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Vor Biopharma

VOR Rare disease Lead: Phase 3 10 Biotech Distilled articles ↓ 32 filings & releases ↓ Cash $79.0M (Sep 30, 2026) ↓ 10 verdicts ↓ 3 timing quotes ↓
ImmunologyNeurology Protein

Market cap $1.22B 61.4M shares (10-Q, Oct 26, 2026) × $19.88 close Nov 6, 2026

Most recent annual filing: 2026-03-15

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. telitacicept Ph3 topline1H 2027telitacicept Ph3 topline, 1H 2027, thesis-defining
  2. UPSTREAM MG Ph3 topline1H 2027UPSTREAM MG Ph3 topline, 1H 2027, major
  3. UPSTREAM oMG pivotal start1H 2027UPSTREAM oMG pivotal start, 1H 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Discontinued (4)

Capital (as filed)

Cash
$79.0M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$403M Sep 30, 2026
Operating cash flow
−$32.7M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$482M cash, runway early 2029 per the update of Oct 30, 2026 — the company's own words as read there, not the filed figure

Offering documents (2)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Vor Biopharma, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-06 Watch Vor Bio (VOR) - Scientific Deep Dive Fortelitacicept and Pipeline Products Dual BAFF/APRIL inhibition is scientifically compelling but the 2028 composition-of-matter patent cliff, CMC tech-transfer risk, and demographic-translation uncertainty warrant waiting for execution proof before committing capital.
  2. 2026-04-27 Watch UPDATE: Vor Bio (VOR) - The Anchor is Selling RA Capital's aggressive 53% reduction in directly-held common is a meaningful downgrade to the 'smart money backing the pivot' bull-case pillar, warranting continued sideline positioning until the conviction signal re-clarifies.
  3. 2026-05-15 Speculative buy speculative UPDATE: Vor Bio (VOR) - NEJM Stamps the Free Look NEJM publication of TELIGAN Phase 3 with 55% placebo-adjusted proteinuria reduction and eGFR preservation materially de-risks the dual BAFF/APRIL biology and makes the pipeline-in-a-product narrative investable, while the RA Capital trim now reads more like portfolio sizing than a negative signal.
  4. 2026-06-08 Speculative buy speculative UPDATE: Vor Bio (VOR) - The Free Look Pays Off Twice Two simultaneous NMPA approvals (IgAN and SjD) give telitacicept five approved indications in China on one molecule, further de-risking the pipeline-in-a-product narrative while the stock has weakened 11.8% on no negative news, widening the fundamental-to-price gap.
  5. 2026-07-07 Speculative buy speculative UPDATE: Vor Bio (VOR) - The Anchor Leaves, the Closer Arrives Levin's board resignation removes the last 'still committed' governance signal from RA Capital, but Zaccardelli's appointment — a CEO with three strategic exits including a $10B Merck deal — sharpens the M&A exit optionality and adds manufacturing expertise directly relevant to the CMC tech-transfer risk.
  6. 2026-07-21 Speculative buy speculative UPDATE: Vor Bio (VOR) - RA Answers the Watch Item RA Capital's conversion of 2.1M pre-funded warrants into common stock — the mirror image of April's selling — shifts the RA read from bearish-at-governance-level to ambiguous, modestly cleaning up the conviction picture without changing the underlying binary.
  7. 2026-08-12 Speculative buy speculative UPDATE: Vor Bio (VOR) - They Sold Into the Rip Management's $48.9M July ATM raise at $19.11 confirms dilution appetite rather than a dilution gap, while enrollment remains on track and commercial build-out spending corroborates the exit-optionality thesis; watchers should note the asymmetry has compressed at $23.59.
  8. 2026-09-09 Speculative buy speculative UPDATE: Vor Bio (VOR) - The Enrollment Clock Stops UPSTREAM MG is fully enrolled and the 1H27 readout is now arithmetic rather than guidance, retiring enrollment slippage risk, while a second registrational oMG trial is added; the demographic-translation risk remains the sole unanswered question.
  9. 2026-10-23 Speculative buy speculative UPDATE: Vor Bio (VOR) - The Kidney Clock Nearly Stops Two-year TELIGAN data showing eGFR slope of -0.6 vs -5.7 and 89% reduction in hard progression events represents the strongest hard-endpoint validation of dual BAFF/APRIL biology to date, while the 24.5% stock pullback from September highs to near the July ATM price may warrant a fresh look at the spread to the gMG binary.
  10. 2026-10-30 Speculative buy speculative UPDATE: Vor Bio (VOR) - The ATM Gets Reloaded A fresh $150M ATM facility (up to ~11.7% potential dilution) confirms management's appetite to sell into strength ahead of the 1H27 binary, but the balance sheet doesn't need the cash and the clinical timeline remains locked, so the thesis is intact with a new supply overhang that may cap rallies into the readout.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (32)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 13, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

17 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)