Vor remains pre-revenue with no product sales, and quarterly operating losses have ranged from $28M to $274M, with R&D expenses dominating the cost structure and reaching $261.5M in 2025Q2, reflecting volatile clinical trial spending.
Vor Biopharma Inc. (VOR) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 28K | 0 | 0 | 3.49M | 8.96M | 0 | 0 | 91K | 20K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -28K | 0 | 0 | -3.49M | -8.96M | 0 | 0 | -91K | -20K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | 61.03% | - | - | 100% | -355% | - |
| Operating Expenses | 147.05M | 371.64M | 121.19M | 122.54M | 84.46M | 69.02M | 43.37M | 10.33M | 2.86M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 70.66M | 50.11M | 27.88M | 31.72M | 19.91M | 21.49M | 11.75M | 4.13M | 427K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 76.85M | 321.53M | 93.31M | 94.31M | 64.55M | 47.53M | 31.62M | 6.2M | 2.43M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -451K | 0 | 0 | -3.49M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -147.08M | -371.64M | -121.19M | -126.04M | -93.42M | -69.02M | -43.37M | -10.42M | -2.86M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -206.67% | 3.85% | -34.92% | -35.35% | -59.15% | -316.3% | -264.23% | - |
| EBITDA | -147.03M | -368.75M | -117.66M | -122.54M | -84.46M | -67.58M | -42.76M | -10.33M | -2.84M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 59.48% | -213.42% | 3.99% | -45.09% | -24.97% | -58.05% | -314.11% | -263.59% | - |
| D&A (Non-Cash Add-back) | 53K | 2.89M | 3.53M | 3.49M | 8.96M | 1.43M | 605K | 91K | 20K |
| EBIT | 642.74M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.37M | -10.23M | -3.15M |
| Net Interest Income | 12.8M | 5.87M | 4.27M | 8.17M | 1.32M | 119K | 29K | -454K | 0 |
| Interest Income | 12.8M | 5.87M | 4.27M | 8.17M | 1.32M | 119K | 29K | 154K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 608K | 1M |
| Other Income/Expense | 774.86M | -324.34M | 4.27M | 8.17M | 1.32M | 119K | 29K | -422K | -1.29M |
| Pretax Income | 627.78M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 627.78M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 137.72% | -495.29% | 0.81% | -27.98% | -33.67% | -58.98% | -299.82% | -161.05% | - |
| Net Income (Continuing) | 627.78M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.56 | -70.50 | -34.00 | -35.00 | -46.60 | -37.80 | -26.60 | -6.20 | -14.60 |
| EPS Growth % | -115.37% | -107.35% | 2.86% | 24.89% | -23.28% | -42.11% | -329.03% | 57.53% | - |
| EPS (Basic) | - | -70.50 | -34.00 | -35.00 | -46.60 | -37.80 | -26.60 | -6.20 | -14.60 |
| Diluted Shares Outstanding | 54.3M | 9.87M | 3.44M | 3.36M | 1.98M | 1.86M | 1.86M | 1.86M | 283.02K |
| Basic Shares Outstanding | 54.3M | 9.87M | 3.44M | 3.36M | 1.98M | 1.86M | 1.86M | 1.86M | 283.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VOR stock.
For fiscal year 2025, Vor Biopharma Inc. (VOR) reported total revenue of $0.0M.
Vor Biopharma Inc. (VOR) reported a net loss of $696.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical trial execution risk
Metrics are mathematically derived from official filings.
Pre-Revenue Burn Trajectory
Vor remains pre-revenue with no commercial sales; quarterly operating losses have ranged from $28M to $274M, reflecting volatile R&D spending, as reported in recent SEC filings.
The absence of revenue is consistent with a clinical-stage biotech, but the trajectory of operating losses is not linear. The $274M operating loss in 2025Q2 stands out as an outlier, likely driven by a one-time R&D charge, while other quarters show a more moderate burn of $28M-$48M. This volatility suggests that quarterly comparisons are not meaningful for trend analysis; investors should focus on the underlying cash burn rate and clinical milestones.
No Revenue, No Margins
Gross margin is undefined as Vor has no product revenue; COGS in some quarters reflects minimal costs, but the company's economics are entirely R&D-driven, per financial statements.
With zero revenue, gross margin metrics are not applicable. The small COGS figures in certain quarters (e.g., $865K in 2024Q4) likely relate to grant or collaboration revenue, but they are immaterial. The company's future margin profile is speculative and will depend on the manufacturing cost of eHSCs and pricing power, which are years away from being realized.
Operating Leverage Absent
Operating losses scale with R&D investment; SG&A has grown from $5M to $22M quarterly, indicating increased overhead as the company expands, based on reported figures.
Vor's operating leverage is currently negative, as higher R&D spending does not yet generate revenue. The increase in SG&A from $5-7M in 2024 to $17-22M in 2026 suggests a scaling of corporate infrastructure, which is typical for a late-stage clinical company. However, this overhead growth will pressure the burn rate, and investors should monitor whether SG&A growth moderates as the company approaches potential commercialization.
Non-Cash Charges Distort Losses
Net income is heavily impacted by non-cash items, including stock-based compensation of $9.4M in 2026Q2 and a $1.7B gain in 2025Q4, per income statement data.
The reported net income figures are not indicative of cash burn. For instance, 2025Q4 shows a $1.7B net income, likely due to a change in fair value of warrant liabilities or similar non-cash gains, while 2026Q1 shows a $219.6M loss, possibly from a similar non-cash charge. Stock-based compensation is a recurring non-cash expense that should be added back to assess cash burn. The true cash runway is better estimated from operating cash flow, which is not provided here but is likely in line with operating losses adjusted for non-cash items.
R&D Dominates Cost Structure
R&D is the primary cost driver, with quarterly expenses ranging from $14M to $261M, reflecting clinical trial and manufacturing costs, as disclosed in financial statements.
R&D spending is the largest line item, and its variability suggests lumpy clinical trial costs, such as manufacturing batches or data readouts. The $261.5M R&D in 2025Q2 is a clear outlier, possibly due to a one-time licensing or milestone payment. SG&A has also increased, indicating investment in corporate functions. Management's expense discipline appears focused on advancing VOR33, but the high fixed costs of cell therapy manufacturing will keep margins pressured if the product reaches market.
2025Q2 R&D Spike
The most significant inflection is 2025Q2, when R&D jumped to $261.5M, causing a $274M operating loss, a clear departure from the typical $30M quarterly burn, per reported data.
This quarter likely represents a major milestone payment or a write-off related to a collaboration or asset acquisition. The lasting impact is a higher cost base, as subsequent quarters show R&D above pre-spike levels (e.g., $25.9M in 2026Q2 vs. $21.8M in 2024Q2). This suggests the company is investing heavily in clinical development, which is necessary but increases the risk of dilution if cash runs out before data readouts.
Cash Burn Sustainability Question
With $396.5M in cash and quarterly operating losses averaging $35M, Vor has roughly 2-3 years of runway, but the volatile R&D spending could accelerate burn, per financial data.
The company's cash position provides a buffer, but the lack of revenue and the high cost of clinical trials mean that any delay in enrollment or manufacturing issues could shorten the runway. The skipped guidance in the latest quarter adds uncertainty. Short-sellers might argue that the company will need to raise capital before achieving proof-of-concept, potentially diluting shareholders. Additionally, the reliance on external manufacturing partners could lead to higher costs and less control, pressuring future margins.