Operating cash flow consistently exceeds net losses, with OCF/NI ratios ranging from 0.17 to 0.99, but free cash flow burn has accelerated to -$38.3M in 2026Q1, with cumulative operating cash burn of $306M over ten quarters, highlighting the impact of non-cash charges and escalating R&D costs.
Vor Biopharma Inc. (VOR) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -140.38M | -142.71M | -99.66M | -100.29M | -85.14M | -69.14M | -36.29M | -9.86M | -2.66M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -121.3% | -43.2% | 0.63% | -17.79% | -23.14% | -90.52% | -268.26% | -270.35% | - |
| Net Income | 627.78M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Depreciation & Amortization | 26K | 2.89M | 3.53M | 3.49M | 2.52M | 1.43M | 605K | 91K | 20K |
| Stock-Based Compensation | 35.25M | 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 | -811.36M | 521.26M | 3.87M | 67K | 6.42M | 3.19M | 782K | 576K | 1M |
| Working Capital Changes | 7.92M | 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 | 10.91M | 0 | 2.24M | 2.85M | 0 | 405K | 0 | 0 | 65K |
| Cash from Investing | -348.99M | -48.8M | 96.86M | 71.01M | -94.09M | -91.65M | -4.16M | -748K | 0 |
| Capital Expenditures | -726K | -941K | -229K | -1.07M | -8.46M | -3.89M | -4.16M | -748K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | -799K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 799K | 799K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 404.24M | 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) | 404.49M | 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 | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -258K | -1.32M | -2.43M | -1.64M | 1.17M | -1.66M | 259K | 7K | 0 |
| Net Change in Cash | -85.14M | 312.29M | 50.59M | -26.35M | -62.09M | 72.12M | 42.07M | 7.1M | -197K |
| Free Cash Flow | -141.11M | -143.65M | -99.89M | -101.36M | -93.61M | -73.04M | -40.45M | -10.6M | -2.66M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -23.69% | -43.81% | 1.45% | -8.28% | -28.16% | -80.55% | -281.52% | -298.46% | - |
| FCF per Share | -2.60 | -14.55 | -29.08 | -30.17 | -47.33 | -39.29 | -21.79 | -5.71 | -9.40 |
| FCF Conversion (FCF/Net Income) | -0.22x | 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 |
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.
Key Metrics
Top Statement Risk
Clinical trial execution risk
Metrics are mathematically derived from official filings.
Cash Conversion Distorted by Non-Cash Items
Operating cash flow consistently exceeds net losses, with OCF/NI ratios ranging from 0.17 to 0.99, reflecting large non-cash charges like stock-based compensation, per recent SEC filings.
The gap between net income and operating cash flow is heavily influenced by non-cash items, particularly stock-based compensation, which averaged around $8.9M in recent quarters. In 2025Q4, a $1.7B gain in net income was not matched by cash flow, highlighting the distortion from non-cash accounting. Investors should focus on operating cash burn as the true measure of cash consumption, as net income is not indicative of cash generation.
FCF Burn Accelerates with R&D Volatility
Free cash flow has deteriorated from -$21.9M in 2024Q2 to -$38.3M in 2026Q1, with a peak burn of -$53.9M in 2025Q3, reflecting escalating R&D spending, as reported in financial statements.
The FCF trajectory shows a clear upward trend in cash burn, driven by increased clinical trial and manufacturing costs. The 2025Q2 R&D spike to $261.5M caused a corresponding jump in operating losses, though cash burn remained lower due to non-cash adjustments. With no revenue, FCF margins are undefined, and the company's cash runway is directly tied to its ability to manage this burn rate.
Minimal CapEx Reflects Asset-Light Model
Capital expenditures are negligible, averaging under $0.2M per quarter, indicating a reliance on external manufacturing and partnerships rather than internal infrastructure, per recent financial data.
CapEx remains minimal, suggesting that Vor is not investing heavily in fixed assets, consistent with its reliance on collaborations for manufacturing. This asset-light approach preserves cash but may lead to higher variable costs and less control over supply chain. The low capital intensity is typical for a clinical-stage biotech, but investors should monitor whether future scale-up requires significant CapEx.
Working Capital Swings Reflect Trial Timing
Working capital changes have been volatile, swinging from -$15.5M in 2026Q1 to +$15.2M in 2026Q2, likely due to timing of clinical trial payments, as disclosed in cash flow statements.
The working capital adjustments are inconsistent, with positive and negative swings across quarters, indicating variability in payables and receivables related to clinical activities. These swings are not indicative of operational efficiency but rather the lumpy nature of trial expenses. Investors should not over-interpret these fluctuations as they are typical for pre-revenue biotechs.
No Capital Returns, Cash Reserved for Pipeline
No dividends or buybacks have been paid, and acquisition activity is absent, with all cash reserved for R&D, as shown in the cash flow data.
Capital deployment is entirely focused on funding operations, with no returns to shareholders. The $396.5M cash pile is being conserved for clinical development, which is appropriate for a pre-revenue company. The lack of buybacks or dividends is expected, but the absence of acquisitions suggests a focus on internal pipeline advancement.
Cumulative Losses Outpace Cash Burn
Over the past ten quarters, cumulative net losses exceed $3.5B, while cumulative operating cash burn is only $306M, highlighting the impact of non-cash charges, per financial statements.
The cumulative gap between net income and operating cash flow is substantial, driven by non-cash items such as stock-based compensation and fair value adjustments. This divergence underscores that net income is not a reliable indicator of cash consumption. The actual cash runway is better assessed by operating cash burn, which averaged around $30M per quarter, suggesting a runway of roughly 2-3 years based on current cash.
What Could Invalidate the Base Case
The cash flow statement obscures the true cost of external manufacturing and potential off-balance-sheet commitments, which could accelerate burn beyond reported figures, per recent disclosures.
While reported operating cash burn appears manageable, the reliance on external manufacturing collaborations may involve off-balance-sheet commitments that are not fully captured in the cash flow statement. Additionally, stock-based compensation, though non-cash, dilutes shareholders and could signal higher future cash compensation needs. Investors should monitor any undisclosed contractual obligations or potential acceleration in R&D spending that could shorten the runway.