$VOR
Vor Biopharma Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022009649 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.520M $4.790M
YoY Change 56.99% 180.12%
% of Gross Profit
Research & Development $15.28M $8.941M
YoY Change 70.9% 44.89%
% of Gross Profit
Depreciation & Amortization $400.0K $300.0K
YoY Change 33.33% 354.55%
% of Gross Profit
Operating Expenses $22.80M $13.73M
YoY Change 66.06% 74.28%
Operating Profit -$22.80M -$13.73M
YoY Change 66.06% 74.28%
Interest Expense $63.00K $10.00K
YoY Change 530.0% -66.67%
% of Operating Profit
Other Income/Expense, Net $63.00K $7.000K
YoY Change 800.0% -75.86%
Pretax Income -$22.74M -$13.72M
YoY Change 65.72% 74.78%
Income Tax
% Of Pretax Income
Net Earnings -$22.74M -$13.72M
YoY Change 65.69% 74.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.61
Diluted Earnings Per Share -$609.7K -$616.4K
COMMON SHARES
Basic Shares Outstanding 37.49M
Diluted Shares Outstanding 37.29M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.6M $262.6M
YoY Change -30.84%
Cash & Equivalents $90.04M $262.6M
Short-Term Investments $91.58M
Other Short-Term Assets $2.212M $92.00K
YoY Change 2304.35%
Inventory
Prepaid Expenses $6.474M $3.606M
Receivables
Other Receivables
Total Short-Term Assets $190.3M $266.3M
YoY Change -28.53%
LONG-TERM ASSETS
Property, Plant & Equipment $11.77M $5.737M
YoY Change 105.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.189M $2.582M
YoY Change 217.16%
Total Long-Term Assets $43.97M $26.67M
YoY Change 64.83%
TOTAL ASSETS
Total Short-Term Assets $190.3M $266.3M
Total Long-Term Assets $43.97M $26.67M
Total Assets $234.3M $292.9M
YoY Change -20.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.255M $2.406M
YoY Change -47.84%
Accrued Expenses $9.258M $4.395M
YoY Change 110.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.15M $8.631M
YoY Change 110.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.68M $17.10M
YoY Change 26.77%
Total Long-Term Liabilities $21.68M $17.10M
YoY Change 26.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.15M $8.631M
Total Long-Term Liabilities $21.68M $17.10M
Total Liabilities $39.82M $25.75M
YoY Change 54.64%
SHAREHOLDERS EQUITY
Retained Earnings -$152.9M -$74.95M
YoY Change 103.96%
Common Stock $348.4M $342.1M
YoY Change 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.4M $267.2M
YoY Change
Total Liabilities & Shareholders Equity $234.3M $292.9M
YoY Change -20.03%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$22.74M -$13.72M
YoY Change 65.69% 74.84%
Depreciation, Depletion And Amortization $400.0K $300.0K
YoY Change 33.33% 354.55%
Cash From Operating Activities -$22.90M -$17.65M
YoY Change 29.78% 190.04%
INVESTING ACTIVITIES
Capital Expenditures $2.011M $1.171M
YoY Change 71.73% 114.86%
Acquisitions
YoY Change
Other Investing Activities -$5.044M
YoY Change
Cash From Investing Activities -$7.055M -$1.171M
YoY Change 502.48% 114.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 232.8M
YoY Change -99.91% 1210.93%
NET CHANGE
Cash From Operating Activities -22.90M -17.65M
Cash From Investing Activities -7.055M -1.171M
Cash From Financing Activities 200.0K 232.8M
Net Change In Cash -29.76M 214.0M
YoY Change -113.9% 1822.64%
FREE CASH FLOW
Cash From Operating Activities -$22.90M -$17.65M
Capital Expenditures $2.011M $1.171M
Free Cash Flow -$24.92M -$18.82M
YoY Change 32.39% 183.86%

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CY2022Q1 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">December 30, 2015</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, and the need to obtain additional financing.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.733%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at March 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-12-30
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses.</span></p>
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022Q1 vor Fair Value Assets Level1 To Level2 Transferred Amount
FairValueAssetsLevel1ToLevel2TransferredAmount
0
CY2022Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2022Q1 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
92647000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1072000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
91575000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
87668000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
87668000
CY2022Q1 us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
0
CY2022Q1 vor Fair Value Assets Level2 To Level1 Transferred Amount
FairValueAssetsLevel2ToLevel1TransferredAmount
0
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14277000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8937000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2510000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2084000
CY2021Q4 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
797000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1993000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
743000
CY2022Q1 vor Accrued Liability On Property And Equipment Current
AccruedLiabilityOnPropertyAndEquipmentCurrent
1556000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
477000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
617000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9258000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6335000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11767000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6853000
CY2022Q1 us-gaap Depreciation
Depreciation
400000
CY2021Q1 us-gaap Depreciation
Depreciation
300000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2286000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4178000
CY2022Q1 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2946000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1818298
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
394934
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.84
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.27
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
20900000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M2D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
165348
CY2022Q1 vor Share Based Compensation Arrangement By Share Based Payment Award Option Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionUnvestedExercisedInPeriodWeightedAverageExercisePrice
1.97
CY2022Q1 vor Proceeds From Stock Unvested Option Exercised
ProceedsFromStockUnvestedOptionExercised
300000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1746000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
891000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
920000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
747000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
52000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
341000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
122000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1261000
CY2021Q1 us-gaap Lease Cost
LeaseCost
921000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21597000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15670000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7281000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1839000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21677000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16174000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28958000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
18013000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M20D
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
727000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
442000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6377000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-22737000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-13723000
CY2021Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1228000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22737000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14951000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37293438
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22263994
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67

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