Vor Biopharma Inc. (VOR): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint for Vor Biopharma Inc. (VOR), and honestly, the model has completely flipped this year, moving away from oncology cell therapy to a late-stage autoimmune play centered on telitacicept. As someone who's mapped these pivots for years, I can tell you this new structure-backed by a recent $115 million gross financing in November 2025 and leaving them with $170.5 million in cash at the end of Q3-is all about executing Phase 3 trials and de-risking a best-in-class dual inhibitor. It's a high-stakes transition, so let's break down exactly how Vor Biopharma Inc. (VOR) is structuring its value capture, costs, and key partnerships in this new reality below.

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

You're looking at the core relationships that keep Vor Biopharma Inc. moving forward, especially after the significant strategic shifts in 2025. These partnerships are the engine for their autoimmune pipeline, which is now the primary focus.

RemeGen Co., Ltd. for exclusive global telitacicept rights

The deal with RemeGen Co., Ltd. is central to Vor Biopharma Inc.'s current strategy, securing global rights to telitacicept, a dual-target fusion protein approved in China for generalized myasthenia gravis (gMG), systemic lupus erythematosus (SLE), and rheumatoid arthritis (RA). This agreement, announced in June 2025, is a massive commitment.

Here's the quick math on the upfront consideration:

Beyond that initial outlay, the structure includes potential regulatory and commercial milestones that could exceed $4 billion, plus tiered royalties on future sales. Vor Biopharma Inc. is focused on rapidly advancing telitacicept through Phase 3 development globally. RemeGen Co., Ltd. is conducting the global Phase 3 clinical trial for gMG, which is enrolling in the United States, Europe, and South America, with initial results expected in the first half of 2027. This collaboration also means Vor Biopharma Inc. is working with data from Chinese Phase 3 trials, such as the one in Sjögren's disease, which reported positive top-line results in October 2025.

Institutional investors like RA Capital Management for financing

Financing is a make-or-break element for clinical-stage biotech, and Vor Biopharma Inc. secured critical capital in 2025 to support these efforts. RA Capital Management, an existing stockholder, has been a consistent partner through multiple funding events.

The June 2025 Private Placement in Public Equity (PIPE) was a significant event, expected to bring in gross proceeds of approximately $175 million before expenses. This financing extended the cash runway through the release of key clinical data updates planned for 2025. RA Capital Management participated in this syndicate, which also included Mingxin Capital, Forbion, Venrock Healthcare Capital Partners, Caligan Partners, and NEXTBio. In that June 2025 transaction, Vor Biopharma Inc. agreed to issue prefunded warrants to purchase an aggregate of 700,000,000 shares of common stock at a purchase price of $0.25 per Warrant.

To give you a sense of their investor base, Vor Biopharma Inc. has a total of 9 institutional investors as of late 2025. For context on prior support, RA Capital Management affiliates also participated in a December 2022 offering, purchasing shares for aggregate gross proceeds of approximately $50.0 million at $4.30 per share.

The company's financial position was tight before the June 2025 raise; they reported a net loss of $32.49 million in the first quarter of 2025, up from $30.8 million in Q1 2024. This necessitated the strategic move, which included a workforce reduction of approximately 95%, costing about $10.9 million, to maintain compliance and explore alternatives before the successful financing.

Key Opinion Leaders (KOLs) and academic medical centers for clinical guidance

Expert guidance is non-negotiable when advancing novel therapies. Vor Biopharma Inc. actively engages with leading medical minds to validate their clinical strategy. For instance, in October 2025, management was joined by Ronald van Vollenhoven, M.D., Professor of Rheumatology at Amsterdam University Medical Center, to review the late-breaking 48-week Phase 3 clinical data for telitacicept in primary Sjögren's disease.

This engagement highlights the reliance on external academic expertise to interpret complex trial results. You can see this structure in their participation in industry events, such as the Citi's 2025 Biopharma Back to School Conference Fireside Chat scheduled for Tuesday, September 2nd, 2025, in Boston, MA.

Key external advisors involved in clinical interpretation include:

• Ronald van Vollenhoven, M.D., Professor of Rheumatology at Amsterdam University Medical Center.
• Dr. Robert Ang, continuing as a strategic advisor through October 2025 following his CEO resignation.

Contract Research Organizations (CROs) managing global Phase 3 trials

While specific CRO names aren't detailed in public filings as primary partners, the execution of the global Phase 3 trials for telitacicept is managed in close collaboration with RemeGen Co., Ltd., which is conducting the enrollment across the United States, Europe, and South America. The complexity of managing global trials across multiple regulatory jurisdictions requires robust CRO support, even if that support is subcontracted through the primary collaborator.

The global Phase 3 trial for gMG is currently enrolling, and the data review in late 2025 confirms active management of these external clinical operations. The company's strategy relies on rigorous clinical validation, which inherently depends on experienced CROs to handle site management, data collection, and regulatory submissions for these international studies.

Contract Manufacturing Organizations (CMOs) for drug supply

Manufacturing is a critical, high-risk area, especially for their cell therapy programs like VCAR33ALLO. Vor Biopharma Inc.'s Form 10-K filed in March 2025 noted that problems in internal or third-party manufacturing could restrict clinical material supply. The company is actively building its own facility, indicating a move toward greater control over its supply chain, but reliance on external CMOs for specialized steps remains a factor.

The manufacturing process for their cell-based targeted therapies involves a multi-step, approximately four to six-week "vein-to-vein" cycle, which includes:

• Isolation of patient lymphocytes via apheresis at the clinical site.
• Thawing, washing, and enrichment of CD33-positive T cells at the manufacturing site under cGMP conditions.
• T cell activation and transduction using lentiviral vector technology.
• Formulation into the final drug product and cryopreservation.

The need for stringent regulatory and quality standards for drug product release tests-including sterility, identity, purity, and potency-places high demands on any CMO partner.

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

You're looking at the core actions Vor Biopharma Inc. is taking right now, especially after pivoting its focus entirely to autoimmune diseases. It's a company in a very specific, high-stakes phase, so the key activities are sharply defined.

Advancing telitacicept through global Phase 3 clinical development is the central activity now that the legacy cell therapy work is being shuttered. This involves managing the global Phase 3 clinical trial for generalized myasthenia gravis (gMG), which is enrolling across 14 countries. Vor Biopharma Inc. is building on strong data from its collaborator, RemeGen Co., Ltd., in China.

Here's a look at the recent efficacy data driving this advancement:

The company is also managing the regulatory strategy, which includes the recent acceptance of the Biologics License Application (BLA) by China's NMPA for primary Sjögren's disease.

Securing capital via public offerings, raising $115 million gross proceeds in November 2025 is a critical supporting activity. This capital raise, which included the underwriters' full option exercise, brought in $115 million in gross proceeds. This follows a major strategic shift in June 2025 where Vor Biopharma Inc. secured exclusive global rights to telitacicept outside Greater China from RemeGen Co., Ltd. for an initial payment of $125 million (comprising a $45 million upfront payment plus $80 million in warrants). Potential future milestones in that deal exceed $4 billion.

The focus on telitacicept necessitated a drastic shift in operations, making Winding down legacy oncology cell therapy operations (trem-cel, VCAR33) a major, though temporary, key activity. This involved halting clinical and manufacturing operations for these assets.

The scale of this wind-down included:

• Workforce reduction of approximately 95%.
• Retaining only approximately 8 employees.
• Estimated total costs related to the Wind Down of approximately $19.3 million.
• Workforce reduction costs specifically estimated at $10.9 million.

This action was taken amid a challenging fundraising environment.

Intellectual property management and patent defense for telitacicept is now paramount, given the June 2025 agreement granting Vor Biopharma Inc. exclusive global rights (excluding China, Hong Kong, Macau, and Taiwan) to develop and commercialize telitacicept for autoimmune diseases. This IP control is the foundation for future commercialization efforts in major markets like the US and Europe, where initial global Phase 3 results are expected in the first half of 2027.

The company's current structure is definitely leaning heavily on this single, late-stage asset. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Vor Biopharma Inc. (VOR) is relying on, especially after the significant operational shift in 2025. These are the tangible and intangible things the company absolutely needs to execute its strategy of exploring strategic alternatives while holding onto its primary asset.

Exclusive global license for telitacicept, a dual BAFF/APRIL inhibitor

The foundation of Vor Biopharma Inc.'s current value proposition rests on telitacicept, a novel, investigational recombinant fusion protein. This molecule is engineered to treat autoimmune diseases by selectively inhibiting BLyS (BAFF) and APRIL, two cytokines critical for B cell and plasma cell survival. The access to this asset is managed through a collaboration with RemeGen Co., Ltd. This dual-target mechanism is positioned to reduce autoreactive B cells and autoantibody production, which drives autoimmune pathology.

Cash, cash equivalents, and marketable securities of $170.5 million (as of 9/30/2025)

The immediate financial runway is supported by the balance sheet as of the third quarter close. This cash position is a critical resource, especially following the operational wind-down. Here's a quick look at the financial context around that date:

The company noted that this cash, combined with proceeds from subsequent financing activities in October and November 2025, is projected to fund operations into the second quarter of 2027. That runway is definitely a key factor in the strategic review timeline.

Clinical data demonstrating positive Phase 3 efficacy in multiple indications

The clinical evidence package for telitacicept is a major intangible resource, validating the drug's potential as a best-in-disease candidate across several serious autoimmune conditions. The data generated through the collaboration with RemeGen Co., Ltd. is substantial:

• Generalized Myasthenia Gravis (gMG) Phase 3: 96.2% of patients achieved $\ge$ 3-point improvement in MG-ADL at 48 weeks (OLE data).
• Sjögren's Disease (SD) Phase 3 (China): Met primary and all secondary endpoints; placebo-adjusted 3.8 points reduction of ESSDAI.
• IgA Nephropathy (IgAN) Phase 3 (China): Achieved primary endpoint with a 55% reduction in 24-hour urine protein-to-creatinine ratio (24h-UPCR) at 39 weeks versus placebo (p < 0.0001).
• Systemic Lupus Erythematosus (SLE) Phase 3 (China): 67.1% of patients achieved a modified SRI-4 response at Week 52.

Core executive and clinical development team retained after May 2025 restructuring

Following the May 2025 decision to wind down clinical and manufacturing operations, the operational team was drastically reduced. This means the remaining core group is highly focused on managing the strategic process and maintaining compliance, rather than active drug development. The restructuring involved a workforce reduction of approximately 95%, with only about 8 employees retained to manage the process.

This lean structure means the key human resource is a small, specialized group responsible for:

• Managing the exploration of strategic alternatives.
• Maintaining regulatory and financial reporting compliance.
• Overseeing the wind-down of prior operations.

Intellectual property portfolio surrounding telitacicept and its use

The intellectual property (IP) is centered on the composition of matter and the methods of use for telitacicept in treating the five autoimmune indications where Phase 3 data has been generated. This IP is the barrier to entry for competitors seeking to use this specific dual-target inhibitor mechanism for these conditions. The IP rights are intrinsically linked to the license agreement with RemeGen Co., Ltd., which is the source of the clinical data and ongoing development progress in China.

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:

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:

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:

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:

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.

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:

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.