Overview

• U.S. biotech firm's Q1 net loss widened

• R&D expenses fell yr/yr, mainly due to reduced spend on previous programs and lower headcount

• Company ended Q1 with $491.5 mln in cash, expected to fund operations into early 2029

Outlook

• Company's cash and investments expected to fund operations into early 2029

Result Drivers

• WARRANT LIABILITY IMPACT - Co said increase in net loss was primarily due to change in fair value of outstanding liability-classified warrants

• R&D SPENDING SHIFT - R&D expenses fell mainly due to reduced spend on previous programs and lower headcount, partially offset by increased spend on telitacicept programs

• HIGHER G&A COSTS - G&A expenses rose due to increases in stock-based compensation, personnel-related, and commercial expenses

Company press release: ID:nGNX6KscW5

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$219.60 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Vor Biopharma Inc is $40.00, about 142.9% above its May 12 closing price of $16.47

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