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Vor Bio Appoints Biotech Industry Leaders Alexander (Bo) Cumbo and Michel Detheux, Ph.D. to Board of Directors
GlobeNewswire News Room· 2025-07-21 12:30
Core Insights - Vor Bio has appointed Alexander (Bo) Cumbo and Michel Detheux, Ph.D., to its Board of Directors, bringing extensive experience in company building, corporate strategy, and commercialization [1][4]. Group 1: New Board Members - Alexander (Bo) Cumbo has over 30 years of commercial and executive leadership experience, including roles at Solid Biosciences and Sarepta Therapeutics, where he was instrumental in launching multiple rare disease therapies [2]. - Michel Detheux, Ph.D., co-founded iTeos Therapeutics and led it through significant capital raises and a partnership with GSK worth $2 billion for co-developing an anti-TIGIT antibody [3]. Group 2: Company Vision and Strategy - The new board members are expected to provide valuable insights as Vor Bio advances its lead product, telitacicept, through late-stage development and aims to become a leader in autoimmune innovation [4]. - Vor Bio is focused on rapidly advancing telitacicept, a novel dual-target fusion protein, through Phase 3 clinical development to address serious autoantibody-driven conditions globally [5].
Vor Bio Appoints Qing Zuraw, M.D. as Chief Development Officer
Globenewswire· 2025-07-17 12:30
Core Insights - Vor Bio has appointed Dr. Qing Zuraw as Chief Development Officer, bringing over 25 years of experience in clinical development for autoimmune diseases [1][2][4] - Dr. Zuraw previously led the development of telitacicept at RemeGen, achieving multiple regulatory approvals in China for systemic lupus erythematosus, generalized myasthenia gravis, and rheumatoid arthritis [2][3] - Vor Bio aims to advance telitacicept through Phase 3 clinical development and commercialization to address serious autoantibody-driven conditions globally [5] Company Overview - Vor Bio is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases [5] - The company is working on telitacicept, a novel dual-target fusion protein, to address serious conditions driven by autoantibodies [5] Leadership Experience - Dr. Zuraw has held senior roles at various pharmaceutical companies, including Janssen, Teva, and Biogen, where she led global clinical development programs [4] - She has been instrumental in achieving FDA approvals for therapies in multiple therapeutic areas, showcasing her capability in managing complex clinical trials [4]
Vor Bio Appoints Veteran Biotech Executive Sandy Mahatme as Chief Financial Officer and Chief Business Officer
Globenewswire· 2025-07-10 20:00
Core Insights - Vor Bio has appointed Sandy Mahatme as Chief Financial Officer and Chief Business Officer, effective July 9, 2025, to support the company's transformation and growth in autoimmune disease treatment [1][3] Company Overview - Vor Bio is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases, particularly through the development of telitacicept, a novel dual-target fusion protein [5] - The company is advancing telitacicept through Phase 3 clinical development and aims to commercialize it for serious autoantibody-driven conditions worldwide [5] Leadership Experience - Sandy Mahatme brings over 30 years of executive leadership experience in the biopharmaceutical industry, with a strong track record in capital markets, business development, and global operations [2][3] - Prior to joining Vor Bio, Mahatme raised over $2.5 billion in equity and non-dilutive capital at National Resilience, Inc., and led capital formation efforts exceeding $3.5 billion at Sarepta Therapeutics [2][3] Strategic Importance - The appointment of Mahatme is seen as pivotal for Vor Bio as it advances telitacicept through global Phase 3 development and aims to improve the lives of patients with autoimmune diseases [3][5] - Mahatme's experience in navigating strategic growth in both private and public biotech settings is expected to be instrumental for the company's future [3] Inducement Plan - On July 9, 2025, Vor Bio granted Mahatme 13,882,750 restricted stock units (RSUs) as a material inducement to employment, with a vesting schedule over four years [7]
Vor Bio Report Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Globenewswire· 2025-07-01 20:00
Company Overview - Vor Bio is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases [3] - The company is advancing telitacicept, a novel dual-target fusion protein, through Phase 3 clinical development and commercialization [3] Executive Compensation - The Board of Directors granted CEO Jean-Paul Kress an option to purchase 83,296,638 shares of common stock as an inducement for his employment [1] - The stock option has a ten-year term with an exercise price of $0.89 per share, equal to the closing price on June 26, 2025 [2] - The option will vest over a four-year period, with 25% vesting after 12 months and the remaining shares vesting monthly over the following 36 months [2]
Vor Biopharma's RemeGen Deal Paves Way For Multi-Billion Dollar Autoimmune Market
Benzinga· 2025-06-30 18:31
Core Insights - Vor Biopharma Inc. has been upgraded by H.C. Wainwright, marking a significant turnaround for the company following the in-licensing of telitacicept [1][4] - The company has entered into a strategic licensing agreement with RemeGen Co., Ltd. for the development and commercialization of telitacicept outside Greater China [2] Financial Details - Vor Biopharma will pay $125 million upfront, which includes $45 million in cash and $80 million in stock warrants, along with potential milestone payments exceeding $4 billion and tiered royalties [3] - The stock price of Vor Biopharma has increased by 49.1%, reaching $1.58 [7] Market Opportunity - The market potential for telitacicept in generalized myasthenia gravis (gMG) is significant, with an estimated 82,700 people in the U.S. affected in 2021, and 75% of these patients receiving treatment [5] - If priced at $225,000 per patient annually and capturing 15% of the U.S. market, peak annual sales for telitacicept could reach $1.8 billion [5] - Additional sales of $2.7 billion could be generated if the drug successfully launches in the EU and Japan, achieving a 10% market share [6] Management Changes - Jean-Paul Kress has been appointed as CEO and Chairman, replacing Dr. Robert Ang, who will remain as a strategic advisor until October [3]
Vor Bio Stock Skyrockets 250% in the Past Week: Here's Why
ZACKS· 2025-06-30 15:41
Core Insights - Vor Bio's shares have surged by 265.5% in the past week, significantly outperforming the industry average increase of 0.8% [1] - The company has entered a licensing agreement with RemeGen to develop and commercialize telitacicept in markets outside of China [1][6] Licensing Agreement Details - The licensing deal is valued at $125 million upfront, which includes $45 million in cash and $80 million in stock warrants, along with potential milestone payments exceeding $4 billion and tiered royalties on future sales [6][7] - Vor Bio will focus on developing telitacicept, a dual-target fusion protein that blocks two proteins, BAFF and APRIL, to treat autoimmune diseases [2][7] Clinical Development - A global phase III study for telitacicept in treating generalized myasthenia gravis (gMG) is currently ongoing in the United States, Europe, and South America, with initial data expected in the first half of 2027 [3] Leadership Changes - Vor Bio has appointed Jean-Paul Kress as the new CEO and chairman, following the resignation of the previous CEO, Robert Ang [3][6] Company Outlook - The licensing agreement is seen as a pivotal move that may prevent Vor Bio from shutting down its operations, which was previously announced due to financial difficulties [8]
荣昌生物对外授权合作公布后股价大跌 合作方仅8名员工
Zhong Guo Jing Ying Bao· 2025-06-28 02:17
Core Viewpoint - Rongchang Biopharmaceutical's significant licensing agreement with Vor Bio, valued at up to $4.23 billion, led to an unexpected 18.36% drop in its stock price, raising concerns about the market's perception of the deal [2]. Group 1: Licensing Agreement Details - On June 25, Rongchang Biopharmaceutical announced a licensing agreement with Vor Bio, granting exclusive rights to develop and commercialize the drug Tai Tasi Pi outside of Greater China [2]. - The agreement includes an upfront payment of $125 million, which consists of a $45 million initial payment and $80 million in warrants, along with potential milestone payments of up to $4.1 billion and sales royalties in the high single to double-digit percentage range [2]. Group 2: Product and Financial Performance - Tai Tasi Pi, Rongchang's core innovative drug, received conditional approval in March 2021 and is currently approved for indications such as myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis [3]. - In 2024, Rongchang's revenue reached 1.717 billion yuan, a year-on-year increase of 58.54%, although it reported a net loss of 1.468 billion yuan [4]. - The significant revenue growth is attributed to increased sales of Tai Tasi Pi and another product, with R&D expenses amounting to 1.54 billion yuan, representing 89.69% of total revenue [4]. Group 3: Vor Bio Company Concerns - Vor Bio has not generated any revenue since its inception and reported net losses of $118 million and $117 million for 2023 and 2024, respectively, with a cumulative deficit of $457 million as of December 31, 2024 [5]. - The company announced significant layoffs, planning to cut 147 full-time employees, approximately 95% of its workforce, and to gradually shut down its clinical and manufacturing operations [5]. - Vor Bio also experienced major management changes, including the departure of its CFO, Chief Scientific Officer, and head of technical operations [6].
Vor Bio Announces $175 Million Private Placement
Globenewswire· 2025-06-25 20:50
Core Viewpoint - Vor Bio has announced a private placement in public equity financing (PIPE) expected to generate approximately $175 million in gross proceeds to advance its clinical pipeline and for general corporate purposes [1][3]. Group 1: Private Placement Details - Vor Bio will issue prefunded warrants to purchase a total of 700 million shares of common stock at a price of $0.25 per warrant [2]. - The PIPE includes participation from notable investors such as RA Capital Management, Mingxin Capital, Forbion, Venrock Healthcare Capital Partners, Caligan Partners, and NEXTBio [2]. - The expected closing date for the PIPE is June 27, 2025, pending customary closing conditions [3]. Group 2: Warrants and Stockholder Approval - The warrants have an exercise price of $0.0001 per share and will be exercisable upon stockholder approval for the issuance of the underlying shares [4]. - Vor Bio plans to hold a special stockholder meeting to seek approval for the issuance of the shares related to the warrants [4]. Group 3: Company Overview - Vor Bio is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases, particularly through its novel dual-target fusion protein, telitacicept, which is in Phase 3 clinical development [7].
Vor Bio Enters into Exclusive Global License Agreement with RemeGen for Late-Stage Autoimmune Asset
Globenewswire· 2025-06-25 20:45
Core Insights - Vor Bio has secured exclusive global rights (excluding Greater China) to develop and commercialize telitacicept, a dual-target recombinant fusion protein for autoimmune diseases [1][6] - RemeGen has received an initial payment of $125 million, which includes a $45 million upfront payment and $80 million in warrants, along with potential milestones exceeding $4 billion and tiered royalties [1][5] - Jean-Paul Kress, MD, has been appointed as the new CEO and Chairman of Vor Bio, bringing extensive experience in clinical development and commercialization [3][4] Company Developments - Vor Bio is focused on advancing telitacicept through Phase 3 clinical development to address serious autoantibody-driven conditions globally [7] - RemeGen is conducting a global Phase 3 clinical trial for telitacicept, with initial results expected in the first half of 2027 [2][6] - The strategic out-licensing of telitacicept's ex-China rights is aimed at maximizing its clinical and commercial potential on a global scale [5] Product Information - Telitacicept targets key immune pathways by inhibiting BlyS (BAFF) and APRIL, which are critical for B cell survival, thereby reducing autoreactive B cells and autoantibody production [2][5] - In a Phase 3 trial in China for generalized myasthenia gravis, telitacicept showed a 4.8-point improvement in the MG-ADL scale compared to placebo at 24 weeks [5]
Vor(VOR) - 2025 Q1 - Quarterly Report
2025-05-14 20:02
PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, highlighting a net loss of **$32.5 million** and management's conclusion of substantial doubt about the company's ability to continue as a going concern Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $50,047 | $81,949 | | Total current assets | $64,847 | $96,507 | | Total assets | $109,312 | $142,891 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $16,727 | $18,612 | | Total liabilities | $43,243 | $46,227 | | Total stockholders' equity | $66,069 | $96,664 | | Accumulated deficit | $(489,480) | $(456,994) | Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $26,701 | $24,322 | | General and administrative | $6,590 | $8,004 | | **Loss from operations** | **$(33,291)** | **$(32,326)** | | Interest income | $805 | $1,522 | | **Net loss** | **$(32,486)** | **$(30,804)** | | Net loss per share, basic and diluted | $(0.26) | $(0.45) | - On May 8, 2025, the company announced the wind-down of its clinical and manufacturing operations and a plan to reduce its workforce while it explores strategic alternatives to maximize shareholder value[25](index=25&type=chunk)[71](index=71&type=chunk) - Management has concluded that there is substantial doubt regarding the Company's ability to continue as a going concern within one year, citing the need to consummate a strategic transaction or raise additional funding, which is uncertain[28](index=28&type=chunk) - In conjunction with the strategic process, the company announced a workforce reduction of approximately **95%** (147 full-time employees), which is expected to result in about **$10.9 million** in severance costs, primarily in Q2 2025[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting the strategic decision made in May 2025 to wind down clinical and manufacturing operations and explore alternatives to maximize shareholder value, alongside significant liquidity challenges and a "going concern" warning [Overview](index=18&type=section&id=Overview) Vor Bio, a clinical-stage company focused on AML, announced on May 8, 2025, it is winding down clinical and manufacturing operations, including a **95%** workforce reduction, while exploring strategic alternatives, having incurred a net loss of **$32.5 million** for Q1 2025 and an accumulated deficit of **$489.5 million** - On May 8, 2025, the company announced it is winding down clinical and manufacturing operations to explore strategic alternatives, including a potential sale, licensing of assets, merger, or other business combination[76](index=76&type=chunk) - A workforce reduction of **147** full-time employees (approx. **95%**) was announced, with expected severance costs of around **$10.9 million**, primarily to be incurred in Q2 2025[76](index=76&type=chunk) - As of March 31, 2025, the company had an accumulated deficit of **$489.5 million** and incurred a net loss of **$32.5 million** for the quarter[77](index=77&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) For Q1 2025, the net loss increased to **$32.5 million** from **$30.8 million** in Q1 2024, primarily due to a **$2.4 million** rise in R&D expenses, partially offset by a **$1.4 million** decrease in G&A expenses Comparison of Operations (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Research and development | $26,701 | $24,322 | $2,379 | | General and administrative | $6,590 | $8,004 | $(1,414) | | **Loss from operations** | **$(33,291)** | **$(32,326)** | **$(965)** | | **Net loss** | **$(32,486)** | **$(30,804)** | **$(1,682)** | - R&D expenses increased by **$2.4 million**, primarily due to higher clinical trial costs supporting the trem-cel and VCAR33 programs, along with increased lab supplies and consumables[90](index=90&type=chunk) - G&A expenses decreased by **$1.4 million**, mainly due to a reduction in stock-based compensation expense and personnel costs[91](index=91&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held **$60.0 million** in cash, cash equivalents, and marketable securities, which management deems insufficient for the next 12 months, leading to substantial doubt about its going concern ability, further restricted by SEC rules on capital raising due to its public float being below **$75 million** - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities of **$60.0 million**[78](index=78&type=chunk)[98](index=98&type=chunk) - Management concluded there is substantial doubt about the company's ability to continue as a going concern for 12 months from the financial statement issuance date[99](index=99&type=chunk) - The company is subject to SEC's General Instruction I.B.6 to Form S-3, which limits its capacity to sell shares under its shelf registration to one-third of its public float in any twelve-month period, as its public float is less than **$75 million**[96](index=96&type=chunk) [Cash Flows](index=26&type=section&id=Cash%20Flows) In Q1 2025, net cash used in operating activities was **$31.1 million**, while net cash used in investing activities was **$0.2 million**, a significant change from **$44.0 million** provided in Q1 2024 due to non-recurring proceeds from marketable securities Cash Flow Summary (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(31,066) | $(30,465) | | Net cash (used in) provided by investing activities | $(230) | $43,973 | | Net cash (used in) provided by financing activities | $(606) | $96 | - Net cash used in operating activities increased by **$0.6 million**, primarily due to higher R&D expenses and lower stock-based compensation[107](index=107&type=chunk) - The significant change in investing cash flow from Q1 2024 to Q1 2025 was due to **$54.0 million** in proceeds from maturities of marketable securities in the 2024 period, which did not recur in 2025[108](index=108&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is classified as a smaller reporting company and, as such, is not required to provide the information for this item - As a smaller reporting company, Vor Biopharma is not required to provide quantitative and qualitative disclosures about market risk[116](index=116&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2025, the company's management concluded that its disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[118](index=118&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[119](index=119&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any material legal proceedings but may become involved in litigation arising from the ordinary course of business from time to time - The company is not currently a party to any material legal proceedings[122](index=122&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section highlights significant new and updated risks, including potential Nasdaq delisting for failing to meet the **$1.00** minimum bid price, and uncertainties associated with the strategic review and operational wind-down, such as transaction completion and negative consequences from workforce reduction - The company received a notice from Nasdaq on April 22, 2025, for non-compliance with the minimum bid price of **$1.00** per share, posing a risk of delisting if compliance is not regained by October 20, 2025[124](index=124&type=chunk) - There is no assurance that the strategic review process will result in any transaction, or that any pursued transaction will be completed on attractive terms or at all[127](index=127&type=chunk) - The workforce reduction and operational wind-down carry risks such as loss of institutional knowledge, attrition beyond the intended scope, decreased morale, and potential impairment charges and contract termination costs that could be material[128](index=128&type=chunk)[129](index=129&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company states that during the first quarter of 2025, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - During the quarter ended March 31, 2025, no director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement"[130](index=130&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section provides a list of all exhibits filed with the Quarterly Report on Form 10-Q, including the company's Amended and Restated Certificate of Incorporation, Bylaws, and certifications by the Principal Executive and Financial Officers - This section lists exhibits filed with the Form 10-Q, including corporate governance documents, officer certifications, and Inline XBRL data files[132](index=132&type=chunk)