On this page of StockholderLetter.com we present the 4/27/2023 shareholder letter from Voyager Therapeutics, Inc. — ticker symbol VYGR. Reading current and past VYGR letters to shareholders can bring important insights into the investment thesis.
![VOYAGER THERAPEUTICS / 2022 ANNUAL REPORT
TO OUR SHAREHOLDERS
Voyager has undergone a transformation since I became CEO in March of 2022. We have
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partnership with Neurocrine Biosciences that we announced in January 2023 demonstrates the
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and we have made important steps towards developing transformational therapies for patients.
I believe we re witnessing a renaissance in neurotherapeutics. Just this year, the second diseaseOQFKH[KPI VJGTCR[ HQT #N\JGKOGT U FKUGCUG TGEGKXGF CEEGNGTCVGF CRRTQXCN CPF VJG TUV FTWI YCU
approved for Friedreich s ataxia. We ve seen breakthroughs in treating negative symptoms of
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delivery of these therapies, and intrathecally administered therapies often don t penetrate the deep
areas of the brain implicated in many neurologic diseases.
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believe proof of concept for the therapeutic hypothesis has been demonstrated by the antisense
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studies to select a development candidate.](/vygr/vygr-shareholder-letter-20230427-page-3.png)
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4/27/2023 Letter Continued (Full PDF)
•
4/25/2024 VYGR Stockholder Letter
• 4/23/2025 VYGR Stockholder Letter
• 4/28/2026 VYGR Stockholder Letter
• More "Biotechnology" Category Stockholder Letters
•
VYGR Benford's Law Stock Score = 66
4/27/2023 Letter Continued (Full PDF)
•
4/25/2024 VYGR Stockholder Letter•
4/23/2025 VYGR Stockholder Letter•
4/28/2026 VYGR Stockholder Letter•
More "Biotechnology" Category Stockholder Letters•
VYGR Benford's Law Stock Score = 66VYGR 4/27/2023 Shareholder/Stockholder Letter Transcript:
2022 ANNUAL REPORT This page intentionally left blank. VOYAGER THERAPEUTICS / 2022 ANNUAL REPORT TO OUR SHAREHOLDERS Voyager has undergone a transformation since I became CEO in March of 2022. We have DGYDQFHG D SLSHOLQH IRFXVHG RQ VRPH RI WKH PRVW VLJQL FDQW XQPHW QHHGV LQ QHXURORJ\ DFKLHYHG EUHDNWKURXJK LQQRYDWLRQV LQ QRYHO FDSVLG GLVFRYHU\ LQFOXGLQJ WKH LGHQWL FDWLRQ RI WKH UHFHSWRU IRU RQH FODVV RI FDSVLGV DQG HQWHUHG RU DGYDQFHG PXOWLSOH KLJK YDOXH FROODERUDWLRQV 7KH H[SDQGHG partnership with Neurocrine Biosciences that we announced in January 2023 demonstrates the YDOXH RI RXU QH[W JHQHUDWLRQ JHQH WKHUDSLHV IRU FHQWUDO QHUYRXV V\VWHP &16 GLVHDVHV DQG WKH GHFLVLRQV RI JHQH WKHUDS\ OHDGHUV 3 ]HU DQG 1RYDUWLV WR H[HUFLVH RSWLRQV WR OLFHQVH RXU FDSVLGV LOOXVWUDWH WKH YDOXH RI RXU SODWIRUP 7KDQNV WR WKLV SURJUHVV GXULQJ D WLPH ZKHQ WKH PDUNHWV KDYH EHHQ GL FXOW IRU PXFK RI WKH ELRWHFKQRORJ\ VHFWRU ZH KDYH FUHDWHG YDOXH IRU RXU VKDUHKROGHUV and we have made important steps towards developing transformational therapies for patients. I believe we re witnessing a renaissance in neurotherapeutics. Just this year, the second diseaseOQFKH[KPI VJGTCR[ HQT #N\JGKOGT U FKUGCUG TGEGKXGF CEEGNGTCVGF CRRTQXCN CPF VJG TUV FTWI YCU approved for Friedreich s ataxia. We ve seen breakthroughs in treating negative symptoms of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delivery of these therapies, and intrathecally administered therapies often don t penetrate the deep areas of the brain implicated in many neurologic diseases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believe proof of concept for the therapeutic hypothesis has been demonstrated by the antisense QNKIQPWENGQVKFG VJGTCR[ VQHGTUGP YJKEJ TGEGPVN[ TGEGKXGF CEEGNGTCVGF CRRTQXCN HTQO VJG (&# DNC\KPI C VTCKN VJCV YG EQWNF HQNNQY YKVJ C IGPG VJGTCR[ UQNWVKQP FGUKIPGF VQ RTQXKFG NQPIGT FWTCVKQP QH DGPG V QPG VKOG FQUKPI CPF ITGCVGT %05 RGPGVTCVKQP 9G CTG EQPVKPWKPI VQ EQPFWEV RTGENKPKECN studies to select a development candidate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ur track record of generating non-dilutive funding from collaborations has substantially bolstered QWT DCNCPEG UJGGV GPCDNGF VJG CFXCPEGOGPV QH QWT YJQNN[ QYPGF RKRGNKPG CPF ETGCVGF RQVGPVKCN UVTCVGIKE WRUKFG VJTQWIJ FGCN UVTWEVWTGU UWEJ CU EQ FGXGNQROGPV EQ EQOOGTEKCNK\CVKQP QRVKQPU 9KVJ QWT UVTQPI RTQITGUU KP YG CPPQWPEGF YG CTG DWKNFKPI C UWUVCKPCDNG RKRGNKPG QH IGPGVKE OGFKEKPGU HQT PGWTQNQIKECN FKUGCUGU KPVTQFWEKPI VYQ PGY GCTN[ TGUGCTEJ KPKVKCVKXGU CP CNNGNG URGEK E O*66 /5* EQODKPCVKQP IGPG VJGTCR[ HQT *WPVKPIVQP U FKUGCUG CPF C VCW MPQEMFQYP IGPG therapy for Alzheimer s disease. 8Q[CIGT JCU OCFG UKIPK ECPV UVTKFGU QXGT VJG RCUV [GCT KP VJG CFXCPEGOGPV QH QWT RTQITCOU CPF RNCVHQTO YJKEJ JCU VTCPUNCVGF KPVQ XCNKFCVKPI RCTVPGTUJKRU CPF KPETGCUGF XCNWG VQ QWT UJCTGJQNFGTU + O OQTG GZEKVGF VJCP GXGT HQT VJG HWVWTG CPF KV KU C RTKXKNGIG VQ NGCF QWT QWVUVCPFKPI VGCO CV 8Q[CIGT CU YG CFXCPEG PGWTQ IGPGVKE OGFKEKPGU HQT FKUGCUGU QH ITGCV WPOGV PGGF 1WT VGCO KU CP KPURKTCVKQP VQ OG CU YG YQTM GXGT[ FC[ VQ CFXCPEG VJGUG VJGTCRKGU VQ JGNR RCVKGPVU Sincerely, #NHTGF 5CPFTQEM / & 2J & 3UHVLGHQW DQG &KLHI ([HFXWLYH 2I FHU
4/27/2023 Letter Continued (Full PDF)
VYGR Stockholder/Shareholder Letter (Voyager Therapeutics, Inc.) 4/27/2023 | www.StockholderLetter.com
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