The primary catalyst is the UPSTREAM MG topline data in 1H 2027. Monitor enrollment updates for UPSTREAM SjD and the initiation of UPSTREAM oMG. Cash runway into early 2029 reduces near-term financing risk.
Price Chart
Executive Summary
Vor Biopharma reported a Q3 2026 net loss of $86.7 million, with R&D expenses rising to $34.5 million and G&A to $23.9 million. The key event is the completion of enrollment in the Phase 3 UPSTREAM MG trial of telitacicept, with topline results expected in 1H 2027, and a cash balance of $481.6 million providing runway into early 2029.
Key Facts
- Completed enrollment in Phase 3 UPSTREAM MG trial of telitacicept for generalized myasthenia gravis; topline data expected 1H 2027.
- Cash and investments of $481.6 million as of September 30, 2026, projected to fund operations into early 2029.
- Net loss for Q3 2026 was $86.7 million, compared to $812.7 million in Q3 2025 (decrease primarily due to change in fair value of warrants).
- R&D expenses were $34.5 million in Q3 2026, up from $14.1 million in Q3 2025.
- Announced plans to initiate Phase 3 UPSTREAM oMG trial in ocular myasthenia gravis, first patient dosing anticipated in 1H 2027.
- Presented final two-year Phase 3 TELIGAN data in IgA nephropathy from China, showing annualized eGFR slope of -0.6 vs -5.7 for placebo.
Financial Impact
Net loss of $86.7M in Q3 2026; cash burn rate implied by $34.5M R&D and $23.9M G&A expenses; $481.6M cash runway into early 2029.
Risk Factors
- Telitacicept is not yet approved in the US, Europe, or Japan; regulatory approval is uncertain.
- Reliance on collaborator RemeGen for clinical data and drug supply.
- Results from China-based TELIGAN trial may not be predictive of global outcomes.
- Competition from other BAFF/APRIL inhibitors and autoimmune therapies.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3392178 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers