Voyager Therapeutics reported significant pipeline expansion in its third quarter 2025 results, introducing a novel nonviral delivery platform and establishing a strategic collaboration targeting previously undruggable neurological disease mechanisms. The company's multi-modal approach to neurotherapeutics continues to advance with key clinical milestones expected in 2026.
Novel NeuroShuttle Platform Shows Sustained Brain Delivery
Voyager unveiled its Voyager NeuroShuttle platform, a nonviral delivery system leveraging novel receptor-binding molecules to transport neurotherapeutics across the blood-brain barrier. Initial murine proof-of-concept studies of the ALPL-VYGR-NeuroShuttle demonstrated sustained brain expression over three weeks, compared to less than one week for transferrin receptor shuttles, with no impact on circulating reticulocytes or downstream measurements of anemia.
"Voyager continues to seek out the optimal modalities for each neurotherapeutic target we pursue," said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. "During the third quarter, we shared initial preclinical data on our Voyager NeuroShuttle, a nonviral delivery platform with differentiated pharmacokinetics from transferrin receptor shuttle approaches."
Subsequent murine studies demonstrated that the shuttle can deliver a therapeutic antibody to the brain with similar sustained exposure as demonstrated with the ALPL-VYGR-NeuroShuttle alone. The company is evaluating a discovery-stage program that leverages ALPL-VYGR-NeuroShuttle for the treatment of an undisclosed neurological disease.
Strategic TDP-43 Collaboration Targets ALS and FTD
Voyager entered a collaboration with Transition Bio to develop selective small molecules for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD) with TDP-43 pathology. TDP-43 pathology is commonly observed in many neurodegenerative diseases, including more than 90% of ALS cases, yet TDP-43 has historically been considered undruggable.
Transition Bio's approach targets biomolecular condensates within cells to correct the mislocalization of TDP-43 without abolishing its important functional activity. The collaboration provides Voyager the exclusive option to license worldwide rights to any development candidate in exchange for a single-digit million-dollar upfront payment and potential milestone payments totaling up to $500 million. Transition Bio is also eligible for tiered royalties on net sales if a product reaches the market.
"TDP-43 appears to play a pivotal role in the pathophysiology of the vast majority of ALS cases, yet has been historically considered undruggable," Sandrock noted. "We believe Transition Bio's innovative biomolecular condensate approach may be able to unlock this critical target."
Tau-Targeting Programs Progress Toward 2026 Milestones
Voyager's tau-focused pipeline continues to advance with multiple programs approaching key clinical inflection points. Dosing is ongoing in the third and final cohort of the multiple ascending dose (MAD) clinical trial of VY7523, an anti-tau antibody, in Alzheimer's disease patients. Initial tau PET imaging data from this trial is expected in the second half of 2026.
The company's VY1706 tau silencing gene therapy program is progressing through IND-enabling studies to support clinical trial initiation expected in 2026. U.S. IND and Canadian CTA submissions are anticipated for VY1706 in Alzheimer's disease during 2026.
Partnership Updates and Financial Performance
Neurocrine Biosciences has indicated that they expect to provide an update on IND filing timelines for their Friedreich's ataxia (FA) and GBA1 gene therapy programs by the end of 2025. These filings could enable the initiation of clinical trials in 2026, pending supportive outcomes from ongoing GLP toxicology studies, FDA acceptance of the INDs, and Neurocrine's internal strategic assessment. Neurocrine also initiated a preclinical toxicology study with a fourth development candidate, triggering a $3 million milestone payment owed to Voyager in Q4 2025.
Novartis notified Voyager of its intention to discontinue two discovery-stage programs against undisclosed targets, with rights returning to Voyager. The discontinuations do not impact Voyager's cash runway guidance. Partnered programs for Huntington's disease, spinal muscular atrophy, and another undisclosed target continue to advance.
Voyager reported collaboration revenue of $13.4 million for Q3 2025, compared to $24.6 million in the same period of 2024, primarily due to revenue recognized under the company's 2022 Novartis Option and License Agreement in the prior year. Research and development expenses increased to $35.9 million from $30.2 million year-over-year, primarily due to increased spending on the VY7523 MAD clinical trial and ongoing costs for the VY1706 tau silencing gene therapy program.
The company ended Q3 2025 with $229 million in cash, cash equivalents, and marketable securities. Based on current operating plans, Voyager expects its cash resources, along with anticipated collaboration reimbursements and interest income, to be sufficient to meet planned operating expenses and capital expenditure requirements into 2028. The company has the potential to earn up to $2.4 billion in development milestone payments, including up to $35 million from GBA and FA programs entering the clinic.
