Vor Biopharma Inc. (VOR)

Price$18.53Cached quoteAs of 2026-10-02 16:32 UTC

AI: Overvalued

Price checkThe quote prices in major success before Vor has generated any product revenue.

Using about 59.1 million shares outstanding after July stock sales and warrant exercises, the observed quote implies roughly $1.3 billion of basic equity value. Adding about 36.9 million shares that in-the-money warrants can create lifts the implied equity value near $2.1 billion, against $514.5 million of pro forma cash and investments. That leaves investors paying roughly $1.5 billion for unapproved rights outside Greater China. With no revenue and decisive global trial evidence pending, that expectation is too demanding for a value-oriented appraisal.

Big pictureVor burns cash without revenue, but its funding should reach the key trial result.

Revenue has been zero every reported year. The first-half 2026 net loss was $282.4 million, but non-cash changes in warrant values distorted it; operating cash use is more informative. Cash used in operations rose from $99.7 million in 2024 to $142.7 million in 2025, then totaled $63.6 million in the first half of 2026. The $466.1 million June cash-and-securities balance plus $48.4 million of July stock-sale proceeds is projected to fund operations into early 2029, beyond the planned first-half 2027 trial result.

Business strengthChina approvals support the drug, but Vor still must prove it globally.

Telitacicept is already approved in China for five autoimmune diseases, and a 318-patient Chinese kidney-disease trial showed a 55.0% greater reduction than placebo in urinary protein, a marker of kidney damage, at 39 weeks. That supports the drug’s activity, while chronic autoimmune demand is less tied to economic cycles. However, Vor owns commercialization rights only outside Greater China and faces established myasthenia drugs. It also owes RemeGen up to $330 million in regulatory milestones and $3.775 billion in sales milestones, plus high-single-digit to mid-teen sales royalties, limiting the value Vor keeps.

What could change the storyStrong global trial results could justify optimism; failure would expose little operating value.

The clearest test is the 24-week global Phase 3 myasthenia readout expected in the first half of 2027. A convincing benefit and acceptable safety across regions would support approvals and a broader franchise; weak or mixed results would undermine the main asset. Balance-sheet protection is real but shrinking, and dilution is unusually heavy: shares rose from 6.2 million at 2024 year-end to 54.5 million by June 2026, with roughly 33.4 million near-free warrants still outstanding after July. Future financing or new programs could reduce each share’s claim further.

AI: News

Pivotal enrollment completedVor finished enrollment for its main global trial and added another late-stage program.

On September 8, Vor said enrollment was complete in its global Phase 3 UPSTREAM MG study of telitacicept for generalized myasthenia gravis. The 24-week primary result remains expected in the first half of 2027. It also plans a Phase 3 study in ocular myasthenia gravis, with first dosing expected in the first half of 2027. Completion reduces timing risk, while the new study broadens the opportunity but adds future cost.

Cash runway extendedFresh share sales strengthened the cash runway while increasing dilution for existing holders.

On August 11, Vor reported $466.1 million of cash, equivalents and marketable securities at June 30, plus $48.4 million of net proceeds from selling 2.56 million shares in July. Management put the combined balance at $514.5 million and projected funding into early 2029. July also brought 2.10 million shares from a near-free warrant exercise. These transactions strengthen trial funding, but they lifted the basic share count to about 59.1 million, spreading future value across more owners.

Two Chinese approvalsTwo Chinese approvals strengthened proof for telitacicept, although Vor earns outside that region.

On June 8, China’s drug regulator approved telitacicept for Sjögren’s disease and conditionally approved it for IgA nephropathy, bringing the drug to five approved autoimmune uses in China. RemeGen, not Vor, owns and commercializes the medicine in Greater China, so these decisions do not create direct product revenue for Vor. They still matter because the same medicine anchors Vor’s trials elsewhere and the approvals reduce, without removing, uncertainty about whether regulators may accept its benefits and safety.

Kidney results publishedA major medical journal published strong kidney results, adding scrutiny to earlier claims.

On May 13, the New England Journal of Medicine published an interim analysis of RemeGen’s 318-patient Phase 3 kidney trial. Urinary protein fell 58.9% with telitacicept and 8.8% with placebo at 39 weeks; estimated kidney filtration declined 1.0% and 7.7%, respectively. Adverse events were more common with telitacicept, at 89.3% versus 78.6%, although serious events were less common. The China-based results support the drug’s mechanism but do not guarantee success in Vor’s global trials.

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Revenue

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2024

2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$321.5M	$93.3M	$94.3M	$64.5M	$47.5M	$31.6M
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
EBITDA	−$368.8M	−$117.7M	−$122.5M	−$90.9M	−$67.6M	−$42.8M
Net income	−$696.0M	−$116.9M	−$117.9M	−$92.1M	−$68.9M	−$43.3M
Basic EPSper basic share	-$70.50	-$34.03	-$35.00	-$46.60	-$42.00	-$4,611.40
Diluted EPSper diluted share	-$70.50	-$34.03	-$35.00	-$46.60	-$42.00	-$4,611.40

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Owners

Reported shareholders

Reference date Jun 30, 2026

10.42%of listed shares

TCG Crossover Management, LLC5.67M shares · Jun 30, 2026

View holders

Top 20 reported holders of VOR
Holder	% owned
TCG Crossover Management, LLC	10.42%5.67M shares
FMR LLC	9.06%4.93M shares
FCPM III SERVICES B.V.	7.56%4.12M shares
BlackRock, Inc.	6.37%3.47M shares
Venrock Adviser, LLC	5.59%3.04M shares
TCG Crossover Fund III, L.P. / TCG Crossover GP III, LLC / TCG Crossover Fund II, L.P. / TCG Crossover GP II, LLC	≈5.21%2.84M shares
STATE STREET CORP	4.80%2.62M shares
Frazier Life Sciences Management, L.P.	4.67%2.54M shares
RA CAPITAL MANAGEMENT, L.P.	4.41%2.4M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.83%2.08M shares
Caligan Partners LP	3.54%1.93M shares
Paradigm Biocapital Advisors LP	3.21%1.75M shares
GREAT POINT PARTNERS LLC	3.12%1.7M shares
Nantahala Capital Management, LLC	3.10%1.69M shares
Reprogrammed Interchange LLC / Hoffman Reid	≈2.14%1.17M shares
GEODE CAPITAL MANAGEMENT, LLC	1.95%1.06M shares
Zuraw Qing Che	≈1.72%937.08K shares
ANG ROBERT	≈1.67%911.32K shares
NEXTBio Capital Management LP	1.63%889.16K shares
ADAR1 Capital Management, LLC	1.25%680.63K shares

Percentages use 54.46M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$0.00 disclosed value

Sells (SEC code S)88$110.84M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 22, 2026Form 4	Shah Rajeev M. +3Director,TenPercentOwner	SellCommon Stock · indirect	165.2K	$15.77	$2.60M	2.40M
Apr 20, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3Director,TenPercentOwner	SellCommon Stock · indirect	172.0K	$15.77	$2.71M	2.57M
Apr 17, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3Director,TenPercentOwner	SellCommon Stock · indirect	458.4K	$16.28	$7.46M	2.74M
Apr 15, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3Director,TenPercentOwner	SellCommon Stock · indirect	53.6K	$16.01	$858.8K	3.20M
Apr 14, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3Director,TenPercentOwner	SellCommon Stock · indirect	153.7K	$15.97	$2.46M	3.25M