The company remains entirely pre-revenue with zero top-line generation, while R&D expenses frequently exceed $20 million per quarter, underscoring a lack of operating leverage.
| 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 | 373.48M | 371.64M | 121.19M | 122.54M | 84.46M | 69.02M | 43.37M | 10.33M | 2.86M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 51.12M | 50.11M | 27.88M | 31.72M | 19.91M | 21.49M | 11.75M | 4.13M | 427K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 312.43M | 321.53M | 93.31M | 94.31M | 64.55M | 47.53M | 31.62M | 6.2M | 2.43M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 549K | 0 | 0 | -3.49M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -373.51M | -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 | -371.42M | -368.75M | -117.66M | -122.54M | -84.46M | -67.58M | -42.76M | -10.33M | -2.84M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -212.8% | -213.42% | 3.99% | -45.09% | -24.97% | -58.05% | -314.11% | -263.59% | - |
| D&A (Non-Cash Add-back) | 2.09M | 2.89M | 3.53M | 3.49M | 8.96M | 1.43M | 605K | 91K | 20K |
| EBIT | -1.13B | -371.64M | -121.19M | -117.86M | -92.09M | -69.02M | -43.37M | -10.23M | -3.15M |
| Net Interest Income | 9M | 5.87M | 4.27M | 8.17M | 1.32M | 119K | 29K | -454K | 0 |
| Interest Income | 9M | 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 | -509.57M | -324.34M | 4.27M | 8.17M | 1.32M | 119K | 29K | -422K | -1.29M |
| Pretax Income | -883.08M | -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 | -883.08M | -695.98M | -116.91M | -117.86M | -92.09M | -68.9M | -43.34M | -10.84M | -4.15M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -644.61% | -495.29% | 0.81% | -27.98% | -33.67% | -58.98% | -299.82% | -161.05% | - |
| Net Income (Continuing) | -883.08M | -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) | -2053.13 | -70.50 | -34.00 | -35.00 | -46.60 | -37.80 | -26.60 | -6.20 | -14.60 |
| EPS Growth % | -2659.41% | -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 | 430.12K | 9.87M | 3.44M | 3.36M | 1.98M | 1.86M | 1.86M | 1.86M | 283.02K |
| Basic Shares Outstanding | 430.12K | 9.87M | 3.44M | 3.36M | 1.98M | 1.86M | 1.86M | 1.86M | 283.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Trial Execution Risk
As reported in financial statements, Vor Biopharma remains a pre-revenue clinical-stage entity, with zero top-line generation across the entire ten-quarter period, underscoring the company's current status as a purely capital-consumptive enterprise focused exclusively on the development of its hematopoietic stem cell platform and pipeline assets.
The absence of revenue indicates that the company has yet to achieve any commercial milestones or licensing inflows. Investors should monitor this trajectory as a reflection of the long-term nature of cell therapy development, where value is currently derived from clinical progress rather than transactional performance.
Based on the company's reported figures, R&D spending remains the primary driver of the firm's cost structure, with quarterly outlays frequently exceeding $20 million, excluding the anomalous $261.5 million spike observed in 2025Q2, which suggests a heavy reliance on intensive clinical trial and manufacturing validation activities.
The concentration of costs in R&D highlights the high barrier to entry inherent in gene-editing and stem cell manufacturing. This expense profile appears to be structural, as the company must maintain specialized laboratory facilities and cGMP compliance to advance its lead programs toward proof-of-concept.
According to recent SEC filings, the company's net income figures are heavily influenced by non-operating volatility, including a significant $1.7 billion gain in 2025Q4, which masks the underlying operational reality of a business that continues to burn cash to fund its ongoing clinical research initiatives.
The extreme swings in net income, ranging from massive losses to significant gains, suggest that these figures are not indicative of core operational health. Analysts should prioritize cash burn metrics over reported net income to better understand the true runway and the sustainability of the current development pace.
As indicated by the consistent operating losses, Vor Biopharma currently lacks operating leverage, with SG&A and R&D expenses consistently outpacing the non-existent gross profit, a trend that is expected to persist until the company successfully transitions from clinical development to a commercialized therapeutic model.
The lack of operating leverage is a standard characteristic of early-stage biotechnology firms that have not yet reached the commercialization phase. Investors should monitor whether future clinical successes allow for a shift in the cost structure, though this remains speculative given the current reliance on external manufacturing collaborations.
While the company maintains a $396.5 million cash position, the persistent quarterly burn rate suggests that the current capital cushion may be insufficient to reach long-term commercial viability without further dilutive financing, especially if clinical timelines for VOR33 face unexpected regulatory or manufacturing delays.
The reliance on external manufacturing and the high cost of clinical trials create a structural vulnerability that could force management to seek additional capital in unfavorable market conditions. This warrants further investigation into the company's ability to manage its cash runway effectively while navigating the complexities of the AML treatment landscape.
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.