Exhibit 99.2
Dear fellow stakeholders,
I want to take a moment to share why 2026 is a pivotal year in Voyager’s journey to become a premier multi-modality neurotherapeutics company. In particular, I see three principal pillars of value emerging this year:
| 1. | Transformative year for tau, with two shots on goal |
| · | Biogen’s antisense oligonucleotide BIIB080 laid a compelling foundation for tau targeting, and Phase II data are expected mid-2026. If positive, this would demonstrate that tau knockdown is a viable therapeutic approach. Voyager’s own knockdown program, the one-time intravenous gene therapy VY1706, is expected to achieve first-in-human dosing in H2 2026. | |
| · | Our multiple ascending dose trial of anti-tau antibody VY7523 is fully enrolled with tau PET imaging data expected in H2 2026. While third-party data have been mixed, we believe that the targeted epitope and specificity for pathological forms of the protein will matter, and that VY7523 is differentiated on both fronts. |
| 2. | Validating brain-targeted capsids in humans |
| · | Four of our wholly owned and partnered I.V.-delivered, neuro gene therapy programs have advanced into or completed preclinical toxicology studies. We are optimistic about the potential to address the vast unmet need in neurological disease. | |
| · | In addition to VY1706 (per above), Neurocrine has stated that it intends to initiate a clinical trial with NBIB-‘223 for Friedreich’s ataxia in 2026. In preclinical studies, I.V. administered NBIB-‘223 resulted in protein expression in the brain and heart – a first for the field. |
| 3. | Demonstrating the value of Voyager NeuroShuttle™ |
| · | In a proof-of-concept study using anti-amyloid antibodies, the ALPL-NeuroShuttle showed similar target engagement to a TfR shuttle after a single IV dose, but with more sustained brain exposure. We plan to provide data on NHP translatability, safety, and programs in 2026. | |
| · | Our initial data have generated strong partnering interest – not only in our lead ALPL NeuroShuttle, but in our ability to identify additional novel receptors, a handful of which are already in evaluation. |
In closing, I want to thank our team for our progress in 2025 and setting us up to advance multiple programs, validate our platforms, and build long-term shareholder value in 2026. We appreciate your continued support as we execute on these opportunities.
Sincerely,
Al Sandrock, M.D., Ph.D.
CEO of Voyager