BIIB080 Ph2 Data Positive For VY1706

Research evidence excerpt

BIIB080 Ph2 Data Positive For VY1706

Quick Note

May 14, 2026 Voyager Therapeutics (VYGR)

Rating: BIIB080 Ph2 Data Positive For VY1706OUTPERFORM

Price:

$4.15 We believe that Biogen's (BIIB, N, Chico) decision to advance diranersen (BIIB080)

12-Month Price Target: to registrational development based on tau reduction and slowing of clinical decline

$8.00 in the Ph2 CELIA study, although the primary endpoint was not met, should be

positive for VY1706 by providing validation that 1) tau should be a true therapeutic

target in Alzheimer's disease (AD), and 2) there appears to be a correlation between

Analysts tau reduction and clinical benefit. BIIB reported 1) reductions in both CSF tau

Yun Zhong, Ph.D. and tau pathology, as measured by PET scan, and 2) slowing of clinical decline as

(917) 608-0166 measured by pre-specified analyses of cognitive endpoints, both across all studiedyun.zhong@wedbush.com

doses. According to the PR, the reduction in tau pathology was generally consistent

with findings from the Ph1b study (details below), and slowing of cognitive decline

was particularly evident at the lowest dose (vs. more prominent effect in the high

dose group in Ph1b, details below). We believe that the 76-week treatment period

in CELIA (vs. 104 weeks in many other studies in neurodegenerative diseases) may

have been a reason for the study to miss the primary endpoint. Therefore, we

are optimistic that VY1706, which leverages VYGR's CNS penetrant capsid and has

shown up to 64% reduction in tau protein expression in key brain regions of non-

human primates (NHPs), could produce potent and durable tau suppression in AD

patients to reduce cognitive decline after entering the clinic in 2H26.

BIIB080's Ph1b Show Promising Efficacy. Recall data from the Ph1b study