Vor Bio pivots from AML cell therapy to autoimmune disease via $125M telitacicept in-license

Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 20, 2025 · ~2 min read

Key Changes

• high

  Company abandoned all prior oncology programs (trem-cel, VCAR33, VADC45) and cut workforce 99% (154 employees) in May 2025 restructuring, then in-licensed telitacicept from RemeGen for $125M upfront ($45M cash + $80M equity warrant) plus up to $4.1B in milestones.

  Business: core business model pivot verify on EDGAR →
• high

  Net loss surged to $696M in 2025 vs $117M in 2024, driven by $223M telitacicept license expense, $334M non-cash warrant liability loss from stock price appreciation, and $30M restructuring costs. Accumulated deficit more than doubled to $1.15B.

  MD&A: net loss increase verify on EDGAR →
• high

  Cash position improved from $92M to $455M through four equity raises totaling $554M gross proceeds (November 2025 offering, December 2025 placement, March 2026 placement, ATM sales). Runway extended from Q1 2026 to early 2029; going-concern warning removed.

  MD&A: cash position and Risk Factors: going concern removal verify on EDGAR →