Vor Biopharma reported QQ1 2024 results that underscore the company’s status as a clinical-stage biotechnology company: no revenue was reported in the quarter, and the company posted a GAAP net loss of $30.8 million with an operating loss of $32.3 million. Gross profit was negative by $0.943 million, reflecting the absence of meaningful product revenue and ongoing investment in R&D and corporate infrastructure. R&D expense dominated the cost structure at $24.322 million, with G&A at $8.004 million, driving an EBITDA of negative $31.383 million. Operating cash burn was $30.465 million and free cash flow was negative $30.579 million, highlighting the ongoing funding needs inherent to a pre-commercial biotech pipeline.
On the balance sheet, Vor Biopharma maintained a solid liquidity position with cash and cash equivalents of $44.964 million and total liquidity (cash and short-term investments) of $107.479 million, yielding a net cash position of approximately negative $10.225 million (net debt). The company ended the quarter with 68.0 million weighted-average shares outstanding and a current ratio of 8.46, signaling ample short-term liquidity despite the cash burn. Absent a current revenue stream, the near-term equity story hinges on the VOR33 engineered hematopoietic stem cell program and the timing of clinical milestones, partnerships, and potential manufacturing collaborations such as the Akron BioProducts agreement to support cGMP nucleases.
With no earnings call transcript available in the provided data, management commentary and direct quotes are not incorporated here. The forward-looking view therefore centers on the stated cash runway, ongoing R&D intensity around VOR33, and the potential catalysts from upcoming clinical data and strategic collaborations. Investors should monitor (i) VOR33 efficacy and safety signals in relevant trials, (ii) any disclosed milestones or partnership financings, and (iii) changes in the company’s burn rate and cash runway as additional data readouts emerge.
Key Performance Indicators
Operating Income
Decreasing
-32.33M
QoQ: -11.33% | YoY: -0.47%
Net Income
Decreasing
-30.80M
QoQ: -10.65% | YoY: -2.75%
EPS
Stable
-0.45
QoQ: -9.76% | YoY: 0.00%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Not reported for QQ1 2024. Cost of revenue: $0.943 million. Gross profit: -$0.943 million. Gross margin: N/A.
Operating metrics:
- Research and development expenses: $24.322 million
- General and administrative expenses: $8.004 million
- Selling and administrative combined: $7.061 million (netted within SG&A in the filing)
- Operating expenses total: $31.383 million
- Cost and expenses: $32.326 million
- EBITDA: -$31.383 million
- Operating income: -$32.326 million
- Net income: -$30.804 million
- Earnings per share (diluted): -$0.45
- Weighted-average shares outstanding: 68.030 million
- Income before tax: -$30.804 million
- Income tax expense: $0.899 million
Cash flow and liquidity:
- Net cash provided by operating activities: -$30.465 million
- Depreciation and amortization: $0.943 million
- Stock-based compensation: $3.081 million
- Change in working capital: -$4.120 million
- Accounts payable: -$2.482 million
- Other working capital effects: -$1.638 million
- Net cash used in investing activities: -$43.973 million (primarily purchases of investments and capital expenditures offset by maturities)
- Net cash provided by financing activities: $0.096 million
- Net change in cash: +$13.604 million
- Cash at end of period: $44.964 million
- Free cash flow: -$30.579 million
Balance sheet:
- Total current assets: $111.817 million
- Cash and cash equivalents: $44.964 million
- Short-term investments: $62.515 million
- Total assets: $167.030 million
- Total current liabilities: $13.213 million
- Total debt: $34.739 million
- Long-term debt: $30.782 million
- Net debt: -$10.225 million (net cash position)
- Total stockholders’ equity: $123.035 million
- Current ratio: 8.46
- Cash ratio: 3.40
- Debt to equity: 0.282
- Price to book value: 1.216
- Price to operating cash flows: -4.91
- Enterprise value multiple: -4.44
- Shares outstanding (approximate): 68.0 million
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-943.00K
23.58%
-4.78%
Operating Income
-32.33M
-0.47%
-11.33%
Net Income
-30.80M
-2.75%
-10.65%
EPS
-0.45
0.00%
-9.76%
Key Financial Ratios
Return on Assets
Weak
-0.18%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.25%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
8.46
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.28
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-1.22x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.22x
Price-to-book ratio reasonable for profitable companies
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