Vor BioPharma | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -121.63, missing the estimate of USD -2.9.

EBIT: As of FY2025 Q3, the actual value is USD -29.84 M.

Total Revenue: Vor Biopharma Inc. did not report any revenue for the three and nine months ended September 30, 2025, and 2024, as the company is still in the clinical development stage and has not yet commercialized any products.

Net Loss: For the three months ended September 30, 2025, the net loss was - $812.7 million, compared to - $27.6 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was - $2,418.8 million, compared to - $86.2 million for the same period in 2024.
Research and Development Expenses: For the three months ended September 30, 2025, research and development expenses were $14.1 million, compared to $21.8 million for the same period in 2024. For the nine months ended September 30, 2025, research and development expenses were $302.3 million, compared to $68.0 million for the same period in 2024.
General and Administrative Expenses: For the three months ended September 30, 2025, general and administrative expenses were $14.0 million, compared to $6.7 million for the same period in 2024. For the nine months ended September 30, 2025, general and administrative expenses were $33.3 million, compared to $21.9 million for the same period in 2024.

Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $119.9 million, compared to - $75.6 million for the same period in 2024.
Net Cash Provided by Investing Activities: For the nine months ended September 30, 2025, net cash provided by investing activities was $0.2 million, compared to $96.9 million for the same period in 2024.
Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $196.0 million, compared to $0.1 million for the same period in 2024.

Change in Fair Value of Warrant Liabilities: For the three months ended September 30, 2025, the change in fair value of warrant liabilities was - $790.5 million. For the nine months ended September 30, 2025, the change in fair value of warrant liabilities was - $2,090.4 million.
Stock-Based Compensation Expense: For the three months ended September 30, 2025, stock-based compensation expense was $8.0 million, compared to $2.3 million for the same period in 2024. For the nine months ended September 30, 2025, stock-based compensation expense was $11.8 million, compared to $8.1 million for the same period in 2024.

Core Business Focus: Vor Biopharma Inc. is focused on the development and commercialization of telitacicept, a novel fusion protein for treating autoimmune diseases. The company is currently conducting a global Phase 3 clinical trial for telitacicept in generalized myasthenia gravis (gMG) and plans to explore additional indications such as Sjögren’s disease.
Non-Core Business: The company has initiated a restructuring plan to wind down its existing clinical and manufacturing operations focused on previous product candidates and is exploring strategic alternatives to maximize shareholder value.
Priority: The company aims to achieve regulatory approval and commercialize telitacicept, with a focus on expanding its development to additional autoimmune indications. The company expects its existing cash, cash equivalents, and marketable securities, along with recent financing activities, to fund its operations into the second quarter of 2027.