Voyager Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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FY2025 · Filed Mar 9, 2026
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Report of independent registered public accounting firm
To the Stockholders and the Board of Directors of Voyager Therapeutics, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Voyager Therapeutics, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive (loss) income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 9, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
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| | | Revenue recognition under the proportional performance method |
| Description of the Matter | | As discussed in Note 9 to the financial statements, the Company recorded collaboration revenue of $31.8 million for the year ended December 31, 2025 under the proportional performance method. The Company recognizes arrangement consideration allocated to certain performance obligations that are satisfied over time using the proportional performance method. Revenue is recognized using input-based measurements, which involves the measurement of progress toward each performance obligation based on the actual costs incurred compared to total expected costs. |
| We identified the Company’s recording of collaboration revenue recognized under the proportional performance method as a critical audit matter because the Company’s proportional performance calculation is a manual process that involves accumulating a large volume of actual costs incurred and various inputs regarding the expected remaining costs to complete the research and development services for each performance obligation. This required an increased level of effort to audit collaboration revenue recognized under the proportional performance method. | ||
| How We Addressed the Matter in Our Audit | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s revenue recognition under the proportional performance method, including controls over the evaluation of the completeness and accuracy of the underlying data used to determine the actual costs incurred and the expected remaining costs to complete the research and development services for each performance obligation that is accounted for using the proportional performance method. Our audit procedures included, among others, testing of the completeness and accuracy of the underlying data used to determine the actual costs incurred and the expected remaining costs to complete the research and development services for each performance obligation that is accounted for using the proportional performance method. We performed inquiries of research and development personnel and reviewed the minutes of joint steering committee meetings to corroborate the Company’s inputs of expected remaining costs and to assess the reasonableness of the proportional performance calculation. We also performed a retrospective review to assess the Company’s historical expectations of the remaining costs to complete the research and development services and a sensitivity analysis to evaluate the materiality of reasonable changes in the Company’s inputs about expected remaining costs. |
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/s/Ernst & Young LLP
We have served as the Company’s auditor since 2015.
Boston, Massachusetts
March 9, 2026
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