Voyager Therapeutics, Inc.

Previous wording

In the second quarter of 2026, the U.S. Food and Drug Administration, or FDA, cleared our Investigational New Drug, or IND, application for VY1706, enabling initiation of a clinical trial of VY1706 in adults with early AD who have evidence of tau pathology in the brain as confirmed by positron emission tomography, or PET. In July 2026, Health Canada cleared our Clinical Trial Application, or CTA, enabling the inclusion of Canadian clinical trial sites in the trial. The multi-site, open-label, dose-escalation clinical trial is expected to enroll up to 18 patients across three cohorts, with the highest dose not exceeding 5 x 1013 vector genomes per kilogram. VY1706 will be administered in the trial as a one-time IV dose. The primary endpoint of the trial is to evaluate the safety and tolerability of VY1706. Secondary endpoints are designed to assess VY1706’s effect on tau biology, including changes in cerebrospinal fluid, or CSF, biomarkers of tau and changes in tau pathology measured by tau PET imaging. Dosing is expected to begin in the fourth quarter of 2026. We expect to provide three critical data updates during the trial, beginning with initial acute safety data, which we anticipate announcing in early 2027, pending enrollment progress and timing. The second and third anticipated data updates include initial capsid platform validation, which we define as gene expression as measured by CSF tau, and initial asset proof-of-concept, which we define as changes in tau pathology measured by PET imaging data. We anticipate the potential to observe initial CSF tau biomarker-based data beginning in the second half of 2027, pending enrollment progress and timing.

Current wording

In the second quarter of 2026, the U.S. Food and Drug Administration, or FDA, cleared our Investigational New Drug, or IND, application for VY1706, enabling initiation of a clinical trial of VY1706 in adults with early AD who have evidence of tau pathology in the brain as confirmed by positron emission tomography, or PET. In July 2026, Health Canada cleared our Clinical Trial Application, or CTA, enabling the inclusion of Canadian clinical trial sites in the trial. The multi-site, open-label, dose-escalation clinical trial is expected to enroll up to 18 patients across three cohorts, with the highest dose not exceeding 5 x 1013 vector genomes per kilogram. VY1706 will be administered in the trial as a one-time IV dose. The primary endpoint of the trial is to evaluate the safety and tolerability of VY1706. Secondary endpoints are designed to assess VY1706’s effect on tau biology, including changes in cerebrospinal fluid, or CSF, biomarkers of tau and changes in tau pathology measured by tau PET imaging. Patient screening is underway in the United States and patient dosing is expected to begin in the next few months, subject to the progress and timing of enrollment. We expect to provide three critical data updates during the trial, beginning with initial acute safety data. We anticipate announcing this update in the first quarter of 2027, subject to the progress and timing of the enrollment and dosing of patients. The second anticipated data update includes initial capsid platform validation, which we define as gene expression as measured by CSF tau. We currently anticipate the potential to observe CSF tau biomarker-based data approximately one year after dosing begins. The third anticipated data update includes initial asset proof-of-concept, which we define as changes in tau pathology measured by PET imaging data.

Previous wording

VY7523 is an IV-administered, recombinant, humanized IgG4 monoclonal antibody developed to inhibit the spread of extracellular tau, which is closely correlated with disease progression and cognitive decline in AD. VY7523 targets an epitope in the C-terminal region and is specific for pathological tau. The murine version of VY7523 reduced tau spread by approximately 70% in preclinical studies. VY7523 demonstrated an acceptable safety, tolerability, and immunogenicity profile as well as expected pharmacokinetic results in a Phase 1, single ascending dose clinical trial in healthy volunteers. In February 2025, we initiated a Phase 1 multiple ascending dose, or MAD, clinical trial of VY7523 in early AD patients. Enrollment in this MAD clinical trial was completed in the fourth quarter of 2025, and we expect initial tau PET imaging efficacy data in the fourth quarter of 2026.

Current wording

C-terminal region and is specific for pathological tau. The murine version of VY7523 reduced tau spread by approximately 70% in preclinical studies. VY7523 demonstrated an acceptable safety, tolerability, and immunogenicity profile as well as expected pharmacokinetic results in a Phase 1, single ascending dose clinical trial in healthy volunteers. In February 2025, we initiated a Phase 1 multiple ascending dose, or MAD, clinical trial of VY7523 in early AD patients. Enrollment in this MAD clinical trial was completed in the fourth quarter of 2025, and the last patient / last visit occurred in October 2026. We expect to announce initial tau PET imaging efficacy data in the fourth quarter of 2026.

Previous wording

In addition to our wholly-owned pipeline, we are advancing three programs with collaboration partners for which we retain options to participate in future development and commercialization. Two of these programs are in collaboration with Neurocrine: a frataxin (FXN) gene therapy program for FA, or the FA Program, and a glucosylceramidase beta 1 gene therapy program that will focus on Gaucher disease and PD, or the GBA1 Program. Neurocrine has stated that, pending successful FDA IND clearance, it intends to initiate a clinical trial with NBIB-’223 for the treatment of FA in the second half of 2026. In preclinical studies, IV-administered NBIB-’223 resulted in protein expression in the brain and heart, and GLP toxicology studies for NBIB-’223 are now complete. In May 2026, FDA granted orphan drug designation to NBIB-’223 for the treatment of FA. Neurocrine has informed us that it continues to progress the GBA1 Program in addition to three gene therapy programs for which we do not have opt-in rights. We maintain options to co-develop and co-commercialize the FA Program, under which profits and losses of the program would be allocated 60% to Neurocrine and 40% to us, and the GBA1 Program, under which profits and losses of the program would be allocated 50% to Neurocrine and 50% to us, in each case in the U.S.

Current wording

In addition to our wholly-owned pipeline, we are advancing three programs with collaboration partners for which we retain options to participate in future development and commercialization. Two of these programs are in collaboration with Neurocrine: a frataxin (FXN) gene therapy program for FA, or the FA Program, and a glucosylceramidase beta 1 gene therapy program that will focus on Gaucher disease and PD, or the GBA1 Program. In November 2026, Neurocrine announced that NBIB-’223, the product candidate in the FA Program, is expected to enter a Phase 1 clinical study in the coming months, with initial patient-level data anticipated in 2027. In preclinical studies, IV-administered NBIB-’223 resulted in protein expression in the brain and heart, and GLP toxicology studies for NBIB-’223 are complete. The FDA granted orphan drug designation and rare pediatric disease designation to NBIB-’223 in May 2026 for the treatment of FA. Separately, Neurocrine has informed us that it continues to progress the GBA1 Program. We maintain options to co-develop and co-commercialize the FA Program, under which profits and losses of the program would be allocated 60% to Neurocrine and 40% to us, and the GBA1 Program, under which profits and losses of the program would be allocated 50% to Neurocrine and 50% to us, in each case in the U.S.

Previous wording

We are collaborating with Neurocrine on three gene therapy programs against undisclosed targets. Two of these three programs have development candidates selected and are advancing through preclinical toxicology studies. In addition to the Neurocrine collaborations, we have partnered with Novartis on TRACER Capsid-based gene therapy programs for spinal muscular atrophy, or SMA, and Huntington’s disease, or HD. We have also licensed capsids to Novartis for one undisclosed CNS target and to Alexion for one undisclosed rare neurological disease target. In total, our partnerships have delivered more than $500.0 million in non-dilutive funding to us to date, including upfront fees, development milestone payments, option exercise fees, license fees, and research and development expense reimbursement. Looking forward, we have the potential to earn up to $6.8 billion in milestone payments across the partnered portfolio, including $2.4 billion in potential development milestone payments, as well as royalties.

Current wording

We are collaborating with Neurocrine on three gene therapy programs against undisclosed targets which continue to progress and for which we do not have opt-in rights. Two of these three programs have development candidates selected and are advancing through preclinical toxicology studies. In addition to the Neurocrine collaborations, we have partnered with Novartis on TRACER Capsid-based gene therapy programs for spinal muscular atrophy, or SMA, and Huntington’s disease, or HD. We have also licensed capsids to Novartis for one undisclosed CNS target and to Alexion for one undisclosed rare neurological disease target. In total, our partnerships have delivered more than $500.0 million in non-dilutive funding to us to date, including upfront fees, development milestone payments, option exercise fees, license fees, and research and development expense reimbursement. Looking forward, we have the potential to earn up to $6.8 billion in milestone payments across the partnered portfolio, including $2.4 billion in potential development milestone payments, as well as royalties.

Previous wording

We have leveraged our knowledge of BBB receptors, discovered using TRACER, to develop a second delivery platform called Voyager NeuroShuttle TM. Voyager NeuroShuttle is a non-viral delivery platform leveraging novel receptor-binding molecules to transport multiple modalities of neurotherapeutics across the BBB. The first NeuroShuttle within the platform leverages the ALPL receptor. During the third quarter of 2025, we shared the results of initial murine proof-of-concept studies of ALPL-VYGR-NeuroShuttle demonstrating in the study sustained brain expression over three weeks, compared to less than one week for transferrin receptor, or TfR, 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, a proof-of-concept study using anti-amyloid antibodies demonstrated that the ALPL-VYGR-NeuroShuttle showed similar target engagement to a TfR shuttle. We have initiated a discovery program using ALPL-VYGR-NeuroShuttle to target an undisclosed neurological disease.

Current wording

We have leveraged our knowledge of BBB receptors, discovered using TRACER, to develop a second delivery platform called Voyager NeuroShuttle TM. Voyager NeuroShuttle is a non-viral delivery platform leveraging novel receptor-binding molecules to transport multiple modalities of neurotherapeutics across the BBB. The first NeuroShuttle within the platform leverages the ALPL receptor. During the third quarter of 2025, we shared the results of initial murine proof-of-concept studies of ALPL-VYGR-NeuroShuttle demonstrating in the study sustained brain expression over three weeks, compared to less than one week for transferrin receptor, or TfR, 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, a proof-of-concept study using anti-amyloid antibodies demonstrated that the ALPL-VYGR-NeuroShuttle showed similar target engagement to a TfR shuttle. Our proprietary pipeline also includes an early research initiative that leverages our Voyager NeuroShuttle TM platform for the treatment of an undisclosed neurological disease.

Previous wording

Under the 2023 Novartis Collaboration Agreement, we are eligible to receive specified development, regulatory, and commercialization milestone payments of up to an aggregate of $200.0 million for the Novartis SMA Program and up to an aggregate of $225.0 million for the Novartis HD Program, in each case for the first corresponding product to achieve the corresponding milestone. We are also eligible to receive (a) specified sales milestone payments of up to an aggregate of $400.0 million for the Novartis SMA Program and up to an aggregate of $375.0 million for the Novartis HD Program and (b) tiered, escalating royalties in the high single-digit to low double-digit percentages of annual net sales of the Novartis SMA Program Products and the Novartis HD Program Products. The royalties are subject to potential customary reductions, including patent claim expiration, payments for certain third-party licenses, and biosimilar market penetration, subject to specified limits. For a further description of the 2023 Novartis Collaboration Agreement, refer to Note 9, Significant Agreements, to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, under the caption “2023 Novartis Collaboration Agreement.”

Current wording

Under the 2023 Novartis Collaboration Agreement, we are eligible to receive specified development, regulatory, and commercialization milestone payments of up to an aggregate of $200.0 million for the Novartis SMA Program and up to an aggregate of $225.0 million for the Novartis HD Program, in each case for the first corresponding product to achieve the corresponding milestone. We are also eligible to receive (a) specified sales milestone payments of up to an aggregate of $400.0 million for the Novartis SMA Program and up to an aggregate of $375.0 million for the Novartis HD Program and (b) tiered, escalating royalties in the high single-digit to low double-digit percentages of annual net sales of the Novartis SMA Program Products and the Novartis HD

Previous wording

We have a history of incurring significant losses. We reported a net loss of $52.4 million for the six months ended June 30, 2026, and a net loss of $119.7 million for the fiscal year ended December 31, 2025. As of June 30, 2026, we had an accumulated deficit of $498.3 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future in connection with our ongoing activities, if and as we:

Current wording

We have a history of incurring significant losses. We reported a net loss of $77.1 million for the nine months ended September 30, 2026, and a net loss of $119.7 million for the fiscal year ended December 31, 2025. As of September 30, 2026, we had an accumulated deficit of $523.0 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future in connection with our ongoing activities, if and as we:

Previous wording

initiate and conduct clinical trials in connection with our VY1706 tau silencing program, which we expect to initiate in the fourth quarter of 2026, and continue to conduct clinical trials in connection with our VY7523 anti-tau antibody program;

Current wording

continue to conduct clinical trials in connection with our VY1706 tau silencing program and our VY7523 anti-tau antibody program;

Previous wording

continue investing in our proprietary antibody program, non-viral therapeutics platform, gene therapy platforms and programs, and other research and development initiatives;

Current wording

continue investing in our proprietary antibody program, non-viral platform, gene therapy platforms and programs, and other research and development initiatives;

Previous wording

continue investing in our collaboration with Transition Bio to advance small molecules targeting TDP-43 to treat ALS and frontotemporal dementia with TDP-43 pathology;

Current wording

continue our collaboration with Transition Bio to advance small molecules targeting TDP-43 to treat ALS and frontotemporal dementia with TDP-43 pathology;

Previous wording

conduct joint research and development under our strategic collaborations for the research, development, and commercialization of certain of our pipeline programs, including our FA Program, pursuant to the 2019 Neurocrine

Current wording

conduct joint research and development under our strategic collaborations for the research, development, and commercialization of certain of our pipeline programs, including our FA Program, pursuant to the 2019 Neurocrine Collaboration Agreement, our GBA1 Program, pursuant to the 2023 Neurocrine Collaboration Agreement, and the Novartis HD Program, pursuant to the 2023 Novartis Collaboration Agreement;

Previous wording

To date, we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future. For the three months ended June 30, 2026, we recognized $0.4 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement and $2.8 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement. For the six months ended June 30, 2026, we recognized $1.3 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $0.5 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, and $4.0 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement.

Current wording

To date, we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future. For the three months ended September 30, 2026, we recognized $0.5 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, $3.1 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement, and $0.4 million in other collaboration revenue. For the nine months ended September 30, 2026, we recognized $1.3 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $0.9 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, $7.2 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement and $0.4 million in other collaboration revenue.

Previous wording

General and administrative expenses consist primarily of salaries and other related costs, including stock-based compensation, for personnel in executive, finance, accounting, information technology, business development, legal and human resource functions. Other significant costs include corporate facility costs not otherwise included in research and development expenses, legal fees related to patent and corporate matters, and fees for accounting and consulting services. We expect general and administrative costs to decrease in the near term as a result of our continued disciplined expense management.

Current wording

General and administrative expenses consist primarily of salaries and other related costs, including stock-based compensation, for personnel in executive, finance, accounting, information technology, business development, legal and human resource functions. Other significant costs include corporate facility costs not otherwise included in research and development expenses, legal fees related to patent and corporate matters, fees for accounting and consulting services and severance benefits, including cash severance, temporary health care coverage, and transition support services related to restructuring activities recognized during 2026 and 2025. We expect general and administrative costs to decrease in the near term as a result of our continued disciplined expense management.

Previous wording

We believe that several accounting policies are important to understanding our historical and future performance. We refer to these policies as critical because these specific areas generally require us to make judgments and estimates about matters that are uncertain at the time we make the estimate. There were no changes to our critical accounting policies during the three months ended June 30, 2026, as compared to those identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. It is important that the discussion of our operating results that follow be read in conjunction with the critical accounting policies disclosed in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations –Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K, as filed with the SEC on March 9, 2026.

Current wording

We believe that several accounting policies are important to understanding our historical and future performance. We refer to these policies as critical because these specific areas generally require us to make judgments and estimates about matters that are uncertain at the time we make the estimate. There were no changes to our critical accounting policies during the three and nine months ended September 30, 2026, as compared to those identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. It is important that the discussion of our operating results that follows be read in conjunction with the critical accounting policies disclosed in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations –Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K, as filed with the SEC on March 9, 2026.

Previous wording

Collaboration revenue was $3.2 million and $5.2 million for the three months ended June 30, 2026 and 2025, respectively. During the three months ended June 30, 2026, we recognized $0.4 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement and $2.8 million of collaboration revenue under the 2023 Novartis Collaboration Agreement. During the three months ended June 30, 2025, we recognized $1.3 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $2.4 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $1.4 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.1 million in other collaboration revenue.

Current wording

Collaboration revenue was $4.0 million and $13.4 million for the three months ended September 30, 2026 and 2025, respectively. During the three months ended September 30, 2026, we recognized $0.5 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $3.1 million of collaboration revenue under the 2023 Novartis Collaboration Agreement and $0.4 million in other collaboration revenue. During the three months ended September 30, 2025, we recognized $11.1 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $0.7 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $1.5 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.1 million in other collaboration revenue.

Previous wording

Research and development expense was $22.0 million and $31.3 million for the three months ended June 30, 2026 and 2025, respectively. The $9.3 million decrease was primarily attributable to lower employee-related expenses and shared facilities and other costs due to lower headcount resulting from restructuring actions undertaken in 2025. The decrease was further attributable to reduced spend on VY7523 as enrollment in the clinical trial was completed as well as lower spend on other programs and platforms as a result of program prioritization.

Current wording

Research and development expense was $24.4 million and $35.9 million for the three months ended September 30, 2026 and 2025, respectively. The $11.5 million decrease was primarily attributable to reduced spend on VY7523 following the completion of enrollment in the Phase 1 MAD clinical trial, lower manufacturing costs associated with VY1706 as well as lower spend on other programs and platforms as a result of program prioritization. These decreases were partially offset by increased clinical trial start-up costs associated with VY1706.

Previous wording

General and administrative expense was $7.5 million and $10.5 million for the three months ended June 30, 2026 and 2025, respectively. The $3.0 million decrease was primarily attributable to reduced employee-related expenses due to lower headcount resulting from restructuring actions undertaken in 2025.

Current wording

General and administrative expense was $6.1 million and $8.1 million for the three months ended September 30, 2026 and 2025, respectively. The $2.0 million decrease was primarily attributable to reduced employee-related expenses due to lower headcount resulting from restructuring actions undertaken in 2025, as well as lower consulting costs.

Previous wording

Other income, net was $1.9 million and $3.3 million for the three months ended June 30, 2026 and 2025, respectively. The $1.3 million decrease was primarily attributable to lower interest earned on our marketable securities as a result of lower average marketable securities balances during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.

Current wording

Other income, net was $1.7 million and $2.8 million for the three months ended September 30, 2026 and 2025, respectively. The $1.1 million decrease was primarily attributable to lower interest earned on our marketable securities due to lower average investment balances during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025:

Previous wording

Collaboration revenue was $5.8 million and $11.7 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we recognized $1.3 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $0.5 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, and $4.0 million of collaboration revenue under the 2023 Novartis Collaboration Agreement. During the six months ended June 30, 2025, we recognized $5.8 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $2.8 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $2.7 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.4 million in other collaboration revenue.

Current wording

Collaboration revenue was $9.8 million and $25.0 million for the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2026, we recognized $1.3 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $0.9 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $7.2 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.4 million in other collaboration revenue. During the nine months ended September 30, 2025, we recognized $16.9 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $3.5 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $4.2 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.5 million in other collaboration revenue.

Previous wording

The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025:

Previous wording

Research and development expense was $46.6 million and $62.9 million for the six months ended June 30, 2026 and 2025, respectively. The $16.2 million decrease was primarily attributable to lower employee-related expenses and shared facilities and other costs due to lower headcount resulting from restructuring actions undertaken in 2025. The decrease was further attributable to reduced spend on VY7523 as enrollment in the clinical trial was completed, the discontinuation of the SOD1 program, and reduced spend on other programs and platforms as a result of program prioritization. The decrease was partially offset by increased spend on VY1706 in preparation for the planned clinical trial initiation.

Current wording

Research and development expense was $71.0 million and $98.7 million for the nine months ended September 30, 2026 and 2025, respectively. The $27.7 million decrease was primarily attributable to reduced spend on VY7523 following the completion of enrollment in the Phase 1 MAD clinical trial, lower employee-related expenses and shared facilities and other costs due to reduced headcount resulting from restructuring actions undertaken in 2025 and reduced spend on other programs and platforms as a result of program prioritization. The decrease was further attributable to the discontinuation of the SOD1 program.

Previous wording

General and administrative expense was $15.8 million and $20.1 million for the six months ended June 30, 2026 and 2025, respectively. The $4.4 million decrease was primarily attributable to lower legal fees and reduced employee-related expenses due to lower headcount resulting from restructuring actions undertaken in 2025.

Current wording

General and administrative expense was $21.8 million and $28.2 million for the nine months ended September 30, 2026 and 2025, respectively. The $6.4 million decrease was primarily attributable to lower employee-related expenses due to reduced headcount resulting from restructuring actions undertaken in 2025. The decrease was further attributable to lower consulting, audit and legal fees.

Previous wording

Other income, net was $4.3 million and $7.0 million for the six months ended June 30, 2026 and 2025, respectively. The $2.7 million decrease was primarily attributable to lower interest earned on our marketable securities as a result of lower average marketable securities balances during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

Current wording

Other income, net was $6.0 million and $9.8 million for the nine months ended September 30, 2026 and 2025, respectively. The $3.8 million decrease was primarily attributable to lower interest earned on our marketable securities as a result of lower average investment balances compared to the prior-year period.

Previous wording

In November 2025, we entered into a sales agreement with TD Securities (USA) LLC, as the sales agent, pursuant to which we may, from time to time, issue and sell shares of common stock having an aggregate offering price of up to $100.0 million through an at-the-market program, or the ATM Facility. During the six months ended June 30, 2026, we sold 1,358,566 shares of our common stock under the ATM Facility at a weighted average price of $4.31 per share for net proceeds of $5.7 million, after deducting commissions and offering costs. As of June 30, 2026, $94.1 million remained available to be sold under the ATM Facility.

Current wording

In November 2025, we entered into a sales agreement with TD Securities (USA) LLC, as the sales agent, pursuant to which we may, from time to time, issue and sell shares of common stock having an aggregate offering price of up to $100.0 million through an at-the-market program, or the ATM Facility. During the nine months ended September 30, 2026, we sold 2,236,872 shares of our common stock under the ATM Facility at a weighted-average price of $4.00 per share for net proceeds of $8.7 million, after deducting commissions and offering costs. As of September 30, 2026, $91.0 million remained available to be sold under the ATM Facility.

Previous wording

The following table provides information regarding our cash flows for the six months ended June 30, 2026 and 2025:

Current wording

The following table provides information regarding our cash flows for the nine months ended September 30, 2026 and 2025:

Previous wording

Net cash used in operating activities was $59.3 million during the six months ended June 30, 2026, compared to $71.2 million during the six months ended June 30, 2025. The decrease in net cash used in operating activities is primarily attributed to a lower net loss. Net cash used in operating activities during the six months ended June 30, 2026, was primarily due to our net loss of $52.4 million, combined with changes in our working capital accounts, including decreases in accounts payable, accrued expenses and operating lease liabilities during the six months ended June 30, 2026.

Current wording

Net cash used in operating activities was $78.9 million during the nine months ended September 30, 2026, compared to $102.2 million during the nine months ended September 30, 2025. The decrease in net cash used in operating activities is primarily attributable to a lower net loss. Net cash used in operating activities during the nine months ended September 30, 2026, was primarily attributable to our net loss of $77.1 million and decreases in operating lease liabilities, accrued expenses, accounts payable and deferred revenue, partially offset by non-cash adjustments, primarily stock-based compensation, non-cash lease expense and depreciation.

Previous wording

Net cash provided by investing activities was $23.5 million during the six months ended June 30, 2026, compared to $43.1 million during the six months ended June 30, 2025. The decrease was primarily due to a decrease in proceeds from sales and maturities of marketable securities which was $94.4 million during the six months ended June 30, 2026, partially offset by decreases in purchases of marketable securities, which was $70.9 million during the six months ended June 30, 2026.

Current wording

Net cash provided by investing activities was $52.8 million during the nine months ended September 30, 2026, compared to $78.0 million during the nine months ended September 30, 2025. The decrease was primarily due to a decrease in proceeds from sales and maturities of marketable securities which were $131.3 million during the nine months ended September 30, 2026, compared to $201.4 million during the nine months ended September 30, 2025, partially offset by a decrease in purchases of marketable securities, which were $78.5 million during the nine months ended September 30, 2026, compared to $121.4 million during the nine months ended September 30, 2025.

Previous wording

Net cash provided by financing activities was $6.2 million during the six months ended June 30, 2026, compared to $0.6 million during the six months ended June 30, 2025. The increase was primarily due to $5.7 million in net proceeds during the six months ended June 30, 2026, from the issuance of common stock from the ATM Facility.

Current wording

Net cash provided by financing activities was $9.3 million during the nine months ended September 30, 2026, compared to $0.7 million during the nine months ended September 30, 2025. The increase was primarily due to $8.7 million in net proceeds from the issuance of common stock under the ATM Facility during the nine months ended September 30, 2026.

Previous wording

Our expenses decreased during the six months ended June 30, 2026, as compared with the six months ended June 30, 2025, as a result of continued portfolio prioritization and alignment of operating expenditures with our current capital resources. We expect we will continue to incur research and development expenses as we continue our research and development activities, conduct clinical trials, including completing the Phase 1 MAD clinical trial for VY7523 and initiating the clinical trial for VY1706, and seek marketing approval of our product candidates, and as we continue to enter into or conduct activities in connection with our collaboration agreements. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant expenses related to program sales, marketing, manufacturing and distribution to the extent that such sales, marketing and distribution are not the responsibility of potential collaborators. Furthermore, we expect to continue to incur costs associated with operating as a public company, including executing financial statement controls, satisfying regulatory and quality standards, fulfilling healthcare compliance requirements, and maintaining product, clinical trial and directors’ and officers’ liability insurance coverage. We also anticipate the cost of goods and services and the levels of compensation paid to employees will increase due to inflationary conditions existing in the general economy. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital or enter into business development transactions when needed or on acceptable terms, we could be forced to delay, reduce or eliminate our research and development programs or any future commercialization efforts.

Current wording

Our expenses decreased during the nine months ended September 30, 2026, as compared with the nine months ended September 30, 2025, as a result of continued portfolio prioritization and alignment of operating expenditures with our current capital resources. We expect we will continue to incur research and development expenses as we continue our research and development activities, conduct clinical trials, including completing the Phase 1 MAD clinical trial for VY7523 and conducting our ongoing Phase 1 clinical trial of VY1706, and seek marketing approval of our product candidates, and as we continue to enter into or conduct activities in connection with our collaboration agreements. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant expenses related to program sales, marketing, manufacturing and distribution to the extent that such sales, marketing and distribution are not the responsibility of potential collaborators. Furthermore, we expect to continue to incur costs associated with operating as a public company, including executing financial statement controls, satisfying regulatory and quality standards, fulfilling healthcare compliance requirements, and maintaining product, clinical trial and directors’ and officers’ liability insurance coverage. We also anticipate the cost of goods and services and the levels of compensation paid to employees will increase due to inflationary conditions existing in the general economy. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital or enter into business development transactions when needed or on acceptable terms, we could be forced to delay, reduce or eliminate our research and development programs or any future commercialization efforts.

Previous wording

As of June 30, 2026, we had cash, cash equivalents, and marketable securities of $148.8 million. Based upon our current operating plan, we expect that our existing cash, cash equivalents, and marketable securities at June 30, 2026, along with amounts expected to be received as reimbursement for development costs under our collaboration and license agreements with Neurocrine and Novartis and interest income, to be sufficient to meet our planned operating expenses and capital expenditure requirements into 2028. Our future capital requirements will depend on many factors, including:

Current wording

As of September 30, 2026, we had cash, cash equivalents, and marketable securities of $132.1 million. Based upon our current operating plan, we expect that our existing cash, cash equivalents, and marketable securities at September 30, 2026, along with amounts expected to be received as reimbursement for development costs under our collaboration and license agreements with Neurocrine and Novartis and interest income, to be sufficient to meet our planned operating expenses and capital expenditure requirements into the second quarter of 2028. Our future capital requirements will depend on many factors, including:

Previous wording

the scope, progress, results, and costs of product discovery, preclinical studies and clinical trials for our product candidates, including our ongoing Phase 1 clinical trial to evaluate VY7523 and our planned Phase 1 clinical trial to evaluate VY1706;

Current wording

the scope, progress, results, and costs of product discovery, preclinical studies and clinical trials for our product candidates, including our ongoing Phase 1 MAD clinical trial to evaluate VY7523 and our ongoing Phase 1 clinical trial of VY1706;

Previous wording

the extent to which we acquire or in‑license other product candidates and technologies, including any intellectual property associated with such candidates or technologies, acquire or invest in other businesses, or out-license our product candidates, capsids or other technologies;

Current wording

the extent to which we acquire or in-license other product candidates and technologies, including any intellectual property associated with such candidates or technologies or out-license our product candidates, capsids or other technologies;