The firm's financial position has deteriorated into a negative equity state of -$150.4 million as of 2026Q1, reflecting the impact of sustained operational losses on the capital structure.
| Total Current Assets | 500.78M | 458.11M | 96.51M | 140.8M | 236.95M | 214.4M | 49.11M | 7.54M | 936K |
| Cash & Short-Term Investments | 491.52M | 455.21M | 91.93M | 137.18M | 230.25M | 207.47M | 48.54M | 6.47M | 929K |
| Cash Only | 169.87M | 396.49M | 81.95M | 31.36M | 57.71M | 119.8M | 48.54M | 6.47M | 929K |
| Short-Term Investments | 321.65M | 58.72M | 9.98M | 105.81M | 172.54M | 87.67M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 9.25M | 2.9M | 380K | 475K | 2.34M | 2.09M | 100K | 205K | 0 |
| Total Non-Current Assets | 5.97M | 6.02M | 46.38M | 69.03M | 62.42M | 28.19M | 26.8M | 2.29M | 71K |
| Property, Plant & Equipment | 3.39M | 3.47M | 41.59M | 50.1M | 57.08M | 22.52M | 21.84M | 728K | 71K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 168K | 0 | 0 | 2.41M | 2.41M | 0 | 1.56M | 1.56M | 0 |
| Other Non-Current Assets | 2.58M | 2.55M | 4.8M | 4.81M | 2.92M | 5.67M | 3.4M | 0 | 0 |
| Total Assets | 506.75M | 464.13M | 142.89M | 209.83M | 299.37M | 242.59M | 75.91M | 9.83M | 1.01M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 685.38% | 224.81% | -31.9% | -29.91% | 23.4% | 219.58% | 672.52% | 875.77% | - |
| Total Current Liabilities | 16.08M | 25.17M | 18.61M | 15.57M | 13.12M | 10.15M | 10.21M | 2.19M | 7.77M |
| Accounts Payable | 1.04M | 5.13M | 1.5M | 815K | 1.77M | 1.54M | 2.36M | 693K | 38K |
| Days Payables Outstanding | 25.17K | - | - | 85.19 | 72.19 | - | - | 2.78K | 693.5 |
| Short-Term Debt | 307K | 280K | 0 | 3.83M | 0 | 0 | 863K | 0 | 4.46M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M |
| Other Current Liabilities | 14.73M | 15.33M | 0 | 4.96M | 4.95M | 434K | 4.26M | 900K | 3.19M |
| Current Ratio | 31.15x | 18.20x | 5.19x | 9.04x | 18.06x | 21.12x | 4.81x | 3.45x | 0.12x |
| Quick Ratio | 31.15x | 18.20x | 5.19x | 9.04x | 18.06x | 21.12x | 4.81x | 3.45x | 0.12x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 641.09M | 603.27M | 27.61M | 43.53M | 35.64M | 16.17M | 17.43M | 0 | 0 |
| Long-Term Debt | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 5.53M | 2.72M | 27.61M | 31.83M | 35.64M | 16.17M | 17.43M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 11.7M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 638.46M | 600.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 657.17M | 628.44M | 46.23M | 59.1M | 48.76M | 26.33M | 27.64M | 2.19M | 7.77M |
| Total Debt | 2.94M | 3M | 31.83M | 35.66M | 38.91M | 18.01M | 18.29M | 0 | 4.46M |
| Net Debt | -166.93M | -393.49M | -50.12M | 4.3M | -18.79M | -101.79M | -30.25M | -6.47M | 3.53M |
| Debt / Equity | -0.02x | - | 0.33x | 0.24x | 0.16x | 0.08x | 0.38x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.45x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -16.83x | -3.14x |
| Total Equity | -150.42M | -164.31M | 96.66M | 150.72M | 250.61M | 216.26M | 48.27M | 7.64M | -6.77M |
| Equity Growth % | -5383.33% | -269.98% | -35.87% | -39.86% | 15.88% | 348.02% | 531.82% | 212.9% | - |
| Book Value per Share | -349.73 | -16.64 | 28.14 | 44.86 | 126.72 | 116.35 | 26.00 | 4.12 | -23.91 |
| Total Shareholders' Equity | -150.42M | -164.31M | 96.66M | 150.72M | 250.61M | 216.26M | 48.27M | 7.64M | -6.77M |
| Common Stock | 19K | 18K | 13K | 7K | 7K | 4K | 1K | 0 | 0 |
| Retained Earnings | -1.37B | -1.15B | -456.99M | -340.08M | -222.22M | -130.12M | -61.22M | -17.89M | -7.05M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -706K | 41K | 22K | -77K | -770K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Execution Risk
As reported in financial statements, Vor Biopharma's equity position has deteriorated into negative territory, falling to -$150.4 million by 2026Q1, a trend driven by persistent operational losses that continue to outpace the company's ability to generate internal value or maintain a positive book value.
The shift from positive equity in early 2024 to a deficit suggests that the company's cumulative losses have fully exhausted its initial capital base. This trajectory implies that the business model is currently reliant on external financing to sustain operations, as the balance sheet lacks the retained earnings necessary to support long-term clinical development.
Based on recent SEC filings, Vor's cash position fluctuated significantly to $169.9 million in 2026Q1, down from a peak of $396.5 million in 2025Q4, highlighting the high-burn nature of the company's clinical-stage operations and the necessity of maintaining a substantial buffer against future funding requirements.
While the current ratio of 31.15 appears superficially strong, it is heavily skewed by the composition of current assets relative to liabilities and does not reflect the underlying cash burn rate. Investors should monitor the rapid depletion of cash reserves, as the company's ability to reach critical clinical milestones remains tethered to its remaining liquidity.
According to the company's reported figures, total assets have been dominated by cash holdings, with net PPE declining to $3.4 million by 2026Q1, indicating an asset-light model that prioritizes outsourced manufacturing and clinical trial execution over the ownership of significant physical infrastructure or long-term productive capital.
The minimal investment in PPE suggests that the company is avoiding the heavy capital expenditure associated with internal manufacturing facilities, opting instead for a variable cost structure. This strategy preserves cash in the short term but may limit the company's long-term control over the complex cGMP processes required for its eHSC platform.
As indicated by the 2025Q3 and 2025Q4 data, the company's balance sheet has experienced extreme volatility in total liabilities, which surged to $2.4 billion before retreating, suggesting that non-operational accounting adjustments or complex financial arrangements may be significantly obscuring the firm's true underlying debt and obligation profile.
This level of liability fluctuation warrants further investigation, as it complicates the assessment of the company's true solvency and risk profile. Analysts should be cautious in interpreting headline equity figures, as these massive swings suggest that the balance sheet is subject to accounting impacts that do not necessarily reflect the company's operational progress.
Quick answers to the most common questions about buying VOR stock.
As of 2025, Vor Biopharma Inc. (VOR) had total assets of $464.1M including $458.1M in current assets.
Vor Biopharma Inc. (VOR) carries total debt of $3.0M, offset by $455.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vor Biopharma Inc. (VOR) has total shareholders' equity (book value) of $-164.3M ($-16.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vor Biopharma Inc. (VOR) reported a current ratio of 18.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.