# EDGAR Filing Document

**Accession Number:** 0001640266
**File Stem:** 0001104659-26-057097
**Filing Date:** 2026-5
**Character Count:** 226291
**Document Hash:** bfb16a79719a912597f1bb7a41baec0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057097.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001104659-26-057097

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voyager Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001640266
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37625
- **FILM NUMBER:** 26953032

**BUSINESS ADDRESS:**
- **STREET 1:** 75 HAYDEN AVENUE
- **CITY:** LEXINGTON
- **STATE:** MA
- **ZIP:** 02421
- **BUSINESS PHONE:** 857-259-5340

**MAIL ADDRESS:**
- **STREET 1:** 75 HAYDEN AVENUE
- **CITY:** LEXINGTON
- **STATE:** MA
- **ZIP:** 02421

?xml version='1.0' encoding='ASCII'? Voyager Therapeutics, Inc._March 31, 2026

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2026**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ______ to ______**

**Commission file number: 001-37625**

## Voyager Therapeutics, Inc.
**(Exact name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **46-3003182** |
| **(State or other jurisdiction ofincorporation or organization)** | **(I.R.S. EmployerIdentification No.)** |
| **75 Hayden Avenue, Lexington, Massachusetts** | **02421** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(857) 259-5340**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $0.001 par value | &nbsp;&nbsp;VYGR | &nbsp;&nbsp;Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant's common stock, par value $0.001 per share, as of April 30, 2026, was 60,421,287.

------

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**Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "target," "potential," "contemplate," "anticipate," "goals," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:

● our plans to develop and commercialize our proprietary adeno-associated virus, or AAV, gene therapy, antibody, non-viral therapeutic, and small molecule product candidates;

● our ability to continue to develop our proprietary gene therapy platform technologies, including our TRACER <sup>TM</sup> (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) discovery platform, our non-viral therapeutics platform, including VOY AG ER NEUROSHUTTLE <sup>TM</sup> , and our proprietary antibody, small molecule, gene therapy, shuttled or vectorized antibody, and non-viral therapeutic programs;

● our ability to identify and optimize product candidates, proprietary AAV capsids, and non-viral blood-brain-barrier shuttles;

● our strategic collaborations and licensing agreements with, and funding from, our collaboration partners Neurocrine Biosciences, Inc. and Novartis Pharma AG and our licensee Alexion, AstraZeneca Rare Disease (successor-in-interest to former licensee Pfizer Inc.);

● our collaboration with Transition Bio, Inc. to advance small molecules targeting TDP-43 to treat amyotrophic lateral sclerosis and frontotemporal dementia with TDP-43 pathology;

● our ongoing and planned clinical trials, preclinical development efforts, related timelines and studies, including our plans to generate initial data from the Phase 1 multiple ascending dose clinical trial of VY7523 in early Alzheimer's disease patients in the second half of 2026, complete the investigational new drug, or IND, application process for the VY1706 program in the second quarter of 2026, and, subject to successful IND clearance, initiate a clinical trial for the VY1706 program in the second half of 2026 ;

● our ability to enter into future collaborations, strategic alliances, or option and license arrangements;

● the timing of and our ability to submit applications and obtain and maintain regulatory approvals for our product candidates, including the ability to submit IND applications for our programs;

● our belief as to potential outcomes of our clinical development activities, and plans and potential outcomes with respect to interactions with regulatory authorities;

● our estimates regarding future revenue, expenses, contingent liabilities, existing cash resources, capital requirements and cash runway;

● our intellectual property position and our ability to obtain, maintain and enforce intellectual property protection for our proprietary assets;

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● our estimates regarding the size of the potential markets for our product candidates and our ability to serve those markets;

● our need for and the timing of additional funding and our plans and ability to raise additional capital, including through equity offerings, debt financings, collaborations, strategic alliances, and option and license arrangements;

● our competitive position and the success of competing products that are or might become available for the indications that we are pursuing;

● the impact of government laws and regulations, including in the United States, the European Union, and other important geographies such as Japan; and

● our ability to control costs and prioritize our product candidate pipeline and platform development objectives successfully in connection with our strategic initiatives.

These forward-looking statements are only predictions, and we may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. You should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. We have included important factors in the cautionary statements included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2026, particularly in "Part I, Item 1A — Risk Factors," and, if applicable, this Quarterly Report on Form 10-Q, particularly in "Part II, Item 1A — Risk Factors," that could cause actual future results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, strategic collaborations, licenses, joint ventures or investments we may make or enter into.

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

We obtained the statistical and other industry and market data in this Quarterly Report on Form 10-Q and the documents we have filed as exhibits to the Quarterly Report on Form 10-Q from our own internal estimates and research, as well as from industry and general publications and research, surveys, studies and trials conducted by third parties. Some data is also based on our good faith estimates, which are derived from management's knowledge of the industry and independent sources. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, while we believe the market opportunity information included in this Quarterly Report on Form 10-Q and the documents we have filed as exhibits to the Quarterly Report on Form 10-Q is reliable and is based upon reasonable assumptions, such data involves risks and uncertainties and are subject to change based on various factors, including those discussed under "Risk Factors" and in the documents we have filed as exhibits to the Quarterly Report on Form 10-Q. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

We own various U.S. federal trademark registrations and applications and unregistered trademarks, including our corporate logo. This Quarterly Report on Form 10-Q and the documents filed as exhibits to the Quarterly Report on Form 10-Q contain references to trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q and the information incorporated herein, including logos, artwork, and other visual displays, that may appear

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without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks or trade names. We do not intend our use or display of other companies' trade names, service marks or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. All trademarks, service marks and trade names included or incorporated by reference into this Quarterly Report on Form 10-Q and the documents filed as exhibits to the Quarterly Report on Form 10-Q are the property of their respective owners.

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**VOYAGER THERAPEUTICS, INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [PART I. FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_232564) | [PART I. FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_232564) | [PART I. FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_232564) |
| [ITEM 1.](#PARTIFINANCIALINFORMATION_232564) | [CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](#PARTIFINANCIALINFORMATION_232564) |  |
|  | [CONDENSED CONSOLIDATED BALANCE SHEETS](#BalanceSheets_692298) | 6 |
|  | [CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS](#OperationsandComprehensiveLossIncome_335) | 7 |
|  | [CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY](#CondensedConsolidatedStatementsofStockho) | 8 |
|  | [CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS](#CashFlows_990699) | 9 |
|  | [NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#NOTES_896520) | 10 |
| [ITEM 2.](#ITEM2MANAGEMENTSDISCUSSION_986277) | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ITEM2MANAGEMENTSDISCUSSION_986277) | 20 |
| [ITEM 3.](#ITEM3QUANTITATIVE_509777) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM3QUANTITATIVE_509777) | 34 |
| [ITEM 4.](#ITEM4CONTROLSANDPROCEDURES_893759) | [CONTROLS AND PROCEDURES](#ITEM4CONTROLSANDPROCEDURES_893759) | 34 |
| [PART II. OTHER INFORMATION](#PARTIIOTHERINFORMATION_854514) | [PART II. OTHER INFORMATION](#PARTIIOTHERINFORMATION_854514) | [PART II. OTHER INFORMATION](#PARTIIOTHERINFORMATION_854514) |
| [ITEM 1.](#ITEM1LEGALPROCEEDINGS_708183) | [LEGAL PROCEEDINGS](#ITEM1LEGALPROCEEDINGS_708183) | 35 |
| [ITEM 1A](#ITEM1ARISKFACTORS_193530). | [RISK FACTORS](#ITEM1ARISKFACTORS_193530) | 35 |
| [ITEM 5.](#ITEM5OTHERINFORMATION_361416) | [OTHER INFORMATION](#ITEM5OTHERINFORMATION_361416) | 35 |
| [ITEM 6.](#ITEM6EXHIBITS_36843) | [EXHIBITS](#ITEM6EXHIBITS_36843) | 37 |
|  | [SIGNATURES](#SIGNATURES_152054) | 39 |

---

[**Table of Contents**](#Toc)

**PART I. FINANCIAL INFORMATION**

**Voyager Therapeutics, Inc.**

**Condensed Consolidated Balance Sheets**

***(amounts in thousands, except share and per share data)***

***(unaudited)***

---

| | | |
|:---|:---|:---|
|  | **March 31,**  | **December 31,**  |
|  | **2026** | **2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $43314 | $65300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 98165 | 131147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1494 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party collaboration receivable | 151 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3857 | 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 146981 | 202687 |
| Property and equipment, net | 12218 | 13136 |
| Restricted cash | 2736 | 2736 |
| Marketable securities, non-current | 30181 | 5244 |
| Operating lease, right-of-use assets | 27209 | 28478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $219325 | $252281 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2723 | $5013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 6972 | 12098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 7363 | 7840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 395 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 17453 | 26541 |
| Operating lease liabilities, net of current portion  | 27203 | 28659 |
| Other non-current liabilities | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 45656 | 56200 |
| Commitments, contingencies, and other liabilities (see note 8) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value: 5,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value: 120,000,000 shares authorized at March 31, 2026 and December 31, 2025; 60,310,526 and 59,047,860 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 647714 | 641895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (263) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (473842) | (445905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 173669 | 196081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $219325 | $252281 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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**Voyager Therapeutics, Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss**

***(amounts in thousands, except share and per share data)***

***(unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Collaboration revenue | $2593 | $6473 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 24602 | 31526 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 8261 | 9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 32863 | 41166 |
| Operating loss | (30270) | (34693) |
| Other income, net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1912 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income  | 435 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 2347 | 3709 |
| Loss before income taxes | (27923) | (30984) |
| Income tax provision | 14 | 37 |
| Net loss | $(27937) | $(31021) |
| Other comprehensive (loss) income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (loss) gain on available-for-sale securities | (295) | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive (loss) income | (295) | 208 |
| Comprehensive loss | $(28232) | $(30813) |
| Net loss per share, basic and diluted | $(0.47) | $(0.53) |
| Weighted-average common shares outstanding, basic and diluted | 59496329 | 58349769 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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**Voyager Therapeutics, Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

***(amounts in thousands, except share data)***

&nbsp;&nbsp;&nbsp;&nbsp;***(unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | <br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Loss** | <br>**Accumulated**<br> **Deficit** | <br>**Stockholders'**<br> **Equity** |
| **Balance at December 31, 2024** | 54731316 | $55 | $626296 | $(407) | $(326184) | $299760 |
| Exercises of stock options | 27613 |  | 82 |  |  | 82 |
| Vesting of restricted stock units | 450556 |  |  |  |  |  |
| Stock-based compensation expense |  |  | 3673 |  |  | 3673 |
| Unrealized gain on available-for-sale securities, net of tax |  |  |  | 208 |  | 208 |
| Net loss |  |  |  |  | (31021) | (31021) |
| **Balance at March 31, 2025** | 55209485 | $55 | $630051 | $(199) | $(357205) | $272702 |
| **Balance at December 31, 2025** | 59047860 | 59 | 641895 | 32 | (445905) | 196081 |
| Exercises of stock options | 87081 |  | 294 |  |  | 294 |
| Vesting of restricted stock units | 545015 |  |  |  |  |  |
| Issuance of common stock from at-the-market sales agreement, net of issuance costs | 630570 | 1 | 3037 |  |  | 3038 |
| Stock-based compensation expense |  |  | 2488 |  |  | 2488 |
| Unrealized gain on available-for-sale securities, net of tax |  |  |  | (295) |  | (295) |
| Net loss |  |  |  |  | (27937) | (27937) |
| **Balance at March 31, 2026** | 60310526 | $60 | $647714 | $(263) | $(473842) | $173669 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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**Voyager Therapeutics, Inc.**

**Condensed Consolidated Statements of Cash Flows**

***(amounts in thousands)***

&nbsp;&nbsp;&nbsp;&nbsp;***(unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |
| Net loss | $(27937) | $(31021) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Stock-based compensation expense | 2488 | 3673 |
| Depreciation | 932 | 1014 |
| Amortization of premiums and discounts on marketable securities | (365) | (998) |
| Loss on disposal of fixed assets |  | 30 |
| Non-cash lease expense | 1269 | 1221 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 267 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party collaboration receivable |  | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 471 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2290) | (1362) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (5126) | (5118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1933) | (1730) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (1195) | (4542) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (33419) | (37895) |
| **Cash flow from investing activities** |  |  |
| Purchases of property and equipment | (14) | (658) |
| Purchases of marketable securities | (43441) | (76924) |
| Proceeds from sales and maturities of marketable securities | 51556 | 118783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 8101 | 41201 |
| **Cash flow from financing activities** |  |  |
| Proceeds from the exercise of stock options | 294 | 82 |
| Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs | 3038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3332 | 82 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (21986) | 3388 |
| Cash, cash equivalents, and restricted cash, beginning of period | 68036 | 74241 |
| Cash, cash equivalents, and restricted cash, end of period | $46050 | $77629 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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**VOYAGER THERAPEUTICS INC.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. Nature of business**

Voyager Therapeutics, Inc. (the "Company") is a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Its pipeline includes programs for Alzheimer's disease; Friedreich's ataxia; Parkinson's disease; and multiple other diseases of the central nervous system ("CNS"). Its pipeline includes programs it wholly owns and programs it is advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG ("Novartis"); Neurocrine Biosciences, Inc. ("Neurocrine"); and Transition Bio, Inc.

Many of the Company's programs are derived from its TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) adeno-associated virus ("AAV") capsid discovery platform, which it has used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. TRACER is a broadly applicable, RNA-based screening platform that enables rapid discovery of AAV capsids with robust penetration of the blood-brain barrier ("BBB") and enhanced CNS tropism in multiple species, including non-human primates. The Company is also developing a second, non-viral therapeutics platform focused on non-viral receptor-mediated transport across the BBB, the Voyager NeuroShuttle<sup>TM</sup> platform.

The Company has a history of incurring annual net operating losses. As of March 31, 2026, the Company had an accumulated deficit of $473.8 million. The Company has not generated any product revenue and has financed its operations primarily through public offerings and private placements of its equity securities and funding from fees, milestone payments, and cost reimbursements associated with its prior and current collaborations and license agreements.

As of March 31, 2026, the Company had cash, cash equivalents, and marketable securities of $171.7 million. Based upon its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable securities at March 31, 2026, to be sufficient to meet the Company's planned operating expenses and capital expenditure requirements for at least twelve months from the issuance of these condensed consolidated financial statements.

There can be no assurance that the Company will be able to obtain additional debt or equity financing on terms acceptable to the Company or generate product revenue or revenue from collaboration partners, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company's business, results of operations, and financial condition.

**2. Summary of significant accounting policies and basis of presentation**

*Basis of Presentation*

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 9, 2026. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company's financial position and results of operations for the periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP, which can be found in the Accounting Standards Codification and Accounting Standards Updates of the Financial Accounting Standards Board.

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*Principles of Consolidation*

The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary as disclosed in Note 2, *Summary of Significant Accounting Policies and Basis of Presentation,* within the "Notes to Consolidated Financial Statements" accompanying the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Intercompany balances and transactions have been eliminated.

*Use of Estimates*

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company's management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, research and development accrued expenses, stock-based compensation expense, and income taxes. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.

*Summary of Significant Accounting Policies*

There have been no changes in the Company's significant accounting policies as described in Note 2, *Summary of Significant Accounting Policies and Basis of Presentation,* within the "Notes to Consolidated Financial Statements" accompanying the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**3. Fair value measurements**

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Assets** | <br>**Total** | **Quoted Prices**<br>**in Active**<br>**Markets for**<br>**Identical Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |
| **March 31, 2026** | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $29992 | $29992 | $— | $— |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury notes | 57393 | 57393 |  |  |
| &nbsp;&nbsp;U.S. Government agency securities | 18976 | 18976 |  |  |
| &nbsp;&nbsp;Corporate bonds | 47035 |  | 47035 |  |
| &nbsp;&nbsp;Commercial paper | 4942 |  | 4942 |  |
| Total cash equivalents and marketable securities | $158338 | $106361 | $51977 | $— |
| **December 31, 2025** |  |  |  |  |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $51161 | $51161 | $— | $— |
| &nbsp;&nbsp;Commercial paper | 3477 |  | 3477 |  |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury notes | 72805 | 72805 |  |  |
| &nbsp;&nbsp;U.S. Government agency securities | 15387 | 15387 |  |  |
| &nbsp;&nbsp;Corporate bonds | 44260 |  | 44260 |  |
| &nbsp;&nbsp;Commercial paper | 3939 |  | 3939 |  |
| Total cash equivalents and marketable securities | $191029 | $139353 | $51676 | $— |

---

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The Company measures the fair value of money market funds, U.S. Treasury notes and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, including corporate bonds and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.

**4. Cash equivalents and available-for-sale marketable securities**

Cash equivalents and available-for-sale marketable securities included the following as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Unrealized Losses** | **Unrealized Losses** | |
|  | <br>**Amortized Cost** | <br>**Unrealized Gains** | **Less than 12 months** | **Greater than 12 months** | <br>**Fair Value** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| **As of March 31, 2026** |  |  |  |  |  |
| Cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $29992 | $— | $— | $— | $29992 |
| Marketable securities: |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury notes | 57381 | 58 | (6) | (40) | 57393 |
| &nbsp;&nbsp;U.S. Government agency securities | 19024 | 7 | (5) | (50) | 18976 |
| &nbsp;&nbsp;Corporate bonds | 47134 | 1 | (55) | (45) | 47035 |
| &nbsp;&nbsp;Commercial paper | 4942 |  |  |  | 4942 |
| Total money market funds and marketable securities | $158473 | $66 | $(66) | $(135) | $158338 |
| **As of December 31, 2025** |  |  |  |  |  |
| Cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $51161 | $— | $— | $— | $51161 |
| &nbsp;&nbsp;Commercial paper | 3477 |  |  |  | 3477 |
| Marketable securities: |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury notes | 72665 | 141 | (1) |  | 72805 |
| &nbsp;&nbsp;U.S. Government agency securities | 15376 | 18 |  | (7) | 15387 |
| &nbsp;&nbsp;Corporate bonds | 44251 | 19 | (10) |  | 44260 |
| &nbsp;&nbsp;Commercial paper | 3939 |  |  |  | 3939 |
| Total cash equivalents and marketable securities | $190869 | $178 | $(11) | $(7) | $191029 |

---

All of the Company's marketable securities as of March 31, 2026 and December 31, 2025, have a contractual maturity of two years or less.

The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment's carrying amount is not recoverable within a reasonable period of time. In connection with these investments, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive (loss) income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in other income, net within the condensed consolidated statement of operations and comprehensive (loss) income. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No credit losses were recorded during the periods presented.

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As of March 31, 2026 and December 31, 2025, the Company held 57 and 20 marketable securities, respectively, that were in an unrealized loss position, representing $73.5 million and $26.6 million in fair value, respectively. The unrealized losses as of March 31, 2026 and December 31, 2025, were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**  | **As of December 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Cash and cash equivalents | $43314 | $65300 |
| Restricted cash included in deposits and other non-current assets | 2736 | 2736 |
| Total cash, cash equivalents, and restricted cash | $46050 | $68036 |

---

Restricted cash balances for both periods presented are held in the form of money market accounts and represent collateral for the Company's facility lease obligations.

**5. Accrued expenses**

Accrued expenses as of March 31, 2026 and December 31, 2025, consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**  | **As of December 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Employee compensation costs | $3307 | $9091 |
| Research and development costs | 2621 | 2069 |
| Accrued other | 511 | 549 |
| Professional services | 533 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $6972 | $12098 |

---

Employee compensation costs include $1.3 million in accrued severance costs related to a restructuring that occurred and was recognized in December 2025 but that remain partially unpaid as of March 31, 2026.

**6. Lease obligation**

***Operating Leases***

As of March 31, 2026, the Company has a lease for laboratory and office space at 75 Hayden Avenue in Lexington, Massachusetts (the "Lexington Facility") through January 31, 2031, and a lease for additional office and laboratory space at 64 Sidney Street in Cambridge, Massachusetts (the "Cambridge Facility") through November 30, 2026.

In August 2023, the Company entered into a first amendment (the "First Amendment") to its existing lease for the Lexington Facility, pursuant to which the Company agreed to lease approximately 61,307 square feet of additional office and laboratory space. The commencement date for the First Amendment occurred on February 1, 2024. The expected contractual obligation under the First Amendment to the Company's existing lease for the Lexington Facility is approximately $35.4 million, to be paid over the 7-year term of the lease.

The Company's lease agreements require the Company to maintain a cash deposit or irrevocable letter of credit in the aggregate amount of $2.7 million payable to its landlords as security for the performance of its obligations under the leases. These amounts are recorded as restricted cash in the accompanying condensed consolidated balance sheets.

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In June 2024, the Company vacated the Cambridge Facility. The Company recorded an impairment charge of $2.8 million to operating expenses during the second quarter of 2024 as a result of the carrying value of the leased office and laboratory space asset group exceeding the undiscounted cash flows projected from a planned sublease of the facility. The impairment charge reduced the carrying value of the leased office and laboratory space asset group by $2.8 million. In August 2024, the Company executed the sublease of the Cambridge Facility (the "Sublease Agreement"). Payments received under the Sublease Agreement are included in other income in the condensed consolidated statements of operations and comprehensive (loss) income. Subject to certain conditions set forth therein, the Sublease Agreement terminates simultaneously with the Company's lease for the Cambridge Facility.

Total lease cost for operating leases of approximately $1.9 million was incurred during each of the three months ended March 31, 2026 and 2025. As of March 31, 2026, the weighted average remaining lease term was 3.5 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 6.5%.

The following table summarizes the operating sublease income generated under the Sublease Agreement for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Operating sublease income | $402 | $440 |

---

Future minimum lease payments due under operating leases are as follows:

---

| | |
|:---|:---|
| <br>**Year Ending December 31,**  | **Total Minimum**<br>**Lease Payments** |
|  | *(in thousands)* |
| &nbsp;&nbsp;Remainder of 2026 | $7461 |
| &nbsp;&nbsp;2027 | 7763 |
| &nbsp;&nbsp;2028 | 7996 |
| &nbsp;&nbsp;2029 | 8235 |
| &nbsp;&nbsp;2030 | 8483 |
| &nbsp;&nbsp;Thereafter | 227 |
| Total future minimum lease payments | $40165 |
| &nbsp;&nbsp;Less: imputed interest | (5599) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $34566 |
| Reported as: |  |
| &nbsp;&nbsp;Operating lease liabilities | $7363 |
| &nbsp;&nbsp;Operating lease liabilities, net of current portion | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $34566 |

---

**7. Commitments, contingencies and other liabilities**

***Other Agreements***

In 2016, the Company entered into a research and development funding arrangement with a non-profit organization that provided up to $4.0 million in funding to the Company upon the achievement of clinical and development milestones. The agreement, as amended in 2022, provides that the Company is obligated to repay amounts received under certain circumstances, including termination of the agreement, and to pay an amount up to 2.6 times the funding received upon successful development and commercialization of any products developed. In 2017, the Company earned a milestone payment of $1.0 million. The Company evaluated the arrangement and concluded that it represents a research and development financing arrangement as it is probable that the Company will repay amounts received under

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the arrangement. As a result, the $1.0 million is recorded as a non-current liability in the condensed consolidated balance sheet.

***Litigation***

The Company was not a party to any material legal matters or claims as of March 31, 2026 or December 31, 2025. The Company did not have contingency reserves established for any litigation liabilities as of March 31, 2026 or December 31, 2025.

**8. Significant agreements**

The Company's significant agreements are described in Note 9, *Significant Agreements,* within the "Notes to Consolidated Financial Statements" accompanying the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the three months ended March 31, 2026, there were no material changes to the Company's collaboration agreements or option and license agreements, and the Company did not enter into any new collaboration or license agreements. The Company recorded collaboration revenue of $2.6 million and $6.5 million during the three months ended March 31, 2026 and 2025, respectively.

***Related Party Collaboration Receivable and Deferred Revenue***

The following table presents changes in the balances of the Company's related party collaboration receivable and contract liabilities (reflected as deferred revenue in the condensed consolidated balance sheets) for the collaboration and license agreement the Company entered into with Neurocrine in January 2023 (the "2023 Neurocrine Collaboration Agreement") and the collaboration and license agreement the Company entered into with Neurocrine in January 2019 (the "2019 Neurocrine Collaboration Agreement") during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance at** <br> **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Additions** | <br>**Deductions** | **Balance at** <br>**March 31, 2026** |
|  | (*in thousands)* | (*in thousands)* | (*in thousands)* | (*in thousands)* |
| Related party collaboration receivables | $151 | $151 | $(151) | $151 |
| Contract liabilities: |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue | $1590 | $— | $(1195) | $395 |

---

The change in the related party collaboration receivable balance for the three months ended March 31, 2026, is primarily driven by amounts owed to the Company for research and development services provided, offset by amounts collected during the period, under the 2023 and 2019 Neurocrine Collaboration Agreements. Deferred revenue activity for the period includes the recording of $1.2 million of collaboration revenue recognized on the proportional performance model during the period for the 2023 and 2019 Neurocrine Collaboration Agreements.

**9. Stock-based compensation**

***Stock-Based Compensation Expense***

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations and comprehensive (loss) income was as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Research and development | $660 | $1485 |
| General and administrative | 1828 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $2488 | $3673 |

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**Employee Stock Purchase Plan**

In October 2015, the Company's board of directors (the "Board") and stockholders approved the 2015 Employee Stock Purchase Plan (the "2015 ESPP"). Under the 2015 ESPP, all full-time employees of the Company are eligible to purchase common stock of the Company twice per year, at the end of each six-month payment period. During each payment period, eligible employees who so elect, may authorize payroll deductions in an amount of 1% to 10% (whole percentages only) of the employee's base pay for each payroll period. At the end of each payment period, the accumulated deductions are used to purchase shares of common stock from the Company at a discount. A total of 262,362 shares of common stock were initially authorized for issuance under the 2015 ESPP.

On March 18, 2025, the Board adopted, and on June 3, 2025, the stockholders approved, the Amended and Restated 2015 Employee Stock Purchase Plan (together with the 2015 ESPP, the "ESPP") to (i) eliminate the evergreen provision in the 2015 ESPP and (ii) expand the class of eligible employees by eliminating the requirement that participants must have completed six months of employment.

As of March 31, 2026, there were 1,809,493 shares available for future purchase under the ESPP.

**2025 Stock Incentive Plan**

On March 18, 2025, the Board adopted, and on June 3, 2025, the stockholders approved, the 2025 Stock Incentive Plan (the "2025 Plan"). Under the 2025 Plan, the Company may issue awards for up to a number of shares of common stock equal to the sum of: (i) 3,631,952 shares of common stock; and (ii) such additional number of shares of common stock (up to 14,190,976 shares) as is equal to the sum of (x) the number of shares of common stock reserved for issuance under the Company's 2015 Stock Option and Incentive Plan (the "2015 Plan") that remained available for grant thereunder immediately prior to the date that the 2025 Plan was approved by our stockholders and (y) the number of

shares of common stock subject to awards granted under the 2015 Plan that were outstanding as of the date that the 2025 Plan was approved by our stockholders and which awards expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right (subject, however, in the case of incentive stock options, to any limitations under the Internal Revenue Code of 1986, as amended, and any regulations thereunder).

The Company intends to utilize the 2025 Plan to grant equity awards to the Company's employees, non-employee directors, consultants, and advisors in order to recruit, incentivize, retain and reward those who are critical to the Company's success. No new awards will be granted under the 2015 Plan.

As of March 31, 2026, there were 4,799,738 shares available under the 2025 Plan.

***Restricted Stock Units and Performance Restricted Stock Units***

A summary of the status of and changes in unvested restricted stock unit ("RSU") activity and performance-based restricted stock unit ("PRSU") activity under the Company's equity award plans for the three months ended March 31, 2026, was as follows:

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| | | |
|:---|:---|:---|
|  | <br>**Units** | **Weighted Average Grant** <br>**Date Fair Value Per Unit** |
| Unvested as of December 31, 2025 | 2296920 | $5.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 708348 | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (545015) | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (351626) | 5.89 |
| Outstanding as of March 31, 2026 | 2108627 | $4.56 |

---

All RSUs granted in the three months ended March 31, 2026, vest in equal amounts, annually over three years. Stock-based compensation for RSUs is based on the fair value of the Company's common stock on the date of grant and is recognized over the vesting period.

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As of March 31, 2026, the Company had unrecognized stock-based compensation expense related to its unvested RSUs (excluding PRSUs) of $6.1 million, which is expected to be recognized over the remaining average vesting period of 2.1 years.

During the three months ended March 31, 2025, in connection with the Company's annual compensation cycle, the Company granted PRSUs to members of the Company's senior leadership team to more closely align with long-term performance incentives. The awards vest as to a certain number of PRSUs upon the achievement of specified clinical performance milestones over multiple years. Stock-based compensation for PRSUs is based on the fair value of the Company's common stock on the date of grant and will be recognized at the time the achievement of the specified performance milestones becomes probable. The Company did not recognize any stock-based compensation expense in connection with the PRSUs during the three months ended March 31, 2026.

As of March 31, 2026, the Company had unrecognized stock-based compensation expense related to its unvested PRSUs of $2.3 million. The Company will recognize a cumulative catch-up adjustment in the period in which the specified performance condition is considered probable.

***Stock Options***

The following is a summary of stock option activity for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Shares** | **Weighted**<br>**Average**<br>**Exercise Price** | **Remaining** <br>**Contractual**<br>**Life (in years)** | **Aggregate** <br>**Intrinsic Value**<br>**(in thousands)** |
| Outstanding as of December 31, 2025 | 9613881 | $7.26 | 6.8 | $1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 2328200 | 3.72 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (87450) | 3.39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cancelled or forfeited | (756056) | 6.14 |  |  |
| Outstanding as of March 31, 2026 | 11098575 | $6.63 | 6.8 | $1452 |
| Exercisable as of March 31, 2026 | 6603226 | $7.93 | 5.3 | $880 |

---

As of March 31, 2026, the Company had unrecognized stock-based compensation expense related to its unvested stock options of $13.3 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.

**10. Net loss per share**

For purposes of the diluted net loss per share, unvested restricted common stock awards, unvested RSUs and PRSUs, and outstanding stock options are considered to be potentially dilutive securities. Unvested RSUs and PRSUs and outstanding stock options were excluded from the calculation of diluted net loss per share in the three months ended March 31, 2026 and 2025, because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for the three months ended March 31, 2026 and 2025.

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to include them would be anti-dilutive:

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| | | |
|:---|:---|:---|
|  | **As of March 31,**  | **As of March 31,**  |
|  | **2026** | **2025** |
| Unvested RSUs and PRSUs | 2108627 | 2849278 |
| Outstanding stock options | 11098575 | 10522083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 13207202 | 13371361 |

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**11. Related-party transactions**

During the three months ended March 31, 2026, the Company received scientific advisory board and other scientific advisory services from one of its prior executives, Dinah Sah, Ph.D., the Company's former Chief Scientific Officer. The total amount of fees paid to Dr. Sah for services provided during the three months ended March 31, 2026 and 2025 was $0.1 million and 0.2 million, respectively.

Under both the 2019 Neurocrine Collaboration Agreement and the 2023 Neurocrine Collaboration Agreement, the Company and Neurocrine have agreed to conduct research, development and commercialization activities for certain of the Company's AAV gene therapy product candidates. Any amounts due from Neurocrine are reflected as related party collaboration receivable. Amounts received from Neurocrine that have not yet been recognized as revenue are reflected as deferred revenue. Refer to Note 8 for further description of these account balances.

For the three months ended March 31, 2026 and 2025, the Company recognized collaboration revenue of $1.4 million and $5.0 million, respectively, related to the 2023 and 2019 Neurocrine Collaboration Agreements.

**12. Segment Information**

The Company's Chief Operating Decision Maker ("CODM"), the Company's Chief Executive Officer, views the Company's operations and manages its business as a single operating segment, which is the business of developing and commercializing genetic medicines. The Company therefore has one reportable segment.

The CODM reviews the segment's profit or loss based on net loss reported on the condensed consolidated statement of operations and comprehensive loss and considers forecast-to-actual variances quarterly for expenses that are deemed significant in making resource allocation decisions and assessing performance. Further, the CODM reviews the segment's assets based on total assets reported on the condensed consolidated balance sheets. All long-lived assets are held in the United States.

The CODM views specific categories within research and development expenses and general and administrative expenses in totality as significant. Further, the CODM views the external research and development expenses of specific programs as significant given the impact on achieving the Company's corporate goals. The following table reconciles reported collaboration revenue and segment expenses to net loss under the significant expense principle for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Collaboration revenue | $2593 | $6473 |
| &nbsp;&nbsp;External research and development <sup>(1)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-tau antibody program (VY7523) | 2377 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau silencing gene therapy program (VY1706) | 5636 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOD1 silencing gene therapy program |  | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnered programs <sup>(2)</sup> | 672 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other programs and platforms <sup>(3)</sup> | 1699 | 3181 |
| &nbsp;&nbsp;Internal research and development <sup>(4)</sup> | 8093 | 9958 |
| &nbsp;&nbsp;Facilities and other research and development <sup>(5)</sup> | 6125 | 8087 |
| &nbsp;&nbsp;General and administrative <sup>(5)</sup> | 8261 | 9640 |
| &nbsp;&nbsp;Interest income | 1912 | 3291 |
| &nbsp;&nbsp;Other income | 435 | 418 |
| &nbsp;&nbsp;Income tax provision | 14 | 37 |
| Net loss | $(27937) | $(31021) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) External research and development is allocated to the Company's programs and platforms and includes laboratory supplies and non-employee consultant and contractor costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Partnered programs include programs in which the Company is collaborating with partners to develop AAV gene therapy products and product candidates under the Company's 2019 and 2023 Neurocrine Collaboration Agreements and the License and Collaboration Agreement the Company entered into with Novartis on December 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other programs and platforms consist of expenses related to other early research programs and platforms that are not considered quantitatively and qualitatively significant, including capsid discovery, non-viral delivery, and early research programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Internal research and development consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Depreciation and amortization expense is allocated between general and administrative and facilities and other research and development.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the audited financial information and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission, or the SEC, on March 9, 2026.*

*Our actual results and timing of certain events may differ materially from the results discussed, projected, anticipated, or indicated in any forward-looking statements. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. The following information and any forward-looking statements should be considered in light of factors discussed in Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and, if applicable, those included under Part II, Item 1A of our Quarterly Reports on Form 10-Q, that could cause actual future results or events to differ materially from the forward-looking statements that we make.*

**Overview**

We are a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Our pipeline includes programs for Alzheimer's disease, or AD; Friedreich's ataxia, or FA; Parkinson's disease, or PD; and multiple other diseases of the central nervous system, or CNS. Many of our programs are derived from our TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) adeno-associated virus, or AAV, capsid discovery platform, which we have used to generate novel capsids, or TRACER Capsids, and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous, or IV, dosing. Some of our programs are wholly-owned, and some are advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease, or Alexion; Novartis Pharma AG, or Novartis; Neurocrine Biosciences, Inc., or Neurocrine; and Transition Bio, Inc., or Transition Bio.

We are advancing our own proprietary pipeline of drug candidates for neurological diseases, with a focus on AD. Our wholly-owned prioritized pipeline includes two tau targeting programs: VY1706, a tau silencing gene therapy for AD, and VY7523, an anti-tau antibody for AD. VY1706 is a gene therapy that leverages an intravenously delivered TRACER Capsid containing a vectorized small interfering RNA specifically targeting tau mRNA. In a non-human primate, or NHP, study, a single 1.3E13 vector genomes per kilogram, or vg/kg, dose of VY1706 delivered intravenously resulted in reductions in tau mRNA levels of 50% to 73% across the cerebral cortex, including in areas of the brain where tau accumulates during the progression of AD. We completed investigational new drug-enabling good laboratory practices, or GLP, toxicology in the first quarter of 2026. Having had a Type C communication with the FDA in the first quarter of 2026, we anticipate completion of the investigational new drug, or IND, application process for the VY1706 program in the second quarter of 2026 and, subject to successful IND clearance, initiation of a clinical trial for the VY1706 program in the second half of 2026. VY7523 is an IV-administered, recombinant, humanized IgG4 monoclonal antibody developed to inhibit the spread of pathological tau, which is closely correlated with disease progression and cognitive decline in AD. 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 positron emission tomography imaging efficacy data in the second half of 2026.

Our proprietary pipeline also includes an early research initiative to develop a non-viral therapeutic that leverages our proprietary Voyager NeuroShuttle<sup>TM</sup> platform for the treatment of an undisclosed neurological disease.

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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 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.

Our third opt-in program is our collaboration with Transition Bio to develop selective small molecules for the treatment of amyotrophic lateral sclerosis, or ALS, and frontotemporal dementia with TDP-43 pathology. We have an option for an exclusive license to the worldwide rights to develop and commercialize this program, which is in the research stage.

In addition to the three partnered programs for which we retain opt-in rights, we have entered into multiple additional collaboration and licensing agreements with collaboration partners.

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 therapies 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.

All of the gene therapies in our wholly-owned and collaborative pipeline are delivered intravenously leveraging TRACER capsids. TRACER is a broadly applicable, RNA-based screening platform that enables rapid discovery of AAV capsids with robust penetration of the blood-brain barrier, or BBB, and enhanced CNS tropism in multiple species, including NHPs. We subsequently utilized these BBB-penetrant capsids to identify the receptors by which the capsids enter the BBB. We have identified multiple receptors, including alkaline phosphatase, or ALPL, that are capable of transporting a large biologic molecule, such as a capsid, across the BBB.

We have leveraged our knowledge of BBB receptors, discovered using TRACER, to develop a second delivery platform called Voyager NeuroShuttle<sup>TM</sup>. 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-NeuroShuttle showed similar target engagement to a TfR shuttle. We initiated a discovery program using ALPL-VYGR-NeuroShuttle to target an undisclosed neurological disease.

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**Overview of Our Pipeline**

![Graphic](vygr-20260331x10q006.jpg)

**Collaboration and License Agreements**

**2023 Novartis License and Collaboration Agreement**

On December 28, 2023, we entered into a License and Collaboration Agreement with Novartis, or the 2023 Novartis Collaboration Agreement, to (a) provide rights to Novartis with respect to certain TRACER Capsids for use in the research, development, and commercialization by Novartis of AAV gene therapy products and product candidates, comprising such TRACER Capsids and payloads intended for the treatment of SMA, or the Novartis SMA Program, and (b) collaborate to develop AAV gene therapy products and product candidates intended for the treatment of HD, or the Novartis HD Program, in each case, leveraging TRACER Capsids and other intellectual property controlled by us. We refer to products and product candidates developed under the Novartis SMA Program as Novartis SMA Program Products, and products and candidates developed under the Novartis HD Program as Novartis HD Program Products. With respect to the Novartis HD Program, the parties have agreed to conduct research and pre-clinical development of Novartis HD Program Products pursuant to a research plan, with Novartis reimbursing us for our activities thereunder in accordance with the agreed-to budget.

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."

**2022 Novartis Option and License Agreement**

On March 4, 2022, we entered into an option and license agreement with Novartis, or the 2022 Novartis Option and License Agreement. Pursuant to the 2022 Novartis Option and License Agreement, we granted Novartis options, or

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the Novartis License Options, to license TRACER Capsids, or the Novartis Licensed Capsids, for exclusive use in programs targeting three specified genes, or the Initial Novartis Targets, to develop and commercialize AAV gene therapy candidates comprised of Novartis Licensed Capsids and payloads directed to the Initial Novartis Targets, or the Novartis Initial Licensed Products. Effective as of March 1, 2023, Novartis exercised its Novartis License Options to license TRACER Capsids for use in gene therapy programs against two undisclosed Initial Novartis Targets. Upon Novartis' exercise of the two Novartis License Options for Initial Novartis Targets, we granted Novartis a target-exclusive, worldwide license, with the right to sublicense, under certain of our intellectual property, the rights to develop and commercialize the applicable Novartis Licensed Capsid as incorporated into Novartis Initial Licensed Products. We also agreed to provide certain additional know-how to enable Novartis to exploit the Novartis Licensed Capsid and a payload directed to the applicable Initial Novartis Target for use in a Novartis Initial Licensed Product. Novartis elected not to license a capsid for one Initial Novartis Target prior to the expiration of the applicable Novartis License Option. As a result, the non-exclusive research license that we granted to Novartis in connection with this third Initial Novartis Target terminated, and all capsid rights with respect to that Initial Novartis Target returned to us.

On September 3, 2024, we entered into an amendment, or the Novartis Amendment, to the 2022 Novartis Option and License Agreement. Pursuant to the Novartis Amendment, we agreed to amend the 2022 Novartis Option and License Agreement to incorporate the grant to Novartis of a direct license, or a Novartis Direct License, to a TRACER Capsid, or the Novartis Direct Licensed Capsid, for exclusive use with a certain gene, or the Novartis Direct License Target, to develop and commercialize the Novartis Direct Licensed Capsid as incorporated into AAV gene therapy candidates comprised of the Novartis Direct Licensed Capsid and a payload directed to the Novartis Direct License Target, or the Novartis Direct Licensed Products. We refer to (a) the two Initial Novartis Targets for which Novartis has exercised its Novartis License Options and the Novartis Direct License Target collectively as Novartis Licensed Targets, and (b) the Novartis Initial Licensed Products and Novartis Direct Licensed Products collectively as Novartis Licensed Products. As a result of the Novartis Amendment, the Novartis Direct License Target was deemed a Licensed Target under the 2022 Novartis Option and License Agreement, as such term is defined therein, and the Novartis Direct License became subject to all other terms and conditions applicable to other licenses granted to Novartis under the 2022 Novartis Option and License Agreement. In connection with the Novartis Amendment, the parties acknowledged that Novartis' prior rights to exercise options for any initial targets and additional targets as described in the 2022 Novartis Option and License Agreement, other than those that had previously been exercised, had expired as of the effective date of the Novartis Amendment.

Under the terms of the 2022 Novartis Option and License Agreement, Novartis has the right to terminate the agreement, in whole or in part, for any or no reason upon ninety days' written notice to us. In October 2025, Novartis notified us of its partial termination of the 2022 Novartis Option and License Agreement with respect to one Initial Novartis Target and the Novartis Direct License Target, in each case effective February 1, 2026, or the Effective Partial Termination Date.

Following the termination of the two programs, the licenses we granted to Novartis regarding the applicable Initial Novartis Target and the Novartis Direct License Target expired, and all intellectual property rights that we licensed to Novartis with respect to such programs reverted to us in accordance with the 2022 Novartis Option and License Agreement. As of the Effective Partial Termination Date, we are no longer eligible to receive the milestone payments or royalties associated with these programs. The 2022 Novartis Option and License Agreement remains in full force and effect for, and we remain eligible to receive milestone payments and royalties in connection with, the remaining Initial Novartis Target.

We are eligible to receive specified development, regulatory, and commercialization milestone payments of up to an aggregate of $125.0 million for the first Novartis Initial Licensed Product for the remaining Initial Novartis Target for which a Novartis License Option has been exercised to achieve the corresponding milestone. We are eligible to receive (a) specified sales milestone payments of up to an aggregate of $175.0 million per Novartis Licensed Product directed to the remaining Initial Novartis Target and (b) tiered, escalating royalties in the mid-to high-single-digit percentages based on annual net sales of each Novartis Licensed Product directed to the remaining Initial Novartis Target. The remaining Initial Novartis Target is distinct from targets in our wholly-owned and partnered pipeline. For a further description of the 2022 Novartis Option and License Agreement, refer to Note 9, *Significant Agreements*, to our

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consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, under the caption "2022 Novartis Option and License Agreement."

**2023 Neurocrine Collaboration Agreement**

On January 8, 2023, we entered into a collaboration and license agreement with Neurocrine, or the 2023 Neurocrine Collaboration Agreement, for the research, development, manufacture and commercialization of the GBA1 Program, and three new programs focused on the research, development, manufacture and commercialization of gene therapies designed to address CNS diseases or conditions associated with rare genetic targets, or the 2023 Discovery Programs, and, collectively with the GBA1 Program, the 2023 Neurocrine Programs. With the exception of one preclinical study where we agreed to share costs, Neurocrine has agreed to be responsible for all costs we incur in conducting preclinical development activities for each 2023 Neurocrine Program, in accordance with workplans and budgets agreed upon by a Joint Steering Committee, or the JSC.

The 2023 Neurocrine Collaboration Agreement provides for aggregate development milestone payments from Neurocrine to us for the gene therapy products, or the 2023 Collaboration Products, under (a) the GBA1 Program of up to $985.0 million; and (b) each of the three 2023 Discovery Programs of up to $175.0 million for each 2023 Discovery Program. We may be entitled to receive aggregate commercial milestone payments for up to two 2023 Collaboration Products under the GBA1 Program of up to $950.0 million per 2023 Collaboration Product and for one 2023 Collaboration Product under each 2023 Discovery Program of up to $275.0 million per 2023 Discovery Program. We agreed to forfeit certain milestones and royalties on net sales in the United States if we exercise our option to co-develop and co-commercialize 2023 Collaboration Products in the GBA1 Program in the United States upon the occurrence of a specified event.

Neurocrine has also agreed to pay us tiered royalties, based on future net sales of the 2023 Collaboration Products. Such royalty percentages, for net sales in and outside the United States, range from (a) for the GBA1 Program, the low double-digits to twenty and the high single-digits to mid-teens, respectively, and (b) for each 2023 Discovery Program, high single-digits to mid-teens and mid-single digits to low double-digits, respectively. For a further description of the 2023 Neurocrine 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 Neurocrine Collaboration Agreement."

**2019 Neurocrine Collaboration Agreement**

In January 2019, we entered into the 2019 Neurocrine Collaboration Agreement for the research, development and commercialization of certain of our AAV gene therapy products. Under the 2019 Neurocrine Collaboration Agreement, we agreed to collaborate on the conduct of four collaboration programs, which we refer to collectively as the 2019 Neurocrine Programs: the NBIb-1817 (VY-AADC) program for the treatment of PD, or the VY-AADC Program; the FA Program; and two other programs, or the 2019 Discovery Programs. Effective August 2, 2021, Neurocrine terminated the VY-AADC Program under the 2019 Neurocrine Collaboration Agreement, and the license granted by us to Neurocrine expired and we regained worldwide intellectual property rights regarding such program.

On April 30, 2025, as a result of Neurocrine no longer prioritizing the two 2019 Discovery Programs, the JSC mutually agreed to discontinue the activities associated with such programs, and to return the rights to those targets to us. As a result of the discontinuation, the licenses granted by us to Neurocrine thereunder regarding the 2019 Discovery Programs terminated and we regained worldwide intellectual property rights regarding such programs. The 2019 Neurocrine Collaboration Agreement remains in full force and effect for the FA Program.

The 2019 Neurocrine Collaboration Agreement provides for aggregate development milestone payments from Neurocrine to us for the gene therapy products, or the 2019 Collaboration Products under the FA Program of up to $195.0 million. We may be entitled to receive aggregate commercial milestone payments for each 2019 Collaboration Product of up to $275.0 million, for a total of up to $550.0 million under the FA Program. Neurocrine has also agreed to pay us royalties, based on future net sales of the 2019 Collaboration Products. Such royalty percentages, for net sales in and outside the United States, as applicable, range from the low-teens to high-teens and high-single digits to mid-teens,

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for the FA Program. For a further description of the 2019 Neurocrine 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 "2019 Neurocrine Collaboration Agreement."

**Alexion Option and License Agreement**

On October 1, 2021, we entered into an option and license agreement, or the Alexion Agreement, with Pfizer Inc., or Pfizer, pursuant to which we granted Pfizer options to receive an exclusive license to certain TRACER Capsids to develop and commercialize certain AAV gene therapy candidates comprised of a capsid and specified transgene. Effective as of September 30, 2022, Pfizer exercised one option with respect to a capsid for a specified transgene for the potential treatment of a rare neurological disease, and we granted Pfizer an exclusive, worldwide license, with the right to sublicense, under certain of our intellectual property, the rights to develop and commercialize rare neurological disease products utilizing the capsid candidate and incorporating the specified transgene.

Effective upon the closing of a transaction on September 20, 2023, Alexion (via Alexion Pharma International Operations Limited, or APIO) acquired all of Pfizer's rights under the Alexion Agreement and became the successor-in-interest to Pfizer thereunder. APIO subsequently assigned the Alexion Agreement to its affiliate AstraZeneca Ireland Limited, or AstraZeneca. Neither the acquisition by Alexion nor the subsequent assignment from APIO to AstraZeneca impacted the material terms of the Alexion Agreement.

Pursuant to an amendment to the Alexion Agreement effective as of September 30, 2024, we agreed to extend the research term thereunder until April 1, 2025, during which period we may, at our sole discretion and expense, conduct further research activities to identify additional TRACER Capsids for potential use in the development of AAV gene therapies under the Alexion Agreement. Effective March 15, 2025, we agreed to further extend the research term to October 1, 2025. On October 1, 2025, Alexion exercised its right to substitute another TRACER Capsid for the TRACER Capsid that was originally licensed under the Alexion Agreement. For a further description of the Alexion 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 "Alexion Option and License Agreement (Formerly Pfizer Option and License Agreement)."

**License Agreement with Transition Bio**

In June 2025, we entered into a research collaboration, option and license agreement with Transition Bio, or the Transition Bio Agreement. The Transition Bio Agreement superseded a prior agreement between us and Transition Bio dated December 24, 2024. Under the terms of the agreement, Transition Bio is responsible for the discovery and optimization of small molecules targeting TDP-43 until nomination of a development candidate, upon which we will have an option to license the worldwide exclusive rights to develop and commercialize the program. The Transition Bio Agreement contains a termination for convenience clause that allows for either party to terminate the arrangement for any reason or no reason upon sixty days prior written notice. In the event that we terminate the Transition Bio Agreement due to a change in control, we are obligated to pay Transition Bio up to $2.0 million in termination fees.

We paid Transition Bio a low single-digit million dollar upfront payment during the year ended December 31, 2024 in connection with a prior agreement. During the fourth quarter of 2025, we paid Transition Bio an additional low single-digit million dollar payment for the achievement of a research milestone. Transition Bio is eligible to receive potential research, development, commercial and net sales milestone payments totaling up to $500.0 million. Transition Bio is also eligible for high single-digit to low double-digit royalties on net sales during the royalty term of up to ten years. For a further description of the Transition Bio 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 "Other Agreements."

**License Agreement with Touchlight IP Limited**

In November 2022, we and Touchlight IP Limited, or Touchlight, entered into a license agreement, or the Touchlight License Agreement, to authorize historical use by us of a certain DNA preparation process, or the Subject

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DNA Preparation Process, and to authorize the prospective exploitation of TRACER Capsids created with the use of the Subject DNA Preparation Process. The terms of the Touchlight License Agreement include future milestone payments and low single-digit royalties payable to Touchlight by us if we or our program collaborators or licensees choose to utilize in a therapeutic product certain TRACER Capsids that were created with the historical use of the Subject DNA Preparation Process. Additionally, we are obligated to pay low single-digit royalties to Touchlight on future payments we receive in connection with licensing of certain TRACER Capsids that were created with the historical use of the Subject DNA Preparation Process, excluding the licensing of or collaboration on any of our therapeutic programs. For a further description of the TouchLight License 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 "Other Agreements."

***Accumulated Deficit; Expenses***

We have a history of incurring significant losses. We reported a net loss of $27.9 million for the three months ended March 31, 2026, and a net loss of $119.7 million for the fiscal year ended December 31, 2025. As of March 31, 2026, we had an accumulated deficit of $473.8 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:

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

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

● continue investing in NeuroShuttle, our proprietary non-viral delivery platform leveraging novel receptor-binding molecules to transport multiple modalities of neurotherapeutics across the BBB ;

● continue investing in and supporting TRACER, our proprietary discovery platform to facilitate the selection of TRACER Capsids, and our investment to discover TRACER Capsids with broad tropism in CNS and other tissues with cell-specific transduction properties for particular therapeutic applications;

● 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;

● increase our investment in the discovery and development of additional modalities for receptor-mediated non-viral delivery of therapeutic payloads to the CNS, including but not limited to our ALPL and other BBB-receptor ;

● 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 G BA1 Program, pursuant to the 2023 Neurocrine Collaboration Agreement, and the Novartis HD Program, pursuant to the 2023 Novartis Collaboration Agreement;

● initiate additional preclinical studies and clinical trials for, and continue research and development of, our other programs;

● continue our process research and development activities, as well as establish our research-grade manufacturing capabilities;

● identify additional diseases for treatment with our AAV gene and non-viral therapies and BBB-crossing technologies and develop additional programs or product candidates;

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● seek marketing and regulatory approvals for any of our product candidates that successfully complete clinical development;

● maintain, expand, protect and enforce our intellectual property portfolio;

● identify, acquire or in-license other product candidates and technologies;

● expand our operational, financial and management systems and personnel, including personnel to support our clinical development, manufacturing and commercialization efforts;

● increase our clinical trial insurance coverage as we expand our clinical trials and increase our product liability insurance once we engage in commercialization efforts; and

● continue to operate as a public company.

As discussed within "Liquidity and Capital Resources", we expect to continue to rely on additional financing and business development transactions to achieve our business objectives. If we are unable to raise additional funds when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or product candidates that we would otherwise prefer to develop and market ourselves.

**Financial Operations Overview**

***Revenue***

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 March 31, 2026, we recognized $1.3 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $0.1 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, and $1.2 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement. For the three months ended March 31, 2025, we recognized $4.5 million of collaboration revenue from the 2023 Neurocrine Collaboration Agreement, $0.5 million of collaboration revenue from the 2019 Neurocrine Collaboration Agreement, $1.2 million of collaboration revenue in connection with the 2023 Novartis Collaboration Agreement, and $0.3 million of other collaboration revenue.

For additional information about our revenue recognition policy related to collaborations pursuant to the 2023 and 2019 Neurocrine Collaboration Agreements and the 2023 Novartis Collaboration Agreement, refer to Note 9, *Significant Agreements*, of the December 31, 2025, consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

For the foreseeable future, we expect substantially all of our revenue will be generated from the 2019 Neurocrine Collaboration Agreement, the 2023 Neurocrine Collaboration Agreement, the 2023 Novartis Collaboration Agreement, the 2022 Novartis Option and License Agreement, and the Alexion Agreement, and any other strategic collaborations and out-licensing arrangements we may enter into in the future. If our development efforts are successful, we may also generate revenue from product sales.

***Expenses***

*Research and Development Expenses*

Research and development expenses consist primarily of costs incurred for our research activities, including our program discovery efforts and the development of our proprietary antibody, gene therapy, and non-viral therapeutic platforms and programs, which include:

● employee-related expenses including salaries, benefits, and stock-based compensation expense;

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● costs of funding research performed by third parties that conduct research and development, preclinical and clinical activities, manufacturing and production design on our behalf;

● the cost of purchasing laboratory supplies and non-capital equipment used in designing, developing and manufacturing preclinical and clinical study materials;

● consultant fees;

● facility costs, including rent, depreciation and maintenance expenses;

● the cost of securing and protecting intellectual property rights associated with our research and development activities;

● fees for maintaining licenses under our third-party licensing agreements; and

● payments under our research and collaboration agreements.

Research and development costs are expensed as incurred. Costs for certain activities, such as manufacturing, preclinical studies, and clinical trials, are generally recognized based on an evaluation of the progress to completion of specific tasks using information and data provided to us by our vendors and collaborators.

Research and development activities are central to our business model. We are in the early stages of development of our product candidates. We expect research and development expenses to decrease in the near term as a result of continued portfolio prioritization and alignment of operating expenditures with our current capital resources. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of our product candidates.

Because of the numerous risks and uncertainties associated with pharmaceutical product development, we are unable to accurately predict the timing or amount of increased expenses. Our expenses will increase if:

● we are required by the FDA or the European Medicines Agency or other regulatory agencies to redesign or modify trials or studies or to perform trials or studies in addition to those currently expected;

● there are any delays in the receipt of regulatory clearance to begin our planned clinical programs; or

● there are any delays in site initiation, enrollment of participants in or completion of our clinical trials or the development of our product candidates.

*General and Administrative Expenses*

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.

*Other Income, Net*

Other income, net consists primarily of interest income on our marketable securities and payments received under the sublease of the office and laboratory space in Cambridge, Massachusetts.

***Critical Accounting Policies and Estimates***

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

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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 March 31, 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.

**Results of Operations** 

***Comparison of the three months ended March 31, 2026 and 2025***

The following table summarizes our results of operations for the three months ended March 31, 2026, and 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | |
|  | **March 31,**  | **March 31,**  | |
|  | **2026** | **2025** | <br><br>**Change** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Collaboration revenue | $2593 | $6473 | $(3880) |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 24602 | 31526 | (6924) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 8261 | 9640 | (1379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 32863 | 41166 | (8303) |
| Other income, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1912 | 3291 | (1379) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 435 | 418 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 2347 | 3709 | (1362) |
| Loss before income taxes | (27923) | (30984) | 3061 |
| Income tax provision | 14 | 37 | (23) |
| Net loss | $(27937) | $(31021) | $3084 |

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*Collaboration Revenue*

Collaboration revenue was $2.6 million and $6.5 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, we recognized $1.3 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $0.1 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, and $1.2 million of collaboration revenue under the 2023 Novartis Collaboration Agreement. During the three months ended March 31, 2025, we recognized $4.5 million of collaboration revenue under the 2023 Neurocrine Collaboration Agreement, $0.5 million of collaboration revenue under the 2019 Neurocrine Collaboration Agreement, $1.2 million of collaboration revenue under the 2023 Novartis Collaboration Agreement, and $0.3 million in other collaboration revenue.

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*Research and Development Expense*

The following table summarizes our research and development expenses for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |  |
|  | **March 31,**  | **March 31,**  |  |
|  | **2026** | **2025** | **Change** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Internal research and development | $8093 | $9958 | $(1865) |
| External research and development: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anti-tau antibody program (VY7523) | 2377 | 4249 | (1872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tau silencing gene therapy program (VY1706) | 5636 | 3174 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOD1 silencing gene therapy program |  | 1886 | (1886) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnered programs | 672 | 991 | (319) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other programs and platforms  | 1699 | 3181 | (1482) |
| Facilities and other | 6125 | 8087 | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total research and development expenses | $24602 | $31526 | $(6924) |

---

Research and development expense was $24.6 million and $31.5 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The $6.9 million decrease was primarily due to the discontinuation of the SOD1 program, reduced spend on the anti-tau antibody program (VY7523) as enrollment in planned clinical trials was completed, and lower employee-related expenses as we had lower headcount due to cost-cutting initiatives. The decrease was partially offset by an increase in the tau silencing gene therapy program (VY1706) in preparation for the planned clinical trial initiation.

*General and Administrative Expense*

General and administrative expense decreased by $1.4 million from $9.6 million for the three months ended March 31, 2025 to $8.3 million for the three months ended March 31, 2026. The decrease in general and administrative expense was primarily attributable to lower legal fees and reduced employee-related expenses as a result of lower headcount year-over-year due to cost-cutting and efficiency initiatives.

*Other Income, Net*

Other income, net decreased by $1.4 million from $3.7 million for the three months ended March 31, 2025 to $2.3 million for the three months ended March 31, 2026. The decrease was primarily due to decreased interest income on our marketable securities balances, as our marketable securities balance decreased during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

**Liquidity and Capital Resources** 

***Sources of Liquidity***

We have funded our operations primarily through private placements of redeemable convertible preferred stock, public offerings and private placements of our common stock, strategic collaborations and option and license arrangements, including our 2019 Neurocrine Collaboration Agreement, 2023 Neurocrine Collaboration Agreement, 2022 Novartis Option and License Agreement, 2023 Novartis Collaboration Agreement, Alexion Agreement, and our prior collaboration agreements.

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 common stock with an aggregate value of up to $100.0 million in an at-the-market offering, or the ATM Facility. We sold 630,570 shares of our common stock under the ATM Facility during the three months ended March 31, 2026. These shares were sold at a weighted average price per share of

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$4.92 for aggregate net proceeds of $3.0 million, after deducting commissions and offering costs. As of March 31, 2026, $96.9 million remained available to be sold under the ATM Facility.

*Cash Flows*

The following table provides information regarding our cash flows for the three months ended March 31, 2026, and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; *(in thousands)* | &nbsp;&nbsp;&nbsp;&nbsp; *(in thousands)* |
| Net cash (used in) provided by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $(33419) | $(37895) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | 8101 | 41201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | 3332 | 82 |
| Net increase in cash, cash equivalents, and restricted cash | $(21986) | $3388 |

---

*Net Cash Used in Operating Activities*

Net cash used in operating activities was $33.4 million during the three months ended March 31, 2026, compared to $37.9 million during the three months ended March 31, 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 three months ended March 31, 2026, was primarily due to our net loss of $27.9 million, combined with changes in our working capital accounts, including decreases in accrued expenses and accounts payable and deferred revenue during the three months ended March 31, 2026.

Net cash used in operating activities during the three months ended March 31, 2025, was primarily due to our net loss of $31.0 million, combined with changes in our working capital accounts, including a decrease in accrued expenses and deferred revenue during the three months ended March 31, 2025.

*Net Cash Provided by Investing Activities*

Net cash provided by investing activities was $8.1 million during the three months ended March 31, 2026, compared to $41.2 million during the three months ended March 31, 2025. The decrease was primarily due to a decrease in proceeds from sales and maturities of marketable securities of $67.2 million, partially offset by decreases in purchases of marketable securities of $33.5 million during the three months ended March 31, 2026.

*Net Cash Provided by Financing Activities*

Net cash provided by financing activities was $3.3 million during the three months ended March 31, 2026, compared to $0.1 million during the three months ended March 31, 2025. The increase was primarily due to $3.0 million in proceeds during the three months ended March 31, 2026, from the issuance of common stock from the ATM Facility.

*Funding Requirements*

Our expenses decreased during the three months ended March 31, 2026, as compared with the three months ended March 31, 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, pending successful IND clearance, 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

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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.

As of March 31, 2026, we had cash, cash equivalents, and marketable securities of $171.7 million. Based upon our current operating plan, we expect that our existing cash, cash equivalents, and marketable securities at March 31, 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:

● 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;

● the scope, progress, results, costs, prioritization, and number of our research and development programs;

● the progress and status of our strategic collaborations and option and license agreements and any similar arrangements we may enter into in the future, including any research and development costs for which we are responsible, future additional obligations that we may be committed to in connection with these agreements, including, for example, if we elect to exercise our rights for any of the three programs for which we retain opt-in rights, and our receipt of any expense reimbursements, future milestone payments and royalties from our collaboration partners or licensors;

● the extent to which we are obligated to reimburse preclinical development and clinical trial costs, or the achievement of milestones or occurrence of other developments that trigger milestone and royalty payments, under any collaboration or license agreements to which we might become a party, such as the Touchlight License Agreement and the Transition Bio Agreement;

● the costs, timing and outcome of regulatory review of our product candidates;

● our ability to establish and maintain collaboration, distribution, or other marketing arrangements for our product candidates on favorable terms, if at all;

● the costs and timing of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property-related claims;

● 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;

● the costs of advancing our manufacturing capabilities and securing manufacturing arrangements for pre-commercial and commercial production;

● the level of product sales by us or our collaborators from any product candidates for which we obtain marketing approval in the future;

● the costs of operating as a public company and maintaining adequate product, clinical trial, and directors' and officers' liability insurance coverage; and

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● the costs of establishing or contracting for sales, manufacturing, marketing, distribution, and other commercialization capabilities if we obtain regulatory approvals to market our product candidates .

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes years to complete. We may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our product revenues, if any, and any commercial milestone payments or royalty payments under our collaboration agreements will be derived from sales of products that may not be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing and business development transactions to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.

Until such time, if ever, as we can generate product revenues sufficient to achieve consistent profitability, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances, and option and license arrangements. We do not have any committed external source of funds other than the amounts we are entitled to receive from our collaboration partners and licensees for reimbursement of certain research and development expenses, potential option exercises, the achievement of specified regulatory and commercial milestones, and royalty payments under our collaboration, and option and license agreements, as applicable. To the extent that we raise additional capital through the sale of equity or equity-linked securities, including convertible debt, our stockholders' ownership interests will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our existing stockholders' rights as holders of our common stock. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, obtaining additional capital, acquiring or divesting businesses, making capital expenditures or declaring dividends.

If we raise additional funds through collaborations, strategic alliances, or option and license arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or product candidates that we would otherwise prefer to develop and market ourselves.

***Contractual Obligations***

We enter into agreements in the normal course of business with clinical research organizations, contract manufacturing organizations, and institutions to license intellectual property. These contracts generally are cancelable at any time by us upon 30 to 90 days prior written notice.

Our agreements to license intellectual property generally include potential milestone payments that are dependent upon the development of products using the intellectual property licensed under the agreements and contingent upon the achievement of clinical trial or regulatory approval milestones. We may also be required to pay annual maintenance fees or minimum amounts payable ranging from low-four digits to low five-digits depending upon the terms of the applicable agreement. In certain instances, we are also obligated to pay our licensors royalties based on sales of products, if approved, using the intellectual property licensed under the applicable agreement.

We also have non-cancelable operating lease commitments arising from our leases of office and laboratory space at our facilities in Cambridge and Lexington, Massachusetts. For more information, refer to Note 6 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

**Off-Balance Sheet Arrangements**

We did not have, during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under applicable SEC rules.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are exposed to market risk related to changes in interest rates. We have policies requiring us to invest in high-quality issuers, limit our exposure to any individual issuer, and ensure adequate liquidity. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because our investments, including cash equivalents, are in the form of money market funds and marketable securities and are invested in U.S. Treasury notes or government obligations and corporate securities. Due to the short-term duration of our investment portfolio and the low risk profile of our investments, we believe an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.

We are not currently exposed to market risk related to changes in foreign currency exchange rates; however, we may contract with vendors that are located in Asia and Europe in the future and may be subject to fluctuations in foreign currency rates at that time.

Inflation generally affects us by increasing our costs of labor, goods, and services. We do not believe that inflation had a material effect on our business, financial condition, or results of operations during the three months ended March 31, 2026.

**ITEM 4. CONTROLS AND PROCEDURES**

**Management's Evaluation of Disclosure Controls and Procedures**

We maintain "disclosure controls and procedures," as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act of 1934, or the Exchange Act, to mean controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Our disclosure controls and procedures include, without limitation, controls and other procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our principal executive officer and principal financial officer have concluded based upon the evaluation described above that, as of March 31, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

We continue to review and document our disclosure controls and procedures and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.

***Changes in Internal Control over Financial Reporting***

During the first quarter of 2026, we completed the implementation of a new enterprise resource planning, or ERP, system to replace our previous ERP system. As a result of this implementation, we modified certain existing internal controls over financial reporting and implemented application controls related to the new ERP system. The changes in process and procedures under the new ERP system continue to be subject to our evaluation of the operating effectiveness of internal control over financial reporting. During the three months ended March 31, 2026, there have been no other changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

In the ordinary course of business, we are from time to time involved in lawsuits, claims, investigations, proceedings, and threats of litigation relating to intellectual property, commercial arrangements and other matters. While the outcome of any such matters cannot be predicted with certainty, as of March 31, 2026, we were not party to any material pending proceedings. No material governmental proceedings are pending or, to our knowledge, contemplated against us. We are not a party to any material proceedings in which any director, member of senior management or affiliate of ours is either a party adverse to us or our subsidiaries or has a material interest adverse to us or our subsidiaries.

**ITEM 1A. RISK FACTORS**

We are subject to a number of risks that could adversely affect our business, results of operations financial condition and future prospects, including those identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on March 9, 2026. Any of the risks and uncertainties described in our Annual Report on Form 10-K could materially and adversely affect our business, financial condition, results of operations and future growth prospects, and such risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less significant may also impair our business operations. Please see the discussion under the caption "Forward-Looking Statements" in this Quarterly Report on Form 10-Q for a discussion of some of the forward-looking statements that are qualified by these risk factors.

**ITEM 5.** **OTHER INFORMATION**

**Director and Officer Trading Arrangements**

A portion of the compensation of our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, or the Exchange Act,) is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or our other securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons.

Transactions in our securities by directors and officers are required to be made in accordance with our insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in our securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information.

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The following table describes, for the quarterly period covered by this report, each trading arrangement for the sale or purchase of our securities adopted or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"), or (2) a "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name (Title)** | **Action Taken(Date of Action)** | **Type of TradingArrangement** | **Nature of Trading Arrangement**  | **Duration of Trading Arrangement** |
| *Gregory Shiferman<br>(Senior Vice President, General Counsel & Secretary)* | Adoption (January 5, 2026) | Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions related to restricted stock units, or RSUs | Sale | Until final settlement of any covered RSU<br> Indeterminable <sup>(1)</sup> |

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(1) The number of shares subject to covered RSUs that will be sold to satisfy applicable tax withholding obligations upon vesting is unknown as the number will vary based on the extent to which vesting conditions are satisfied, the market price of our common stock at the time of settlement, and the potential future grant of additional RSUs subject to this arrangement. This trading arrangement, which applies to RSUs whether vesting based on the passage of time or the achievement of performance milestones, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to us in satisfaction of the applicable withholding obligation.

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**ITEM 6.** **EXHIBITS**

The exhibits filed or furnished as part of this Quarterly Report are set forth on the Exhibit Index, which is incorporated herein by reference.

**INDEX TO EXHIBITS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference to:** | **Incorporated by Reference to:** | **Incorporated by Reference to:** | **Incorporated by Reference to:** |  |
| <br>**ExhibitNo.** | <br>**Description** | **Form orSchedule** | **ExhibitNo.** | **FilingDate withSEC** | **SEC FileNumber** | **FiledHerewith** |
| 10.1# | [Employment Agreement, by and between the Registrant and Gregory Shiferman, dated as of December 4, 2025.](vygr-20260331xex10d1.htm) |  |  |  |  | X |
| 10.2# | [Form of Stock Option Agreement under 2025 Stock Incentive Plan](vygr-20260331xex10d2.htm) |  |  |  |  | X |
| 10.3# | [Form of Non-Employee Director Non-Statutory Stock Option Agreement under 2025 Stock Incentive Plan](vygr-20260331xex10d3.htm) |  |  |  |  | X |
| 10.4# | [Form of Restricted Stock Unit Agreement under 2025 Stock Incentive Plan](vygr-20260331xex10d4.htm) |  |  |  |  | X |
| 31.1 | [Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14 or 15d-14.](vygr-20260331xex31d1.htm) |  |  |  |  | X |
| 31.2 | [Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14 or 15d-14.](vygr-20260331xex31d2.htm) |  |  |  |  | X |
| 32.1+ | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to Exchange Act Rules 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350.](vygr-20260331xex32d1.htm) |  |  |  |  | X |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |  |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |  |  |  |  | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |  | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |  | X |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |  | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |  | X |
| 104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |  |

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# Management contract or compensatory plan or arrangement.

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| | |
|:---|:---|
| + | The certification furnished in Exhibit 32.1 hereto is deemed to be furnished with this Quarterly Report on Form 10-Q and will not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference.  |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 | **VOYAGER THERAPEUTICS, INC.** | **VOYAGER THERAPEUTICS, INC.** |
|  | By: | */s/ Alfred Sandrock, M.D., Ph.D.* |
|  |  | Alfred Sandrock, M.D., Ph.D. |
|  |  | Chief Executive Officer, President, and Director |
|  |  | *(Principal Executive Officer)* |
|  | By: | */s/ Nathan Jorgensen, Ph.D.* |
|  |  | Nathan Jorgensen, Ph.D. |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial and Accounting Officer)* |

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## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "<u>Agreement</u>") is made as of December 4, 2025 (the "<u>Effective Date</u>") by and between Voyager Therapeutics, Inc. (the "<u>Company</u>") and Gregory Shiferman (the "<u>Executive</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Employment**. The Company and the Executive desire that the Executive be employed as the Company's Senior Vice President and General Counsel. On or shortly following the Commencement Date (as defined below) the Executive will be appointed as the Company's Corporate Secretary and as the Compliance Officer. The employment relationship between the Company and the Executive shall be governed by this Agreement, with the Executive's first day of employment commencing as of a date mutually agreed upon by the Company and the Executive, currently agreed upon as January 6, 2026 (the "<u>Commencement Date</u>"), and continuing in effect until terminated by either party in accordance with this Agreement. At all times, the Executive's employment with the Company will be "at-will," meaning that the Executive's employment may be terminated by the Company or the Executive at any time and for any reason, subject to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Position, Reporting and Duties.** The Executive will serve as Senior Vice President and General Counsel, reporting to the Company's President & Chief Executive Officer ("<u>CEO</u>"). The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company. The Executive's normal place of work will be in the Company's Lexington, Massachusetts offices, unless the Executive is traveling on behalf of the Company. The Executive shall devote the Executive's full working time and efforts to the business and affairs of the Company and shall not engage in any other business activities without the prior written approval of the CEO and provided that such activities do not create a conflict of interest or otherwise interfere with the Executive's performance of the Executive's duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Related Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Base Salary</u>. The Executive will receive a base salary at the annual rate of Four Hundred Seventy Thousand Dollars ($470,000) ("<u>Base Salary</u>"), which Base Salary is subject to review and redetermination by the Company from time to time. The Base Salary will be payable in a manner that is consistent with the Company's usual payroll practices for senior executives. Based on the Commencement Date, the Executive will not be eligible to participate in the annual salary review for the 2026 calendar year. The Executive shall be eligible to participate in the annual salary review for the 2027 calendar year and in the annual salary review for each subsequent year thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Annual Bonus</u>. The Executive will be eligible to participate in the Company's Senior Executive Cash Incentive Bonus Plan (the "<u>Incentive Bonus Plan</u>"), as approved by the Company's Board of Directors (the "<u>Board</u>"), its Compensation Committee, or any other committee of the Board from time to time, commencing for calendar year 2026. Based on the Commencement Date, the Executive will not be eligible to participate in the Incentive Bonus Plan for calendar year 2025. The terms of the Incentive Bonus Plan shall be established and may be altered by the Board, its Compensation Committee, or any other committee of the Board in its or

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their sole discretion. For calendar year 2026, the Executive's target bonus under the Incentive Bonus Plan shall be thirty-five percent (35%) of the Executive's Base Salary and be pro-rated based on the Commencement Date. To earn any bonus, the Executive must be employed by the Company on the day such bonus is paid, except as provided to the contrary in either Section 6 or 7 below, because such bonus serves as an incentive for the Executive to remain employed with the Company. Both parties acknowledge and agree that any bonus is not intended and shall not be deemed a "wage" under any state or federal wage-hour law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Sign on Bonus</u>. The Executive shall receive a sign on bonus of Sixty Thousand Dollars ($60,000) (the "Sign on Bonus"), payable within the first two regular Company payroll cycles following the Commencement Date. With respect to the Sign on Bonus, in the event that the Executive's employment with the Company terminates prior to the eighteen (18) month anniversary of the Commencement Date other than by the Company without Cause or by the Executive for Good Reason, each as defined below, the Executive shall repay to the Company the entire amount of the Sign on Bonus within 30 days of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Equity</u>. Subject to the approval and ratification by the Compensation Committee of the Board and as a material inducement to the Executive entering into employment with the Company, the Executive will be granted the following equity awards pursuant to and in accordance with the Company's 2015 Stock Option and Incentive Plan (the "<u>Plan</u>"), consisting of an Option Award and an RSU Award (each as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Executive will be granted a non-qualified option (the " <u>Option Award</u> ") to purchase One Hundred Thousand (100,000) shares of the Company's common stock (the " <u>Common Stock</u> "). The Option Award will be granted as of the Commencement Date (the " <u>Option Grant Date</u> "), with the shares underlying the Option Award (the " <u>Option Shares</u> ") to (a) have an exercise price per share equal to the closing price of the Common Stock on The Nasdaq Global Select Market on the Option Grant Date and (b) vest and become exercisable, subject to the Executive's continued service on each applicable vesting date, as follows: 25% of the Option Shares will vest on the first anniversary of the Option Grant Date, and an additional 2.0833% of the Option Shares will vest on a monthly basis at the end of each one-month period following the first anniversary of the Option Grant Date until the four-year anniversary of the Option Grant Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Executive will also be granted Fifty Thousand (50,000) restricted stock units, each representing the right to receive one share of Common Stock (the " <u>RSU Award</u> "), with the RSU Award to (a) be granted as of the first day of the first calendar quarter immediately following the Commencement Date (the " <u>RSU Grant Date</u> "), and (b) vest and become settleable, subject to the Executive's continued service on each applicable vesting date, over a three-year period as follows: 33.333% of the shares underlying the RSU Award will vest on the first anniversary of the RSU Grant Date and an additional 33.333% of the shares underlying the RSU Award will vest at the end of each one-year period following the first anniversary of the RSU Grant Date until the three-year anniversary of the RSU Grant Date.

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Each of the Option Award and the RSU Award will be subject to and governed by the terms and conditions of the Plan and the applicable equity award agreements between the Executive and the Company (collectively, the "<u>Equity Documents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Employee Benefits</u>. The Executive shall be entitled to full participation in the Company's flexible vacation plan each calendar year and to such other holidays as the Company recognizes for employees having comparable responsibilities and duties. The Executive will be entitled to participate in the Company's employee benefit plans, subject to the terms and the conditions of such plans, and the Company's ability to amend and modify such plans at any time and from time to time without advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reimbursement of Business Expenses.</u> The Company shall reimburse the Executive for travel, entertainment, business development and other expenses reasonably and necessarily incurred by the Executive in connection with the Company's business. Expense reimbursement shall be subject to such policies that the Company may adopt from time to time, including with respect to pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" means (A) the commission by the Executive of (i) any felony; or (ii) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; or (B) a good faith finding by the Company of: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive's duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Executive were retained in the Executive's position but, provided that if the Company reasonably determines that such conduct is capable of being cured, only after receipt of written notice by the Company reasonably describing such conduct and if the Executive fails to cease and cure such conduct within fifteen (15) days of receipt of said written notice; (iii) continued non-performance by the Executive of the Executive's responsibilities hereunder (other than by reason of the Executive's physical or mental illness, incapacity or disability) but, provided that if the Company reasonably determines that such conduct is capable of being cured, only after receipt of written notice by the Company reasonably describing such non-performance and the Executive's failure to cure such non-performance within fifteen (15) days of receipt of said written notice; (iv) a breach by the Executive of any confidentiality or restrictive covenant obligations to the Company, including under the Confidentiality, Non-Solicitation, Non-Competition and Invention Assignment Agreement attached hereto as <u>Exhibit A</u> (the "<u>Confidentiality Agreement</u>"); (v) a material violation by the Executive of any of the Company's written employment policies communicated to the Executive; (vi) a material misrepresentation made by the Executive in the scope of or concerning the Executive's employment with the Company, including, without limitation, a misrepresentation with respect to the absence of any obligation to any former employer or any other person or entity that would or does prevent, limit, or impair in any way the performance of the Executive's duties to the Company; (vii) a finding or a decision by regulatory or law enforcement authorities of a material violation of any law or regulation that would or does prevent, limit, or impair in any way the performance of the Executive's duties to the Company or the scope

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of the Executive's employment with the Company; or (viii) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities as provided under Section 13 of this Agreement, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Disabled</u>" or "<u>Disability</u>" means the Executive is unable to perform the essential functions of the Executive's then existing position or positions under this Agreement with or without reasonable accommodation for a period of one hundred and eighty (180) days (which days need not be consecutive) in any twelve (12) month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive's then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive is so disabled or how long such Disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 4(b) shall be construed to waive the Executive's rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq., and the Americans with Disabilities Act, 42 U.S.C.

§12101 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Good Reason</u>" means that the Executive has complied with the "Good Reason Process" (hereinafter defined) following the occurrence of any of the following events without the Executive's consent: (A) a material diminution in the Executive's responsibilities, authority or duties; (B) a material diminution in the Executive's Base Salary except for a reduction of the Executive's Base Salary that is part of an across-the-board salary reduction applied to substantially all senior management employees that is caused by the Company's financial performance and is similar to and proportionately not greater than the reductions affecting all or substantially all senior management employees of the Company; (C) the relocation of the Executive's principal place of business more than fifty (50) miles other than in a direction that reduces the Executive's daily commuting distance; or (D) the material breach by the Company of this Agreement or any other agreements between the Executive and the Company relating to the Option Award or the RSU Award. "<u>Good Reason Process</u>" means that (i) the Executive reasonably determines in good faith that a "<u>Good Reason</u>" condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within sixty (60) days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company's efforts for thirty (30) days following such notice (the "<u>Cure Period</u>") to remedy the condition; (iv) notwithstanding such efforts, at least one Good Reason condition continues to exist; and (v) the Executive terminates the Executive's employment within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. The Company's success at curing a Good Reason condition shall not bar or preclude the Executive's

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right to notify the Company of the occurrence of another Good Reason condition and to proceed with the Good Reason Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Sale Event</u>" means the consummation of (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company's outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iii) the acquisition, directly or indirectly, of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons, (iv) a Deemed Liquidation Event (as defined in the Company's Certificate of Incorporation (as may be amended, restated or otherwise modified from time to time)), or (v) any other acquisition of the business of the Company, as determined by the Board. Notwithstanding the foregoing, a "Sale Event" shall not be deemed to have occurred as a result of (a) a merger effected solely to change the Company's domicile, and (b) an acquisition of shares of Company common stock by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by any person to a majority of the outstanding shares of common stock of the Company; provided, however, that if any person referred to in this clause (b) shall thereafter become the beneficial owner of any additional shares (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of shares directly from the Company) and immediately thereafter beneficially owns a majority of the then outstanding shares, then a "Sale Event" shall be deemed to have occurred for purposes of this clause (b). Notwithstanding the foregoing, where required to avoid extra taxation under Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), a Sale Event must also satisfy the requirements of Treas. Reg. Section 1.409A-3(a)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Sale Event Period</u>" means the period ending twelve (12) months following the consummation of a Sale Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Terminating Event</u>" means termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason. A Terminating Event does not include: (i) the termination of the Executive's employment due to the Executive's death or a determination that the Executive is Disabled; (ii) the Executive's resignation for any reason other than Good Reason, (iii) the Company's termination of the Executive's employment for Cause, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any termination of this Agreement prior to the Commencement Date by either party for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compensation in Connection with a Termination for any Reason**. If the Executive's employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive's authorized representative or estate) any earned but unpaid Base Salary, unpaid expense reimbursements, and vested employee benefits, each as of the Date of Termination (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Severance and Accelerated Vesting if a Terminating Event Occurs within the Sale Event Period**. In the event a Terminating Event occurs within the Sale Event Period, subject to the Executive signing and complying with a separation agreement in a form and manner satisfactory to the Company containing, among other provisions, a general release of claims in favor of the Company

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and related persons and entities, covenants to return Company property and to not disparage the Company, a reaffirmation of the Confidentiality Agreement and a twelve (12) month post-employment non-competition restriction with a scope of prohibited competitive activity no greater than that described in the Confidentiality Agreement (the "<u>Separation Agreement and Release</u>"), and the Separation Agreement and Release becoming irrevocable (the date such Separation Agreement and Release becomes irrevocable, the "<u>Release Effective Date</u>"), all within sixty (60) days after the Date of Termination or by an earlier date as determined by the Company, the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company shall pay to the Executive an amount equal to nine (9) months of the Executive's Base Salary in effect immediately prior to the Terminating Event (or the Executive's Base Salary in effect immediately prior to the Sale Event, if higher), determined in each case immediately before any event that constitutes Good Reason (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company shall pay to the Executive a pro-rated portion of the Executive's annual bonus at target for the year in which termination occurs, with such proration to be based on the Date of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the "COBRA" law, the Company will, until the earlier of (x) the date that is nine (9) months following the Date of Termination, and (y) the date on which the Executive obtains alternative coverage (as applicable, the "<u>Sale Event COBRA Contribution Period</u>"), continue to pay the share of the premiums for such coverage (including health, dental and vision benefits) to the same extent it was paying such premiums on the Executive's behalf immediately prior to the Date of Termination. The remaining balance of any premium costs during the Sale Event COBRA Contribution Period, and all premium costs thereafter, shall be paid by the Executive monthly for as long as, and to the extent that, the Executive remains eligible for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior to the date that is nine (9) months following the Date of Termination, the Executive will so inform the Company in writing within five (5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that the Company's payment of the amounts described in Section 6(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care Act (as amended from time to time, the "<u>ACA</u>") or Section 105(h) of the Internal Revenue Code of 1986, as amended ("<u>Section 105(h)</u>"), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work together in good faith to restructure such benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)one hundred percent (100%) of all equity awards held by the Executive that vest solely based on continued service shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination and the provisions of this Section 6(d) shall be deemed to be incorporated by reference into the agreements governing all such awards.

For avoidance of doubt, the Separation Agreement and Release for purposes of this Agreement shall not require a waiver of any rights under the indemnification agreement between the Company and the Executive or any rights described in Section 5 above. Notwithstanding the foregoing, if the Executive's employment is terminated in connection with a Sale Event and the Executive immediately becomes reemployed by any direct or indirect successor to the business or

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assets of the Company, the termination of the Executive's employment upon the Sale Event shall not be considered a termination without Cause for purposes of this Agreement.

The amounts payable under Sections 6(a) and 6(b) shall be paid out in substantially equal installments in accordance with the Company's payroll practice over nine (9) months commencing within sixty (60) days after the Date of Termination (but no sooner than the Release Effective Date); *provided, however*, that if the sixty (60) day period begins in one calendar year and ends in a second calendar year, the severance shall be paid or shall begin to be paid in the second calendar year by the last day of such sixty (60) day period. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Severance if a Terminating Event Occurs Outside the Sale Event Period**. In the event a Terminating Event occurs at any time other than during the Sale Event Period, subject to the Executive signing the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable, all within sixty (60) days after the Date of Termination or by an earlier date as determined by the Company, the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company shall pay to the Executive an amount equal to nine (9) months of the Executive's Base Salary in effect immediately prior to the Terminating Event (but only after disregarding any event that constitutes Good Reason);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company shall pay to the Executive a pro-rated portion of the Executive's annual bonus target for the year in which termination occurs, with such proration to be based on the Date of Termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the "COBRA" law, the Company will, until the earlier of (x) the date that is nine (9) months following the Date of Termination, and (y) the date on which the Executive obtains alternative coverage (as applicable, the "<u>Non-Sale Event COBRA Contribution Period</u>"), continue to pay the share of the premiums for such coverage (including health, dental and vision benefits) to the same extent it was paying such premiums on the Executive's behalf immediately prior to the Date of Termination. The remaining balance of any premium costs during the Non-Sale Event COBRA Contribution Period, and all premium costs thereafter, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the Executive remains eligible for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior to the date that is nine (9) months following the Date of Termination, the Executive will so inform the Company in writing within five (5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that the Company's payment of the amounts described in Section 7(c) would subject the Company to any tax or penalty under the ACA or Section 105(h), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work together in good faith to restructure such benefit.

The amounts payable under Section 7(a) and 7(b) shall be paid out in substantially equal installments in accordance with the Company's payroll practice over nine (9) months commencing within sixty (60) days after the Date of Termination (but no sooner than the Release Effective

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Date); provided, however, that if the sixty (60) day period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in the second calendar year by the last day of such sixty (60) day period. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidentiality, Non-Solicitation, Non-Competition and Invention Assignment Agreement**. The Executive acknowledges and agrees that the Executive must, as a condition of the Executive's employment, execute, no later than the Commencement Date, the Confidentiality Agreement attached hereto as <u>Exhibit A</u> indicating the Executive's agreement to all of the Executive's obligations thereunder. The Executive further acknowledges that the Executive's receipt of the grant of the Option Award and RSU Award as set forth in Section 3(c) above is contingent on the Executive's agreement to the post-employment non-competition provisions set forth in the Confidentiality Agreement. The Executive further acknowledges that such consideration was mutually agreed upon by the Executive and the Company and is fair and reasonable in exchange for the Executive's compliance with such non-competition obligations. The terms of the Confidentiality Agreement are incorporated by reference in this Agreement and the Executive hereby reaffirms the terms of the Confidentiality Agreement as a material term of this Agreement. The Executive further represents that the Executive is not under any obligation to any former employer or any other person or entity which would or does prevent, limit, or impair in any way the performance by the Executive of the Executive's duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Additional Limitation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the "<u>Aggregate Payments</u>"), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of this Section, the "<u>After Tax Amount</u>" means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive's receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal

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income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to this Section shall be made by a nationally recognized accounting firm selected by the Company prior to the Sale Event (the "<u>Accounting Firm</u>"), which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Section 409A.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's "separation from service" within the meaning of Section 409A of the Code, the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after the Executive's separation from service, or (ii) the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment hereunder that is paid in instalment (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each instalment payment hereunder shall at all times be considered a separate and distinct payment. Neither the Company nor the Executive shall have the right to accelerate or defer any payment (or installment) hereunder unless permitted or required by Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Taxes**. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. The Executive hereby acknowledges that the Company does not have a duty to design its compensation policies in a manner that minimizes tax liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **No Mitigation.** The Company agrees that, if the Executive's employment by the Company is terminated during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 or Section 7 hereof. Further, the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Notice and Date of Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notice of Termination</u>. The Executive's employment with the Company may be terminated by the Company or the Executive at any time and for any reason, subject to the terms of this Agreement. Any termination of the Executive's employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section. For purposes of this Agreement, a "<u>Notice of Termination</u>" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Date of Termination</u>. "<u>Date of Termination</u>" shall mean: (i) if the Executive's employment is terminated by the Executive's death, the date of the Executive's death; (ii) if the Executive's employment is terminated on account of Executive's Disability or by the Company for Cause or without Cause, the date specified in the Notice of Termination; (iii) if the Executive's employment is terminated by the Executive for any reason except for Good Reason, thirty (30) days after the date specified in the Notice of Termination, and (iv) if the Executive's employment is terminated by the Executive with Good Reason, the date specified in the Notice of Termination given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in the termination being deemed a termination by the Company for purposes of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Litigation and Regulatory Cooperation**. During and after the Executive's employment, and at all times, so long as there is not a significant conflict with the Executive's then employment, the Executive shall cooperate reasonably with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive's reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive's employment, the Executive also shall cooperate reasonably with the Company in connection with any investigation or review of the Company by any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reasonably compensate the Executive for the time dedicated to, and shall reimburse the Executive for any reasonable out of pocket expenses incurred in connection with, the Executive's performance of the obligations set forth in this Section; provided, however, that the Company will not pay the Executive any fee or amount for time spent providing testimony in any arbitration, trial, administrative hearing or other proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Other Conditions to Employment.** The Executive's employment is contingent upon reference and background checks satisfactory to the Company. The Executive shall, prior to commencing employment, make himself available for and cooperate with the Company in obtaining such checks on the Executive, including providing any and all consents necessary to the accomplishment of the foregoing. The Executive shall also provide timely documentation of the Executive's identity and eligibility to work in the United States, as required by federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Relief**. If the Executive breaches, or proposes to breach, any portion of this Agreement, including the Confidentiality Agreement, or, if applicable, the Separation Agreement and Release, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach, and, if applicable, the Company shall have the right to suspend or terminate the payments, benefits and/or accelerated vesting, as applicable. Such suspension or termination shall not limit the Company's other options with respect to relief for such breach and shall not relieve the Executive of the Executive's duties under this Agreement, the Confidentiality Agreement or the Separation Agreement and Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Scope of Disclosure Restrictions**. Nothing in this Agreement or the Confidentiality Agreement prohibits the Executive from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. The Executive is not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information the Executive obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding the Executive's confidentiality and nondisclosure obligations, the Executive is hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a

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suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law; Consent to Jurisdiction; Forum Selection**. The resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or the Confidentiality Agreement, or arising out of, related to, or in any way connected with the Executive's employment with the Company or any other relationship between the Executive and the Company ("<u>Disputes</u>") will be governed by the law of the Commonwealth of Massachusetts, excluding laws relating to conflicts or choice of law. The Executive and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth of Massachusetts in connection with any Dispute or any claim related to any Dispute and agree that any claims or legal action shall be commenced and maintained solely in a state or federal court located in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Integration**. This Agreement, together with the Confidentiality Agreement and the Equity Documents, constitutes the entire agreement between the parties with respect to compensation, severance pay, benefits, and accelerated vesting and supersedes in all respects all prior agreements between the parties concerning such subject matter, including without limitation any prior offer letter, draft employment agreement, or discussions relating to the Executive's employment relationship with the Company. For purposes of this Agreement, the Company shall include affiliates and subsidiaries thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Enforceability**. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any Section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Waiver**. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Notices**. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and (i) sent by email to the email addresses used by the Chief Human Resources Officer or, if the Company does not have a Chief Human Resources Officer at the time of the notice, the most senior officer in the human resources function of the Company (in the case of notices to the Company), or by the Executive (in the case of notices to the Executive) in their usual course of business; (ii) delivered by hand; (iii) sent by a nationally recognized overnight courier service or (iv) sent by registered or certified mail, postage prepaid, return receipt requested, in each case (clauses (iii) and (iv)) to the Executive at the last address the Executive has filed in writing with the Company, or (as applicable) to the Company at its main office, attention of the Chief Human Resources Officer or, if the Company does not have a Chief Human Resources Officer at the time of the notice, the most senior officer in the human resources function of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Amendment**. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

**Assignment and Transfer by the Company; Successors**. The Company shall have the right to assign and/or transfer this Agreement to any entity or person, including without limitation the Company's parents, subsidiaries, other affiliates, successors, and acquirers of Company stock or other assets, provided that such entity or person receives all or substantially all of the Company's assets. The Executive hereby expressly consents to such assignment and/or transfer. This Agreement shall inure to the benefit of and be enforceable by the Company's assigns, successors, acquirers and transferees. This Agreement shall inure to the benefit of and be enforceable by the Executive's personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive's death after a Terminating Event but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive's beneficiary designated in writing to the Company prior to the Executive's death (or to the Executive's estate, if the Executive fails to make such designation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Counterparts**. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document.

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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

---

| | |
|:---|:---|
| **VOYAGER THERAPEUTICS, INC.** | **VOYAGER THERAPEUTICS, INC.** |
| By: | /s/ Alfred Sandrock, M.D., Ph.D |
|  | Alfred Sandrock, M.D., Ph.D.  |
|  | President & Chief Executive Officer |
| Date: | December 4, 2025 |

---

---

| | |
|:---|:---|
| **EXECUTIVE:** | **EXECUTIVE:** |
| By: | /s/ Gregory Shiferman |
| Date: | December 4, 2025 |

---

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## Exhibit 10.2

**Exhibit 10.2**

VOYAGER THERAPEUTICS, INC

<u>STOCK OPTION AGREEMENT</u>

Voyager Therapeutics, Inc. (the "<u>Company</u>") hereby grants the following stock option pursuant to its 2025 Stock Incentive Plan. The terms and conditions attached hereto are also a part hereof.

<u>Notice of Grant</u>

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| |
|:---|
| Name of optionee (the "<u>Participant</u>"): |
| Grant Date: |
| Incentive Stock Option or Nonstatutory Stock Option: |
| Number of shares of the Company's Common Stock subject to this option ("<u>Shares</u>"): |
| Option exercise price per Share: |
| Vesting Start Date: |
| Final Exercise Date:  |

---

Vesting Schedule:

---

| | |
|:---|:---|
| <u>Vesting Date</u>: | <u>Number of Options that Vest</u>: |
| All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein. | All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein. |

---

This option satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.

---

| | | |
|:---|:---|:---|
|  |  | Voyager Therapeutics, inc. |
| Signature of Participant |  |  |
|  | By: |  |
| Street Address |  | Name of Officer: |
|  |  | Title: |
| City/State/Zip Code |  |  |

---

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**Voyager Therapeutics, Inc.**

**Stock Option Agreement**

**Incorporated Terms and Conditions**

1.<u>Grant of Option</u>.

This agreement evidences the grant by the Company, on the grant date (the "<u>Grant Date</u>") set forth in the Notice of Grant that forms part of this agreement (the "<u>Notice of Grant</u>"), to the Participant of an option to purchase, in whole or in part, on the terms provided herein and in the Company's 2025 Stock Incentive Plan (the "<u>Plan</u>"), the number of Shares set forth in the Notice of Grant of common stock, $0.001 par value per Share, of the Company ("<u>Common Stock</u>"), at the exercise price per Share set forth in the Notice of Grant. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the "<u>Final Exercise Date</u>").

The option evidenced by this agreement is intended to be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the "<u>Code</u>") to the maximum extent permitted by law, solely to the extent designated as an incentive stock option in the Notice of Grant. Except as otherwise indicated by the context, the term "<u>Participant</u>", as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

2.<u>Vesting Schedule</u>.

This option will become exercisable ("<u>vest</u>") in accordance with the vesting schedule set forth in the Notice of Grant.

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

3.<u>Exercise of Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Form of Exercise</u>. Each election to exercise this option shall be in writing, or in such other form (which may be electronic) as is approved by the Company, and received by the Company, together with payment in full in the manner provided in the Plan, including in the manner set forth in Section 5(f)(3) of the Plan and, solely in the case of Nonstatutory Stock Options, in the manner set forth in Section 5(f)(4) of the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for any fractional Share; and provided, further, that the minimum number of Shares with respect to which the option may be exercised at any one time shall be 100 Shares, unless the number of Shares with respect to which the option is being exercised is the total number of Shares subject to exercise under the option at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Continuous Relationship with the Company Required</u>. Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee,

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director or officer of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an "<u>Eligible Participant</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination of Relationship with the Company</u>. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), <u>provided that</u> this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the restrictive covenants (including, without limitation, the non-competition, non-solicitation, or confidentiality provisions) of any employment contract, any non-competition, non-solicitation, confidentiality or assignment agreement to which the Participant is a party, or any other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Exercise Period Upon Death or Disability</u>. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for "cause" as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), <u>provided that</u> this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Termination for Cause</u>. If, prior to the Final Exercise Date, the Participant's service is terminated by the Company for Cause (as defined in the Plan), the right to exercise this option shall terminate immediately upon the effective date of such termination of service. If, prior to the Final Exercise Date, the Participant is given notice by the Company of the termination of his or her service by the Company for Cause, and the effective date of such service termination is subsequent to the date of delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant's service shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination of service (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination of service). The Participant's service shall be considered to have been terminated for Cause if the Company determines, within 30 days after the Participant's resignation, that termination for Cause was warranted.

4.<u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Withholding</u>. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disqualifying Disposition</u>. If this option is an incentive stock option and the Participant disposes of Shares acquired upon exercise of this option within two years from the

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Grant Date or one year after such Shares were acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition.

5.<u>Transfer Restrictions; Clawback.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This option may not be sold, assigned, transferred, pledged, encumbered or otherwise disposed of by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In accepting this option, the Participant agrees to be bound by any clawback policy that the Company has in place or may adopt in the future.

6.<u>Data Privacy Consent</u>. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (the "<u>Relevant Companies</u>") may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the "<u>Relevant Information</u>"). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Participant may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic format and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Participant shall have access to, and the right to change, Relevant Information. Relevant Information will only be used in accordance with applicable law.

7.<u>Provisions of the Plan</u>.

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is furnished to the Participant with this option.

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## Exhibit 10.3

**Exhibit 10.3**

VOYAGER THERAPEUTICS, INC

<u>NON-STATUTORY STOCK OPTION AGREEMENT</u>

Voyager Therapeutics, Inc. (the "<u>Company</u>") hereby grants the following non-statutory stock option pursuant to its 2025 Stock Incentive Plan. The terms and conditions attached hereto are also a part hereof.

<u>Notice of Grant</u>

---

| |
|:---|
| Name of optionee (the "<u>Participant</u>"): |
| Grant Date: |
| Number of shares of the Company's Common Stock subject to this option ("<u>Shares</u>"): |
| Option exercise price per Share: |
| Vesting Start Date: |
| Final Exercise Date: |

---

Vesting Schedule:

---

| | |
|:---|:---|
| <u>Vesting Date</u>: | <u>Number of Options that Vest</u>: |
| All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein. | All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein. |

---

This option satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.

---

| | | |
|:---|:---|:---|
|  |  | Voyager Therapeutics, inc. |
| Signature of Participant |  |  |
|  | By: |  |
| Street Address |  | Name of Officer: |
|  |  | Title: |
| City/State/Zip Code |  |  |

---

------

Voyager Therapeutics, Inc.

Non-Statutory Stock Option Agreement

<u>Incorporated Terms and Conditions</u>

1.<u>Grant of Option</u>.

This agreement evidences the grant by the Company, on the grant date (the "<u>Grant Date</u>") set forth in the Notice of Grant that forms part of this agreement (the "<u>Notice of Grant</u>"), to the Participant of an non-statutory option to purchase, in whole or in part, on the terms provided herein and in the Company's 2025 Stock Incentive Plan (the "<u>Plan</u>"), the number of Shares set forth in the Notice of Grant of common stock, $0.001 par value per Share, of the Company ("<u>Common Stock</u>"), at the exercise price per Share set forth in the Notice of Grant. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the "<u>Final Exercise Date</u>").

The option evidenced by this agreement is not intended to be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the "<u>Code</u>"). Except as otherwise indicated by the context, the term "<u>Participant</u>", as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

2.<u>Vesting Schedule</u>.

This option will become exercisable ("<u>vest</u>") in accordance with the vesting schedule set forth in the Notice of Grant.

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

3.<u>Exercise of Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Form of Exercise</u>. Each election to exercise this option shall be in writing, or in such other form (which may be electronic) as is approved by the Company, and received by the Company, together with payment in full in the manner provided in the Plan, including in the manner set forth in Sections 5(f)(3) and 5(f)(4) of the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for any fractional Share; and provided, further, that the minimum number of Shares with respect to which the option may be exercised at any one time shall be 100 Shares, unless the number of Shares with respect to which the option is being exercised is the total number of Shares subject to exercise under the option at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Continuous Relationship with the Company Required</u>. Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees,

------

officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an "<u>Eligible Participant</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination of Relationship with the Company</u>. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraph (d) below, the right to exercise this option shall terminate twelve months after such cessation (but in no event after the Final Exercise Date), <u>provided that</u> this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the restrictive covenants (including, without limitation, the non-competition, non-solicitation, or confidentiality provisions) of any employment contract, any non-competition, non-solicitation, confidentiality or assignment agreement to which the Participant is a party, or any other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Termination for Cause</u>. If, prior to the Final Exercise Date, the Participant's service is terminated by the Company for Cause (as defined in the Plan), the right to exercise this option shall terminate immediately upon the effective date of such termination of service. If, prior to the Final Exercise Date, the Participant is given notice by the Company of the termination of his or her service by the Company for Cause, and the effective date of such service termination is subsequent to the date of delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant's service shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination of service (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination of service). The Participant's service shall be considered to have been terminated for Cause if the Company determines, within 30 days after the Participant's resignation, that termination for Cause was warranted.

4.<u>Withholding</u>. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

5.<u>Transfer Restrictions; Clawback.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This option may not be sold, assigned, transferred, pledged, encumbered or otherwise disposed of by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In accepting this option, the Participant agrees to be bound by any clawback policy that the Company has in place or may adopt in the future.

6.<u>Data Privacy Consent</u>. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (the "<u>Relevant Companies</u>") may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or

------

desirable for the administration of the Plan and/or this Agreement (the "<u>Relevant Information</u>"). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Participant may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic format and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Participant shall have access to, and the right to change, Relevant Information. Relevant Information will only be used in accordance with applicable law.

7.<u>Provisions of the Plan</u>.

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is furnished to the Participant with this option.

------

## Exhibit 10.4

**Exhibit 10.4**

VOYAGER THERAPEUTICS, INC.

RESTRICTED STOCK UNIT AGREEMENT

Voyager Therapeutics, Inc. (the "<u>Company</u>") hereby grants the following restricted stock units to the recipient named below pursuant to its 2025 Stock Incentive Plan. The terms and conditions attached hereto are also a part hereof and incorporated herein by reference.

<u>Notice of Grant</u>

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| |
|:---|
| **Name of recipient (the "Participant"):** |
| **Grant Date:** |
| **Number of restricted stock units ("RSUs") granted:** |
| **Vesting Start Date:** |

---

Vesting Schedule:

For so long as Participant remains an Eligible Participant (as defined in Section 3 hereof) on the relevant date, the RSUs shall vest as set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of RSUs** | &nbsp;&nbsp;**Vest Date** |

---

This grant of RSUs satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.

---

| | |
|:---|:---|
| **Voyager Therapeutics, Inc.** | **Participant:** |
| By: |  |
| Name: | Signature of Participant |
| Title: |  |

---

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**Voyager Therapeutics, Inc.**

**Restricted Stock Unit Agreement**

**Incorporated Terms and Conditions**

1.<u>Award of Restricted Stock Units</u>.

The Company has granted to the Participant, subject to the terms and conditions set forth in this Restricted Stock Unit Agreement (this "<u>Agreement</u>") and in the Company's 2025 Stock Incentive Plan (the "<u>Plan</u>"), an award with respect to the number of restricted stock units set forth in the Notice of Grant that forms part of this Agreement (the "<u>Notice of Grant</u>"). Each RSU represents the right to receive one share of common stock, $0.001 par value per share, of the Company ("<u>Common Stock</u>") upon vesting of the RSU, subject to the terms and conditions set forth herein.

2. <u>Vesting</u>.

The RSUs shall vest in accordance with the vesting schedule set forth in the Notice of Grant (the "<u>Vesting Schedule</u>"). Any fractional shares resulting from the application of any percentages used in the Vesting Schedule shall be rounded down to the nearest whole number of RSUs. As soon as practicable after the vesting of the RSU, the Company will deliver to the Participant, for each RSU that becomes vested, one share of Common Stock, subject to the payment of any taxes pursuant to Section 7. The Common Stock will be delivered to the Participant as soon as practicable following each vesting date, but in any event within 30 days of such date.

3. <u>Termination of Relationship with the Company</u>.

In the event that the Participant ceases to be an Eligible Participant (as defined below) for any reason, all of the RSUs that are unvested as of the time of such cessation shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, effective as of such cessation. Upon forfeiture of any unvested RSUs, the Participant shall have no further rights with respect to the unvested RSUs or any Common Stock that may have been issuable with respect thereto.

The Participant shall be an "<u>Eligible Participant</u>" if he or she is an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive RSUs under the Plan. Notwithstanding anything to the contrary in this Agreement, neither the Company nor any subsidiary is obligated, by or as a result of the Plan or this Agreement, to continue the Participant in a service relationship with the Company or any subsidiary, and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any subsidiary to terminate the service relationship of the Participant with the Company or any subsidiary at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. <u>Transfer Restrictions; Clawback</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The RSUs may not be sold, assigned, transferred, pledged, encumbered or otherwise disposed of by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution. The Company shall not be required to treat as the owner of any RSUs or issue any Common Stock to any transferee to whom such RSUs have been transferred in violation of any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In accepting the RSUs, the Participant agrees to be bound by any clawback policy that the Company has in place or may adopt in the future.

5. <u>Rights as a Stockholder</u>. The Participant shall have no rights as a stockholder of the Company with respect to any shares of Common Stock that may be issuable with respect to the RSUs until the issuance of the shares of Common Stock to the Participant following the vesting of the RSUs. For the avoidance of doubt, the Participant shall have no right to vote the shares of Common Stock subject to the RSUs unless and until such shares are issued to the Participant and the Participant shall have no right to receive dividends with respect to the shares of Common Stock subject to the RSUs unless and until such shares are issued to the Participant.

6.<u>Provisions of the Plan</u>.

This Agreement is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is furnished to the Participant with this Agreement.

7.<u>Tax Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Acknowledgments; No Section 83(b) Election</u>. The Participant acknowledges that he or she is responsible for obtaining the advice of the Participant's own tax advisors with respect to the award of RSUs and the Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents with respect to the tax consequences relating to the RSUs. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant's tax liability that may arise in connection with the acquisition, vesting and/or disposition of the RSUs. The Participant acknowledges that no election under Section 83(b) of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") is available with respect to RSUs.

(b) <u>Withholding</u>. The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any federal, state, local or other taxes of any kind required by law to be withheld with respect to the vesting of the RSUs. At such time as the Participant is not aware of any material nonpublic information about the Company or the Common Stock and the Participant is not subject to any restriction on trading activities with respect to the Common Stock pursuant to any Company insider trading or other policy, the Participant shall execute the instructions set forth in <u>Schedule A</u> attached hereto (the "<u>Durable Automatic Sell-to-Cover Instruction</u>") as the means of satisfying such tax obligation unless the Participant has already executed such an instruction that remains in effect. If the Participant does not execute the Durable Automatic Sell-to-Cover Instruction prior to an applicable vesting date, then the Participant agrees that if under applicable law the Participant

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will owe taxes at such vesting date on the portion of the award then vested, the Company shall be entitled to immediate payment from the Participant of the amount of any tax required to be withheld by the Company. The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.

8. <u>Section 409A</u>.

The RSUs awarded pursuant to this Agreement are intended to be exempt from or comply with the requirements of Section 409A of the Code and the Treasury Regulations issued thereunder ("<u>Section 409A</u>"). The delivery of shares of Common Stock on the vesting of the RSUs may not be accelerated or deferred unless permitted or required by Section 409A.

9. <u>Data Privacy Consent</u>.

In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (the "<u>Relevant Companies</u>") may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the "<u>Relevant Information</u>"). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Participant may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic format and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Participant shall have access to, and the right to change, Relevant Information. Relevant Information will only be used in accordance with applicable law.

[Remainder of Page Intentionally Left Blank]

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S**chedule A**

**DURABLE AUTOMATIC SELL-TO-COVER INSTRUCTION**

This Durable Automatic Sell-to-Cover Instruction (this "<u>Instruction</u>"), which is being delivered to the Company by the undersigned on the date set forth below (the "<u>Adoption Date</u>"), relates to any restricted stock units that may be granted to me from time to time by the Company under the Company's equity compensation programs, other than any restricted stock units which by the terms of the applicable award agreement require the Company to withhold shares for tax withholding obligations in connection with the vesting and settlement of such restricted stock units and therefore do not permit sell-to-cover transactions (the restricted stock units subject to this Instruction are referred to as "<u>Covered RSUs</u>"). This Instruction provides for "eligible sell-to-cover transactions" (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Securities Exchange Act of 1934 (the "<u>Exchange Act</u>")) with respect to Covered RSUs and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)(1) under the Exchange Act.

I acknowledge that upon vesting and settlement of any Covered RSUs in accordance with the applicable RSU's terms, whether vesting is based on the passage of time or the achievement of performance goals, I will have compensation income equal to the fair market value of the shares of Company common stock subject to the RSUs that are settled on such settlement date and that the Company is required to withhold income and employment taxes in respect of that compensation income.

I desire to establish a plan and process to satisfy such withholding obligation in respect of all Covered RSUs through an automatic sale of the number of shares of Company common stock that would otherwise be issuable to me on each applicable settlement date in an amount sufficient to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation.

I understand that the Company has arranged for the administration and execution of its equity incentive programs and the sale of securities by participants thereunder pursuant to a platform administered by a third party (the "<u>Administrator</u>") and the Administrator's designated brokerage partner.

Upon the settlement of any of my Covered RSUs after the 30th day following the Adoption Date (or if I am an officer of the Company on the Adoption Date, after the 120th day following the Adoption Date) (the "<u>Cooling-Off Period</u>"), I hereby appoint the Administrator (or any successor administrator) to automatically sell such number of shares of Company common stock issuable with respect to such RSUs that vested and settled as is sufficient to generate net proceeds sufficient to satisfy the Company's minimum statutory withholding obligations with respect to the income recognized by me in connection with the vesting and settlement of such RSUs (based on minimum statutory withholding rates for all tax purposes, including payroll and social security taxes, that are applicable to such income), and the Company shall receive such net proceeds in satisfaction of such tax withholding obligation.

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I hereby appoint the Chief Executive Officer, the Chief Financial Officer and the General Counsel, and any of them acting alone and with full power of substitution, to serve as my attorneys-in-fact to arrange for the sale of Company common stock in accordance with this Instruction. I agree to execute and deliver such documents, instruments and certificates as may reasonably be required in connection with the sale of the Company common stock pursuant to this Instruction.

Unless the third and final box in the definition of Covered RSUs below is checked, if I have previously adopted an automatic sale or sell-to-cover instruction relating to Covered RSUs, this Instruction shall be void *ab initio*.

**I hereby certify that, as of the Adoption Date:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) I am not prohibited from entering into this Instruction by the Company's insider trading policy or otherwise;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) I am not aware of any material nonpublic information about the Company or its common stock; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) I am adopting this Instruction in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act.**

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| Print Name: |
| Date: |

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**Covered RSUs:**

The following stock units ("<u>RSUs</u>") are covered by this Instruction.

Check all that apply:

_____The first award of RSUs granted to me on or after ______________ [*insert date of grant of current RSUs the grant of which is triggering the execution of this Instruction; if instruction is being executed in advance of a grant of RSUs, insert the Adoption Date*] and any RSUs that may, from time to time following such date, be granted to me by the Company, other than any future granted RSUs which by the terms of the applicable award agreement require the Company to withhold shares for tax withholding obligations in connection with the vesting and settlement of such RSUs, and therefore do not permit sell-to-cover transactions.

_____Any outstanding RSUs that were granted to me by the Company prior to the Adoption Date that (1) are <u>not</u> subject to any prior automatic sale or sell-to-cover instruction and (2) for which the next vesting date is after the Cooling-Off Period, other than any previously granted RSUs which by the terms of the applicable award agreement require the Company to withhold shares for tax withholding obligations in connection with the vesting and settlement of such RSUs, and therefore do not permit sell-to-cover transactions.

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_____With respect to any RSUs, whether or not granted to me by the Company prior to the Adoption Date, that already are subject to an automatic sale or sell-to-cover instruction (a "Prior Instruction"), I elect to have such sales effected pursuant to this Instruction and confirm that doing so does not modify or change the amount, price, or timing of such sales from those provided by the Prior Instruction (and, as a result the Cooling-Off Period is not applicable to sales pursuant to this Instruction that were previously subject to the Prior Instruction).

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## Exhibit 31.1

**Exhibit 31.1** 

**Certification** 

I, Alfred Sandrock, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2026 of Voyager Therapeutics, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: May 7, 2026 | */s/ Alfred Sandrock, M.D., Ph.D.* |
|  | Alfred Sandrock, M.D., Ph.D. |
|  | Chief Executive Officer, President, and Director <br>*(Principal Executive Officer)* |

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## Exhibit 31.2

**Exhibit 31.2** 

**Certification** 

I, Nathan Jorgensen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2026 of Voyager Therapeutics, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: May 7, 2026 | */s/ Nathan Jorgensen, Ph.D.* |
|  | Nathan Jorgensen, Ph.D. |
|  | Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* |

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## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Voyager Therapeutics, Inc. (the "Company") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that to his or her knowledge:

1) the Report which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: May 7, 2026 | */s/ Alfred Sandrock, M.D., Ph.D.*  |
|  | Alfred Sandrock, M.D., Ph.D. |
|  | Chief Executive Officer, President, and Director<br>*(Principal Executive Officer)* |
| Date: May 7, 2026 | */s/ Nathan Jorgensen, Ph.D.* |
|  | Nathan Jorgensen, Ph.D. |
|  | Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* |

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