Voyager Therapeutics is a clinical-stage biotech focused on developing gene therapies and other neurological medicines. Voyager's wholly-owned pipeline centers on two programs targeting tau, the protein whose accumulation is closely correlated with Alzheimer's disease progression. VY1706 is an IV-delivered gene therapy that silences tau mRNA using Voyager's proprietary TRACER AAV capsid platform, with an IND filing expected in Q2 2026. VY7523 is an IV-administered monoclonal antibody designed to block the spread of pathological tau, currently in a Phase 1 multiple ascending dose trial in early AD patients. While these wholly-owned programs represent Voyager's long-term commercial ambition, they generate no revenue today. Current revenue comes from licensing Voyager's TRACER capsid platform to pharma partners, who pay upfront fees, milestones, and royalties in exchange for access to the delivery technology. TRACER is an RNA-based screening platform that identifies novel AAV capsids capable of crossing the blood-brain barrier following IV administration — a key differentiator, as most CNS gene therapies require direct injection into the brain or spinal cord. Partners include Neurocrine Biosciences, Novartis, and Alexion, and Voyager has received over $500M in non-dilutive funding to date. Voyager also retains opt-in rights to co-commercialize certain partnered programs in the U.S. A newer non-viral delivery platform, Voyager NeuroShuttle, uses receptor-binding molecules to transport diverse therapeutic payloads across the blood-brain barrier, though this platform is still in early development.