Earnings

Vor Bio Completes UPSTREAM MG Enrollment

The Tip Desk · November 10, 2026 · 3 min read

The company posted an $86.7 million net loss for the three months ended September 30, 2026, as research and development spending reached $34.5 million.

Vor Biopharma (VOR), a clinical-stage biopharmaceutical company developing telitacicept for autoimmune diseases, reported a net loss of $86.7 million for the three months ended September 30, 2026, compared with a net loss of $812.7 million a year earlier.

The year-ago loss included a $790.5 million charge for the change in fair value of warrant liabilities. That charge was $32.9 million in the latest quarter. Interest income was $4.6 million.

Research and development expenses were $34.5 million, up from $14.1 million a year earlier. The company said the $20.4 million increase was primarily due to an $11.8 million rise in spend on telitacicept for generalized myasthenia gravis and Sjögren’s disease, a $5.5 million increase in salaries and benefits as it grew research and development headcount, a $2.3 million increase in other research and development costs, and a $0.6 million increase in stock-based compensation.

External spend on telitacicept for gMG was $17.1 million. External spend on telitacicept for Sjögren’s disease was $7.8 million.

General and administrative expenses were $23.9 million, compared with $14.0 million a year earlier. The company attributed the $9.9 million increase primarily to a $4.0 million rise in personnel-related expenses, a $2.7 million increase in commercial-related expenses, a $1.3 million increase in stock-based compensation, a $1.1 million increase in legal, professional and consulting fees, and a $0.9 million increase in medical affairs expenses.

In September 2026 the company announced completion of enrollment in UPSTREAM MG, the global Phase 3 trial of telitacicept in gMG for which it assumed responsibility from RemeGen. Topline data from that trial is anticipated in the first half of 2027.

The company also announced plans to initiate a registrational global Phase 3 trial in ocular myasthenia gravis, UPSTREAM oMG, with enrollment anticipated to begin in the first half of 2027.

UPSTREAM SjD, a randomized, double-blind, placebo-controlled Phase 3 trial, dosed its first patient in March 2026. The company said it expects to recruit about 250 adults with Sjögren’s disease in the United States, Europe, South America and Asia.

Cash, cash equivalents and marketable securities were $481.6 million as of September 30, 2026. The company said that, based on its current operating plan, those balances will enable it to fund operating expenses and capital expenditure requirements into early 2029.

During the three months ended September 30, 2026, the company sold 2,558,569 shares for gross proceeds of $48.9 million, before commissions of $0.5 million, at a weighted-average price of $19.11 under the Stifel at-the-market facility. No remaining capacity was left under that prospectus supplement as of September 30, 2026.

On October 30, 2026, the company entered into a new at-the-market sales agreement with William Blair & Company and RBC Capital Markets allowing it to sell up to $150.0 million of common stock. The Stifel facility expired as the company had sold an aggregate of $125.0 million of shares.

Aggregate net proceeds from equity sales were approximately $1,142.4 million as of September 30, 2026. A March 2026 private placement of 5,338,078 shares at $14.05 a share produced net proceeds of $74.9 million. $115.3 million remained available under a March 2025 shelf registration statement.

The company has not generated revenue since inception. Accumulated deficit was $1,522.1 million as of September 30, 2026.

More on VOR

August 11, 2026 Earnings Vor Bio Narrows Loss After Warrant Mark Reverses

Vor Biopharma Inc. — all coverage and financials