18.47M | 12.99M | 18.4M | 39.18M | 15.33M | -5.11M | 5.33M | 24.27M | 6.9M | 270K |
| Free Cash Flow | -129.94M | -135.06M | -18.83M | 74.66M | -15M | -55.13M | -108.81M | 40.95M | -20.19M | -65.33M | -47.51M | 40.27M | -14.91M | -5.45M |
| FCF Margin % | -356.07% | -334.53% | -23.54% | 29.86% | -36.67% | -147.36% | -63.59% | 39.23% | -265.02% | -644.65% | -334.11% | 232.31% | - | - |
| FCF Growth % | -13.98% | -617.24% | -125.22% | 597.75% | 72.79% | 49.33% | -365.73% | 302.79% | 69.09% | -37.52% | -217.98% | 370.15% | -173.5% | - |
| FCF per Share | -2.18 | -2.30 | -0.33 | 1.68 | -0.39 | -1.46 | -2.91 | 1.14 | -0.63 | -2.44 | -1.88 | 9.61 | -1.01 | -11.77 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.11x | 0.24x | 0.59x | 0.27x | 0.75x | -2.63x | -1.12x | 0.18x | 0.87x | 1.06x | -1.39x | 0.73x | 0.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Milestone Dependency
As reported in financial statements, Voyager’s operating cash flow consistently trails net income, with OCF/NI ratios frequently exceeding 1.0, suggesting that the company’s accounting losses are being compounded by actual cash outflows rather than mitigated by non-cash adjustments or favorable working capital timing.
The persistent gap between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its reported accounting losses. This suggests that the business model is not yet generating the operational efficiencies required to bridge the divide between R&D investment and self-sustaining cash generation.
Based on the provided quarterly data, Voyager’s free cash flow trajectory remains deeply negative, with the company recording a cash burn of $33.4 million in 2026Q1 alone, highlighting the structural difficulty of funding a high-cost platform-based R&D model through lumpy, milestone-dependent licensing revenue.
The lack of a positive FCF trend suggests that the company remains in a high-intensity investment phase where cash outflows are largely decoupled from revenue recognition. Investors should monitor whether the current burn rate necessitates a capital raise, as the existing cash position appears insufficient to support long-term clinical development.
According to recent SEC filings, working capital fluctuations have been a primary driver of cash flow volatility, with a significant $82.8 million outflow in 2023Q4 followed by a $66.1 million inflow in 2024Q1, illustrating the unpredictable nature of milestone-driven cash receipts and deferred revenue adjustments.
These swings in working capital suggest that the company’s cash position is highly sensitive to the timing of partner payments and the settlement of contractual obligations. This volatility complicates cash flow forecasting and underscores the reliance on external partners to manage short-term liquidity needs.
As indicated by the financial data, stock-based compensation (SBC) consistently adds back several million dollars per quarter to the cash flow statement, which effectively masks the true economic cost of talent acquisition and retention required to maintain the company's specialized TRACER platform infrastructure.
While SBC is a non-cash expense, its consistent presence suggests that the company is utilizing equity to preserve cash, which may lead to future shareholder dilution. This practice warrants further investigation to determine if the current compensation structure is sustainable without further impacting the company's long-term equity value.
Quick answers to the most common questions about buying VYGR stock.
Voyager Therapeutics, Inc. (VYGR) generated $-132.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Voyager Therapeutics, Inc. (VYGR) reported negative free cash flow of $135.1M in 2025, indicating capital requirements exceeded cash from operations.
Voyager Therapeutics, Inc. (VYGR) spent $2.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.