VOR Biopharma Inc. (VOR): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de la médecine de précision, VOR Biopharma Inc. (VOR) émerge comme un innovateur biotech révolutionnaire, exerçant la puissante technologie d'édition de gènes CRISPR pour révolutionner le traitement du cancer. En génie des thérapies de cellules souches hématopoïétiques qui ciblent et éliminent les cellules souches cancéreuses avec une précision sans précédent, le VOR est prêt à transformer la façon dont nous abordons les tumeurs malignes hématologiques. Leur modèle commercial unique représente une convergence audacieuse de la recherche scientifique de pointe, des partenariats stratégiques et une mission axée sur le laser pour développer des solutions thérapeutiques personnalisées qui pourraient potentiellement réécrire le récit du traitement du cancer.

VOR Biopharma Inc. (VOR) - Modèle commercial: partenariats clés

Collaboration stratégique avec Dana-Farber Cancer Institute

VOR Biopharma a établi une collaboration de recherche stratégique avec le Dana-Farber Cancer Institute axé sur les thérapies sur les cellules souches hématopoïétiques.

Détails de collaboration	Paramètres spécifiques
Focus de recherche	Thérapies hématopoïétiques d'hématopoïétiques
Type de collaboration	Partenariat de recherche et développement
Année d'initiation	2020

Partenariats de recherche avec des centres médicaux académiques

Vor Biopharma entretient des relations de recherche collaborative avec plusieurs établissements universitaires.

• Hôpital général du Massachusetts
• Brigham and Women's Hospital
• École de médecine de Harvard

Alliances potentielles de l'industrie pharmaceutique

Vor Biopharma explore les collaborations potentielles de développement de médicaments avec des sociétés pharmaceutiques spécialisées dans les thérapies cellulaires.

Catégorie d'alliance potentielle	Domaine de mise au point
Développement d'immunothérapie	Développement clinique VOR33
Ingénierie des cellules souches	Plateformes de thérapie cellulaire de nouvelle génération

Accords collaboratifs avec les réseaux de recherche d'immunothérapie

Les partenariats clés du réseau de recherche d'immunothérapie soutiennent les approches thérapeutiques innovantes de VOR Biopharma.

• Alliance pour la thérapie génique du cancer
• Leucémie & Société de lymphome
• Groupes de recherche coopérative du National Cancer Institute

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: Activités clés

Développement de thérapies de cellules souches hématopoïétiques d'ingénierie

VOR Biopharma se concentre sur le développement de thérapies de cellules souches hématopoïétiques d'ingénierie ciblant des mutations génétiques spécifiques.

Domaine de mise au point de recherche	État actuel	Investissement
Thérapie VOR33	Essai clinique de phase 1	27,4 millions de dollars alloués
Plate-forme d'édition de gènes	Développement actif	18,6 millions de dollars de dépenses de R&D

CRISPR Gene Modiot Technology Research

VOR Biopharma utilise des techniques avancées d'édition de gènes CRISPR pour le développement thérapeutique.

• Plate-forme propriétaire basée sur CRISPR
• Ciblage des modifications des cellules souches hématopoïétiques
• Portfolio de propriété intellectuelle: 12 demandes de brevet

Gestion des essais précliniques et cliniques

Phase de procès	Nombre d'essais en cours	Inscription des patients
Préclinique	3 programmes	N / A
Phase 1	1 essai (VOR33)	15 patients

Innovation de la plate-forme d'immunothérapie

VOR Biopharma développe des approches d'immunothérapie innovantes ciblant des conditions génétiques spécifiques.

• Axé sur les tumeurs malignes hématologiques
• Approche de la médecine de précision
• Collaboration avec les institutions de recherche

Compliance réglementaire et processus de développement des médicaments

Jalon réglementaire	Statut	Corps réglementaire
Application IND	Approuvé	FDA
Désignation de médicaments orphelins	Reçu	FDA

Vor Biopharma maintient une conformité rigoureuse avec les normes réglementaires de la FDA et de l'EMA tout au long de ses processus de développement de médicaments.

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: Ressources clés

Technologie d'édition de gènes CRISPR propriétaire

La plate-forme technologique principale de VOR Biopharma est basée sur des cellules souches hématopoïétiques modifiées en utilisant l'édition du gène CRISPR. Au quatrième trimestre 2023, la société a développé 3 protocoles d'édition de gènes primaires ciblant des mécanismes cellulaires spécifiques.

Paramètre technologique	Métriques spécifiques
CRISPR Gene Édition de précision	Taux de précision de 99,6%
Nombre de techniques d'édition de gènes propriétaires	3 protocoles uniques
Demandes de brevet	12 dépôts de brevet actifs

Équipe de recherche et développement spécialisée

Les capacités de R&D de l'entreprise sont structurées autour de l'expertise scientifique spécialisée.

• Personnel total de R&D: 47 employés
• Tailleurs de doctorat: 29 membres de l'équipe
• Expérience de recherche moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

Vor Biopharma maintient une solide stratégie de propriété intellectuelle.

Catégorie IP	Quantité
Familles totales de brevets	8
Brevets accordés	5
Demandes de brevet en instance	7

Installations avancées de laboratoire et de recherche

La société exploite une infrastructure de recherche spécialisée.

• Espace total des installations de recherche: 22 000 pieds carrés
• Laboratoires de niveau de biosécurité 2: 3 espaces dédiés
• Équipement d'édition de gènes avancé: 12 instruments spécialisés

Expertise en biotechnologie en génie de la thérapie cellulaire

VOR Biopharma démontre des capacités importantes du développement de la thérapie cellulaire.

Métrique de l'expertise	État actuel
Essais cliniques actifs	2 essais de phase 1/2 en cours
Les domaines de recherche sur la recherche	Tumeurs malignes hématologiques
Partenariats de recherche collaborative	3 collaborations académiques / industrielles

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: propositions de valeur

Thérapies cellulaires ciblées pour les cancers du sang

La proposition de valeur principale de VOR Biopharma se concentre sur le développement de thérapies cellulaires de précision ciblant les tumeurs malignes hématologiques. Au quatrième trimestre 2023, le candidat principal de la société VOR33 est en développement clinique pour la leucémie myéloïde aiguë (LMA).

Type de thérapie	Indication cible	Étape clinique
VOR33	AML	Essai clinique de phase 1/2

Percée potentielle dans le traitement du cancer personnalisé

La plate-forme de thérapie cellulaire de l'ingénierie de Vor Biopharma permet un ciblage précis des cellules souches cancéreuses avec des modifications génétiques uniques.

• La technologie de génie génétique permet l'élimination sélective des cellules cancéreuses
• Potentiel pour réduire la résistance au traitement dans les tumeurs malignes hématologiques
• Approche personnalisée basée sur les profils génétiques spécifiques au patient

Approche innovante pour éliminer les cellules souches cancéreuses

Plate-forme technologique	Mécanisme unique	Impact potentiel
Thérapie cellulaire conçue par VOR	Élimination ciblée des cellules souches cancéreuses	Réduction de la récidive du cancer

Médecine de précision ciblant des mutations génétiques spécifiques

En 2024, VOR Biopharma a identifié plusieurs cibles génétiques pour des interventions thérapeutiques potentielles dans les cancers du sang.

• Concentrez-vous sur les thérapies cellulaires correspondantes à HLA
• Techniques de montage de gènes propriétaires
• Potentiel pour lutter contre les variantes de cancer résistantes au traitement

Potentiel de réduction de la résistance au traitement dans les tumeurs malignes hématologiques

Les recherches de VOR Biopharma indiquent des améliorations potentielles dans la surmonter les mécanismes de résistance au traitement dans la LMA et d'autres cancers du sang.

Focus de recherche	Objectif clé	Avantage thérapeutique potentiel
Ciblage des cellules souches cancéreuses	Surmonter la résistance au traitement	Amélioration des résultats des patients

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les institutions de recherche médicale

Depuis le quatrième trimestre 2023, Vor Biopharma a maintenu des partenariats de recherche actifs avec 7 centres médicaux universitaires. Les principaux collaborateurs institutionnels comprennent:

Institution	Focus de la collaboration	Année de partenariat
Dana-Farber Cancer Institute	Recherche de tumeurs malignes hématologiques	2021
Hôpital général du Massachusetts	Développement d'immunothérapie de précision	2022

Approche de développement thérapeutique axé sur les patients

La stratégie de relation client de Vor Biopharma comprend l'engagement direct des patients à travers:

• Programme de soutien aux patients en essais cliniques
• Conseil consultatif des patients avec 12 membres
• Mises à jour de la communication trimestrielle des patients

Communications des essais cliniques en cours

Métriques de communication des essais cliniques pour 2023:

Canal de communication	Fréquence	TEAUX DE LA PARTICIN
Newsletter numérique	Mensuel	1 247 abonnés
Webinaires de progrès des essais cliniques	Trimestriel	523 participants enregistrés

Collaboration communautaire scientifique

Statistiques de l'engagement scientifique pour 2023:

• Présentations de la conférence: 9
• Publications évaluées par des pairs: 6
• Participations du symposium de recherche: 4

Mises à jour transparentes de la recherche et du développement

Recherchez les mesures de transparence:

Mécanisme de mise à jour	Fréquence	Platform Reach
Appels de relations avec les investisseurs	Trimestriel	237 investisseurs institutionnels
Divulgation de la recherche publique	Semestriel	Plates-formes en ligne avec 15 672 vues

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: canaux

Présentations directes de la conférence scientifique

En 2023, Vor Biopharma a présenté les conférences clés suivantes:

Nom de conférence	Date	Emplacement
Réunion annuelle de l'American Society of Hematology (ASH)	9-12 décembre 2023	San Diego, CA
Congrès de l'Association européenne de l'hématologie	15-18 juin 2023	Francfort, Allemagne

Publications de revues médicales évaluées par des pairs

Vor Biopharma a publié des recherches dans les revues suivantes en 2023:

• Journal de sang: 2 publications
• Biotechnologie de la nature: 1 publication
• Cellule souche cellulaire: 1 publication

Communications des relations avec les investisseurs

Mesures de communication financière pour 2023:

Canal de communication	Fréquence
Appels de résultats trimestriels	4 fois par an
Présentations des investisseurs	6 événements
Réunion des actionnaires annuelle	1 événement

Plateformes numériques pour la diffusion de la recherche

Statistiques d'engagement numérique pour 2023:

• Site Web de l'entreprise Visiteurs uniques: 45 672
• LinkedIn adepte: 8 234
• Téléchargements de publication de recherche: 3 456

Outre professionnel de la santé ciblée

Mesures de sensibilisation pour 2023:

Méthode de sensibilisation	Nombre de contacts
Campagnes par e-mail directes	1 287 hématologues
Réunions du conseil consultatif scientifique	4 réunions
Briefings de recherche personnalisés	52 briefings spécialisés

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: segments de clientèle

Patients atteints de cancer hématologique

Population de patients cibler avec des profils génétiques spécifiques pour le traitement de précision:

Métriques du segment des patients	Données quantitatives
Population de cancer hématologique adressable estimé	Environ 176 200 nouveaux cas en 2023
Taille du marché potentiel	23,7 milliards de dollars en thérapies ciblées

Institutions de recherche en oncologie

• Les principales institutions de recherche engagées: Memorial Sloan Kettering Cancer Center
• National Cancer Institute Collaborative Partners: 3 Partenariats actifs
• Attribution annuelle du financement de la recherche: 1,2 million de dollars

Centres médicaux académiques

Collaboration du centre académique	Détails
Nombre de partenariats actifs	7 principaux centres médicaux académiques
Budget de collaboration de recherche	4,5 millions de dollars en 2023

Partenaires de recherche pharmaceutique

Métriques clés de la collaboration pharmaceutique:

• Partenariats de recherche pharmaceutique actifs: 4
• Investissement total de recherche collaborative: 12,3 millions de dollars
• Programmes de recherche conjoints axés sur la médecine de précision

Spécialistes de la médecine de précision

Segment de médecine de précision	Idées quantitatives
Spécialistes génétiques ciblés	92 équipes de recherche clinique spécialisées
Investissement annuel dans les diagnostics de précision	6,7 millions de dollars

VOR Biopharma Inc. (VOR) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Au quatrième trimestre 2023, Vor Biopharma a déclaré des dépenses de R&D de 44,7 millions de dollars pour l'année complète. Les recherches de l'entreprise se concentrent sur les thérapies sur les cellules souches hématopoïétiques modifiées.

Année	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2022	37,2 millions de dollars	68%
2023	44,7 millions de dollars	72%

Coûts de gestion des essais cliniques

VOR Biopharma a alloué environ 18,3 millions de dollars à la gestion des essais cliniques en 2023, couvrant plusieurs programmes thérapeutiques.

• Essais de phase 1 pour le programme VOR33
• Développement clinique en cours pour les thérapies cellulaires éditées aux gènes
• Études habilitantes à nouveau médicament (IND)

Maintenance de la plate-forme technologique

Les coûts de l'infrastructure technologique et de la maintenance des plateformes étaient estimés à 6,5 millions de dollars en 2023, soutenant les technologies d'ingénierie propriétaires de l'entreprise.

Zone technologique	Coût de maintenance annuel
Infrastructure de biologie informatique	2,7 millions de dollars
Technologie d'édition de gènes	3,8 millions de dollars

Protection de la propriété intellectuelle

Vor Biopharma a investi 2,1 millions de dollars dans la protection de la propriété intellectuelle et le dépôt de brevets en 2023.

• Frais de dépôt de brevets et de poursuites
• Frais juridiques pour la gestion du portefeuille IP
• Stratégies internationales de protection des brevets

Investissements de conformité réglementaire

Les frais de conformité réglementaire et d'assurance qualité ont totalisé 3,2 millions de dollars en 2023.

Zone de conformité	Investissement annuel
Interaction et soumission de la FDA	1,5 million de dollars
Systèmes de gestion de la qualité	1,7 million de dollars

VOR BIOPHARMA Inc. (VOR) - Modèle d'entreprise: sources de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Vor Biopharma n'a pas encore signalé aucun accord de licence de médicament actif. L'objectif principal de l'entreprise reste sur le développement de sa plate-forme d'hématopoïétique (EHSC) d'hématopoïétique (EHSC).

Subventions et financement de recherche

Source de financement	Montant	Année
Financement de la série A	63 millions de dollars	2019
Financement de la série B	110 millions de dollars	2021
L'offre publique initiale (IPO)	177 millions de dollars	2021

Partenariats de recherche collaborative

Aucun partenariat de recherche collaboratif spécifique avec les détails financiers n'a été divulgué publiquement à partir de 2024.

Commercialisation potentielle des produits thérapeutiques

Le produit principal de VOR Biopharma, VOR33, ciblant la leucémie myéloïde aiguë (LMA), est actuellement en développement clinique et n'a pas encore généré des revenus commerciaux.

Monétisation de la propriété intellectuelle

• Demandes totales de brevets: 25
• Familles de brevet couvrant la plate-forme technologique EHSC
• Aucun revenu actuel de licence IP signalé

Métriques de performance financière (2023):

Métrique	Montant
Frais de recherche et de développement	86,4 millions de dollars
Perte nette	93,2 millions de dollars
Equivalents en espèces et en espèces	264,1 millions de dollars

Vor Biopharma Inc. (VOR) - Canvas Business Model: Value Propositions

You're looking at the core value Vor Biopharma Inc. (VOR) brings to the table with telitacicept, which is a massive shift from their previous focus. The proposition centers on a single, late-stage asset that already has regulatory traction overseas.

Potential best-in-class dual BAFF/APRIL inhibition for autoantibody-driven diseases

The fundamental value is telitacicept's mechanism: it's a novel, investigational recombinant fusion protein that selectively inhibits both BLyS (also known as BAFF) and APRIL. These two cytokines are critical for B cell survival, so blocking both is designed to reduce autoreactive B cells and the autoantibody production that drives many autoimmune pathologies. This dual-target approach is what sets the stage for its potential.

• Inhibits BLyS (BAFF) and APRIL.
• Reduces autoreactive B cells and autoantibody production.
• VOR's vision is to make telitacicept the most advanced BAFF/APRIL inhibitor globally.

Clinically validated therapy with positive Phase 3 data in gMG, Sjögren's, SLE, and IgAN

This isn't just a concept; the drug is already approved in China for generalized myasthenia gravis (gMG), systemic lupus erythematosus (SLE), and rheumatoid arthritis (RA). Vor Biopharma Inc. is banking on the strength of these data, plus new positive data from their partner RemeGen, to drive ex-China development. Here's a look at the key efficacy numbers reported as of late 2025:

Indication (China Phase 3)	Endpoint/Measure	Efficacy Result	Timepoint/Comparison
Generalized Myasthenia Gravis (gMG)	Improvement in MG-ADL scale	4.83-point improvement (placebo adjusted)	24 weeks
Sjögren's Disease (SD)	$\ge$ 3-point reduction in ESSDAI (160mg dose)	~71.8% of patients	24 weeks vs. ~19.3% on placebo
Systemic Lupus Erythematosus (SLE)	Modified SRI-4 response	67.1% of patients	Week 52 vs. 32.7% on placebo
IgA Nephropathy (IgAN)	Reduction in 24-hour UPCR	55% reduction	39 weeks vs. placebo

The Sjögren's data showed durability, with sustained efficacy through 48 weeks. For SLE, the response was statistically significant ($p < 0.001$). The IgAN trial hit its primary endpoint with a statistically significant result ($p < 0.0001$).

Addressing significant unmet needs in serious, chronic autoimmune conditions

The value proposition targets serious, chronic conditions where current options may be insufficient or carry significant side effects. For instance, IgA nephropathy (IgAN) is recognized as one of the most common primary glomerular diseases globally and is a leading cause of chronic kidney disease (CKD) and end-stage renal disease (ESRD). Vor Biopharma Inc. is positioning telitacicept to be a disease-modifying therapy, not just a symptom manager.

Faster path to market via in-licensing a drug already approved in China

You didn't have to wait for years of de novo development; Vor Biopharma Inc. secured exclusive global rights (excluding China, Hong Kong, Macau and Taiwan) to telitacicept in June 2025. This deal immediately provided a late-stage asset. The initial cost to secure these rights was an initial payment of $125 million to RemeGen, which included a $45 million upfront payment and $80 million in warrants to purchase common stock. On top of that, there are potential regulatory and commercial milestones exceeding $4 billion. Following this, Vor Biopharma Inc.'s total valuation surged to around $250 million after securing a PIPE financing. The immediate action is a global Phase 3 clinical trial in gMG across the United States, Europe, South America, and Asia-Pacific to support potential approval in the United States and Europe.

Finance: draft 13-week cash view by Friday.

Vor Biopharma Inc. (VOR) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Vor Biopharma Inc. as of late 2025, and honestly, the landscape has shifted dramatically since the May 8, 2025 announcement to explore strategic alternatives and wind down clinical operations. The focus of these relationships has pivoted from active trial management to financial stewardship and asset disposition.

Direct, high-touch engagement with clinical investigators and trial sites

Engagement here is defined by the May 2025 decision to discontinue ongoing clinical trials immediately. This means the high-touch relationship shifted from active enrollment and monitoring to close-out procedures and data reconciliation. The company implemented a workforce reduction of approximately 95%, retaining only about 8 employees to manage these wind-down activities and regulatory compliance.

While the company previously researched barriers to Cell and Gene Therapy (CGT) trial enrollment, presenting findings in February 2025 based on surveys with 30 clinicians, the immediate customer relationship with active sites became one of transition management rather than expansion. The focus is now on ensuring data integrity from completed or discontinued studies, like the telitacicept Phase 3 data reported for Sjögren's disease in October 2025 and IgA Nephropathy in November 2025.

Transparent and frequent communication with institutional investors and analysts

Communication remained frequent, especially given the major strategic pivot and capital raises. Vor Biopharma Inc. actively engaged with the investment community throughout the second half of 2025 to explain the financial restructuring and clinical data readouts. You can see this commitment in their conference schedule.

Here's a snapshot of their late 2025 investor touchpoints:

Event	Date	Format	Location/Platform
Citi's 2025 Biopharma Back to School Conference	September 2, 2025	Fireside Chat	Boston, MA
Baird 2025 Global Healthcare Conference	September 9, 2025	1x1 Investor Meetings	New York, NY
TD Cowen Virtual Immunology & Inflammation Summit	November 12, 2025	Fireside Chat	Virtual
8th Annual Evercore Healthcare Conference	December 2, 2025	Fireside Chat	Miami, FL

Financial transparency is key; for example, the Q3 2025 report on November 13, 2025, detailed a net loss of $812.7 million, largely due to a $790.5 million change in warrant liabilities fair value. Revenue was reported at $0 for the quarter. The cash position as of September 30, 2025, was $170.5 million, which, combined with capital raised, projected the runway into Q2 2027.

Regulatory dialogue with the FDA and other global health authorities

Dialogue with the FDA and other authorities centers on the data generated from the telitacicept program, even as US clinical operations were paused. The company reported positive Phase 3 data for telitacicept in Sjögren's disease from a China study conducted with collaborator RemeGen Co., Ltd., which was discussed in an October 28, 2025 webcast. Furthermore, Stage A of the IgA Nephropathy Phase 3 study in China achieved its primary endpoint, with data presented on November 8, 2025. These data readouts are the primary currency for any ongoing or future regulatory discussions with the FDA or comparable foreign authorities, even if the immediate focus is on asset value maximization.

The company's 10-K filing from March 20, 2025, noted that principal investigators might serve as consultants, and such financial relationships could be reported to the FDA, which might question data integrity under conflict of interest rules. That's defintely a compliance point to watch.

Patient advocacy group outreach for disease awareness and trial enrollment

Although clinical trials were being wound down, the foundation for patient engagement was established through earlier research. The February 2025 presentation on CGT trial barriers included data from surveys and interviews with patient advocacy partners. This suggests an existing, though perhaps now dormant or repurposed, relationship aimed at improving the patient experience and enrollment process.

The nature of this relationship in late 2025 is likely focused on maintaining goodwill and providing disease awareness updates related to the telitacicept data, rather than active recruitment. The company's stated focus is advancing telitacicept's development in autoimmune diseases, which requires maintaining a positive relationship with the patient community for any future licensing or partnership success.

• Research in February 2025 involved patient advocacy partners.
• The goal of prior research was to improve the patient experience in CGT trials.
• The company is focused on autoimmune diseases like Sjögren's and IgA Nephropathy.

Finance: draft 13-week cash view by Friday.

Vor Biopharma Inc. (VOR) - Canvas Business Model: Channels

You're looking at how Vor Biopharma Inc. gets its critical information out and plans to get its product to patients. For a clinical-stage company like Vor Biopharma Inc., the channels for generating and disseminating data are as vital as the drug itself, especially as they pivot focus to autoimmune diseases.

Global clinical trial network for drug development and data generation

The primary channel for data generation centers on the global clinical development of telitacicept across multiple autoimmune indications. While the company's foundation involved cell and genome engineering for hematologic malignancies, the late 2025 focus is heavily on autoimmune data readouts.

Key efficacy data points generated through this channel include:

• Systemic Lupus Erythematosus (SLE) Phase 3: modified SRI‑4 response of 67.1% versus 32.7% for placebo at Week 52.
• Generalized Myasthenia Gravis (gMG) data: 96.2% achieved $\ge$3‑point MG‑ADL improvement at 48 weeks.
• IgA Nephropathy (IgAN) Phase 3: 55% reduction in 24h‑UPCR at 39 weeks versus placebo.
• Primary Sjögren's Disease: placebo‑adjusted ESSDAI reduction of 3.8 points.

Data from the prior focus area, the VCAR33 clinical trial (for AML), included data from 25 patients treated with trem-cel as of a November 1, 2024 cut-off date.

Investor relations and public communications (SEC filings, press releases)

Vor Biopharma Inc. uses official filings and press releases as a direct channel to the financial community. The company reported its Third Quarter 2025 financial results on November 13, 2025.

Financial metrics disclosed through these channels as of late 2025:

Financial Metric	Amount/Date
Cash and Marketable Securities (as of Sept 30, 2025)	$170.5 million
Expected Gross Proceeds from November 2025 Offering	$115 million
Net Loss (Q3 2025)	$812.7 million
Net Loss (Nine Months Ended Sept 30, 2025)	$2,418.8 million
Last Reported Sale Price (Nov 7, 2025)	$18.70 per share
Stock Price (as of Dec 3, 2025)	$8.515

The company stated that projected cash, ATM proceeds from October 2025, and the November 2025 offering proceeds fund operations into Q2 2027. The November 10, 2025, public offering was for $100 Million of common stock, with an option for underwriters to purchase up to an additional $15,000,000.

Future specialized pharmaceutical distribution channels post-approval

Vor Biopharma Inc. is focused on advancing telitacicept through Phase 3 development and commercialization to address autoimmune conditions worldwide. Specific details on the established, contracted distribution network for post-approval sales are not quantified in the latest public updates, but the strategy includes preparing for commercial use.

Scientific publications and medical conferences (e.g., ACR Convergence)

Scientific exchange is a key channel for validating the data generated in clinical trials. Vor Biopharma Inc. presented data at several major events in late 2025, including:

• The 8th Annual Evercore Healthcare Conference on December 2, 2025.
• The TD Cowen Immunology & Inflammation Summit on November 12, 2025.
• A webcast for Primary Sjögren's Disease ACR China Phase 3 Data Update on October 28, 2025.
• Presentation of IgA Nephropathy data at American Society of Nephrology's Kidney Week 2025 on October 17, 2025.

The publication of the SLE China Phase 3 study in The New England Journal of Medicine occurred on October 16, 2025. Vor Biopharma Inc. also presented data at ACR Convergence 2025 on September 29, 2025.

Vor Biopharma Inc. (VOR) - Canvas Business Model: Customer Segments

You're mapping out the core groups Vor Biopharma Inc. (VOR) serves, which is critical now that they've pivoted hard into autoimmune diseases with telitacicept. Here's the breakdown of who they are targeting, grounded in the latest numbers as of late 2025.

Patients with severe, autoantibody-driven autoimmune diseases (e.g., generalized Myasthenia Gravis)

This is the primary end-user segment, directly benefiting from the in-licensed asset, telitacicept. The focus is on indications where existing treatments may not provide durable control. The company is advancing a global Phase 3 clinical trial for generalized myasthenia gravis (gMG).

The clinical efficacy data from the China Phase 3 study in gMG, presented in October 2025, shows a strong value proposition for these patients:

• 96.2% of patients treated with telitacicept for 48 weeks achieved $\geq$ 3-point improvement in MG-ADL (Myasthenia Gravis Activities of Daily Living).
• Mean reduction in QMG (Quantitative Myasthenia Gravis) score was 9.8 points at week 48.

The drug is already approved in China for gMG, systemic lupus erythematosus (SLE), and rheumatoid arthritis (RA). For IgA Nephropathy (IgAN), data showed a reduced proportion of patients with a $\geq$ 30% decline in eGFR to 6.3% versus 27.0% for placebo.

Neurologists, rheumatologists, and nephrologists specializing in these conditions

While direct segment size data isn't public, this group represents the key prescribers and gatekeepers for the drug's adoption in the US and Europe, where the global Phase 3 is enrolling. Their segment is defined by the prevalence of the target diseases. The value proposition to them is a novel, dual-target inhibitor of BAFF/APRIL signaling, offering a potentially best-in-disease profile.

Institutional investors and biotech-focused hedge funds financing the pipeline

This segment is crucial for funding the global development and potential commercialization. Investor confidence is reflected in recent capital activity and ownership structure as of late 2025. The company is now structured to fund operations into the second quarter of 2027.

Here's a snapshot of the financial backing and ownership:

Metric	Value as of Late 2025	Source/Date Reference
Institutional Ownership Percentage	48.46%	As of July 2025 data
Float Percentage	71.15%	As of July 2025 data
Cash, Cash Equivalents, and Marketable Securities	$170.5 million	As of September 30, 2025
Projected Cash Runway End	Q2 2027	Including October/November 2025 capital raises
November 2025 Public Offering Gross Proceeds (Expected)	$115 million	November 2025
Initial Payment to RemeGen (Upfront + Warrants)	$125 million ($45M upfront)	June 2025 Agreement
Potential Regulatory/Commercial Milestones	Exceeding $4 billion	June 2025 Agreement

Major institutional players include RA CAPITAL MANAGEMENT, L.P., which held 1,982,301 shares as of September 30, 2025, and BlackRock, Inc.. The company completed a private investment in public equity (PIPE) in December 2024 for approximately $55.6 million.

Global regulatory agencies (FDA, EMA) for drug approval

These agencies are the ultimate approvers for the global rights Vor Biopharma Inc. (VOR) secured for telitacicept. The company is currently advancing the global Phase 3 trial in gMG, enrolling in the United States and Europe, with initial results expected in the first half of 2027. The drug is already approved in China for three indications. The financial structure includes potential payments tied to regulatory success:

• RemeGen could receive up to $330 million in regulatory milestone payments.

The company reported R&D expenses for the third quarter of 2025 were $14.1 million, compared to $21.8 million for the third quarter of 2024.

Vor Biopharma Inc. (VOR) - Canvas Business Model: Cost Structure

You're looking at the significant outlays Vor Biopharma Inc. (VOR) faces to support its current strategy, which pivoted heavily toward the telitacicept asset following major restructuring earlier in 2025. The cost structure is dominated by ongoing research, administrative overhead, and the financial commitments tied to that new licensing deal.

The operational costs for the third quarter of 2025 show a leaner, post-restructuring structure compared to the prior year, though G&A has increased due to non-cash compensation.

Cost Category	Q3 2025 Amount	Comparison Point
Research and Development (R&D) Expenses	$14.1 million	Compared to $21.8 million in Q3 2024
General and Administrative (G&A) Expenses	$14.0 million	Compared to $6.7 million in Q3 2024

The increase in G&A expenses was primarily due to an increase in stock-based compensation expense. Honestly, this is typical when restructuring compensation packages.

The major financial commitment outside of direct operations is the licensing agreement with RemeGen Co., Ltd. for telitacicept. This deal structure involves significant upfront and contingent payments.

• Initial payment to RemeGen: $125 million, which included an upfront payment of $45 million plus $80 million of warrants to purchase common stock.
• Potential regulatory and commercial milestones: Exceeding $4 billion, in addition to tiered royalties.

The focus on telitacicept development means that clinical trial operational costs and manufacturing scale-up for this asset are now the primary drivers within the R&D budget, replacing the previous focus on stem cell-based therapies for blood cancers which were discontinued.

The massive restructuring in May 2025 carried its own significant, one-time costs. This was a major cash event that needed to be absorbed.

• Total estimated costs related to the Wind Down (clinical/manufacturing closure and workforce reduction): Approximately $19.3 million.
• Cost specifically associated with the workforce reduction of approximately 95% (147 employees): Approximately $10.9 million.
• Estimated contract termination and other costs within the Wind Down: Approximately $3.5 million.

The company retained approximately 8 employees to manage the wind-down and explore strategic alternatives. Finance: draft 13-week cash view by Friday.

Vor Biopharma Inc. (VOR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side for Vor Biopharma Inc. as of late 2025, and honestly, it's a classic clinical-stage biotech story: the top line is driven by capital markets, not product sales.

Zero product revenue, as the company is clinical-stage as of late 2025

Right now, Vor Biopharma Inc. has not generated any revenue from selling a commercial product. The company remains clinical-stage, meaning all its focus and cash burn are directed toward research and development for its pipeline, primarily telitacicept. As of the third quarter ended September 30, 2025, Vor Biopharma Inc. reported revenue of $0.0.

Proceeds from equity financing, including the November 2025 public offering of $115 million gross

The most significant current revenue stream is the cash raised from investors through equity transactions. This financing is what keeps the lights on and the trials moving forward. You saw a major infusion in the fourth quarter of 2025. Specifically, the November 2025 underwritten public offering was expected to raise gross proceeds of $115 million, assuming the underwriters exercised their full option to purchase additional shares. This offering involved 10,000,000 shares priced at $10.00 per share, with an option for an additional 1,500,000 shares. The net proceeds were projected to be approximately $93.7 million, or up to $107.8 million if the option was fully exercised. This capital, combined with other recent funding, is projected to extend the cash runway into the second quarter of 2027.

Here's a quick look at the recent capital raises that form the bulk of the current income:

Financing Event	Date	Expected Gross Proceeds (Max)	Expected Net Proceeds (Max)
November 2025 Public Offering	November 2025	$115 million	$107.8 million
At-The-Market (ATM) Sales	October 2025	Not specified	$49.8 million

The cash position as of September 30, 2025, stood at $170.5 million in cash, cash equivalents, and marketable securities.

Potential future regulatory and sales milestone payments from telitacicept sub-licensing (if executed)

While not realized revenue yet, the value of Vor Biopharma Inc.'s collaboration with RemeGen Co., Ltd. on telitacicept is structured around future non-product revenue events. These are contingent payments tied to development and regulatory success. The partnership, which has seen positive Phase 3 data readouts in China for Sjögren's disease and IgA nephropathy, creates a pathway for these potential cash inflows. The specific dollar amounts for these milestones are typically confidential unless triggered, but they represent a crucial part of the business model's upside. The funds from the November 2025 offering are specifically earmarked to advance telitacicept clinical development, including initiating a Phase 3 trial for primary Sjögren's Disease, manufacturing, and pre-commercialization activities.

Potential future royalties on telitacicept sales in RemeGen's territories (China)

The second type of contingent future revenue involves royalties. If telitacicept gains approval and is commercialized in territories covered by the agreement with RemeGen, Vor Biopharma Inc. would be entitled to a percentage of those net sales. This is a long-term, passive revenue stream that only materializes post-launch. The successful Phase 3 data in China for multiple indications-gMG, Sjögren's disease, and IgA nephropathy-directly de-risks this potential royalty stream. You need to track the regulatory filings in China closely for this to become a reality.

The current revenue streams are entirely dependent on capital markets, which is typical for a company at this stage:

• Zero revenue from product sales as of late 2025.
• Cash from equity financing, including the $115 million gross raise in November 2025.
• Cash from At-The-Market sales totaling $49.8 million in October 2025.
• Contingent milestone payments from the RemeGen collaboration (potential).
• Contingent royalty payments from RemeGen-controlled sales in China (potential).

Finance: draft 13-week cash view by Friday.