Voyager Therapeutics Inc. Common Stock (VYGR)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Voyager as a Graham-style skeptic. This is a clinical-stage neuroscience biotech, not a predictable cash-generating business. Its revenue is not durable: fiscal 2023 revenue was $250.0M and net income $132.3M, but by fiscal 2025 revenue had fallen to $40.4M and the net loss was $119.7M. In the fiscal second quarter of 2026, ended June 30, 2026, revenue was only $3.2M while net loss was $24.5M. That is a company consuming capital, not compounding it. Trailing free cash flow is -$121.4M, a -91.7% FCF yield against the $132.5M market cap, so operations are burning roughly the entire market value each year. The reported debt-to-equity of 0.21 is not alarming, but Altman Z of -1.46 and Piotroski F-Score of 2/9 (both FairStock calculations) signal financial fragility. At the $2.15 close on 2026-10-13, P/B of 0.85 looks superficially Graham-like: the price is below book value. Yet FairStock's ROE of -54.09% and ROCE of -27.34% show book value is not earning a return; it is likely funding cash burn. A moat? I see no evidence of pricing power or recurring revenue. The TRACER capsid platform and programs like VY1706 and VY7523 create option value, but options are not durable earnings. The Lynch category is TURNAROUND, loss in the latest year after earlier profits, and turnarounds need cash and catalysts. Revenue growth of -39.13% is not encouraging. I would need proof that data or partnerships can fund the business before the asset base erodes. Cheap versus assets, yes; safe, no.

In plain English: Voyager Therapeutics is a small biotechnology company working on gene-based treatments for brain diseases such as Alzheimer's and Huntington's. The business looks weak: revenue has fallen sharply, it is losing money, and it burns a lot of cash. The stock price is low compared with the company's stated net assets, but those assets are being used up, so the cheap-looking price comes with high risk.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer