Vor(US:VOR)2025-03-20 20:01Financial Performance - Vor Bio reported a net loss of $116.9 million for the year ended December 31, 2024, compared to a net loss of $117.9 million for 2023, reflecting a decrease of $0.9 million [478][491]. - Total operating expenses decreased to $121.2 million in 2024 from $126.0 million in 2023, a reduction of $4.9 million [491]. - Interest income for 2024 was $4.3 million, down from $8.2 million in 2023, reflecting a decrease of $3.9 million [491]. - General and administrative expenses decreased to $27.9 million for the year ended December 31, 2024, from $31.7 million in 2023, a reduction of $3.8 million [493]. - Other income decreased by $3.9 million for the year ended December 31, 2024, primarily due to lower interest received from cash and marketable securities [494]. - The company reported a net cash used in operating activities of $99.7 million for the year ended December 31, 2024, compared to $100.3 million in 2023, reflecting a decrease of $0.6 million [506][507]. Cash and Funding - Cash, cash equivalents, and marketable securities amounted to $91.9 million as of December 31, 2024, expected to fund operations into the first quarter of 2026 [479]. - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $91.9 million, necessitating additional capital to fund future operations [499]. - Net cash provided by investing activities was $96.9 million for the year ended December 31, 2024, compared to $71.0 million in 2023, indicating an increase of $25.9 million [509]. - Net cash provided by financing activities was $53.4 million for the year ended December 31, 2024, significantly up from $2.9 million in 2023 [510]. - The company raised approximately $52.7 million in a private placement on December 30, 2024, with warrants potentially generating an additional $58.5 million if exercised [498]. - The company has $274.4 million remaining available under its universal shelf registration statement as of December 31, 2024, which is set to expire on March 18, 2025 [496]. - The company anticipates substantial additional funding will be required to support ongoing operations and growth strategies, with potential dilution of existing shareholders' interests [502]. Research and Development - Research and development expenses totaled $93.3 million for the year ended December 31, 2024, a slight decrease of $1.0 million from $94.3 million in 2023, primarily due to reduced pre-clinical costs [492]. - The VBP101 clinical trial for trem-cel included 25 patients, with 100% achieving primary neutrophil engraftment and a median engraftment time of 9.5 days [472]. - Trem-cel demonstrated preliminary evidence of improved relapse-free survival, with a median follow-up duration of 7.4 months [472]. - The company plans to initiate a Phase 1 clinical trial for the trem-cel+VCAR33 Treatment System in the second half of 2025 [475]. - VADC45, a new preclinical asset targeting CD45, has potential applications in oncology and autoimmune disorders, with robust preclinical data already available [475][476]. Company Status and Compliance - The company has an accumulated deficit of $457.0 million as of December 31, 2024 [478]. - The company expects to continue incurring significant costs associated with operating as a public company and developing pharmaceutical products, which may delay revenue generation for several years [501][502]. - The company may cease to qualify as an emerging growth company by December 31, 2026, or earlier if total annual gross revenues exceed $1.235 billion [520]. - The market value of the company's common stock held by non-affiliates must exceed $700 million for it to be deemed a "large accelerated filer" under SEC rules [520]. - The company has issued more than $1.0 billion of non-convertible debt over the prior three-year period, which could affect its status [520]. - As a smaller reporting company, the company may present only the two most recent fiscal years of audited consolidated financial statements in its Annual Report [521]. - The company has reduced disclosure obligations regarding executive compensation as a smaller reporting company [522]. - The company is exempt from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act [522]. - The company is not required to provide quantitative and qualitative disclosures about market risk for this reporting period [523].