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Voyager Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$19.7M in Q3 2026 · −$110M over twelve months

Operating cash flow−$19.7M
Free cash flow−$19.7M

Analysis

In Q3 2026, Voyager Therapeutics generated −$19.7M of operating cash flow. That is $11.6M more than in Q3 2025 (−$31.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$109M; the largest uses were operating cash flow ($109M), capital spending ($640K); besides operations, cash came from other investing ($101M), other financing ($9.0M); the cash balance rose by $405K.

Operating cash flow was −$19.7M against net income of −$24.7M. The largest differences: stock-based pay +$2.6M, prepaid and other assets +$2.4M, receivables −$1.1M.

Free cash flow

Voyager Therapeutics: free cash flow by quarterVoyager Therapeutics: free cash flow by quarter−$14.7MQ4 2024−$38.6MQ1 2025−$34.4MQ2 2025−$31.3MQ3 2025−$30.9MQ4 2025−$33.4MQ1 2026−$25.8MQ2 2026−$19.7MQ3 2026
Operating cash flow less capital spending.
Voyager Therapeutics: operating cash flow against capital spendingVoyager Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$14.5M$155KQ4 2024−$37.9M$658KQ1 2025−$33.3M$1.1MQ2 2025−$31.0M$207KQ3 2025−$30.3M$626KQ4 2025−$33.4M$14KQ1 2026−$25.8M$0Q2 2026−$19.7M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$19.7M, Capital spending $0.

Capital allocation, year by year

Voyager Therapeutics: where the cash came from (up) and went (down), by fiscal yearVoyager Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2021: Operating cash flow −$53.5MFY2021: Shares issued $28KFY2021: Capital spending −$1.6M$28KFY2021FY2022: Operating cash flow −$12.5MFY2022: Shares issued $629KFY2022: Capital spending −$2.5M$629KFY2022FY2023: Operating cash flow $77.9MFY2023: Shares issued $1.9MFY2023: Capital spending −$3.3M$79.8MFY2023FY2024: Operating cash flow −$15.3MFY2024: Shares issued $93.9MFY2024: Capital spending −$3.5M$93.9MFY2024FY2025: Operating cash flow −$132MFY2025: Shares issued $267KFY2025: Capital spending −$2.6M$267KFY2025
Over these 5 years operating cash flow totalled −$136M; the largest uses were operating cash flow ($214M) and capital spending ($13.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$107M
Debtnone
Net cash$107M
Cash runway12 months

Voyager Therapeutics is burning cash: its operations consume cash, a free cash flow of −$110M a year at the current rate against $107M of cash and investments: a runway of about 12 months before any new financing.

Where the cash came from and went

Voyager Therapeutics: sources (+) and uses (−) of cash, Q3 2026Voyager Therapeutics: sources (+) and uses (−) of cash, Q3 2026Other investing$29.3MOperating cash flow−$19.7MCash drawn (+) / kept (−)−$12.6MShares issued$3.0M
Voyager Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Voyager Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$109MOther investing$101MOther financing$9.0MCapital spending−$640KCash drawn (+) / kept (−)−$405KShares issued$372K

From profit to cash

Voyager Therapeutics: net income to operating cash flow, Q3 2026Voyager Therapeutics: net income to operating cash flow, Q3 2026Net income−$24.7MDepreciation & amortization$836KStock-based pay$2.6MGains on disposals$577KReceivables−$1.1MPayables$333KAccrued liabilities$537KDeferred revenue−$244KPrepaid and other assets$2.4MOperating cash flow−$19.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$19.7M—$3.0M−$12.6M−$19.7M
Q2 2026−$25.8M—$2.7M$7.5M−$25.8M
Q1 2026−$33.4M−$14K$3.3M$22.0M−$33.4M
Q4 2025−$30.3M−$626K$21K−$17.3M−$30.9M
Q3 2025−$31.0M−$207K$85K−$3.9M−$31.3M
Q2 2025−$33.3M−$1.1M$79K$30.8M−$34.4M
Q1 2025−$37.9M−$658K$82K−$3.4M−$38.6M
Q4 2024−$14.5M−$155K$127K$41.2M−$14.7M

Voyager Therapeutics: income statement and cash flow

Voyager Therapeutics, Q3 2026: revenue $4.0M (-70% year over year), operating margin -658.2%. The chart follows the revenue to costs, profit and cash.

Voyager Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.