VOR

Vor Bio is no longer the company it was a year ago. The May 2025 Restructuring Plan wound down ~99% of the workforce (154 employees) and abandoned the prior pipeline, and the company pivoted entirely to telitacicept, an in-licensed asset from RemeGen for autoimmune indications (gMG, SjD). This is effectively a new biotech wearing the old ticker, with one Phase 3 program and no commercial revenue. Per management, topline gMG Phase 3 data is not expected until 1H 2027, meaning there is no near-term fundamental catalyst — just cash burn against a binary readout.

The FY2025 numbers reflect this rupture. Net loss exploded to $696M (vs. $117M in FY2024), R&D jumped to $322M (likely absorbing the telitacicept license payment), and the company now carries negative stockholders' equity of -$164M — liabilities of $628M against $464M of assets — a balance sheet structure driven by the in-licensing liability, not operating debt, but ugly nonetheless. The 60.9% drop in shares outstanding and -$70.50 diluted EPS look like a reverse split mechanic distorting per-share figures. Cash of $396M plus the disclosed 2026 Private Placement is stated by management to fund operations 'into early 2029,' which gets them past the gMG readout but with essentially zero margin for error.