Liquidity is under pressure as evidenced by a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $20 million to fund ongoing clinical research.
| Cash from Operations | -149.89M | -142.71M | -99.66M | -100.29M | -85.14M | -69.14M | -36.29M | -9.86M | -2.66M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -209.37% | -43.2% | 0.63% | -17.79% | -23.14% | -90.52% | -268.26% | -270.35% | - |
| Net Income | -883.08M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Depreciation & Amortization | 2.09M | 2.89M | 3.53M | 3.49M | 2.52M | 1.43M | 605K | 91K | 20K |
| Stock-Based Compensation | 16.98M | 18.91M | 9.85M | 13.36M | 10.7M | 4.32M | 1.34M | 172K | 116K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 289K |
| Other Non-Cash Items | 716.81M | 521.26M | 3.87M | 67K | 6.42M | 3.19M | 782K | 576K | 1M |
| Working Capital Changes | -2.69M | 10.21M | 5K | 650K | -12.69M | -9.19M | 4.32M | 145K | 63K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.2M | 0 | 2.24M | 2.85M | 0 | 405K | 0 | 0 | 65K |
| Cash from Investing | -311.81M | -48.8M | 96.86M | 71.01M | -94.09M | -91.65M | -4.16M | -748K | 0 |
| Capital Expenditures | -758K | -941K | -229K | -1.07M | -8.46M | -3.89M | -4.16M | -748K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 799K | 799K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 579.28M | 503.81M | 53.39M | 2.94M | 117.14M | 232.91M | 82.53M | 17.7M | 2.46M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.46M |
| Equity Issued (Net) | 579.47M | 505.13M | 55.83M | 4.58M | 115.97M | 234.57M | 82.27M | 17.69M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -184K | -1.32M | -2.43M | -1.64M | 1.17M | -1.66M | 259K | 7K | 0 |
| Net Change in Cash | 119.99M | 312.29M | 50.59M | -26.35M | -62.09M | 72.12M | 42.07M | 7.1M | -197K |
| Free Cash Flow | -150.65M | -143.65M | -99.89M | -101.36M | -93.61M | -73.04M | -40.45M | -10.6M | -2.66M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -49.74% | -43.81% | 1.45% | -8.28% | -28.16% | -80.55% | -281.52% | -298.46% | - |
| FCF per Share | -350.26 | -14.55 | -29.08 | -30.17 | -47.33 | -39.29 | -21.79 | -5.71 | -9.40 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.21x | 0.85x | 0.85x | 0.92x | 1.00x | 0.84x | 0.91x | 0.64x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Execution Risk
As indicated by the provided financial data, the OCF/NI ratio is rendered largely meaningless by extreme net income volatility, such as the 2025Q4 gain, which obscures the reality that the company consistently consumes cash to fund its ongoing clinical development and research operations.
The wide divergence between net income and operating cash flow highlights that accounting earnings are currently driven by non-operational items rather than core business performance. Investors should monitor the persistent negative operating cash flow, which serves as the only reliable metric for assessing the company's actual resource consumption.
Based on reported figures, Vor Biopharma exhibits a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $20 million, confirming that the firm remains in a capital-intensive phase without any offsetting revenue to mitigate the ongoing burn of its cash reserves.
The lack of positive free cash flow is expected for a clinical-stage entity, yet the stability of these outflows suggests a high fixed-cost burden related to R&D and manufacturing validation. This trajectory implies that the company's runway is entirely dependent on its existing cash balance rather than operational self-sufficiency.
According to recent SEC filings, working capital changes have fluctuated significantly, including a $15.5 million outflow in 2026Q1, which suggests that timing differences in clinical trial expenditures and vendor payments can create lumpy, unpredictable impacts on the company's quarterly cash position.
These fluctuations in working capital appear to be driven by the timing of large-scale manufacturing and clinical trial milestones rather than operational efficiency. Analysts should interpret these swings as a reflection of the company's project-based cost structure rather than a sign of underlying liquidity management trends.
As reported in financial statements, Vor has maintained a disciplined approach to capital deployment, avoiding dividends and share repurchases to preserve its $396.5 million cash cushion, which is essential for funding the VOR33 program through critical upcoming clinical data readouts.
The absence of capital returns to shareholders is appropriate given the company's pre-revenue status and the high-risk nature of its pipeline. Management's focus on maintaining liquidity suggests a strategic intent to avoid dilutive financing until the clinical value of the platform is more clearly established.
Quick answers to the most common questions about buying VOR stock.
Vor Biopharma Inc. (VOR) generated $-142.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vor Biopharma Inc. (VOR) reported negative free cash flow of $143.7M in 2025, indicating capital requirements exceeded cash from operations.
Vor Biopharma Inc. (VOR) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.