$VOR
Vor Biopharma Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021024936 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.790M $1.710M
YoY Change 180.12%
% of Gross Profit
Research & Development $8.941M $6.171M
YoY Change 44.89%
% of Gross Profit
Depreciation & Amortization $300.0K $66.00K
YoY Change 354.55%
% of Gross Profit
Operating Expenses $13.73M $7.878M
YoY Change 74.28%
Operating Profit -$13.73M -$7.878M
YoY Change 74.28%
Interest Expense $10.00K $30.00K
YoY Change -66.67%
% of Operating Profit
Other Income/Expense, Net $7.000K $29.00K
YoY Change -75.86%
Pretax Income -$13.72M -$7.850M
YoY Change 74.78%
Income Tax
% Of Pretax Income
Net Earnings -$13.72M -$7.849M
YoY Change 74.84%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$616.4K -$0.24
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.6M
YoY Change
Cash & Equivalents $262.6M $19.16M
Short-Term Investments
Other Short-Term Assets $92.00K
YoY Change
Inventory
Prepaid Expenses $3.606M
Receivables
Other Receivables
Total Short-Term Assets $266.3M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.737M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.582M
YoY Change
Total Long-Term Assets $26.67M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $266.3M
Total Long-Term Assets $26.67M
Total Assets $292.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.406M
YoY Change
Accrued Expenses $4.395M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.631M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $17.10M
YoY Change
Total Long-Term Liabilities $17.10M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.631M
Total Long-Term Liabilities $17.10M
Total Liabilities $25.75M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$74.95M
YoY Change
Common Stock $342.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.2M -$25.12M
YoY Change
Total Liabilities & Shareholders Equity $292.9M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$13.72M -$7.849M
YoY Change 74.84%
Depreciation, Depletion And Amortization $300.0K $66.00K
YoY Change 354.55%
Cash From Operating Activities -$17.65M -$6.085M
YoY Change 190.04%
INVESTING ACTIVITIES
Capital Expenditures $1.171M $545.0K
YoY Change 114.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.171M -$545.0K
YoY Change 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 232.8M 17.76M
YoY Change 1210.93%
NET CHANGE
Cash From Operating Activities -17.65M -6.085M
Cash From Investing Activities -1.171M -545.0K
Cash From Financing Activities 232.8M 17.76M
Net Change In Cash 214.0M 11.13M
YoY Change 1822.64%
FREE CASH FLOW
Cash From Operating Activities -$17.65M -$6.085M
Capital Expenditures $1.171M $545.0K
Free Cash Flow -$18.82M -$6.630M
YoY Change 183.86%

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of the Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vor Biopharma Inc. (the &#8220;Company&#8221; or &#8220;Vor&#8221;) is a cell therapy 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&#8217;s proprietary platform leverages its expertise in hematopoietic stem cell (&#8220;HSC&#8221;) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. Vor is headquartered in Cambridge, Massachusetts. The Company was incorporated on December&#160;30, 2015 as a wholly owned subsidiary of PureTech Health LLC. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 9, 2021, the Company completed an initial public offering (&#8220;IPO&#8221;) of its common stock. At the closing of the IPO, the Company issued and sold 11,302,219 shares of its common stock, at a public offering price of $18.00 per share. The Company received net proceeds of approximately $186.3 million from the IPO, after deducting underwriters&#8217; discounts and commissions and other offering expenses paid by the Company. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon closing of the IPO, all shares of the Company&#8217;s Series A-1, A-2 and B redeemable convertible preferred stock then outstanding automatically converted into an aggregate of 24,924,501 shares of common stock. Upon conversion of the redeemable convertible preferred stock, the Company reclassified the carrying value of the redeemable convertible preferred stock to common stock and additional paid-in capital.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the IPO, the Company filed an amended and restated certificate of incorporation that amended and restated the Company&#8217;s certificate of incorporation in its entirety to, among other things, authorize the Company to issue up to 400,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share, all of which shares of preferred stock are undesignated. In addition, the Company&#8217;s board of directors may establish the rights and preferences of the preferred stock from time to time.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reverse Stock Split</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 29, 2021, the Company effected a 13.6-for-1 reverse stock split of the Company&#8217;s common stock. All shares, stock options, and per share information in the condensed consolidated financial statements were previously adjusted to reflect the reverse stock split. There was no change in the par value and authorized number of shares of the Company&#8217;s common stock.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Risks and Uncertainties </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, and the need to obtain additional financing. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and cash equivalents at March 31, 2021 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.</p>
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CY2021Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:5.67%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the 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 consolidated financial statements. Management must apply significant judgment in this process. Management&#8217;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&#8217;s common stock (prior to the IPO); accrued expenses and research and development expenses.</p>
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
442000
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6774000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5454000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1037000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
726000
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2021Q1 us-gaap Accounting Standards Update Extensible List
AccountingStandardsUpdateExtensibleList
us-gaap:AccountingStandardsUpdate201912Member
CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1598000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2727000
CY2021Q1 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1669000
CY2020Q4 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1924000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
997000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1097000
CY2021Q1 vor Accrued License And Milestone Fees Current
AccruedLicenseAndMilestoneFeesCurrent
80000
CY2020Q4 vor Accrued License And Milestone Fees Current
AccruedLicenseAndMilestoneFeesCurrent
450000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
51000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
62000
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
338973691
CY2021Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-12-30
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2021-01-01
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
107336000
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
111628000
CY2020Q4 vor Temporary Equity Cumulative Undeclared Dividends
TemporaryEquityCumulativeUndeclaredDividends
7698000
CY2020Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18508363
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
251714086
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5084679
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
394934
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
38216
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5441397
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
989860
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.79
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.51
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.31
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.16
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.80
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y5M1D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y2M26D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y10M6D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
32086000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
206544000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
40772000
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
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.42
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
13900000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M9D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
359719
CY2021Q1 vor Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedExercisedInPeriodWeightedAverageExercisePrice
1.35
CY2021Q1 vor Proceeds From Stock Unvested Options Exercised
ProceedsFromStockUnvestedOptionsExercised
700000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
891000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
112000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
747000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
52000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
153000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
122000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
48000
CY2021Q1 us-gaap Lease Cost
LeaseCost
921000
CY2020Q1 us-gaap Lease Cost
LeaseCost
201000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M29D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0936
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18276000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
18293000

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