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VOR

Vor Biopharma Inc.

VOR

Vor Biopharma Inc. • NASDAQ
$8.31 ▲ 4.53% (+0.36)
Market Cap $56.96 M
52w High $65.80
52w Low $2.62
Dividend Yield 0%
P/E -0.02
Volume 293.61K
Outstanding Shares 6.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $28.107M ▼ $-812.684M ▲ 0% $-121.63 ▲ $-812.682M ▼
Q2-2025 $0 $274.284M ▲ $-1.574B ▼ 0% $-251.2 ▼ $-241.513M ▼
Q1-2025 $0 $33.291M ▲ $-32.486M ▼ 0% $-5.2 ▲ $-32.466M ▼
Q4-2024 $0 $30.446M ▲ $-30.712M ▼ 0% $-9 ▼ $-29.847M ▼
Q3-2024 $0 $28.513M $-27.559M 0% $-8 $-27.662M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $170.462M ▼ $176.237M ▼ $2.402B ▲ $-2.225B ▼
Q2-2025 $200.565M ▲ $205.371M ▲ $1.711B ▲ $-1.506B ▼
Q1-2025 $60.035M ▼ $109.312M ▼ $43.243M ▼ $66.069M ▼
Q4-2024 $91.926M ▲ $142.891M ▲ $46.227M ▲ $96.664M ▲
Q3-2024 $62.809M $115.991M $43.036M $72.955M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-812.684M ▲ $-53.662M ▼ $-244K ▼ $21.549M ▼ $-32.525M ▼ $-53.906M ▼
Q2-2025 $-1.574B ▼ $-35.184M ▼ $646K ▲ $175.065M ▲ $142.94M ▲ $-35.336M ▼
Q1-2025 $-32.486M ▼ $-31.066M ▼ $-230K ▼ $-606K ▼ $-31.902M ▼ $-31.297M ▼
Q4-2024 $-30.712M ▼ $-24.063M ▼ $-72K ▼ $53.286M ▲ $29.151M ▲ $-24.135M ▼
Q3-2024 $-27.559M $-23.285M $-34K $41K $-23.278M $-23.319M

Five-Year Company Overview

Income Statement

Income Statement Vor Biopharma is still a pre-revenue company, which means it has not yet generated product sales and relies on external funding to operate. Its income statement is dominated by research, development, and overhead costs, leading to steady, recurring losses each year. The overall loss level has stayed broadly similar over time, rather than shrinking, which signals the business is still very much in the investment and build-out phase rather than approaching break-even. Earnings per share look extremely negative, in part driven by the small share count historically and later by reverse-split mechanics, so the headline figure can appear worse than the underlying trend. Overall, the income statement reflects a typical high-risk, high-spend biotech model that depends on future clinical and regulatory success to eventually support revenues.

Balance Sheet

Balance Sheet The balance sheet shows a company with a modest asset base, mostly in the form of cash and other liquid resources, and limited physical or long-lived assets. Shareholders’ equity is positive but has trended down as ongoing losses have eaten into the capital raised in earlier years. Debt levels are present but relatively small compared with total assets and equity, so the business is not heavily leveraged financially. The more recent private financing has strengthened the cash position and extended the operating runway, but this is not yet visible in the historical figures. Overall, Vor has a lean, cash-centric balance sheet typical of a clinical-stage biotech, with its main asset being its licensed and developed drug programs rather than hard assets.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, reflecting the cost of running clinical programs and the broader organization without any offsetting revenue. Capital spending has been very light, so most of the cash burn comes from people, trials, and supporting infrastructure rather than heavy equipment or facilities. Free cash flow has therefore been similar to operating cash flow, and steadily negative, which underlines the company’s dependence on capital markets and partnerships for funding. The recent capital raise has bought more time, but unless a product reaches market or partnering income grows, additional funding will likely be needed beyond the current runway. In short, cash flow dynamics are those of a classic development-stage biotech: highly cash-consuming and sensitive to financing conditions.

Competitive Edge

Competitive Edge Vor’s competitive position has changed radically with its pivot from oncology cell therapies to autoimmune diseases. The legacy engineered stem cell platform was highly innovative but unproven commercially and struggled with clinical and funding challenges, which weakened its practical moat. The new focus, telitacicept, benefits from real-world validation in China and a differentiated dual-target mechanism aimed at B-cell–driven autoimmune disease, offering a clearer path and a more conventional development risk profile. At the same time, the autoimmune field is crowded, with strong incumbents and many emerging therapies, so Vor must show clear advantages in effectiveness, safety, convenience, or cost to stand out. The licensed nature of the asset and a relatively short remaining patent life outside China also limit long-term exclusivity, sharpening the need for rapid and disciplined execution. Overall, Vor’s moat now hinges less on platform originality and more on clinical differentiation, regulatory success, and commercial execution around a single, late-stage asset.

Innovation and R&D

Innovation and R&D Historically, Vor was an innovation-heavy company, pushing a novel engineered hematopoietic stem cell approach to enable more aggressive cancer therapies, an idea that was scientifically bold but operationally complex and high risk. That platform is now effectively on hold, with clinical and manufacturing activities wound down and the workforce dramatically reduced, which caps its near-term contribution but leaves some optional value in the intellectual property and know-how. The innovation story has shifted to telitacicept, a biologic designed to block two key survival signals for B cells, aiming to more effectively suppress disease-causing autoantibodies in conditions like myasthenia gravis and lupus. The asset brings existing late-stage and post-approval data from China, which can shorten timelines and clarify risk, but Vor still faces the scientific and regulatory challenge of replicating and extending that success globally. Future R&D appears highly concentrated around expanding telitacicept into multiple autoimmune indications and running a pivotal global trial in myasthenia gravis, which raises both focus advantages and single-asset concentration risk.

Summary

Vor Biopharma today is essentially a different company than it was at IPO: it has moved from a complex, early-stage oncology cell therapy platform to a more conventional, late-stage autoimmune biologic strategy. Financially, it remains a pre-revenue, loss-making, cash-burning biotech that depends on external capital, although recent financing has extended its operating runway for several years. The balance sheet is relatively clean with modest debt, but past losses have eroded equity, and future funding needs will hinge on the pace of spending and clinical progress. Strategically, the main opportunity lies in leveraging telitacicept’s existing data and differentiated mechanism to carve out a position in autoimmune diseases, initially in myasthenia gravis and potentially beyond. Key risks include a crowded competitive field, limited remaining patent life outside China, single-asset dependence, and the uncertainty of global Phase 3 and regulatory outcomes. Overall, Vor’s story is now a focused, higher-clarity but still high-risk late-stage biotech thesis built almost entirely around one clinically advanced autoimmune asset and the company’s ability to execute on it.

NEWS

November 13, 2025 · 4:01 PM UTC

Vor Bio Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 10, 2025 · 9:56 PM UTC

Vor Bio Announces Pricing of Public Offering of $100 Million of Common Stock

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November 10, 2025 · 4:01 PM UTC

Vor Bio Announces Proposed Public Offering of $100 Million of Common Stock

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November 8, 2025 · 11:45 AM UTC

Telitacicept Achieved Primary Endpoint of Reducing Proteinuria in Stage A of a Phase 3 Clinical Study for IgA Nephropathy in China

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November 7, 2025 · 8:00 AM UTC

Vor Bio to Participate in Upcoming Investor Conferences

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