Voyager Therapeutics(VYGR) - 2023 Q4 - Annual Results

Financial Performance - Net income for Q4 2023 was $56.4 million, compared to a net loss of $23.6 million in Q4 2022, driven by increased collaboration revenue[7] - Net income for the full year 2023 was $132.3 million, compared to a net loss of $46.4 million in 2022, attributed to increased collaboration revenue[10] - The company reported an operating income of $54.063 million in Q4 2023, a turnaround from an operating loss of $24.563 million in Q4 2022, with a total operating income for the year of $122.014 million compared to a loss of $50.837 million in 2022[20] - Net income for Q4 2023 was $56.395 million, compared to a net loss of $23.626 million in Q4 2022, resulting in a net income per share of $1.28 for Q4 2023 versus a loss of $0.61 per share in Q4 2022[20] Collaboration Revenue - Collaboration revenue for Q4 2023 was $90.1 million, a significant increase from a loss of $1.6 million in Q4 2022, primarily due to the Novartis collaboration[7] - For the full year 2023, collaboration revenue was $250 million, compared to $40.9 million in 2022, largely due to Novartis collaboration agreements[10] - Collaboration revenue for Q4 2023 was $90.061 million, a significant increase from a loss of $1.550 million in Q4 2022, and total collaboration revenue for the year reached $250.008 million compared to $40.907 million in 2022[20] - Net collaboration revenue, after accounting for reimbursed research and development services, was $87.009 million for Q4 2023, compared to a negative $1.807 million in Q4 2022[24] Expenses and Investments - Research and development expenses for Q4 2023 were $25.8 million, up from $14.6 million in Q4 2022, reflecting increased spending on program-related activities[7] - Total operating expenses for Q4 2023 were $35.998 million, up from $23.013 million in Q4 2022, with research and development expenses increasing to $25.756 million from $14.551 million year-over-year[20] - The company incurred $3.1 million in reimbursable research and development services in Q4 2023, up from $0.3 million in Q4 2022, highlighting increased collaboration activity[25] Cash and Assets - As of December 31, 2023, Voyager had approximately $431 million in pro-forma cash, adjusted for $100 million from Novartis agreements and $100 million from a public offering[1] - As of December 31, 2023, the company had cash, cash equivalents, and marketable securities totaling $230.875 million, an increase from $118.848 million in 2022[20] - Total assets as of December 31, 2023, were $351.281 million, significantly higher than $159.356 million in 2022[20] - Voyager anticipates its cash resources will be sufficient to meet operating expenses and capital requirements into 2027, supported by collaborations and public offerings[9] Strategic Collaborations - Voyager entered a strategic collaboration with Novartis in December 2023, with Novartis agreeing to pay $80 million upfront and up to $1.2 billion in potential milestones[4] - Voyager expects to advance at least four programs into the clinic by the end of 2024, including the anti-tau antibody VY-TAU01 for Alzheimer's disease, which is expected to reach IND in the first half of 2024[3] - The company expects to file an IND for the SOD1 ALS gene therapy program in mid-2025 and for the tau silencing gene therapy program in 2026[6] Deferred Revenue - Deferred revenue increased to $75.240 million in 2023 from $65.827 million in 2022, indicating growth in future revenue recognition[20]