VYGRHIGH SIGNALFINANCIAL10-K

VYGR reported substantially deteriorated operating performance with meaningfully higher losses despite reduced revenue, while the company's cash position and total assets declined significantly.

The biotech company's financial trajectory shows concerning operational burn with losses expanding substantially while revenue declined nearly 30%, indicating challenges in its commercialization or partnership activities. The meaningful reduction in total assets from $393M to $252M, combined with expanded losses, suggests accelerated cash consumption that could pressure the company's runway for advancing its clinical pipeline.

Comparing 2026-03-09 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

VYGR's financial position weakened notably across key metrics, with revenue declining 28.7% to $10.1M while operating losses expanded substantially to $131.8M. The company's balance sheet contracted meaningfully, with total assets falling 35.8% to $252.3M and stockholders' equity declining 34.6% to $196.1M, reflecting significant cash burn. The reduction in current liabilities by 46.7% partially offset the deterioration but the overall picture signals intensified financial pressure as the biotech advances its clinical programs.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-84.2%
-$65.0M→-$119.7M

Net income declined 84.2% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-58.3%
-$83.3M→-$131.8M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
-46.7%
$49.8M→$26.5M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-39.8%
$93.3M→$56.2M

Liabilities reduced 39.8% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-35.8%
$393.1M→$252.3M

Total assets contracted 35.8% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-34.6%
$299.8M→$196.1M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Revenue
P&L
-28.7%
$14.2M→$10.1M

Revenue softened 28.7% — monitor whether this is cyclical or structural.

Current Assets
Balance Sheet
-26.8%
$276.8M→$202.7M

Current assets declined 26.8% — monitor working capital adequacy and short-term liquidity.

Capital Expenditure
Cash Flow
-26.3%
$3.5M→$2.6M

Capex reduced 26.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-11
ADDED
As of March 2, 2026, there were 59,599,375 shares of the registrant s common stock, par value $0.001 per share, outstanding.
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.
VY7523, our anti-tau antibody candidate, is in early-stage clinical trials, and all of our other active product candidates, including VY1706, are currently in preclinical development.
We or our collaborators may encounter substantial delays or difficulties in the commencement, enrollment or completion of preclinical studies or clinical trials, or we or our collaborators may fail to demonstrate safety and efficacy sufficient to support further development or to satisfy the applicable regulatory authorities, any of which could prevent us or our collaborators from further developing or commercializing current and future product candidates on a timely basis, if at all.
We may seek to enter into collaborations and out-licensing transactions in the future with other third parties.
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REMOVED
As of March 3, 2025, there were 55,206,885 shares of the registrant s common stock, par value $0.001 per share, outstanding.
This Annual Report on Form 10-K and the documents filed as exhibits to the Annual Report on Form 10-K contain references to trademarks, service marks and trade names referred to in this Annual Report on Form 10-K and the information incorporated herein, including logos, artwork, and other visual displays, that may appear without the or TM 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.
VY7523, our anti-tau antibody candidate, is in early-stage clinical trials, and all of our other active product candidates are currently in preclinical development.
We may encounter substantial delays or difficulties in commencement, enrollment or completion of our preclinical studies or clinical trials, or we may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities, any of which could prevent us from commercializing our current and future product candidates on a timely basis, if at all.
Our future success depends on our ability to retain key members of our management and research and development teams, and to attract, retain and motivate qualified personnel.
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