Vor Biopharma recently released its 10-K report. The company described itself as a clinical-stage biopharmaceutical company focused on telitacicept, which it in-licensed in June 2025 from RemeGen for development and commercialization outside Greater China. Telitacicept is being studied in a global Phase 3 trial for generalized myasthenia gravis and in a newly initiated global Phase 3 trial for Sjögren’s disease, while RemeGen retains rights in mainland China, Hong Kong, Macau and Taiwan.
In Item 7, Vor said it had no revenue in 2025 or 2024 and posted a net loss of $696.0 million in 2025, compared with $116.9 million in 2024. Cash, cash equivalents and marketable securities totaled $455.2 million at Dec. 31, 2025, and management said that, together with expected proceeds from a 2026 private placement, the company expects to fund operations into early 2029.
Research and development expense rose to $321.5 million in 2025 from $93.3 million a year earlier. The increase was driven mainly by $222.6 million tied to the telitacicept license, plus $25.0 million for telitacicept in gMG and $3.3 million for telitacicept in Sjögren’s disease, partly offset by lower spending on trem-cel and VCAR33 after those programs were discontinued in the first half of 2025.
General and administrative expense increased to $50.1 million from $27.9 million, led by $11.8 million more in stock-based compensation, $4.9 million more in legal and professional fees, and $3.9 million more in personnel costs. Total operating expenses reached $371.6 million, up from $121.2 million, and other expense swung to $324.3 million from $4.3 million of other income, largely because of a $334.4 million change in fair value of warrant liabilities.
Vor also said its board approved a wind down of its then-existing clinical and manufacturing operations on May 5, 2025, followed by a workforce reduction of 154 full-time employees, or about 99% of its then-current employee base. Restructuring costs for 2025 totaled $29.7 million, including severance, stock-based compensation modifications, asset disposal losses, and accelerated depreciation and amortization. The market has reacted to these announcements by moving the company's shares 4.87% to a price of $13.57. For more information, read the company's full 10-K submission here.
