Vor Biopharma Inc. VOR
Vor Biopharma, Inc. ("Vor Bio") is a clinical-stage biopharmaceutical company focused on developing a novel therapy in the treatment of autoimmune diseases. In June 2025, we in-licensed telitacicept from RemeGen Co., Ltd. ("RemeGen"). Pursuant to our license agreement with RemeGen, we were granted an exclusive license to develop and commercialize telitacicept outside of the Greater China region, which includes mainland China, Hong Kong, Macau and Taiwan. RemeGen retains development and commercialization rights in Greater China.
Telitacicept is approved in China for the treatment of systemic lupus erythematosus ("SLE"), rheumatoid arthritis ("RA"), and generalized myasthenia gravis ("gMG"), and has two Biologics License Applications ("BLAs") filed and pending in China for the treatment of Sjögren's disease ("SjD") and IgA nephrapathy ("IgAN"). Our global Phase 3 clinical trial in gMG is currently underway across the United States, Europe, South America, and Asia to support potential approval in the United States, Europe, and Japan. We have recently initiated a global Phase 3 clinical trial in SjD, with the first patient dosing in March 2026, and anticipate enrolling at clinical sites across the United States, Europe, South America, and Asia to support potential approval in the United States, Europe, and Japan.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $321.5M | $93.3M | $94.3M | $64.5M | $47.5M | $31.6M | — |
| SG&A | $50.1M | $27.9M | $31.7M | $28.9M | $21.5M | $11.7M | — |
| Total operating expenses | $371.6M | $121.2M | $126.0M | $93.4M | $69.0M | $43.4M | — |
| Operating income | -$371.6M | -$121.2M | -$126.0M | -$93.4M | -$69.0M | -$43.4M | — |
| Net income | -$696.0M | -$116.9M | -$117.9M | -$92.1M | -$68.9M | -$43.3M | — |
| EPS, basic | -70.50 | -34.03 | -1.75 | -2.33 | -2.10 | — | — |
| EPS, diluted | -70.50 | -34.03 | -1.75 | -2.33 | -2.10 | -230.57 | — |
| Shares, diluted (wtd. avg.) | 9.9M | 3.4M | 67.2M | 39.6M | 33.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $396.5M | $81.9M | $31.4M | $57.7M | $119.8M | $48.5M | — |
| Short-term investments | $58.7M | $10.0M | $105.8M | $172.5M | $87.7M | — | — |
| Total current assets | $458.1M | $96.5M | $140.8M | $236.9M | $214.4M | $49.1M | — |
| Property, plant and equipment | $533.0K | $6.6M | $10.1M | $12.6M | $6.9M | $4.7M | — |
| Total assets | $464.1M | $142.9M | $198.1M | $299.4M | $242.6M | $75.9M | — |
| Accounts payable | $5.1M | $1.5M | $815.0K | $1.8M | $1.5M | $2.4M | — |
| Total current liabilities | $25.2M | $18.6M | $15.6M | $13.1M | $10.2M | $10.2M | — |
| Total liabilities | $628.4M | $46.2M | $47.4M | $48.8M | $26.3M | $27.6M | — |
| Retained earnings | -$1.15B | -$457.0M | -$340.1M | -$222.2M | -$130.1M | -$61.2M | — |
| Total equity | -$164.3M | $96.7M | $150.7M | $250.6M | $216.3M | -$59.1M | -$17.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$142.7M | -$99.7M | -$100.3M | -$85.1M | -$69.1M | -$36.3M | — |
| Depreciation and amortisation | $2.9M | $3.5M | $3.5M | $2.5M | $1.4M | $605.0K | — |
| Stock-based compensation | $18.9M | $9.8M | $13.4M | $10.7M | $4.3M | $1.3M | — |
| Capital expenditure | $941.0K | $229.0K | $1.1M | $8.5M | $3.9M | $4.2M | — |
| Investing cash flow | -$48.8M | $96.9M | $71.0M | -$94.1M | -$91.7M | -$4.2M | — |
| Financing cash flow | $503.8M | $53.4M | $2.9M | $117.1M | $232.9M | $82.5M | — |
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-130451.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$43.3M | -$68.9M | -$92.1M | -$117.9M | -$116.9M | -$696.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |