One-glance verdict
Undervalued
$32.62 our estimate vs market $1.76
Wall Street consensus: $14.22 (-56.4% lower than our fair-value estimate)
95% below our estimate, below the bear case
Fundamentals snapshot
Voyager Therapeutics, Inc.
VYGR · NMS · Healthcare · Biotechnology
Current price
$1.76
52-week range
$1.68 - $5.48
Market cap
$109.52M
Balance sheet
Healthy
-12.42x Concerning
Net cash $76.30M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Free cash flow was positive in 2/10 years.
- Risk Operating margin compressed from -124.3% to -436.2% over 3 years.
- Risk Return on equity was -58.9% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 14.8% (peer median: 52.2%).
What this company does
Voyager Therapeutics, Inc.
Voyager Therapeutics is a drug company working on new treatments for brain diseases like Alzheimer's and Huntington's by using gene therapy and other cutting-edge science. Their main goal is to develop cures, and they make money through collaborations with larger pharmaceutical companies that help fund their research and development. This matters because it shows they have partners helping to pay for their expensive work, which is common for companies trying to bring new medicines to market.
How the company got here
Voyager Therapeutics was founded in 2013 with the goal of developing gene therapies for neurological diseases. Initially, the company focused on individual gene therapy programs. However, over time, Voyager evolved its strategy to become a platform-centered company, emphasizing its proprietary adeno-associated virus (AAV) capsid discovery technology, known as TRACER. This shift involved building expertise in AAV capsids and vectorized antibody approaches. Key partnerships with companies like Neurocrine Biosciences in 2019 and Novartis in 2022 have been instrumental in validating Voyager's technology and expanding its reach.
What it actually does
Voyager Therapeutics is a biotechnology company focused on creating treatments for neurological diseases, such as Alzheimer's, Parkinson's, and ALS. Their main approach involves using gene therapy and other advanced methods to target the underlying causes of these conditions. A key part of their work is developing ways to effectively deliver these therapies to the brain, which is a major challenge in treating neurological disorders. They aim to develop disease-modifying treatments that can potentially cure these debilitating conditions.
TRACER Capsid Discovery Platform
The TRACER platform is Voyager's core technology for discovering new adeno-associated virus (AAV) capsids. Think of a capsid as the protective shell of a virus that helps it deliver its genetic material into cells. Voyager's TRACER platform is designed to find AAV capsids that are particularly good at crossing the blood-brain barrier (BBB), which is a protective layer around the brain, and reaching specific cells in the central nervous system (CNS). This is crucial because many neurological diseases are difficult to treat if the medicine can't effectively get into the brain. By developing these specialized capsids, Voyager aims to improve the delivery and effectiveness of its gene therapies for brain disorders. This platform is fueling collaborations with major pharmaceutical companies and is central to Voyager's own pipeline of potential treatments.
Gene Therapy Programs
Voyager develops gene therapies, which are treatments that use genes to treat or prevent disease. In Voyager's case, they use gene therapy to introduce genetic material into a patient's cells to correct or compensate for faulty genes that cause neurological diseases. For example, their gene therapy for Alzheimer's disease, VY1706, is designed to silence the production of tau protein, which is implicated in the disease. Another program, VY-AADC01, aims to help Parkinson's patients by introducing an enzyme that converts a medication into dopamine, a crucial neurotransmitter that is deficient in Parkinson's. These therapies are often delivered using their proprietary AAV capsids to ensure they reach the target cells in the brain.
Vectorized Antibody Programs
Voyager also works on vectorized antibody programs. This approach involves using gene therapy to instruct the body's own cells to produce therapeutic antibodies. Antibodies are proteins that can target and neutralize specific harmful substances or cells. In Voyager's context, they are developing vectorized antibodies to target proteins like tau, which is involved in Alzheimer's disease. The idea is that by having the body continuously produce these antibodies, they can provide a sustained therapeutic effect directly within the central nervous system.
Small Molecule Programs
In addition to gene therapies and antibodies, Voyager is exploring small molecule drugs. These are typically drugs that can be taken orally or through other non-gene therapy methods. Voyager has a collaboration to discover small molecules that target TDP-43, a protein associated with neurodegenerative diseases like ALS and frontotemporal dementia. This approach aims to develop drugs that can precisely correct issues with TDP-43 without harming its essential functions in the cell.
What management is betting on now
Voyager's current strategy heavily relies on its TRACER capsid discovery platform to create advanced gene therapies and vectorized antibodies for neurological conditions. Management is focused on advancing their pipeline of treatments for diseases like Alzheimer's, Parkinson's, and ALS, with a particular emphasis on improving drug delivery to the brain. They are also expanding into small molecule therapeutics to broaden their treatment options. Key partnerships with major pharmaceutical companies are crucial for validating their technology and advancing their programs towards clinical success.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-14.68M
FY2025 Q1
$-38.55M
FY2025 Q2
$-34.37M
FY2025 Q3
$-31.25M
FY2025 Q4
$-30.89M
FY2026 Q1
$-33.43M
FY2026 Q2
$-25.84M
FY2026 Q3
$-19.67M
Revenue
$4.01M
Net income
$-24.69M
Diluted EPS
-0.40
Operating cash flow
$-19.67M
Free cash flow
$-19.67M
Fetching…
Sources
Revenue
$3.17M
Net income
$-24.47M
Diluted EPS
-0.40
Operating cash flow
$-25.84M
Free cash flow
$-25.84M
Fetching…
Sources
Revenue
$2.59M
Net income
$-27.94M
Diluted EPS
-0.47
Operating cash flow
$-33.42M
Free cash flow
$-33.43M
Fetching…
Sources
Revenue
$15.34M
Net income
$-27.43M
Diluted EPS
-0.47
Operating cash flow
$-30.26M
Free cash flow
$-30.89M
Fetching…
Sources
Revenue
$13.37M
Net income
$-27.89M
Diluted EPS
-0.47
Operating cash flow
$-31.05M
Free cash flow
$-31.25M
Fetching…
Sources
Revenue
$5.20M
Net income
$-33.38M
Diluted EPS
-0.57
Operating cash flow
$-33.26M
Free cash flow
$-34.37M
Fetching…
Sources
Revenue
$6.47M
Net income
$-31.02M
Diluted EPS
-0.53
Operating cash flow
$-37.90M
Free cash flow
$-38.55M
Fetching…
Sources
Revenue
$6.28M
Net income
$-34.49M
Diluted EPS
-0.59
Operating cash flow
$-14.53M
Free cash flow
$-14.68M
Fetching…
Sources
Is it cheap or expensive?
Fair value $32.62 vs current price $1.76
Wall Street consensus is the average analyst price target: $14.22 (-56.4% lower than our fair-value estimate).
Our most-likely fair value is $32.62 a share — about 1,753.3% above today's price of $1.76, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $76.3M - more cash than debt. Interest coverage -12.4x.
Net debt
$-76.30M
Interest coverage
-12.42x
Voyager Therapeutics, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
VYGR
BASELINE
Voyager Therapeutics, Inc.
Total debt $30.51M Interest coverage -12.42x This is the baseline the peer rows are being compared against.
Total debt $13.94M Interest coverage -16.10x Neither company has much profit cushion over interest right now.
Total debt $76.94M Interest coverage -192.50x Neither company has much profit cushion over interest right now.
Total debt $0.00 Interest coverage -33.72x Neither company has much profit cushion over interest right now.
Total debt $1.99M Interest coverage -30.64x Neither company has much profit cushion over interest right now.
What you should know
The case for and against VYGR
1 Reward
3 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
Risks
-
Operating margin compressed from -124.3% to -436.2% over 3 years.
-
Return on equity was -58.9% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 14.8% (peer median: 52.2%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-1.38x
P/B
0.81x
P/S
4.36x
EV/EBITDA
-0.35x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
-436.2%
Net margin
0.0%
ROE
-58.9%
ROA
-29.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.23x
Current ratio
6.81x
Quick ratio
6.61x
Total debt
$30.51M
Total cash
$106.81M
Growth
How the business has been compounding
Revenue TTM
$25.11M
Revenue 5Y CAGR
1.9%
EPS TTM
-1.74
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-109.19M
Free CF TTM
$-135.06M
FCF margin
-537.9%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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