Revenue volatility remains a primary concern, evidenced by a 59.9% year-over-year decline in 2026Q1 and a trailing twelve-month operating margin of -326.56%.
| 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 |
|---|
| Sales/Revenue | 36.49M | 40.37M | 80M | 250.01M | 40.91M | 37.41M | 171.13M | 104.39M | 7.62M | 10.13M | 14.22M | 17.33M | 0 | 0 |
| Revenue Growth % | -45.5% | -49.53% | -68% | 511.16% | 9.33% | -78.14% | 63.93% | 1270.14% | -24.82% | -28.73% | -17.96% | - | - | - |
| Cost of Goods Sold | 932K | 0 | 0 | 92.17M | 55.76M | 73.79M | 108.75M | 119.73M | 64.91M | 62.26M | 42.25M | 27.68M | 8.9M | 4.63M |
| COGS % of Revenue | - | - | - | 36.87% | 136.32% | 197.21% | 63.55% | 114.7% | 851.88% | 614.31% | 297.11% | 159.68% | - | - |
| Gross Profit | 35.56M | 40.37M | 80M | 157.84M | -14.86M | -36.37M | 62.38M | -15.34M | -57.29M | -52.13M | -28.03M | -10.35M | -8.9M | -4.63M |
| Gross Margin % | 97.45% | 100% | 100% | 63.13% | -36.32% | -97.21% | 36.45% | -14.7% | -751.88% | -514.31% | -197.11% | -59.68% | - | - |
| Gross Profit Growth % | - | -49.53% | -49.31% | 1162.37% | 59.15% | -158.31% | 506.51% | 73.22% | -9.9% | -85.97% | -170.94% | -16.26% | -92.1% | - |
| Operating Expenses | 162.98M | 172.22M | 163.29M | 35.82M | 35.98M | 37.25M | 34.99M | 36.34M | 98.71M | 82M | 55.52M | 37.59M | 14.37M | 2.9M |
| OpEx % of Revenue | - | 426.56% | 204.11% | 14.33% | 87.96% | 99.55% | 20.45% | 34.81% | 1295.63% | 809.06% | 390.43% | 216.85% | - | - |
| Selling, General & Admin | 36.16M | 37.54M | 35.92M | 35.82M | 30.98M | 37.25M | 34.99M | 36.34M | 33.81M | 19.74M | 13.27M | 9.91M | 5.47M | 2.9M |
| SG&A % of Revenue | - | 92.99% | 44.9% | 14.33% | 75.73% | 99.55% | 20.45% | 34.81% | 443.75% | 194.75% | 93.32% | 57.17% | - | - |
| Research & Development | 127.75M | 134.67M | 127.37M | 92.17M | 60.76M | 73.79M | 108.75M | 119.73M | 64.91M | 62.26M | 42.25M | 27.68M | 8.9M | 4.63M |
| R&D % of Revenue | - | 333.57% | 159.21% | 36.87% | 148.54% | 197.21% | 63.55% | 114.7% | 851.88% | 614.31% | 297.11% | 159.68% | - | - |
| Other Operating Expenses | -932K | 0 | 0 | -92.17M | -55.76M | -73.79M | -108.75M | -119.73M | 2.63M | 1.17M | 1.16M | -9.42M | 0 | 0 |
| Operating Income | -127.42M | -131.84M | -83.29M | 122.01M | -50.84M | -73.62M | 27.38M | -51.68M | -91.09M | -71.86M | -41.3M | -20.25M | -14.37M | -7.53M |
| Operating Margin % | -349.16% | -326.56% | -104.11% | 48.8% | -124.27% | -196.76% | 16% | -49.51% | -1195.63% | -709.06% | -290.43% | -116.85% | - | - |
| Operating Income Growth % | - | -58.3% | -168.26% | 340.01% | 30.94% | -368.84% | 152.99% | 43.27% | -26.76% | -74.01% | -103.91% | -40.98% | -90.75% | - |
| EBITDA | -123.44M | -127.78M | -78.56M | 126.45M | -44.65M | -68.45M | 31.2M | -48.91M | -88.98M | -70.27M | -40.69M | -19.65M | -14.18M | 0 |
| EBITDA Margin % | -338.26% | -316.5% | -98.19% | 50.58% | -109.14% | -182.96% | 18.23% | -46.86% | -1167.84% | -693.32% | -286.13% | -113.38% | - | - |
| EBITDA Growth % | -26.94% | -62.67% | -162.12% | 383.24% | 34.78% | -319.39% | 163.79% | 45.03% | -26.63% | -72.7% | -107.02% | -38.57% | - | - |
| D&A (Non-Cash Add-back) | 3.98M | 4.06M | 4.73M | 4.44M | 6.19M | 5.17M | 3.82M | 2.77M | 2.12M | 1.59M | 612K | 600K | 184K | 7.53M |
| EBIT | -124.64M | -131.84M | -83.29M | 122.01M | -45.84M | -73.62M | 27.38M | -51.68M | -91.09M | -71.86M | -41.3M | -20.25M | -14.37M | -7.53M |
| Net Interest Income | 9.24M | 10.62M | 18.33M | 11.72M | 1.79M | 0 | 1.66M | 6.46M | 3.31M | 1.23M | 976K | 332K | 0 | 0 |
| Interest Income | 9.24M | 10.62M | 18.33M | 11.72M | 1.79M | 0 | 1.66M | 6.46M | 3.31M | 1.23M | 0 | 0 | 0 | 134K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 976K | 332K | 0 | 0 |
| Other Income/Expense | 10.9M | 12.27M | 18.95M | 11.72M | 4.45M | 2.42M | 9.36M | 8.08M | 2.63M | 1.17M | 1.16M | -9.42M | -1.95M | -134K |
| Pretax Income | -116.52M | -119.58M | -64.34M | 133.74M | -46.39M | -71.2M | 36.74M | -43.6M | -88.47M | -70.7M | -40.14M | -29.67M | -16.32M | -7.67M |
| Pretax Margin % | -319.27% | -296.17% | -80.42% | 53.49% | -113.41% | -190.29% | 21.47% | -41.76% | -1161.15% | -697.56% | -282.29% | -171.18% | - | - |
| Income Tax | 121K | 144K | 665K | 1.41M | 16K | 0 | 0 | 0 | -180K | 0 | 52K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.1% | -0.12% | -1.03% | 1.05% | -0.03% | 0% | 0% | 0% | 0.2% | 0% | -0.13% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -319.61% | -296.53% | -81.25% | 52.93% | -113.45% | -190.29% | 21.47% | -41.76% | -1158.79% | -697.56% | -282.65% | -171.18% | - | - |
| Net Income Growth % | -37.72% | -84.18% | -149.12% | 385.14% | 34.82% | -293.78% | 184.27% | 50.62% | -24.88% | -75.9% | -35.46% | -81.85% | -112.85% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.96 | -2.04 | -1.13 | 2.97 | -1.21 | -1.75 | 0.98 | -1.14 | -2.75 | -2.64 | -1.59 | -7.08 | -1.11 | -16.55 |
| EPS Growth % | -35.62% | -80.53% | -138.05% | 345.45% | 30.86% | -278.57% | 185.96% | 58.55% | -4.17% | -66.04% | 77.54% | -537.84% | 93.29% | - |
| EPS (Basic) | - | -2.04 | -1.13 | 3.08 | -1.21 | -1.75 | 0.99 | -1.14 | -2.75 | -2.64 | -1.59 | -7.08 | -1.11 | -16.55 |
| Diluted Shares Outstanding | 59.5M | 58.69M | 57.67M | 44.57M | 38.36M | 37.67M | 37.35M | 35.9M | 32.07M | 26.8M | 25.3M | 4.19M | 14.71M | 463.14K |
| Basic Shares Outstanding | 59.5M | 58.69M | 57.67M | 43.02M | 38.36M | 37.67M | 37.13M | 35.9M | 32.07M | 26.8M | 25.3M | 4.19M | 14.71M | 463.14K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Milestone Dependency
As reported in financial statements, Voyager’s revenue trajectory remains highly volatile, characterized by a 59.9% year-over-year decline in 2026Q1, reflecting the binary nature of milestone-based licensing income rather than a consistent, organic growth trend in the company's underlying core business operations.
The revenue profile is entirely dependent on the timing of collaboration milestones and upfront payments, which creates significant quarter-to-quarter variance. Investors should interpret these fluctuations as a reflection of partnership progress rather than a sustainable commercial growth trend, as the company lacks recurring product revenue.
Based on the provided income statement data, R&D expenses have remained consistently elevated, often exceeding $30 million per quarter, which highlights the capital-intensive nature of the TRACER platform and the company's aggressive pursuit of internal clinical programs despite limited incoming cash flows.
The cost structure is heavily skewed toward research and development, which appears to be the primary driver of the company's ongoing operating losses. This high fixed-cost base suggests that management is prioritizing long-term platform validation over short-term expense discipline, a strategy that warrants close monitoring given the current cash position.
According to recent SEC filings, Voyager’s operating margin of -326.56% on a trailing twelve-month basis indicates a lack of operating leverage, as the company's current licensing-based revenue model fails to cover the substantial overhead required to sustain its specialized gene therapy research infrastructure.
The absence of a scalable commercial product means that operating expenses continue to grow or remain stagnant while revenue remains unpredictable. This suggests that the company is currently unable to achieve the economies of scale necessary to reach profitability without a significant shift in its business model.
As indicated by the financial data, the reliance on non-recurring licensing income poses a structural risk, as the company’s TTM operating loss of over $130 million significantly exceeds its reported cash and equivalents, suggesting a potential need for dilutive financing to maintain operations.
Short-term observers may focus on the 100% gross margin as a sign of efficiency, but this is merely an accounting artifact of the licensing model that masks the underlying cash burn. The company's inability to generate consistent operating cash flow suggests that its long-term viability is tethered to the success of future partnership negotiations.
Quick answers to the most common questions about buying VYGR stock.
For fiscal year 2025, Voyager Therapeutics, Inc. (VYGR) reported total revenue of $40.4M.
Voyager Therapeutics, Inc. (VYGR) reported a net loss of $119.7M for the fiscal year ending 2025.
Voyager Therapeutics, Inc. (VYGR) reported an operating income of $-131.8M, resulting in an operating profit margin of -326.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Voyager Therapeutics, Inc. (VYGR) generated $40.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.