Filing Flows › Voyager Therapeutics (VYGR) › Q3 2025
Voyager Therapeutics (VYGR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Voyager Therapeutics (VYGR) reported revenue of $13.4M for the third quarter 2025 (Q3 2025), -46% from a year earlier and +157% from the quarter before. Operating margin was -228.9%, net loss $27.9M (208.7% of revenue).
Voyager Therapeutics, Q3 2025: revenue $13.4M (-46% year over year), operating margin -228.9%, net loss $27.9M, operating cash flow −$31.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.4M | +157% | -46% |
| Operating profit | −$30.6M | — | — |
| Net earnings | −$27.9M | — | — |
| Operating cash flow | −$31.0M | — | — |
What changed
Revenue was $13.4M in Q3 2025, down 46% year over year and up 157% from the previous quarter.
Operating costs exceeded revenue by $30.6M, an operating margin of -228.9%. Total costs grew 14% against a revenue fall of 46%. The fastest-growing cost line was Research & development (+19%). The quarter ended with a net loss of $27.9M, narrower than the previous quarter's $33.4M loss.
Operating cash flow was −$31.0M. Non-cash charges added back $932K of depreciation and $3.5M of share-based compensation. Working capital and other items used $7.5M. Capital expenditures of $207K exceeded it, leaving free cash flow of −$31.3M.
Questions
What was Voyager Therapeutics' revenue in the third quarter 2025?
Voyager Therapeutics (VYGR) reported revenue of $13.4M for the third quarter 2025 (Q3 2025), -46% from a year earlier and +157% from the quarter before.
Was Voyager Therapeutics profitable in the third quarter 2025?
Operating loss was $30.6M (-228.9% of revenue) and net loss $27.9M.