Vor Biopharma Inc. priced an underwritten public offering of 10 million shares of its common stock at $10.00 per share, generating $100 million in gross proceeds. The pricing was announced on November 10 2025, and the company granted the underwriters a 30‑day option to purchase up to an additional 1.5 million shares at the same price.
The company, a clinical‑stage biotechnology firm focused on autoimmune diseases, has been operating with a cash balance that has fallen sharply from $201 million in September 2025 to $60 million at the time of the offering. Over the prior year the company’s cash burn was $114 million, implying a runway of roughly 21 months before the offering, and the new capital is intended to extend that runway and fund ongoing clinical trials for its lead candidate, telitacicept.
Vor Biopharma plans to use the $100 million to support its Phase 3 development program, maintain operational expenses, and preserve flexibility for strategic alternatives such as partnerships or a potential sale. The infusion is expected to provide several months of additional liquidity, but the company’s high burn rate suggests that further financing may be required in the near future.
The offering price of $10.00 per share represents a discount to the company’s market price of approximately $18.80 at the time of the announcement. The discount, combined with the company’s reported cash drawdown and going‑concern warning, likely contributed to a negative market reaction, as investors weighed dilution and financial distress against the liquidity boost.
The capital raise positions Vor Biopharma to continue its clinical development trajectory while maintaining strategic flexibility. The company’s ability to secure additional funding will be critical to sustaining its research pipeline and achieving milestones that could unlock future valuation upside.
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