VYGR · CIK 1640266
What Voyager Therapeutics, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for VYGR. More may follow as additional filings are processed.
In its own words
What could break it.
Liquidity & debt
- Pre-revenue capital dependence (no product revenue)medium
Voyager has no product revenue (only collaboration revenue) and does not expect product sales for the foreseeable future, depending on collaboration payments and capital raises (ATM up to $100M, S-3 up to $400M) to fund operations.
“To date, we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future.”
SEC filing →As of 2026
Regulatory & policy
- China-located suppliers/collaborators and U.S.-China tariff/trade tensionsmedium
Some of Voyager's collaborators and suppliers are in China; escalating U.S.-China trade tensions and 2025 tariff actions expose it to product-supply disruption and higher costs.
“some of our collaborators and suppliers are located in China. Trade tensions and conflicts between the United States and China have been escalated in recent years and, as such, we are exposed to the possibility of product supply disruption and increased costs and expenses”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“To date, substantially all of our revenue has been derived from our ongoing collaborations and licensing agreements with Neurocrine, Novartis, and Alexion and from our prior collaborations with Sanofi Genzyme, AbbVie Biotechnology Ltd and AbbVie Ireland Unlimited Company.”
Cited →“For the year ended December 31, 2025, we recognized $30.5 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $5.9 million of collaboration revenue from the 2023 Novartis Collaboration Agreement, $3.5 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, and $0.5 million of collaboration revenue from other agreements.”
Cited →“For the year ended December 31, 2025, we recognized $30.5 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $5.9 million of collaboration revenue from the 2023 Novartis Collaboration Agreement, $3.5 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, and $0.5 million of collaboration revenue from other agreements.”
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