Monitor periodic 10-Q filings for actual ATM sales volume and remaining capacity under the program. The company's heavy reliance on equity financing (13 offerings in 24 months) and large warrant overhang (34.7M shares) suggest continued dilution risk. Track clinical trial catalysts (UPSTREAM MG topline data in H1 2027) as potential offsetting positive events.
Price Chart
Executive Summary
Vor Biopharma filed a 424B5 prospectus supplement establishing a new at-the-market (ATM) equity offering program with William Blair and RBC Capital Markets, replacing a prior ATM facility that had been fully utilized. The company may sell up to $150 million of common stock at prevailing market prices over time, with no minimum offering amount and no assurance any shares will be sold. Proceeds are intended for working capital, capex and general corporate purposes. The filing adds potential future dilution capacity but does not represent an immediate priced offering.
Key Financial Metrics
Key Facts
- ATM program for up to $150,000,000 of common stock, replacing a prior $125M ATM that was fully utilized
- Sales agents: William Blair & Company and RBC Capital Markets; commission up to 3.0% of gross proceeds
- Last reported sale price on Oct 29, 2026: $20.91 per share
- Shares outstanding as of Sep 30, 2026: 61,429,555; up to 7,173,601 shares assumed sold at $20.91 for illustrative purposes
- Net tangible book value (deficit) as of Sep 30, 2026: $(137.2) million, or $(2.23) per share
- After assumed full sale, as-adjusted net tangible book value would be ~$8.1 million, or $0.12 per share
- Dilution per share to new investors at assumed price: $20.79
- 34,664,213 shares issuable upon exercise of outstanding warrants; 7,669,746 options outstanding
- Market cap: $1.2B; normal daily move: 4.0%; short interest ~12.6% of estimated shares out
- 13 offering/registration filings in last 24 months; company has a history of equity dilution
Financial Impact
Up to $150M in potential equity sales at market prices; at the $20.91 reference price, full utilization would represent ~11.7% dilution to the 61.4M shares outstanding
Risk Factors
- ATM sales at prevailing market prices create ongoing dilution risk with no minimum price floor
- Company has negative tangible book value and no product revenue; likely to require further capital raises
- Large warrant overhang (34.7M shares, ~56% of current outstanding) represents additional future dilution
- Short interest of ~12.6% indicates significant bearish positioning
- Prior ATM was fully utilized ($125M); this new facility signals continued cash burn and equity dependence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-439975 |
| Document: d180165dexfilingfees.htm | 0001193125-26-439975 |
| Document: 0001193125-26-439975-index-headers.html | 0001193125-26-439975 |
| Document: 0001193125-26-439975-index.html | 0001193125-26-439975 |
| Document: 0001193125-26-439975.txt | 0001193125-26-439975 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 424B5 | $20.80 | awaiting T+5 | awaiting T+5 | $19.68 (+5.38%) |
Oct 30, 2026 2d ago | Press Release | $20.55 | awaiting T+5 | awaiting T+5 | $19.68 (−4.23%) |
Oct 22, 2026 10d ago | Press Release | $18.26 $19.68 | ▲ +7.78% | ▲ +8.34% | $19.68 (+7.78%) |
Oct 5, 2026 27d ago | Press Release | $18.31 $19.06 | ▲ +4.10% | ▲ +4.23% | $19.68 (+7.48%) |
Sep 29, 2026 4w ago | Press Release | $18.33 $18.31 | ▼ −0.11% | ▼ −2.06% | $19.68 (+7.36%) |
Aug 11, 2026 11w ago | Press Release | $23.37 $23.28 | ▼ −0.39% | ▲ +0.02% | $19.68 (−15.79%) |
Jul 9, 2026 16w ago | 3 | $19.14 $17.34 | ▼ −9.40% | ▼ −8.84% | $19.68 (+2.82%) |
Jun 11, 2026 20w ago | Institutional Cluster | $14.09 $15.02 | ▲ +6.60% | ▲ +6.17% | $19.68 (+39.67%) |
Jun 8, 2026 20w ago | Press Release | $13.29 $14.07 | ▲ +5.87% | ▲ +3.76% | $19.68 (+48.08%) |
May 7, 2026 25w ago | EFFECT | $16.08 $15.91 | ▼ −1.06% | ▼ −2.56% | $19.68 (+22.39%) |
US Market Status
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