VYGR

- VY7523 clinical data and VY1706 clinical entry, both in Alzheimer’s, expected Q4 2026 - - Ended Q2 2026 with cash position of $149 million, runway into 2028 - LEXINGTON, Mass., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported second quarter 2026 financial and operating results. “We view tau as a critical disease-modifying target in Alzheimer’s disease, and we believe recent third-party data validate this hypothesis,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “We continue to advance our two tau-targeted programs toward potential inflection points in clinical trials for Alzheimer’s disease before the end of the year, with the tau-targeted antibody VY7523 expected to generate tau PET imaging data and the tau-targeted gene therapy VY1706 expected to begin dosing.” Second Quarter 2026 and Recent Highlights VY7523 (anti-tau antibody): Voyager expects tau positron emission tomography (PET) imaging efficacy data in Q4 2026 from the ongoing multiple ascending dose (MAD) clinical trial in participants with Alzheimer’s disease (AD). VY1706 (tau silencing gene therapy): The U.S. Food and Drug Administration (FDA) cleared Voyager’s Investigational New Drug (IND) application, enabling initiation of a clinical trial in adults with early AD in the United States. Dosing is expected to begin Q4 2026. NBIB-‘223 (Friedreich’s ataxia gene therapy): Voyager’s partner Neurocrine Biosciences has stated that it intends to initiate a clinical trial with NBIB-‘223 in H2 2026, pending successful FDA IND clearance. Developing Topics poster at AAIC 2026: Voyager presented 6-month good laboratory practice (GLP) toxicology non-human primate (NHP) data showing VY1706 was well tolerated and resulted in sustained tau protein reduction by up to 75% in key AD brain regions following a single intravenous (IV) dose. Eight presentations at ASGCT 2026: Voyager’s presentations included a late-breaking oral presentation on 3-month GLP toxicology data for VY1706, an oral presentation on muscular and neuromuscular capsid variants, and multiple poster presentations. Anticipated Upcoming Milestones Q4 2026: VY1706 expected to begin dosing in adults with early AD Q4 2026: VY7523 tau PET imaging data expected in MAD clinical trial in AD H2 2026: Neurocrine intends to initiate a clinical trial with NBIB-‘223 for Friedreich’s ataxia, pending successful FDA IND clearance Early 2027: Potential for initial acute safety data with VY1706, pending enrollment H2 2027: Potential for initial biomarker-based data for VY1706, pending enrollment Financial Results Collaboration Revenues: Collaboration revenue was $3.2 million for the second quarter of 2026, compared to $5.2 million for the second quarter of 2025. The decrease was primarily attributable to lower revenue recognized under the Neurocrine collaboration agreement as activities transition beyond the research phase. Research and Development Expenses: Research and development expenses were $22.0 million for the second quarter of 2026, compared to $31.3 million for the second quarter of 2025. The decrease in R&D expenses was primarily due to program and platform prioritization. General and Administrative Expenses: General and administrative expenses were $7.5 million for the second quarter of 2026, compared to $10.5 million for the second quarter of 2025. The decrease was primarily attributable to restructuring actions undertaken in 2025. Net Loss: Net loss was $24.5 million for the second quarter of 2026, compared to $33.4 million for the second quarter of 2025. Cash and Cash Equivalents and Marketable Securities: Cash, cash equivalents, and marketable securities as of June 30, 2026, were $148.8 million. Based on Voyager’s current operating plans, the company expects its cash, cash equivalents, and marketable securities, together with anticipated collaboration reimbursements and interest income, to be sufficient to fund planned operating expenses and capital expenditures into 2028. About Voyager TherapeuticsVoyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark, and TRACER™ and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, without limitation, implied and express statements about Voyager’s belief and expectations regarding the development of its product candidates and advancement of its preclinical and clinical development programs, including Voyager’s advancement of the tau silencing gene therapy program in AD, VY1706, including the timing of clinical development milestones such as Voyager’s intentions to initiate and enroll clinical trials, clinical trial enrollment, dosing of adults with early AD in the fourth quarter of 2026, and timing of expected initial acute safety data in early 2027 and initial biomarker-based data in the second half of 2027; Voyager’s ability to advance its clinical-stage anti-tau antibody program in AD, VY7523, including timing of expected clinical tau PET imaging efficacy data and other clinical data in the fourth quarter of 2026; Voyager’s ability to advance gene therapy product candidates under the Novartis licenses and collaboration and Neurocrine collaboration, including the anticipated initiation of clinical trials by Neurocrine for NBIB-‘223 in FA, pending successful IND clearance; the role of tau in the treatment of AD, including as a critical disease-modifying target; the potential for third-party clinical data to inform, derisk or validate the tau knockdown approach in AD; the therapeutic potential, safety, and pharmacological effect of Voyager’s current and future product candidates; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; Voyager’s cash runway, anticipated cost savings, including as a result of cost-cutting and efficiency initiatives, and its ability to execute across its pipeline and platforms; the mission, goals and value drivers for Voyager’s business; and the ability to generate sufficient cash resources to enable Voyager to continue its business and operations through multiple clinical inflection points. The use of words such as “may,” “will,” “might,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “view,” “potential,” “intend,” “seek,” “predict,” “estimate,” “project,” “target,” or “continue” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements are based on management’s current estimates and assumptions and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from any forward-looking statements in this press release. Factors include, among others, the risks and uncertainties inherent in the development of product candidates, including the timing, initiation, and conduct of preclinical studies and clinical trials, including potential delays in timing as a result of slower than expected site initiation, slower than expected enrollment, the need or decision to expand the trials or other changes, which may impact Voyager’s ability to meet its expected timelines and may increase its costs; the expectations and decisions of regulatory authorities; the availability of data from and outcomes of Voyager’s preclinical studies and clinical trials and those conducted by its partners and collaborators, including that success in earlier preclinical studies may not be repeated or observed in ongoing or future preclinical studies or clinical trials, ongoing and future clinical trials may not meet their primary or key secondary endpoints, which may substantially impair development, timing for expected data may be delayed, and Voyager may encounter adverse events that could negatively impact further development; Voyager’s ability to demonstrate that current or future product candidates are safe and effective for their proposed indications; the availability, commercial potential and success of Voyager’s wholly owned candidates; the availability of data from and the outcomes of third-party preclinical studies and clinical trials and the potential impact on Voyager’s development plans; the continued development of Voyager’s technology platforms, including Voyager’s TRACER and nonviral discovery platforms; Voyager’s scientific approach and program development progress and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid and nonviral discovery platform and programs; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid and nonviral discovery platforms, the capsids and ligands identified by the platforms, and the development of clinical candidates and related data from Voyager’s pipeline programs; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the need to align with its collaborators, which may hamper or delay its development efforts and timelines; the possibility or timing of Voyager’s receipt of program reimbursement, development or commercialization milestone payments, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest, including that the anticipated benefits of these ongoing collaborations, including the receipt of payments or the successful development or commercialization of products and generation of revenue, may never be achieved at the levels or timing Voyager expect or at all; the adverse impact on Voyager’s business if any of its key collaborators fails to perform its obligations or terminates the collaboration; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; additional funding may not be available on acceptable terms when needed, or at all, which could hamper Voyager’s development efforts; the ability to attract and retain talented directors, employees, and contractors and the resulting impact to Voyager’s business and ability to meet its goals and timelines; the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives; any of the foregoing events could impair the drivers and value creation opportunities for Voyager’s business; and technical and other unexpected hurdles in the development, manufacture and supply of product candidates, may delay Voyager’s timing, change its plans, increase its costs, or otherwise negatively impact its business. These risks and uncertainties are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by its subsequent filings with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. ContactsCompany and Investors: Trista Morrison, NACD.DC, [email protected] Media: Lisa Guiterman, [email protected] GAAP vs. Non-GAAP Financial MeasuresVoyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three and six months ended June 30, 2026, the Company incurred $3.0 million and $4.4 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses, respectively. During the three and six months ended June 30, 2025, the Company incurred $2.4 million and $4.0 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses, respectively.

- VY1706 and NBIB-‘233 completed IND-enabling GLP toxicology; clinical entry expected H2 2026 - - Multiple presentations at ASGCT 2026, including late breaker on VY1706 3-month GLP tox data - - Ended Q1 2026 with cash position of $172 million, runway into 2028 - LEXINGTON, Mass., May 07, 2026 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported first quarter 2026 financial and operating results. “As the ‘Year of Tau’ for Alzheimer’s disease continues to unfold, Voyager looks forward to third-party data in mid-2026 that have the potential to confirm tau knockdown as the next critical approach to treating Alzheimer’s disease. Then, in the second half of the year, we expect first-in-human dosing of our tau silencing gene therapy VY1706 and tau PET imaging efficacy data for our anti-tau antibody VY7523,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “With our strong cash position of $172 million that is expected to provide runway into 2028, we continue to execute across our pipeline and platforms.” First Quarter 2026 and Recent Highlights Pipeline updates: VY1706 (tau silencing gene therapy): Voyager completed investigational new drug (IND)-enabling good laboratory practice (GLP) toxicology in Q1 2026. The U.S. Food and Drug Administration (FDA) IND application process is on track for Q2 2026 to support projected first-in-human dosing in Alzheimer’s disease (AD) patients in H2 2026. VY7523 (anti-tau antibody): Voyager continues to expect tau positron emission tomography (PET) imaging efficacy data in H2 2026 from the ongoing multiple ascending dose (MAD) clinical trial in AD patients. Neurocrine partnership update: Neurocrine completed GLP toxicology with NBIB-‘223 for Friedreich’s ataxia (FA) and received FDA orphan drug designation. Neurocrine has stated that it intends to initiate a clinical trial with NBIB-‘223 in H2 2026, pending successful FDA IND clearance. Multiple abstracts accepted for presentation at ASGCT 2026: Voyager will make multiple presentations at the upcoming American Society of Gene & Cell Therapy’s (ASGCT) 29th Annual Meeting, including a late-breaking oral presentation on 3-month GLP toxicology data for VY1706, an oral presentation on directed evolution of Voyager’s muscular and neuromuscular capsid variants in mice and non-human primates, and multiple poster presentations. Posters on AD programs presented at AD/PD™ 2026: Preclinical data were shared for VY1706, as well as for Voyager’s approach to modulate the expression of APOE4, the strongest genetic risk factor for AD. Anticipated Upcoming 2026 Milestones Mid-Year: Third-party data that could significantly derisk tau knockdown hypothesis in AD H2: VY1706 expected to achieve first-in-human dosing in AD H2: Tau PET imaging data expected in MAD clinical trial of VY7523 in AD H2: Neurocrine intends to initiate a clinical trial with NBIB-‘223 for FA, pending successful FDA IND clearance Financial Results Collaboration Revenues: Collaboration revenue was $2.6 million for the three months ended March 31, 2026, compared to $6.5 million for the first quarter of 2025. The decrease was primarily attributable to revenue recognized under our Neurocrine and Novartis collaboration agreements in the prior period as the collaborations mature beyond research. Research and Development Expenses: Research and development expenses were $24.6 million for the first quarter of 2026, compared to $31.5 million for the first quarter of 2025. The decrease was primarily due to cost-cutting and efficiency initiatives, partially offset by an increase in costs related to the tau silencing gene therapy program (VY1706) advancing towards planned clinical trials. General and Administrative Expenses: General and administrative expenses were $8.3 million for the first quarter of 2026, compared to $9.6 million for the first quarter of 2025. The decrease was primarily attributable to cost-cutting and efficiency initiatives year-over-year. Net Loss: Net loss was $27.9 million for the first quarter of 2026, compared to $31.0 million for the first quarter of 2025. Cash and Cash Equivalents: Cash, cash equivalents and marketable securities as of March 31, 2026, were $171.7 million. Based on Voyager’s current operating plans, the company expects its cash, cash equivalents, and marketable securities, along with anticipated collaboration reimbursements for work performed and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into 2028. About Voyager Therapeutics Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark, and TRACER™ and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, without limitation, implied and express statements about Voyager’s belief and expectations regarding Voyager’s advancement of its AAV-based gene therapy program for tau silencing, including expectations for and timing with regards to achievement of preclinical and clinical development milestones for VY1706 related to the IND application process in the second quarter of 2026, initiation and enrollment of clinical trials, and achievement of first-in-human dosing in AD in the second half of 2026, pending successful IND clearance; Voyager’s ability to advance its clinical-stage anti-tau antibody program in AD, VY7523, including timing of expected clinical tau PET imaging efficacy data and other clinical data in the second half of 2026; Voyager’s ability to advance gene therapy product candidates under the Novartis licenses and collaboration and Neurocrine collaboration, including the anticipated submission of an IND and initiation of clinical trials by Neurocrine for NBIB-‘223 in FA, pending successful IND clearance; the availability of and potential for third-party clinical data for a tau-targeting agent to confirm or derisk the tau knockdown approach in the treatment of AD; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; Voyager’s cash runway, anticipated cost savings, including as a result of cost-cutting and efficiency initiatives, and our ability to execute across our pipeline and platforms; the mission, goals and value drivers for our business; and the ability to generate sufficient cash resources to enable Voyager to continue our business and operations through multiple clinical inflection points. The use of words such as “may,” “will,” “might,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “potential,” “intend,” “seek,” “predict,” “estimate,” “project,” “target,” or “continue” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements are based on management’s current estimates and assumptions and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from any forward-looking statements in this press release. Factors include, among others, the risks and uncertainties inherent in the development of product candidates, including the timing, initiation, and conduct of preclinical studies and clinical trials, including potential delays in timing as a result of slower than expected site initiation, slower than expected enrollment, the need or decision to expand the trials or other changes, which may impact our ability to meet our expected timelines and may increase our costs; the expectations and decisions of regulatory authorities; the availability of data from and outcomes of Voyager’s preclinical studies and clinical trials and those conducted by our partners and collaborators, including that success in earlier preclinical studies may not be repeated or observed in ongoing or future preclinical studies or clinical trials, ongoing and future clinical trials may not meet their primary or key secondary endpoints, which may substantially impair development, and we may encounter adverse events that could negatively impact further development; Voyager’s ability to demonstrate that current or future product candidates are safe and effective for their proposed indications; the availability, commercial potential and success of Voyager’s wholly owned candidates; the availability of data from and the outcomes of third-party preclinical studies and clinical trials and the potential impact on Voyager’s development plans; the continued development of Voyager’s technology platforms, including Voyager’s TRACER and nonviral discovery platforms; Voyager’s scientific approach and program development progress and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid and nonviral discovery platform and programs; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid and nonviral discovery platforms, the capsids and ligands identified by the platforms, and the development of clinical candidates and related data from Voyager’s pipeline programs; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the need to align with our collaborators, which may hamper or delay our development efforts and timelines; the possibility or timing of Voyager’s receipt of program reimbursement, development or commercialization milestones, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest, including that the anticipated benefits of these ongoing collaborations, including the receipt of payments or the successful development or commercialization of products and generation of revenue, may never be achieved at the levels or timing we expect or at all; the adverse impact on our business if any of our key collaborators fails to perform its obligations or terminates our collaboration; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; additional funding may not be available on acceptable terms when we need it, or at all, which could hamper our development efforts; the ability to attract and retain talented directors, employees, and contractors and the resulting impact to our business and ability to meet our goals and timelines; the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives; any of the foregoing events could impair the drivers and value creation opportunities for our business; and technical and other unexpected hurdles in the development, manufacture and supply of product candidates, may delay our timing, change our plans, increase our costs, or otherwise negatively impact our business. These risks and uncertainties are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by its subsequent filings with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Contacts Trista Morrison, NACD.DC, [email protected] Investors: Sarah McCabe, [email protected] Media: Adam Silverstein, [email protected] GAAP vs. Non-GAAP Financial Measures Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Reconciliation of GAAP to Non-GAAP Measures (in thousands) Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three months ended March 31, 2026, the Company incurred $1.4 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the three months ended March 31, 2025, the Company incurred $1.6 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses.

- Transformative year for tau in AD: VY1706 clinical entry and VY7523 clinical data anticipated H2 2026 - - Validating brain-targeted capsids in humans: expect two I.V.-delivered neuro gene therapies to enter clinic H2 2026 - - Advancing Voyager NeuroShuttle™: murine study using anti-amyloid antibody supports sustained brain exposure profile - - Ended 2025 with cash position of $202 million, expected to maintain runway into 2028 - LEXINGTON, Mass., March 09, 2026 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported fourth quarter and full year 2025 financial and operating results. “Building on our pipeline progress in 2025, Voyager expects 2026 to be a pivotal year defined by three pillars of value creation: data on tau-targeting assets for Alzheimer’s disease, clinical entry for our novel I.V.-delivered neuro gene therapies, and advancement of our nonviral delivery platform, Voyager NeuroShuttle,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “With a strong cash position that is expected to provide runway into 2028, I believe Voyager is poised to execute across multiple clinical programs, further validate our platforms, and build a foundation for long-term shareholder value.” Fourth Quarter 2025 and Recent Highlights Pipeline updates: VY1706 (tau-silencing gene therapy): Voyager expects completion of a good laboratory practice (GLP) toxicology study in Q1 2026, investigational new drug (IND) application submission in Q2 2026, and first-in-human dosing in H2 2026. Following a pre-IND communication with U.S. Food and Drug Administration (FDA) in Q1 2025, Voyager completed a Type C communication with FDA in Q1 2026 and believes there to be a path to IND. VY7523 (anti-tau antibody): Multiple ascending dose (MAD) clinical trial in Alzheimer’s disease (AD) completed enrollment in Q4 2025. Tau positron emission tomography (PET) imaging data are expected in H2 2026. Neurocrine partnership update: Neurocrine has stated that, pending successful FDA IND clearance, it intends to initiate a clinical trial with NBIB-‘223 for Friedreich’s ataxia in H2 2026. Neurocrine has stated that it continues to progress the other four gene therapy programs partnered with Voyager, including the glucosylceramidase beta 1 (GBA1) program. In Q4 2025, Neurocrine initiated a preclinical toxicology study with the fourth development candidate in a gene therapy program partnered with Voyager, triggering a $3 million milestone payment to Voyager. Novartis partnership update: Partnered programs with Novartis for Huntington’s disease, spinal muscular atrophy (SMA), and another undisclosed target continue to advance. Early research and platform updates: Voyager NeuroShuttle platform: In a proof-of-concept study using anti-amyloid antibodies, the ALPL-NeuroShuttle showed similar target engagement to a transferrin receptor shuttle after a single IV dose, but with sustained brain exposure. Voyager plans to provide data on NHP translatability, safety, and programs during 2026. Early research: Voyager paused development of its apolipoprotein E (APOE) gene therapy program to prioritize more advanced programs. The decision is unrelated to data from the program, which have demonstrated dose dependent APOE4 protein reduction and APOE2 protein expression in murine studies while maintaining total APOE at physiological levels. Anticipated 2026 Milestones Potentially informative data read-outs expected for tau-targeting agents from third parties H2: VY1706 expected to achieve first-in-human dosing in AD H2: Tau PET imaging data expected in MAD clinical trial of VY7523 in AD H2: Neurocrine intends to initiate a clinical trial with NBIB-‘223 for FA, pending successful FDA IND clearance Financial Results Collaboration Revenues: Collaboration revenue was $15.3 million for the three months ended December 31, 2025, compared to $6.3 million for the same period in 2024, and $40.4 million for the year ended December 31, 2025, compared to $80.0 million for the same period in 2024. The increase for the three months ended December 31, 2025, was primarily due to increased revenue recognized under our Neurocrine Agreement. The decrease for the year ended December 31, 2025, was primarily due to higher collaboration revenue recognized in 2024 in connection with our Neurocrine and Novartis collaboration agreements. R&D Expenses: Research and development expenses were $36.0 million for the three months ended December 31, 2025, compared to $35.6 million for the same period in 2024, and $134.7 million for the year ended December 31, 2025, compared to $127.4 million for the same period in 2024. The relatively consistent spend for the three months and year ended December 31, 2025, compared to the respective prior year periods reflects the Company’s portfolio rationalization. G&A Expenses: General and administrative expenses were $9.3 million for the three months ended December 31, 2025, compared to $9.0 million for the same period in 2024, and $37.5 million for the year ended December 31, 2025, compared to $35.9 million for the same period in 2024. The relatively consistent spend for the three months and year ended December 31, 2025, compared to the respective prior year periods reflects the Company’s continued disciplined expense management. Net Loss: Net loss was $27.4 million for the three months ended December 31, 2025, compared to net loss of $34.5 million for the same period in 2024, and net loss was $119.7 million for the year ended December 31, 2025, compared to $65.0 million for the same period in 2024. The changes for the three months and year ended December 31, 2025, were primarily driven by changes in collaboration revenue discussed above. Cash Position: Cash, cash equivalents and marketable securities as of December 31, 2025, were $201.7 million. Financial Guidance Voyager is committed to maintaining a strong balance sheet that supports the advancement and growth of its platforms and pipeline. Based on Voyager’s current operating plans, the company expects its cash, cash equivalents, and marketable securities, along with anticipated collaboration reimbursements and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into 2028. The Company has the potential to earn additional non-dilutive capital that is not assumed in the cash runway guidance of up to $2.4 billion in development milestone payments. About Voyager Therapeutics Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark, and TRACER™ and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “will,” “anticipated,” “expect,” “believe,” “potential,” “may,” “intend,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding Voyager’s ability to advance its clinical-stage anti-tau antibody program, including timing of expected clinical tau PET imaging data and other clinical data; the potential for third-party clinical data for tau targeting agents to inform Voyager’s clinical development plans; Voyager’s efforts to diversify its neurotherapeutics pipeline to include the development of the nonviral Voyager NeuroShuttle program; Voyager’s advancement of its AAV-based gene therapy programs for tau silencing, including expectations for and timing with regards to achievement of preclinical and clinical development milestones for its potential development candidate such as the IND and CTA filings, the initiation of clinical trials, clinical trial enrollment, including achievement of first-in-human dosing in AD, and the generation of clinical data; Voyager’s ability to advance gene therapy product candidates under the Novartis licenses and collaboration and the Neurocrine collaboration, including the anticipated submission of an IND and initiation of clinical trials by Neurocrine in the FA partnered program and advancing development of the other four gene therapy programs partnered with Voyager, including the GBA1 program; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; Voyager’s cash runway, anticipated cost savings, including as a result of the reductions in force completed in 2025 and 2026 and pipeline prioritization, our belief as to the key business drivers for our business and potential value creation opportunities; the mission and goals for our business; and the ability to generate sufficient cash resources to enable Voyager to continue its business and operations through multiple clinical inflection points, are forward looking. All forward-looking statements are based on estimates and assumptions by Voyager’s management that, although Voyager believes such forward-looking statements to be reasonable, are inherently uncertain and subject to risks and uncertainties that may cause actual results to differ materially from those that Voyager expected. Such risks and uncertainties include, among others, the expectations and decisions of regulatory authorities; the timing, initiation, and conduct of Voyager’s preclinical and clinical studies, including potential delays in timing as a result of slower than expected site initiation, slower than expected enrollment, the need or decision to expand the trials or other changes, that may impact our ability to meet our expected timelines and may increase our costs; the availability of data from and outcomes of Voyager’s preclinical and clinical studies, including that success in earlier preclinical studies may not be repeated or observed in ongoing or future studies, ongoing and future clinical trials may not meet their primary or key secondary endpoints, which may substantially impair development, and we may encounter adverse events that negatively impact further development; the availability or commercial potential of product candidates under collaborations; the success of Voyager’s wholly owned and partnered product candidates; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the need to align with our collaborators, which may hamper or delay our development efforts and timelines; the continued development of Voyager’s technology platforms, including Voyager’s TRACER platform and its nonviral discovery platform; Voyager’s scientific approach and program development progress and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid and nonviral discovery platform and programs; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid and nonviral discovery platforms, the capsids and ligands identified by the platforms, and the development of clinical candidates and related data from Voyager’s pipeline programs; the possibility or the timing of Voyager’s receipt of program reimbursement, development or commercialization milestones, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the adverse impact on our business if any of our key collaborators fails to perform its obligations or terminates our collaboration; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; additional funding may not be available on acceptable terms when we need it, or at all, which could hamper our development efforts; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest, including that the anticipated benefits of these ongoing collaborations, including the receipt of payments or the successful development or commercialization of products and generation of revenue, may never be achieved at the levels or timing we expect or at all; the ability to attract and retain talented directors, employees, and contractors and the resulting impact to our business and ability to meet our goals and timelines; the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives; any of the foregoing events could impair the drivers and value creation opportunities for our business; and we may encounter technical and other unexpected hurdles in the development and manufacture of product candidates, which may delay our timing or change our plans, increase our costs, or otherwise negatively impact our business. These statements are also subject to a number of material risks and uncertainties that are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Contacts Trista Morrison, NACD.DC, [email protected] Investors: Sarah McCabe, [email protected] Media: Adam Silverstein, [email protected] GAAP vs. Non-GAAP Financial Measures Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three months ended December 31, 2025, the Company incurred $1.9 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the three months ended December 31, 2024, the Company incurred $1.9 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the twelve months ended December 31, 2025, the Company incurred $8.1 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the twelve months ended December 31, 2024, the Company incurred $8.5 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses.

Fortrea Holdings Inc. (FTRE) came out with quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -42.82%. A quarter ago, it was expected that this company would post earnings of $0.16 per share when it actually produced earnings of $0.12, delivering a surprise of -25%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Fortrea Holdings Inc., which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $660.5 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.14%. This compares to year-ago revenues of $697 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Fortrea Holdings Inc. shares have lost about 40.1% since the beginning of the year versus the S&P 500's gain of 1.5%. While Fortrea Holdings Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Fortrea Holdings Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $666.95 million in revenues for the coming quarter and $0.76 on $2.73 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Voyager Therapeutics (VYGR), is yet to report results for the quarter ended December 2025. This gene therapy company is expected to post quarterly loss of $0.54 per share in its upcoming report, which represents a year-over-year change of +8.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Voyager Therapeutics' revenues are expected to be $9.71 million, up 54.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortrea Holdings Inc. (FTRE) : Free Stock Analysis Report Voyager Therapeutics, Inc. (VYGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- Momentum building around tau: expect VY7523 clinical data and VY1706 clinical entry in 2026 - - Sharpened focus on multi-modality pipeline with introduction of Voyager NeuroShuttle™ discovery program and small molecule collaboration - - Ended 3Q25 with cash position of $229 million, maintaining runway into 2028 - LEXINGTON, Mass., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported third quarter 2025 financial and operating results. “Voyager continues to seek out the optimal modalities for each neurotherapeutic target we pursue. During the third quarter, we shared initial preclinical data on our Voyager NeuroShuttle, a nonviral delivery platform with differentiated pharmacokinetics from transferrin receptor shuttle approaches. We are now introducing our first NeuroShuttle program,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “Additionally, Voyager entered into a collaboration with Transition Bio in which we will have an option to license Transition Bio’s small molecules for ALS and FTD. TDP-43 appears to play a pivotal role in the pathophysiology of the vast majority of ALS cases, yet has been historically considered undruggable. We believe Transition Bio’s innovative biomolecular condensate approach may be able to unlock this critical target, and we are excited to contribute our neurotherapeutics expertise to this endeavor while continuing to prioritize maintaining our cash runway into 2028.” Third Quarter 2025 and Recent Highlights Pipeline program updates: VY7523 (anti-tau antibody): Dosing is ongoing in the third and final cohort of the multiple ascending dose (MAD) clinical trial in Alzheimer’s disease (AD) patients. VY1706 (tau silencing gene therapy): Investigational New Drug (IND)-enabling studies are ongoing to support clinical trial initiation expected in 2026. Neurocrine partnership update: Neurocrine has indicated that they expect to provide an update on the IND filing timelines for their Friedreich’s ataxia (FA) and GBA1 gene therapy programs by the end of 2025. These filings could enable the initiation of clinical trials in 2026, pending supportive outcomes from the ongoing GLP toxicology studies, acceptance of the INDs by the FDA, and Neurocrine’s internal strategic assessment. Additionally, Neurocrine initiated a preclinical toxicology study with the fourth development candidate in a gene therapy program partnered with Voyager, triggering a $3 million milestone payment that is owed to Voyager in the fourth quarter of 2025. Novartis partnership update: Novartis notified Voyager of its intention to discontinue two discovery-stage programs against undisclosed targets. Rights to these targets will return to Voyager. The discontinuations do not impact Voyager’s cash runway guidance. The partnered programs for Huntington’s disease, spinal muscular atrophy (SMA), and another undisclosed target continue to advance. Early research and platform updates: Voyager NeuroShuttle™ platform: During the third quarter, Voyager introduced Voyager NeuroShuttle, a nonviral delivery platform leveraging novel receptor-binding molecules to transport multiple modalities of neurotherapeutics across the blood-brain barrier. The first NeuroShuttle within the platform leverages the ALPL receptor. Initial murine proof-of-concept studies of ALPL-VYGR-NeuroShuttle demonstrated sustained brain expression over three weeks, compared to less than one week for transferrin receptor shuttles, with no impact on circulating reticulocytes or downstream measurements of anemia. In addition to the initial murine proof-of-concept data provided for the ALPL-VYGR-NeuroShuttle, subsequent murine studies have demonstrated that the shuttle can deliver a therapeutic antibody to the brain with similar sustained exposure as demonstrated with the ALPL-VYGR-NeuroShuttle alone. VYGR-NeuroShuttle program: Voyager is evaluating a discovery-stage program that leverages ALPL-VYGR-NeuroShuttle for the treatment of an undisclosed neurological disease. The target of the program is undisclosed. Small molecule approach targeting TDP-43 for neurodegenerative diseases: Voyager entered a collaboration with Transition Bio to develop selective small molecules for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD) with TDP-43 pathology. TDP-43 pathology is commonly observed in many neurodegenerative diseases, including more than 90% of ALS cases1, yet TDP-43 has historically been considered undruggable. Transition Bio’s approach targets biomolecular condensates within cells to correct the mislocalization of TDP-43 without abolishing its important functional activity. The collaboration provides Voyager the exclusive option to license worldwide rights to any development candidate in exchange for a single-digit million-dollar upfront payment and potential milestone payments totaling up to $500 million. Transition Bio is also eligible for tiered royalties on net sales if a product reaches the market. Early research: Investment in the SOD1-ALS gene therapy and anti-Aβ antibody gene therapy programs has been deprioritized to focus on the new discovery programs. Anticipated Upcoming Milestones 2025-2026: Potentially informative data read-outs expected for tau-targeting agents from multiple third parties 2026: U.S. IND/Canadian CTA submissions + clinical trial initiation anticipated for VY1706 in AD 2026: Neurocrine indicates potential clinical trial initiations for FA and GBA1 programs H2 2026: Initial tau PET imaging data expected in MAD clinical trial of VY7523 in AD Upcoming Webcast Investor Conference Presentation Voyager management will participate in a webcast fireside chat at the Stifel 2025 Healthcare Conference on Tuesday, November 11, 2025, at 3:20 p.m. ET in New York, NY. The webcast may be accessed from the Investors section of Voyager’s website at ir.voyagertherapeutics.com and a replay will be archived for at least 30 days. Third Quarter 2025 Financial Results Collaboration Revenues: Voyager had collaboration revenue of $13.4 million for the third quarter of 2025, compared to $24.6 million for the same period in 2024. The decrease was primarily due to revenue recognized under the Company’s 2022 Novartis Option and License Agreement in the prior year period. R&D Expenses: Research and development expenses were $35.9 million for the third quarter of 2025, compared to $30.2 million for the same period in 2024. The increase in R&D expenses was primarily due to increased spend related to our MAD clinical trial to evaluate VY7523 and ongoing costs related to the tau silencing gene therapy program VY1706 than in the prior year period. G&A Expenses: General and administrative expenses were $8.1 million for the third quarter of 2025, compared to $8.2 million for the same period in 2024. The consistent spend reflects continued disciplined expense management after the restructuring during the second quarter of 2025. Net Loss: Net loss was $27.9 million for the third quarter of 2025, compared to $9.0 million for the same period in 2024. The increase in net loss is due to the decrease in collaboration revenue recognized, as noted above. Cash Position: Cash, cash equivalents and marketable securities as of September 30, 2025, were $229 million. Financial Guidance Voyager is committed to maintaining a strong balance sheet that supports the advancement and growth of its platform and pipeline. Based on Voyager’s current operating plans, the company expects its cash, cash equivalents, and marketable securities, along with anticipated collaboration reimbursements and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into 2028. The Company has the potential to earn additional non-dilutive capital that is not assumed in the cash runway guidance of up to $2.4 billion in development milestone payments including up to $35 million from GBA and FA programs entering the clinic. About Voyager Therapeutics Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark; TRACER™ and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “will,” “anticipated,” “expect,” “believe,” “potential,” “may,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding Voyager’s ability to advance its clinical-stage anti-tau antibody program, including timing of expected clinical tau PET imaging data and other clinical data; the potential for third-party clinical data for tau targeting agents to inform Voyager’s clinical development plans; Voyager’s efforts to diversify its neurotherapeutics pipeline to include the development of the nonviral Voyager NeuroShuttle program and entering into a collaboration with Transition Bio to develop small molecules to treat ALS and FTD; Voyager’s advancement of its AAV-based gene therapy programs for tau silencing, and APOE, including expectations for and timing with regards to achievement of preclinical and clinical development milestones for its potential development candidates such as the IND and CTA filings, the initiation of clinical trials, clinical trial enrollment, and the generation of clinical data; Voyager’s ability to advance gene therapy product candidates under the Neurocrine collaboration, including the anticipated submission of IND filings and initiation of clinical trials by Neurocrine in the FA and GBA1 partnered programs; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; and Voyager’s cash runway, anticipated cost savings and ability to generate sufficient cash resources to enable it to continue its business and operations through multiple clinical inflection points, are forward looking. All forward-looking statements are based on estimates and assumptions by Voyager’s management that, although Voyager believes such forward-looking statements to be reasonable, are inherently uncertain and subject to risks and uncertainties that may cause actual results to differ materially from those that Voyager expected. Such risks and uncertainties include, among others, the expectations and decisions of regulatory authorities; the timing, initiation, conduct and outcomes of Voyager’s preclinical and clinical studies; the availability of data from clinical trials; the availability or commercial potential of product candidates under collaborations; the success of Voyager’s wholly owned and partnered product candidates; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the continued development of Voyager’s technology platforms, including Voyager’s TRACER platform and its non-viral discovery platform; Voyager’s scientific approach and program development progress, and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid and nonviral discovery platform and programs; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid and nonviral discovery platforms, the capsids and ligands identified by the platforms, and the development clinical candidates and related data from Voyager’s pipeline programs; the possibility or the timing of Voyager’s receipt of program reimbursement, development or commercialization milestones, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest; the ability to attract and retain talented directors, employees, and contractors; and the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives. These statements are also subject to a number of material risks and uncertainties that are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Contacts Trista Morrison, NACD.DC, [email protected] Investors: Sarah McCabe, [email protected] Media: Adam Silverstein, [email protected] GAAP vs. Non-GAAP Financial Measures Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three months ended September 30, 2025, the Company incurred $2.2 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the three months ended September 30, 2024, the Company incurred $1.4 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the nine months ended September 30, 2025, the Company incurred $6.2 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the nine months ended September 30, 2024, the Company incurred $6.6 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses.

- Cash runway extended into 2028; expected to enable multiple meaningful clinical data read-outs - - APOE program added to pipeline; fourth asset in industry-leading Alzheimer’s disease franchise - - 11 partnered programs with potential for $2.6B in development-stage milestone payments - LEXINGTON, Mass., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported second quarter 2025 financial and operating results. “We firmly believe Voyager’s science has the potential to drive transformative neurotherapeutics, and that the efficiencies we have created this year give us the runway to prove it,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “We expect to have four programs in the clinic next year, and with our runway now extended into 2028, we are positioned to get well beyond multiple potential clinical inflection points.” Second Quarter 2025 and Recent Highlights Cash runway extended into 2028: In the first half of 2025, Voyager restructured to focus resources on achieving critical clinical data while continuing to build an industry-leading multi-modality neurotherapeutics pipeline. Based on current operating plans, the anticipated cost savings from these actions are expected to extend the company’s cash runway into 2028, well beyond multiple clinical inflection points including: VY7523 (anti-tau antibody): initial tau positron emission tomography (PET) data from clinical trial in Alzheimer’s disease (AD) patients expected in the second half of 2026. Potential for data from multiple gene therapy programs: Neurocrine-partnered FA and GBA1 programs anticipated to enter clinical trials in 2026 VY1706 tau silencing gene therapy anticipated to enter a clinical trial in 2026 Critical third-party data from large Phase 2 studies of an anti-tau antibody and tau knockdown program expected in 2026, which have the potential to further validate tau as a target. Wholly-owned AD franchise advanced and expanded: VY7523 (anti-tau antibody): Dosing is ongoing in the third and final cohort of the multiple ascending dose (MAD) clinical trial in AD patients. VY1706 (tau silencing gene therapy): IND-enabling work is underway to support an IND and clinical trial initiation expected in 2026. Anti-Aβ antibody gene therapy: preclinical data presented at the American Society of Gene & Cell Therapy’s (ASGCT) 28th Annual Meeting. Added APOE program for AD to pipeline: In June 2025, Voyager advanced a fourth wholly-owned Alzheimer’s disease program into its pipeline. The new program combines an IV-delivered TRACER™ capsid with bifunctional payload to silence apolipoprotein E (APOE) in carriers of the high-risk APOE4 variant while delivering the protective APOE2 variant so as to maintain overall APOE levels. Neurocrine partnership update: Neurocrine has guided that they expect to submit investigational new drug (IND) submissions in 2025 for the Friedreich’s ataxia (FA) and GBA1 gene therapy programs, to support clinical trial initiations in 2026, provided the ongoing GLP toxicology studies support clinical development. First peer-reviewed publication of ALPL published in Molecular Therapy: The publication outlined the generation of novel, cross-species AAV capsid VCAP-102 and the identification of alkaline phosphatase (ALPL) as the primary receptor used by VCAP-102 to cross the blood-brain barrier (BBB). Presented VY1706 and capsid data at ASGCT 2025: Voyager shared eight presentations at ASGCT 2025, including oral presentations on VY1706 and immune-evading capsids. Anticipated Upcoming Milestones 2025: Neurocrine anticipates IND submissions for partnered FA and GBA1 programs 2026: Neurocrine anticipates clinical trial initiations for partnered FA and GBA1 programs 2026: U.S. IND and Canadian CTA submissions anticipated for VY1706 for AD 2026: Clinical trial initiation anticipated for VY1706 for AD 2026: Potentially informative data read-outs expected for tau-targeting agents from multiple third parties H2 2026: Initial tau PET imaging data expected in MAD clinical trial of VY7523 in AD Second Quarter 2025 Financial Results Collaboration Revenues: Voyager had collaboration revenue of $5.2 million for the second quarter of 2025, compared to $29.6 million for the same period in 2024. The decrease was primarily due to decreased revenue recognized under the Company’s Neurocrine collaboration agreements as compared to the prior year period. R&D Expenses: Research and development expenses were $31.3 million for the second quarter of 2025, compared to $34.5 million for the same period in 2024. The decrease in R&D expenses was primarily due to non-recurring items in the prior year period, offset by increased employee-related costs. G&A Expenses: General and administrative expenses were $10.5 million for the second quarter of 2025, compared to $10.2 million for the same period in 2024. The slight increase in G&A expenses was primarily due to increased employee-related costs. Net Loss: Net loss was $33.4 million for the second quarter of 2025, compared to $10.1 million for the same period in 2024. The increase in net loss is due to the decrease in collaboration revenue recognized, as noted above. Cash Position: Cash, cash equivalents and marketable securities as of June 30, 2025, were $262 million. Financial Guidance Voyager is committed to maintaining a strong balance sheet that supports the advancement and growth of its platform and pipeline. Based on Voyager’s current operating plans, the company expects its cash, cash equivalents, and marketable securities, along with anticipated collaboration reimbursements and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into 2028. The Company has the potential to earn additional non-dilutive capital that is not assumed in the cash runway guidance of up to $2.6 billion in development milestone payments including up to $35 million from GBA and FA programs entering the clinic. About Voyager Therapeutics Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “will,” “anticipated,” “expect,” “believe,” “potential,” “may,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding Voyager’s ability to advance its Alzheimer’s disease franchise, which includes its AAV-based gene therapy programs for tau silencing, anti-Aβ and APOE, as well as its anti-tau antibody program, including expectations for and timing with regards to Voyager’s achievement of preclinical and clinical development milestones for its potential development candidates such as the IND and CTA filings, the initiation of clinical trials, clinical trial enrollment, and the generation of clinical data; the potential for third-party clinical data for tau targeting agents to inform Voyager’s clinical development plans; Voyager’s ability to advance gene therapy product candidates under the Neurocrine collaboration, including the anticipated submission of IND filings and initiation of clinical trials by Neurocrine in the FA and GBA1 partnered programs; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; and Voyager’s cash runway, anticipated cost savings and ability to generate sufficient cash resources to enable it to continue its business and operations through multiple clinical inflection points, are forward looking. All forward-looking statements are based on estimates and assumptions by Voyager’s management that, although Voyager believes such forward-looking statements to be reasonable, are inherently uncertain and subject to risks and uncertainties that may cause actual results to differ materially from those that Voyager expected. Such risks and uncertainties include, among others, the expectations and decisions of regulatory authorities; the timing, initiation, conduct and outcomes of Voyager’s preclinical and clinical studies; the availability of data from clinical trials; the availability or commercial potential of product candidates under collaborations; the success of Voyager’s wholly owned and partnered product candidates; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager and their projections with respect to such programs; the continued development of Voyager’s technology platforms, including Voyager’s TRACER platform and its non-viral discovery platform; Voyager’s scientific approach and program development progress, and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid discovery platform; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid discovery platform, the capsids identified by the platform, and development candidates for Voyager’s pipeline programs; the possibility or the timing of Voyager’s receipt of program reimbursement, development or commercialization milestones, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest; the ability to attract and retain talented directors, employees, and contractors; and the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives. These statements are also subject to a number of material risks and uncertainties that are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Contacts Trista Morrison, NACD.DC, [email protected] Investors: Sarah McCabe, [email protected] Media: Adam Silverstein, [email protected] GAAP vs. Non-GAAP Financial Measures Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three months ended June 30, 2025, the Company incurred $2.4 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the three months ended June 30, 2024, the Company incurred $2.0 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the six months ended June 30, 2025, the Company incurred $4.0 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the six months ended June 30, 2024, the Company incurred $5.1 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses.

– Tau silencing gene therapy VY1706 to be featured in oral presentation at ASGCT 2025; has shown up to 73% knockdown of tau mRNA in the CNS in NHPs following a single IV dose of 1.3e13 vg/kg – – Recent Voyager data on VY7523 and VY1706 presented at AD/PD™ 2025 continue to support tau as next critical target in Alzheimer’s disease – LEXINGTON, Mass., May 06, 2025 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today reported first quarter 2025 financial and operating results. “Voyager ended the first quarter of 2025 with a strong cash position of $295 million, which we expect to provide runway into mid-2027. This runway guidance does not include potential milestone payments from existing partnerships, such as the up to $35 million we could earn in 2025-2026 from the Neurocrine-partnered FA and GBA1 programs,” said Alfred W. Sandrock, Jr., M.D., Ph.D., Chief Executive Officer of Voyager. “We continue to thoughtfully and strategically advance our pipeline, including our two wholly-owned tau targeting programs VY7523 and VY1706 for Alzheimer’s disease, as well as the FA and GBA1 programs, which are advancing towards INDs this year.” First Quarter 2025 and Recent Highlights Neurocrine partnership update: Neurocrine continues to expect investigational new drug (IND) submissions in 2025 for the Friedreich’s ataxia (FA) and GBA1 gene therapy programs, provided the ongoing GLP toxicology studies support clinical development. The GBA1 program will focus on both Gaucher and Parkinson’s disease. Initiation of the first clinical trials for the FA and GBA1 programs are expected in 2026, and the associated regulatory and clinical milestones that Voyager could realize related to these indications within this period total $35 million. Additionally, Neurocrine deprioritized two discovery-stage programs against undisclosed targets. The joint steering committee agreed to discontinue these programs, so that rights to these targets return to Voyager. The discontinuations were not due to any safety concerns and do not impact Voyager’s cash runway guidance. Progressed MAD trial of anti-tau antibody VY7523 for AD: Dosing in multiple ascending dose (MAD) clinical trial for Alzheimer’s Disease (AD) is ongoing. Continue to expect initial tau positron emission tomography (PET) data in the second half of 2026. Advanced tau silencing gene therapy VY1706 for AD: Completed a pre-IND interaction with the U.S. Food and Drug Administration (FDA). IND-enabling work is ongoing to support U.S. IND and Canadian clinical trial application (CTA) submissions expected in 2026. Multiple abstracts accepted for presentation at ASGCT 2025: Voyager will make multiple presentations at the upcoming American Society of Gene & Cell Therapy’s (ASGCT) 28th annual meeting, including oral presentations on tau silencing gene therapy VY1706 and on Voyager’s immune-evading capsids. Additional featured data include the first murine data on Voyager’s vectorized anti-amyloid antibody for AD, as well as multiple presentations on Voyager’s intravenous (IV)-delivered, blood-brain barrier (BBB)-penetrant capsids. In multiple NHP studies utilizing a variety of payloads, a single intravenous 3e13 vg/kg dose of these capsids has transduced up to 98% of dopaminergic neurons in substantia nigra, up to 94% of motor neurons in the spinal cord, up to 66% of neurons in the thalamus, up to 43% of neurons in the motor cortex, and 87-99% of astrocytes broadly across brain regions. Presented VY1706 and VY7523 data at AD/PD™ 2025: Data on tau silencing gene therapy VY1706 and anti-tau antibody VY7523 were presented at the 2025 International Conference on Alzheimer’s and Parkinson’s Diseases and Related Neurological Disorders (AD/PD™ 2025). In an NHP study, a single IV administration of VY1706 significantly reduced tau mRNA (up to 73%), with broad brain distribution and 30X liver de-targeting following a single IV dose of 1.3e13 vg/kg. Separately, preclinical murine data showed VY7523 specifically targets pathologic forms of tau and reduced tau spread in a P301S mouse hippocampal seeding model. Anticipated Upcoming Milestones May 2025: Voyager to make multiple data presentations on gene therapy programs and platform at ASGCT 2025 2025: IND submissions anticipated with Neurocrine-partnered FA and GBA1 programs 2025 – 2026: Potentially informative data read-outs expected with tau-targeting agents from multiple third parties 2026: Clinical trial initiations anticipated in Neurocrine-partnered FA and GBA1 programs 2026: U.S. IND and Canadian CTA filings anticipated with VY1706 for AD H2 2026: Initial tau PET imaging data expected in MAD clinical trial of VY7523 in AD First Quarter 2025 Financial Results Collaboration Revenues: Voyager had collaboration revenue of $6.5 million for the first quarter of 2025, compared to $19.5 million for the same period in 2024. The decrease was primarily due to decreased revenue recognized under our Neurocrine collaboration agreements. Net Loss: Net loss was $31.0 million for the first quarter of 2025, compared to $11.3 million for the same period in 2024. The difference is primarily due to the decreases in collaboration revenue discussed above, along with the increases in operating expenses discussed below. R&D Expenses: Research and development expenses were $31.5 million for the first quarter of 2025, compared to $27.1 million for the same period in 2024. The increase in R&D expenses was primarily due to increased program-related spending to support our advancing pipeline. G&A Expenses: General and administrative expenses were $9.6 million for the first quarter of 2025, compared to $8.6 million for the same period in 2024. The increase in G&A expenses was primarily attributable to increased employee-related costs, along with increased professional services fees. Cash Position: Cash, cash equivalents and marketable securities as of March 31, 2025, were $295 million, as compared to $332 million as of December 31, 2024. Cash use during the first quarter was higher than typical due to one-time payments at the start of the year, as well as start-up activities for the VY7523 MAD trial. Financial Guidance Voyager is committed to maintaining a strong balance sheet that supports the advancement and growth of its platform and pipeline. Voyager continues to assess its planned cash needs both during the current period and in future periods. We expect our cash, cash equivalents, and marketable securities, along with amounts expected to be received as reimbursement for development costs under the Neurocrine and Novartis collaborations and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into mid-2027. Voyager’s first quarter 2025 financial and operating results press release and SEC filings are available on the Investors section of the Voyager website at https://ir.voyagertherapeutics.com/. The Company does not plan to host quarterly financial results conference calls moving forward. About Voyager Therapeutics Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com. Voyager Therapeutics® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc. Forward-Looking Statements This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “will,” “anticipated,” “expect,” “believe,” “anticipate,” “potential,” “may,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding Voyager’s ability to advance its AAV-based gene therapy programs and tau antibody program, including expectations for Voyager’s achievement of preclinical and clinical development milestones for its potential development candidates such as the IND and CTA filings, the initiation of clinical trials, clinical trial enrollment, and the generation of clinical data; the potential for an antibody targeting tau to impact the accumulation of tau in the brain of Alzheimer’s patients and for this impact to offer a clinically significant benefit in some patients; the potential for third-party clinical data to inform Voyager’s clinical development plans; Voyager’s ability to advance gene therapy product candidates under the Neurocrine collaboration, including anticipated submission of IND filings and initiation of clinical trials by Neurocrine in two partnered programs; Voyager’s anticipated financial results, including the anticipated receipt by Voyager of revenues or reimbursement payments from collaboration partners; and Voyager’s cash runway and ability to generate sufficient cash resources to enable it to continue its business and operations are forward looking. All forward-looking statements are based on estimates and assumptions by Voyager’s management that, although Voyager believes such forward-looking statements to be reasonable, are inherently uncertain and subject to risks and uncertainties that may cause actual results to differ materially from those that Voyager expected. Such risks and uncertainties include, among others, the expectations and decisions of regulatory authorities; the timing, initiation, conduct and outcomes of Voyager’s preclinical and clinical studies; the availability of data from clinical trials; the availability or commercial potential of product candidates under collaborations; the success of Voyager’s product candidates; the willingness and ability of Voyager's collaboration partners to meet obligations under collaboration agreements with Voyager; the continued development of Voyager’s technology platforms, including Voyager’s TRACER platform and its non-viral discovery platform ; Voyager’s scientific approach and program development progress, and the restricted supply and increased costs of critical research components; the development by third parties of capsid identification platforms that may be competitive to Voyager’s TRACER capsid discovery platform; Voyager’s ability to create and protect intellectual property rights associated with the TRACER capsid discovery platform, the capsids identified by the platform, and development candidates for Voyager’s pipeline programs; the possibility or the timing of Voyager’s receipt of program reimbursement, development or commercialization milestones, option exercise, and other payments under Voyager’s existing licensing or collaboration agreements; the ability of Voyager to negotiate and complete licensing or collaboration agreements with other parties on terms acceptable to Voyager and the third parties; the success of programs controlled by third-party collaboration partners in which Voyager retains a financial interest; the ability to attract and retain talented directors, employees, and contractors; and the sufficiency of Voyager’s cash resources to fund its operations and pursue its corporate objectives. These statements are also subject to a number of material risks and uncertainties that are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Contacts Trista Morrison, NACD.DC, [email protected] Investors: Sarah McCabe, [email protected] Media: Brooke Shenkin, [email protected] GAAP vs. Non-GAAP Financial Measures Voyager’s financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent revenue and expenses as reported to the Securities and Exchange Commission. Voyager has provided in this release certain financial information that has not been prepared in accordance with GAAP, including net collaboration revenue and net research and development expenses, which exclude the impact of reimbursement by Neurocrine Biosciences (Neurocrine) and Novartis Pharma AG (Novartis) for expenses we incur in conducting preclinical development activities under our collaboration agreements. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such non-GAAP measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation. The non-GAAP measures give investors and financial analysts a better understanding of our net revenue and net research and development expenses without the pass-through impact of Neurocrine costs. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below. Note 1: Under the Company's existing collaboration agreements with Neurocrine and Novartis, Neurocrine and Novartis have agreed to be responsible for all costs the Company incurs in conducting preclinical development activities for certain collaboration programs, in accordance with joint steering committee agreed upon workplans and budgets. Reimbursable research and development services performed during the period are captured within collaboration revenue and research and development expenses in the Company's consolidated statements of operations. During the three months ended March 31, 2025, we incurred $1.6 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses. During the three months ended March 31, 2024, we incurred $3.2 million of reimbursable research and development services recorded within collaboration revenue and research and development expenses.