Voyager Therapeutics Announces Fourth Quarter and Full Year 2020 Financial Results and Corporate Updates
- Expects to Provide Complete Response to FDA Requests on IND Application for VY-HTT01 for Huntington’s Disease in the First Half of 2021
- Continues to Progress Pipeline and Platform Activities with Expected Presentations of Data in the First Half of 2021
“We have made significant progress readying our lead wholly owned program, VY-HTT01 for Huntington’s disease, for clinical trials,” said
Recent Corporate Updates
- The Investigational New Drug (IND) application for VY-HTT01 for the treatment of Huntington’s disease remains on clinical hold by the
U.S. Food and Drug Administration(FDA) pending the resolution of additional information requests regarding specific chemistry, manufacturing and controls (CMC) topics, including drug device compatibility and drug substance and product characterization. Voyager plans to provide its complete response to the FDA in the first half of 2021 and to initiate its clinical evaluation of VY-HTT01 subject to and upon resolution of the clinical hold and the clearance of the IND application.
December 2020, Voyager published a peer-reviewed manuscript in Molecular Therapy Methods & Clinical Development entitled “Rapid Evolution of Blood-Brain Barrier-Penetrating AAV Capsids by RNA-Driven Biopanning” which describes the foundational proof-of-concept experiments for Voyager’s proprietary TRACER™ platform. Voyager is leveraging the TRACER platform to facilitate the selection of AAV capsids with significantly improved blood-brain barrier crossing and cell-specific transduction properties for therapeutic applications.
- The RESTORE-1 Phase 2 clinical trial for VY-AADC (NBIb-1817) remains on FDA clinical hold. The program was placed on clinical hold in
December 2020and followed the submission by Neurocrine Biosciences, Inc. of an IND Safety Report related to the observation of magnetic resonance imaging abnormalities in RESTORE-1 study participants. The clinical implications of this observation are currently unknown and are being evaluated. The Data Safety Monitoring Board (DSMB) has requested additional imaging data and clinical assessments.
February 2021, Voyager announced that Neurocrine decided to terminate that portion of the collaboration agreement related to the VY-AADC (NBIb-1817) program, effective August 2, 2021. Voyager intends to support Neurocrine, the study sponsor and IND holder, on ongoing matters related to the completion of imaging and clinical assessments requested by the DSMB and the provision of other information requested by the FDA for the RESTORE-1 Phase 2 clinical trial.
January 2021, Voyager hired Robin Swartz as Senior Vice President of Program Management and Patient Engagement. Robin brings more than twenty years of experience across the industry serving most recently as Vice President, Patient and Product Services for Rare Diseases at Sanofi Genzyme.
Selected 2020 Corporate Highlights
- 14 data presentations covering multiple program and pipeline activities at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting in
- 4 publications in peer-reviewed journals on our efforts in Huntington’s disease, Parkinson’s disease, gene therapy delivery and manufacturing.
- Presentation at the
Movement Disorder Society (MDS) Virtual Congressin September 2020of three-year data of VY-AADC (NBIb-1817) in a dose-escalating Phase 1b study and two-year data in a Phase 1b study using a posterior trajectory.
- Completion and occupancy of a 30,000 square foot, state-of-the-art process research and development facility in
Lexington, Massachusetts, to enable manufacturing of AAV gene therapy vectors at laboratory and pilot scale.
- Appointment of Nancy Vitale as an independent director to Voyager’s Board of Directors.
- Appointments of leaders across key functional areas, including
Maria Lopez-Bresnahanas Senior Vice President, Head of Translational Medicine and Clinical Development; Michelle Quinn Smith as Chief Human Resources Officer; and Diana M. Collazo, Ph.D., J.D. as Chief Patent Counsel.
Selected Anticipated 2021 Corporate Milestones
- Voyager plans to provide a complete response to the additional requests from the FDA regarding the IND application for VY-HTT01 in the first half of 2021. Voyager expects to initiate clinical evaluation of VY-HTT01 subject to and upon resolution of the clinical hold and the clearance of the IND application.
- Voyager expects to provide preclinical data on its early pipeline progress as well as its novel capsid discovery efforts in non-human primates at scientific meetings and other presentations in the first half of 2021.
- Voyager plans to determine the potential path forward for the VY-AADC (NBIb-1817) program based on the additional information being collected by Neurocrine in response to the DSMB requests.
Fourth Quarter and Full Year 2020 Financial Results
- Collaboration Revenues: Voyager had collaboration revenue of
$6.5 millionfor the fourth quarter of 2020 and $171.1 millionfor the year ended December 31, 2020, compared to collaboration revenue of $32.7 millionand $104.4 million, respectively, for the same periods of 2019. The decrease in collaboration revenue in the fourth quarter of 2020 compared to the same period in 2019 was largely due to a reduction of revenue related to research services and cost reimbursements from the collaborations with Neurocrine and AbbVie. Full year 2020 revenue includes $105.2Mrelated to the recognition of remaining deferred revenue for AbbVie upon the termination of the collaboration. All research services related to the AbbVie collaborations were completed prior to the fourth quarter of 2020.
- Net Income/Loss: Net loss was
$15.9 millionfor the fourth quarter of 2020 and net income was $36.7 millionfor the year ended December 31, 2020, compared to a net loss of $12.6 millionand $43.6 million, respectively, for the same periods of 2019.
- R&D Expenses: Research and development expenses were
$22.0 millionfor the fourth quarter of 2020, compared to $36.6 millionfor the same period in 2019. For the year ended December 31, 2020, R&D expenses were $108.8 million, compared to $119.7 millionfor the same period of 2019. The decrease in R&D expenses was primarily related to lower external costs for services supporting our clinical and preclinical pipeline programs.
- G&A Expenses: General and administrative expenses were
$8.3 millionfor the fourth quarter of 2020, compared to $9.9 millionfor the same period in 2019. For the year ended December 31, 2020, G&A expenses were $35.0 million, compared to $36.3 millionfor the same period of 2019. The decrease in G&A expenses was primarily related to a reduction in legal and professional fees.
- Cash Position: Cash, cash equivalents and marketable debt securities as of
December 31, 2020were $174.8 million.
- Based on the Company’s current operating plan and excluding any potential financing or business development activities in 2021, Voyager anticipates cash, cash equivalents and marketable debt securities will be between
$50 millionand $60 millionat the end of 2021.
- Voyager expects that its cash, cash equivalents and marketable debt securities, as well as amounts expected to be received as reimbursement of development costs from Neurocrine, will be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into mid-2022.
Voyager Therapeutics® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc.
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “undoubtedly,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding the initiation, timing, progress, activities, goals and reporting of results of its preclinical programs and clinical trials and its research and development programs; the ability and timing for completing clinical evaluations and furnishing information to the FDA in connection with the clearance of IND applications, including specifically Voyager’s ability to furnish a complete response to the FDA in the first half of 2021 and to initiate its clinical evaluation of VY-HTT01 upon resolution of the clinical hold and the clearance of the IND application; the efforts and progress of collaboration partners to complete assessments and to respond to regulatory requests, including specifically Neurocrine’s ability to provide additional imaging data for and to complete clinical assessments of study participants in the VY-AADC (NBIb-1817) program as requested by the DSMB prior to
Selected Financial Information
($-amounts in thousands, except per share data)
|Three Months Ended||Year Ended|
|Statement of Operations Items:||2020||2019||2020||2019|
|Research and development||21,997||36,551||108,754||119,735|
|General and administrative||8,270||9,891||34,991||36,335|
|Total operating expenses||30,267||46,442||143,745||156,070|
|Operating (loss) income||(23,730||)||(13,768||)||27,383||(51,679||)|
|Total other income||7,802||1,193||9,357||8,082|
|Net (loss) income||$||(15,928||)||$||(12,575||)||$||36,740||$||(43,597||)|
|Net (loss) income per share, basic||$||(0.43||)||$||(0.34||)||$||0.99||$||(1.21||)|
|Net (loss) income per share, diluted||(0.43||)||(0.34||)||0.98||(1.21||)|
|Weighted-average common shares outstanding, basic||37,290,259||36,838,507||37,132,447||35,898,266|
|Weighted-average common shares outstanding, diluted||37,290,259||36,838,507||37,348,514||35,898,266|
|Selected Balance Sheet Items||2020||2019|
|Cash, cash equivalents, and marketable debt securities||$||174,782||$||281,533|
|Accounts payable and accrued expenses||$||14,839||$||25,586|
|Total stockholders’ equity||$||154,320||$||99,512|
Source: Voyager Therapeutics, Inc.