Cambridge biotech tracker · Boston
Vor Biopharma
Listed on Nasdaq as VOR, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $482M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $29.8M
- avg. operating cash flow, 4 qtrs
- Runway
- 4.0 yrs
- 3+ years
- Net loss
- $86.7M
- Q3 '26
- R&D expense
- $34.5M
- 59% of opex
- Raised, last 4 qtrs
- +$431M
- net financing cash flow
- Next readout
- Mar 2027
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
4.0 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $9.9M a month.
Management’s own date
Into early 2029
Jan–Apr 2029
That implies $15.5M to $17.8M a month, 1.6–1.8× the recent pace.
Planning to spend faster“Based on our current operating plan, we expect that our cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into early 2029.”
Cash against the calendar
What the runway has to reach.
Mar 2027estimated
A Study of Telitacicept for the Treatment of Generalized Myasthenia Gravis (UPSTREAM MG)
Generalized Myasthenia Gravis
NCT06456580 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 4.0 years
- Time to the date
- 4 months
It is about 4 months out. At the current burn there is roughly 45 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
Pipeline
2 active trials, through phase 3.
Phase 3 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of Telitacicept for the Treatment of Generalized Myasthenia Gravis (UPSTREAM MG)NCT06456580 · Generalized Myasthenia GravisPhase 3Mar 2027est. | Phase 3 | Active, not recruiting | ||
| Phase 3 Study of Telitacicept in Active Primary Sjögren's DiseaseNCT07404865 · Primary Sjogren's DiseasePhase 3Dec 2028est. | Phase 3 | Recruiting | ||
| Donor-Derived Anti-CD33 CAR T Cell Therapy (VCAR33) in Patients With Relapsed or Refractory AML After Allogeneic Hematopoietic Cell TransplantNCT05984199 · Leukemia, Myeloid, AcutePhase 1/2May 2025 | Phase 1/2 | Terminated | ||
| Allogeneic Engineered Hematopoietic Stem Cell Transplant (HCT) Lacking the CD33 Protein, and Post-HCT Treatment With Mylotarg, for Patients With CD33+ AML or MDSNCT04849910 · Leukemia, Myeloid, Acute, Myelodysplastic SyndromesPhase 1/2May 2025 | Phase 1/2 | Terminated |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Mar 2027, about 4 months out. That leaves roughly 45 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 4.0 years of runway
Cash and investments of $482M at Q3 '26 against an average operating cash burn of $29.8M per quarter over the last four reported quarters runs out around September 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $390M since Q4 '24
Net financing inflows of $431M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $54.0M above cash burn
The Q3 '26 net loss of $86.7M includes non-cash charges, including $9.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 59% of operating expenses
$34.5M of R&D against $58.4M of total operating expenses in Q3 '26, with G&A at $23.9M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Stockholders' deficit of $137M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $1.52B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $91.9M | −$24.1M | −$30.7M | $25.3M | $6.0M | — | $1.7M | $53.3M |
| Q1 '25 · Mar 31, 25 | $60.0M | −$31.1M | −$32.5M | $26.7M | $6.6M | — | $1.9M | −$606K |
| Q2 '25 · Jun 30, 25 | $201M | −$35.2M | −$1.57B | $261M | $12.8M | — | $1.8M | $175M |
| Q3 '25 · Sep 30, 25 | $170M | −$53.7M | −$813M | $14.1M | $14.0M | — | $8.0M | $21.5M |
| Q4 '25 · Dec 31, 25 | $455M | −$22.8M | $1.72B | $19.2M | $16.8M | — | $7.1M | $308M |
| Q1 '26 · Mar 31, 26 | $492M | −$38.2M | −$220M | $17.6M | $17.6M | — | $8.9M | $74.9M |
| Q2 '26 · Jun 30, 26 | $466M | −$25.4M | −$62.8M | $25.9M | $21.9M | — | $9.4M | −$106K |
| Q3 '26 · Sep 30, 26 | $482M | −$32.7M | −$86.7M | $34.5M | $23.9M | — | $9.9M | $48.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.