• Cash Position: $345 million at the end of the third quarter.
• Cash Runway: Expected to provide runway into 2027.

Release Date: November 12, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Voyager Therapeutics Inc (NASDAQ:VYGR) completed enrollment and dosing in the single ascending dose trial of VY7523, their anti-tau antibody for Alzheimer's disease.
• The company has a strong cash position of $345 million, expected to provide financial runway into 2027.
• Voyager Therapeutics Inc (NASDAQ:VYGR) has established blue-chip partnerships with leading companies like Neurocrine, Novartis, and Alexion, with recent expansions in these collaborations.
• The TRACER platform for discovering novel AAV capsids is progressing well, with expectations for IMDs for three programs next year.
• Encouraging third-party data supports the potential of their anti-tau antibody approach, reinforcing confidence in their Alzheimer's disease program.

Negative Points

• The primary endpoint was not met in the full study population for the bepranemab clinical trial, which could impact perceptions of similar approaches.
• Voyager Therapeutics Inc (NASDAQ:VYGR) is still in preclinical stages for their blood-brain shuttle programs, with no clear timeline for clinical entry.
• There is uncertainty in translating tau PET imaging results into cognitive improvements, which remains a challenge for the Alzheimer's program.
• The tau-silencing gene therapy program is not expected to file for US IND and Health Canada CTA until 2026, indicating a longer timeline for development.
• The company faces risks and uncertainties that could materially affect actual results, as highlighted in their forward-looking statements.

Q & A Highlights

• Warning! GuruFocus has detected 5 Warning Signs with VYGR.

Q: Can you provide more insight into how tau PET imaging results translate into cognitive improvements? A: Toby Ferguson, Chief Medical Officer, explained that understanding the patient population, particularly regarding tau burden, is critical. The relationship between tau PET effects and clinical outcomes is still being studied, and selecting the right patients is essential for translating imaging results into cognitive benefits.

Q: Regarding the SOD1 silencing gene therapy for ALS, could we see proof of concept based on biomarkers in 2026? A: Toby Ferguson noted that while they haven't guided the timing of biomarker results, they expect results to be reasonably prompt, with effects on SOD1 levels in spinal fluid and plasma neurofilament potentially visible within six months.

Q: How will the $15 million from Novartis and $3 million from Neurocrine be booked? A: Alfred Sandrock, CEO, confirmed that these amounts will be booked in the fourth quarter.

Q: Can you provide an update on the blood-brain shuttle programs and potential partnerships? A: Alfred Sandrock expressed excitement about leveraging receptors to shuttle macromolecules across the blood-brain barrier. While still in preclinical stages, they are open to partnerships to accelerate the program.

Q: What are your thoughts on the potential read-across from UCB's bepranemab data to your 7523 program? A: Alfred Sandrock noted that the bepranemab data showed an antibody could affect tau spreading in the brain, which is positive. Voyager's antibody targets the C-terminal region of tau and is specific for pathological forms, potentially offering differentiation.

Q: How are you prioritizing 7523 versus your tau-silencing gene therapy? A: Alfred Sandrock stated that both approaches are high priorities. They believe tau is a critical target for Alzheimer's treatment and are exploring both antibody and gene therapy approaches.

Q: Are there plans to test previously developed C-terminal antibodies in preclinical models? A: Alfred Sandrock mentioned that if another antibody targeting a different epitope fails, it might be interesting to conduct such experiments to confirm the model's predictive value.

Q: What level of tau PET burden do you think is appropriate for baseline in the Phase 1b trial with 7523? A: Alfred Sandrock indicated that more data is needed to specify tau burden levels, as current data is limited. They are open to targeting specific patient populations to boost efficacy.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.