Vor Biopharma (VOR) Q4 2025 earnings summary

Executive summary

• Repositioned focus on telitacicept, advancing global Phase 3 trials in generalized myasthenia gravis (gMG) and primary Sjögren's disease (SjD).

• First patient dosed in global Phase 3 trial for SjD; topline data for gMG expected in 1H 2027.

• $75 million private placement completed to support clinical development.

Financial highlights

• Pro-forma cash and investments of $530.2 million as of December 31, 2025, including proceeds from March 2026 private placement, expected to fund operations into early 2029.

• R&D expenses for Q4 2025 were $19.2 million, down from $25.3 million in Q4 2024; full-year 2025 R&D expenses rose to $321.5 million from $93.3 million in 2024, mainly due to telitacicept license purchase.

• G&A expenses for Q4 2025 were $16.8 million, up from $6.0 million in Q4 2024; full-year 2025 G&A expenses increased to $50.1 million from $27.9 million in 2024.

• Net income for Q4 2025 was $1,722.8 million, compared to a $30.7 million net loss in Q4 2024, driven by a gain on change in fair value of liability-classified warrants.

• Net loss for full-year 2025 was $696.0 million, compared to $116.9 million in 2024, mainly due to loss on warrant fair value and telitacicept license purchase.

Outlook and guidance

• Topline data from the global Phase 3 gMG trial expected in the first half of 2027.

• Cash runway projected into early 2029.