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.
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