v3.26.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flow from operating activities
Net loss	$ (27,937)	$ (31,021)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,488	3,673
Depreciation	932	1,014
Amortization of premiums and discounts on marketable securities	(365)	(998)
Loss on disposal of fixed assets		30
Non-cash lease expense	1,269	1,221
Changes in operating assets and liabilities:
Accounts receivable	267	(119)
Related party collaboration receivable		189
Prepaid expenses and other current assets	471	868
Accounts payable	(2,290)	(1,362)
Accrued expenses	(5,126)	(5,118)
Operating lease liabilities	(1,933)	(1,730)
Deferred revenue	(1,195)	(4,542)
Net cash used in operating activities	(33,419)	(37,895)
Cash flow from investing activities
Purchases of property and equipment	(14)	(658)
Purchases of marketable securities	(43,441)	(76,924)
Proceeds from sales and maturities of marketable securities	51,556	118,783
Net cash provided by investing activities	8,101	41,201
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	3,038
Net cash provided by financing activities	3,332	82
Net (decrease) increase in cash, cash equivalents, and restricted cash	(21,986)	3,388
Cash, cash equivalents, and restricted cash, beginning of period	68,036	74,241
Cash, cash equivalents, and restricted cash, end of period	$ 46,050	$ 77,629

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

Voyager Therapeutics, Inc. 10-Q