Vor Biopharma (VOR)
Market Price (7/15/2026): $19.1 | Market Cap: $821.5 MilSector: Health Care | Industry: Biotechnology
Vor Biopharma (VOR)
Market Price (7/15/2026): $19.1Market Cap: $821.5 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -138% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -374 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -115% High stock price volatilityVol 12M is 1699% Key risksVOR key risks include [1] a distressed financial position causing significant shareholder dilution, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -138% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -374 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -115% |
| High stock price volatilityVol 12M is 1699% |
| Key risksVOR key risks include [1] a distressed financial position causing significant shareholder dilution, Show more. |
Qualitative Assessment
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Vor Biopharma (VOR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Results and Market Reaction.
Vor Biopharma reported a substantial net loss of $219.6 million for fiscal Q1 2026 (ended March 31, 2026), significantly wider than the $32.5 million net loss in fiscal Q1 2025, primarily due to a change in the fair value of liability-classified warrants. The company's reported Q1 2026 net loss per share of -$5.11 also significantly missed the consensus estimate of -$0.79, representing a negative surprise of 548.31%. Despite this significant financial miss, the stock notably rose by 7.84% to 6.45% following the earnings announcement, indicating investors focused more on operational advancements rather than near-term financial results.
2. Steady Progress in Global Phase 3 Trials and Strong Cash Runway.
The company continued to advance its two global Phase 3 UPSTREAM trials for telitacicept in generalized myasthenia gravis (gMG) and primary Sjögren's disease (SjD), with enrollment proceeding as planned. Topline data for the gMG trial is anticipated in the first half of fiscal 2027. Financially, Vor Biopharma maintained a solid cash position of $491.5 million as of March 31, 2026, which is projected to fund operations into early fiscal 2029, alleviating immediate capital concerns.
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Vor Biopharma (VOR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Results and Market Reaction.
Vor Biopharma reported a substantial net loss of $219.6 million for fiscal Q1 2026 (ended March 31, 2026), significantly wider than the $32.5 million net loss in fiscal Q1 2025, primarily due to a change in the fair value of liability-classified warrants. The company's reported Q1 2026 net loss per share of -$5.11 also significantly missed the consensus estimate of -$0.79, representing a negative surprise of 548.31%. Despite this significant financial miss, the stock notably rose by 7.84% to 6.45% following the earnings announcement, indicating investors focused more on operational advancements rather than near-term financial results.
2. Steady Progress in Global Phase 3 Trials and Strong Cash Runway.
The company continued to advance its two global Phase 3 UPSTREAM trials for telitacicept in generalized myasthenia gravis (gMG) and primary Sjögren's disease (SjD), with enrollment proceeding as planned. Topline data for the gMG trial is anticipated in the first half of fiscal 2027. Financially, Vor Biopharma maintained a solid cash position of $491.5 million as of March 31, 2026, which is projected to fund operations into early fiscal 2029, alleviating immediate capital concerns.
3. Positive Clinical Validation from China Approvals for Telitacicept.
Telitacicept, Vor Biopharma's lead asset, received multiple approvals in China for various autoimmune indications, including conditional approval for IgA nephropathy in June 2026 through its partner RemeGen Co., Ltd. The Phase 3 TELIGAN trial results in IgA nephropathy, published in The New England Journal of Medicine, demonstrated a 55.0% relative reduction in proteinuria compared with placebo. This series of regulatory successes in China provided external validation for telitacicept's mechanism and potential, offsetting some domestic financial concerns.
4. Significant Insider Selling Activity.
During the period, there was notable insider selling. Ra Capital Management, L.P., a director, executed multiple sales in April 2026 that exceeded the $5 million threshold. This included selling 458,411 shares at an average price of $16.28 for a total value of approximately $7.46 million on April 17, 2026, and 530,610 shares at an average price of $16.15 for approximately $8.57 million on April 13, 2026. Overall, insiders were net sellers, with total reported sales of over $16 million in the ninety days prior to July 13, 2026, which may have exerted downward pressure or capped upward movement.
5. Analyst Consensus for Long-Term Potential Amidst Awaiting Key Data Readouts.
Analyst ratings generally remained positive, with a consensus of "Buy" or "Strong Buy" and an average price target ranging from $26.33 to $40.43, suggesting significant upside potential. However, with the most anticipated global Phase 3 data (gMG) not expected until the first half of fiscal 2027, investors were likely maintaining positions and awaiting these future catalysts, contributing to the stock's consolidation at its current level rather than experiencing a sharp directional move based on short-term news.
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Stock Movement Drivers
Fundamental Drivers
The 3.7% change in VOR stock from 3/31/2026 to 7/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.84 | 18.50 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 39 | 43 | -10.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| VOR | 3.7% | |
| Market (SPY) | 15.6% | 16.5% |
| Sector (XLV) | 8.0% | 24.7% |
Fundamental Drivers
The 41.4% change in VOR stock from 12/31/2025 to 7/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.08 | 18.50 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 43 | -84.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| VOR | 41.4% | |
| Market (SPY) | 10.6% | 17.6% |
| Sector (XLV) | 2.7% | 28.9% |
Fundamental Drivers
The -42.9% change in VOR stock from 6/30/2025 to 7/14/2026 was primarily driven by a -85.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.40 | 18.50 | -42.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 6 | 43 | -85.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| VOR | -42.9% | |
| Market (SPY) | 22.7% | 4.2% |
| Sector (XLV) | 19.0% | -0.2% |
Fundamental Drivers
The -70.1% change in VOR stock from 6/30/2023 to 7/14/2026 was primarily driven by a -92.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.80 | 18.50 | -70.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 43 | -92.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| VOR | -70.1% | |
| Market (SPY) | 75.6% | 3.5% |
| Sector (XLV) | 24.9% | 1.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VOR Return | -69% | -43% | -66% | -51% | -41% | 38% | -98% |
| Peers Return | -0% | -37% | -8% | 9% | -2% | 47% | -8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| VOR Win Rate | 45% | 42% | 33% | 33% | 42% | 57% | |
| Peers Win Rate | 46% | 42% | 42% | 45% | 48% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| VOR Max Drawdown | - | -69% | -76% | -78% | -97% | -33% | |
| Peers Max Drawdown | -55% | -56% | -57% | -52% | -51% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, VERA, CRSP, ALLO, FATE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)
How Low Can It Go
| Event | VOR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -89.3% | -18.8% |
| % Gain to Breakeven | 831.9% | 23.1% |
| Time to Breakeven | 52 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.3% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 11 days | 18 days |
In The Past
Vor Biopharma's stock fell -89.3% during the 2025 US Tariff Shock. Such a loss loss requires a 831.9% gain to breakeven.
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| Event | VOR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -89.3% | -18.8% |
| % Gain to Breakeven | 831.9% | 23.1% |
| Time to Breakeven | 52 days | 79 days |
In The Past
Vor Biopharma's stock fell -89.3% during the 2025 US Tariff Shock. Such a loss loss requires a 831.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Vor Biopharma (VOR)
Vor Biopharma, Inc. is a clinical-stage biotechnology company dedicated to developing innovative cell therapies for cancer patients. The company specializes in creating engineered hematopoietic stem cells (eHSCs) to provide a novel and targeted treatment approach for various blood cancers, aiming to improve both the effectiveness and safety of existing therapies.
The company's lead product candidate is VOR33, currently undergoing Phase 1/2 clinical trials. VOR33 consists of eHSCs specifically designed to lack the CD33 protein, which is commonly expressed on acute myeloid leukemia (AML) cancer cells. This engineering allows patients to safely receive CD33-targeted therapies, such as CAR-T cells, bispecific antibodies, or antibody-drug conjugates, which can then selectively destroy CD33-expressing cancer cells without harming healthy blood cells derived from the transplanted VOR33 eHSCs.
Vor Biopharma primarily targets patients suffering from acute myeloid leukemia (AML) and other challenging hematological malignancies. By enabling more potent and selective destruction of cancer cells while protecting healthy ones, the company aims to offer transformative treatment options that could lead to better outcomes and reduced side effects for patients with these severe blood cancers. The company also collaborates with Akron BioProducts on the development and manufacturing of cGMP nucleases.
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Here are 1-3 brief analogies to describe Vor Biopharma:
Like a specialized CRISPR Therapeutics, but instead of correcting disease-causing genes, Vor uses gene editing to make a patient's healthy stem cells resistant to powerful cancer treatments.
Vor Biopharma is like the 'Intel Inside' for certain targeted cancer therapies, developing a critical biological component (engineered stem cells) that allows other companies' powerful drugs to safely destroy cancer cells without harming healthy tissue.
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- VOR33: An engineered hematopoietic stem cell (eHSC) product candidate in clinical trials for treating acute myeloid leukemia (AML) and other hematological malignancies.
- eHSC Targeted Therapies: A platform for developing therapies, including CAR-Ts, bispecific antibodies, and antibody-drug conjugates, designed to treat blood cancers.
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As a clinical-stage biopharmaceutical company, Vor Biopharma (VOR) is currently focused on the research and development of its engineered hematopoietic stem cell (eHSC) therapies, such as VOR33, which is in Phase 1/2 clinical trials. At this stage, the company does not have commercial products available for sale and therefore does not have major customers in the traditional sense. Its activities are centered on clinical development, regulatory processes, and potentially partnerships or licensing agreements in the future once its therapies are approved.
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Major Suppliers:
- Akron BioProducts (private company)
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Jean-Paul Kress, MD Chief Executive Officer and Chairman
Dr. Kress brings decades of executive leadership experience in the pharmaceutical and biotech industries. He most recently served as Chief Executive Officer of MorphoSys, where he led the development, approval, and commercialization of Monjuvi® (tafasitamab). He also advanced MorphoSys' pipeline through the landmark acquisition of Constellation Pharmaceuticals in 2021, which strengthened MorphoSys' position in oncology innovation and ultimately led to its subsequent acquisition by Novartis in 2024.
Sandy Mahatme Chief Financial Officer, Chief Business Officer
Mr. Mahatme has over 30 years of executive leadership experience in the biopharmaceutical industry, with a strong background in capital markets, business development, global operations, and shareholder value creation. He co-founded National Resilience, Inc., a biomanufacturing company, where he most recently served as President, Chief Operating Officer, and Chief Financial Officer. Before that, he was Executive Vice President, Chief Financial Officer, and Chief Business Officer at Sarepta Therapeutics, where he led capital formation efforts exceeding $3.5 billion. Mr. Mahatme also held senior positions at Celgene Corporation, Pfizer, Inc., and Ernst & Young, LLP. He currently serves on the boards of CRISPR Therapeutics and Idorsia Pharmaceuticals.
Jeremy Sokolove, MD Chief Medical Officer
Dr. Sokolove is the Chief Medical Officer at Vor Biopharma.
Dallan Murray Chief Commercial Officer
Mr. Murray brings more than 25 years of experience leading commercial strategy, global product launches, and customer-facing organizations in biotechnology and pharmaceutical companies. He previously served as Executive Vice President, Chief Customer Officer at Sarepta Therapeutics, where he led the commercial and medical affairs organizations and the international business unit, contributing to approximately $1.8 billion in net product revenue in 2024.
Adi Osovsky, SJD General Counsel
Dr. Osovsky serves as the General Counsel for Vor Biopharma.
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- High Uncertainty Regarding Strategic Transformation and Financial Viability: Vor Biopharma undertook a substantial strategic shift in May 2025, halting its primary engineered hematopoietic stem cell (eHSC) development programs for cancer, including its lead candidates trem-cel (formerly VOR33) and VCAR33. This decision was attributed to disappointing clinical results and a challenging fundraising environment, leading to a significant workforce reduction of approximately 95% and the winding down of clinical and manufacturing operations. Subsequently, the company pivoted by acquiring global rights to telitacicept, an autoimmune therapy already approved in China. This drastic change in strategic direction introduces substantial uncertainty about Vor Biopharma's ability to successfully execute its new multifaceted strategy, secure adequate ongoing funding, and achieve long-term financial viability.
- Clinical Development and Regulatory Approval Risk for Product Candidates: Despite some positive Phase 3 data for telitacicept in China, its path to approval in major markets like the U.S. and Europe is not guaranteed. It will require extensive and costly clinical trials and navigating complex regulatory hurdles. Although the company had cited "disappointing clinical results" for its original eHSC programs, some recent information suggests a continued or renewed effort around trem-cel (VOR33) and VCAR-017, potentially moving them into expanded AML cohorts. Any such ongoing or re-initiated eHSC development efforts will face the inherent high failure rates typical of early-stage clinical development, coupled with complex manufacturing and logistical challenges unique to cell and gene therapies.
- Intense Competitive Landscape: Vor Biopharma operates in highly competitive therapeutic areas. For its acquired autoimmune therapy, telitacicept, the company will compete against established treatments and numerous other drugs in development targeting multi-billion dollar autoimmune markets. If Vor Biopharma continues to pursue its eHSC platform in oncology, it will face significant competition from other developers of engineered cell therapies, CAR-T treatments, and other therapies for acute myeloid leukemia (AML) and related hematological malignancies. This intense competition could significantly impact market penetration and commercial success, even if therapies achieve regulatory approval.
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For Vor Biopharma (VOR), the expected drivers of future revenue growth over the next 2-3 years are primarily centered on the advancement and potential commercialization of telitacicept for autoimmune diseases, following a significant strategic pivot by the company in June 2025.
- Successful Global Commercialization of Telitacicept for Generalized Myasthenia Gravis (gMG): Vor Biopharma is focused on advancing telitacicept, a novel dual-target fusion protein, through a global Phase 3 clinical trial for generalized myasthenia gravis (gMG) to support potential regulatory approvals and commercialization in key markets such as the United States, Europe, and Japan. This represents the most advanced and direct pathway to generating product revenue for the company.
- Expansion of Telitacicept into Additional Autoimmune Indications and Geographies (ex-Greater China): Telitacicept has demonstrated positive Phase 3 results in Sjögren's disease and is already approved in China for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Future revenue growth is anticipated from pursuing regulatory approvals and subsequent commercialization of telitacicept for these or other autoimmune conditions in territories outside of Greater China, significantly broadening its market reach and revenue potential.
- Milestone Payments and Royalties from the RemeGen Licensing Agreement: Vor Biopharma's licensing agreement with RemeGen for ex-Greater China rights to telitacicept includes potential milestone payments that could reach up to $4 billion, in addition to royalties on future sales. These payments are expected to contribute to the company's revenue as telitacicept progresses through clinical development, achieves regulatory approvals, and is commercialized in the licensed territories.
- Strategic Partnerships and Licensing Agreements for the Engineered Hematopoietic Stem Cell (eHSC) Platform: While the company's primary focus has shifted, Vor Biopharma's engineered hematopoietic stem cell (eHSC) platform, including its lead candidate VOR33, remains an asset for potential revenue generation through strategic collaborations. The company aims to pursue co-development, licensing deals, and non-dilutive funding by partnering its eHSC "shield-and-target" approach with oncology innovators developing CAR-Ts, bispecific antibodies, and antibody-drug conjugates.
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Capital Allocation Decisions for Vor Biopharma (VOR)
Share Repurchases
- Vor Biopharma made minor share repurchases, with a dollar amount of $1.2 million in 2023 and $0.3 million in 2024.
Share Issuance
- In December 2025, Vor Biopharma raised approximately $150 million through a private placement by selling 13.9 million shares of common stock at $10.81 per share.
- The company completed an underwritten public offering in November 2025, raising $100 million by selling 10 million shares of common stock at $10.00 per share.
- In August 2024, Vor Biopharma successfully raised $110 million in a Series C funding round.
Inbound Investments
- A private placement in December 2025 saw participation from institutional investors including RA Capital Management, Forbion, Frazier Life Sciences, Caligan Partners, Logos Capital, and Venrock Healthcare Capital Partners.
- The August 2024 Series C funding round was led by 5AM Ventures, Fidelity, SR One, Novartis Venture Fund, and Cormorant Asset Management.
- As part of a licensing deal for telitacicept in June 2025, Vor Biopharma issued $80 million worth of warrants to a RemeGen subsidiary, granting them a 23% stake in Vor.
Outbound Investments
- In June 2025, Vor Biopharma made an upfront payment of $45 million to RemeGen to acquire exclusive ex-China rights to telitacicept, an autoimmune asset.
Capital Expenditures
- Vor Biopharma reported capital expenditures of approximately $0.2 million in 2024 and $1.1 million in 2023.
- In Q3 2025, the company invested $244,000 in capital expenditures, primarily for funding long-term assets and infrastructure.
- Capital expenditures for the last 12 months ending in early 2026 were approximately $699,000.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Vor Biopharma Stock (+7.4%): New Board Signals Institutional Backing | 12/25/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 30.82 |
| Mkt Cap | 1.9 |
| Rev LTM | 0 |
| Op Inc LTM | -281 |
| FCF LTM | -130 |
| FCF 3Y Avg | -151 |
| CFO LTM | -130 |
| CFO 3Y Avg | -149 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -52.6% |
| Rev Chg 3Y Avg | -5.0% |
| Rev Chg Q | -6.2% |
| QoQ Delta Rev Chg LTM | -1.6% |
| Op Inc Chg LTM | -5.7% |
| Op Inc Chg 3Y Avg | 1.4% |
| Op Mgn LTM | -2,207.5% |
| Op Mgn 3Y Avg | -2,296.1% |
| QoQ Delta Op Mgn LTM | 7.6% |
| CFO/Rev LTM | -1,632.3% |
| CFO/Rev 3Y Avg | -1,556.1% |
| FCF/Rev LTM | -1,711.4% |
| FCF/Rev 3Y Avg | -1,602.6% |
Price Behavior
| Market Price | $18.50 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 02/05/2021 | |
| Distance from 52W High | -62.0% | |
| 50 Days | 200 Days | |
| DMA Price | $15.74 | $16.61 |
| DMA Trend | down | up |
| Distance from DMA | 17.5% | 11.4% |
| 3M | 1YR | |
| Volatility | 79.2% | 1,702.5% |
| Downside Capture | 3.76 | 526.01 |
| Upside Capture | 66.57 | 301.45 |
| Correlation (SPY) | 26.6% | 4.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.94 | 1.70 | 2.00 | 1.19 | 5.82 | 2.25 |
| Up Beta | 4.65 | 5.44 | 4.24 | 4.50 | -2.09 | 0.31 |
| Down Beta | 2.66 | 2.61 | 1.61 | -0.48 | -0.89 | 0.51 |
| Up Capture | 241% | 109% | 97% | 81% | 1811% | 863% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 18 | 27 | 59 | 113 | 326 |
| Down Capture | -19% | -66% | 56% | 30% | 202% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 35 | 65 | 134 | 404 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VOR | |
|---|---|---|---|---|
| VOR | -63.1% | 1,699.2% | 0.93 | - |
| Sector ETF (XLV) | 18.7% | 15.8% | 0.89 | 0.0% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 4.2% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 4.7% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -5.4% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | -4.1% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | -1.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VOR | |
|---|---|---|---|---|
| VOR | -45.4% | 766.8% | 0.43 | - |
| Sector ETF (XLV) | 5.9% | 14.9% | 0.22 | 2.2% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 3.8% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 3.6% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | -2.2% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 0.6% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 0.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VOR | |
|---|---|---|---|---|
| VOR | -31.0% | 738.0% | 0.40 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 2.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 3.9% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 3.6% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | -2.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 0.6% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 1.1% |
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Earnings Returns History
Updated 7/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | 4.7% | 16.5% | 2.7% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 4.7% | 16.5% | 2.7% |
| Median Negative | |||
| Max Positive | 4.7% | 16.5% | 2.7% |
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | 4.7% | 16.5% | 2.7% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 4.7% | 16.5% | 2.7% |
| Median Negative | |||
| Max Positive | 4.7% | 16.5% | 2.7% |
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/20/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/14/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 02/08/2021 | 424B4 |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Sell | 4242026 | 15.77 | 165,150 | 2,604,416 | 37,881,038 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Sell | 4212026 | 15.77 | 171,963 | 2,711,857 | 40,485,454 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Sell | 4212026 | 16.28 | 458,411 | 7,462,931 | 44,594,306 | Form | |
| 4 | Ra, Capital Management, LP | See footnotes | Sell | 4152026 | 16.01 | 53,644 | 858,840 | 51,193,880 | Form | |
| 5 | Ra, Capital Management, LP | See footnotes | Sell | 4152026 | 15.97 | 153,735 | 2,455,148 | 51,922,670 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Sell | 4242026 | 15.77 | 165,150 | 2,604,416 | 37,881,038 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Sell | 4212026 | 15.77 | 171,963 | 2,711,857 | 40,485,454 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Sell | 4212026 | 16.28 | 458,411 | 7,462,931 | 44,594,306 | Form | |
| 4 | Ra, Capital Management, LP | See footnotes | Sell | 4152026 | 16.01 | 53,644 | 858,840 | 51,193,880 | Form | |
| 5 | Ra, Capital Management, LP | See footnotes | Sell | 4152026 | 15.97 | 153,735 | 2,455,148 | 51,922,670 | Form | |
| 6 | Ra, Capital Management, LP | See footnotes | Sell | 4152026 | 16.15 | 530,610 | 8,569,352 | 54,990,718 | Form | |
| 7 | Ra, Capital Management, LP | See footnotes | Sell | 4102026 | 15.75 | 828 | 13,041 | 61,985,826 | Form | |
| 8 | Ra, Capital Management, LP | See footnotes | Sell | 4102026 | 16.59 | 135,201 | 2,242,985 | 65,305,473 | Form | |
| 9 | Ra, Capital Management, LP | See footnotes | Sell | 4102026 | 16.48 | 484,104 | 7,977,786 | 67,098,491 | Form | |
| 10 | Ra, Capital Management, LP | See footnotes | Sell | 4062026 | 16.59 | 589,257 | 9,777,898 | 75,596,165 | Form | |
| 11 | Ra, Capital Management, LP | See footnotes | Sell | 4062026 | 18.23 | 260,000 | 4,741,066 | 93,818,361 | Form | |
| 12 | Ra, Capital Management, LP | See footnotes | Sell | 10302025 | 25.12 | 24,579 | 617,424 | 19,584,858 | Form | |
| 13 | Ra, Capital Management, LP | See footnotes | Sell | 10302025 | 25.22 | 251,518 | 6,343,284 | 20,282,706 | Form | |
| 14 | Ra, Capital Management, LP | See footnotes | Sell | 10302025 | 27.42 | 124,311 | 3,408,230 | 28,945,428 | Form | |
| 15 | Ra, Capital Management, LP | See footnotes | Sell | 10272025 | 28.12 | 90,941 | 2,557,261 | 33,183,287 | Form | |
| 16 | Ra, Capital Management, LP | See footnotes | Sell | 10272025 | 28.01 | 53,345 | 1,494,193 | 35,600,738 | Form | |
| 17 | Ra, Capital Management, LP | See footnotes | Sell | 10272025 | 28.01 | 76,880 | 2,153,409 | 37,094,931 | Form | |
| 18 | Ra, Capital Management, LP | See footnotes | Sell | 10222025 | 28.11 | 25,027 | 703,509 | 39,388,463 | Form | |
| 19 | Ra, Capital Management, LP | See footnotes | Sell | 10222025 | 29.67 | 92,023 | Form | |||
| 20 | Reprogrammed, Interchange Llc | Direct | Sell | 10212025 | 30.07 | 200 | 6,015 | 35,094,788 | Form | |
| 21 | Reprogrammed, Interchange Llc | Direct | Sell | 10212025 | 30.05 | 11,616 | 349,101 | 35,075,710 | Form | |
| 22 | Reprogrammed, Interchange Llc | Direct | Sell | 10212025 | 30.25 | 25,717 | 777,987 | 35,658,614 | Form | |
| 23 | Ra, Capital Management, LP | See footnotes | Sell | 10172025 | 29.39 | 260,859 | 7,667,444 | 443,953 | Form | |
| 24 | Reprogrammed, Interchange Llc | Direct | Sell | 10172025 | 30.45 | 2,021 | 61,549 | 36,681,040 | Form | |
| 25 | Ra, Capital Management, LP | See footnotes | Sell | 10172025 | 29.45 | 151,803 | 4,470,604 | 1,705,746 | Form | |
| 26 | Reprogrammed, Interchange Llc | Direct | Sell | 10172025 | 31.92 | 71,655 | 2,287,195 | 38,509,750 | Form | |
| 27 | Ra, Capital Management, LP | See footnotes | Sell | 10172025 | 30.55 | 51,363 | 1,569,313 | 2,530,920 | Form | |
| 28 | Reprogrammed, Interchange Llc | Direct | Sell | 10152025 | 30.32 | 33,668 | 1,020,787 | 38,751,515 | Form | |
| 29 | Reprogrammed, Interchange Llc | Direct | Sell | 10152025 | 32.44 | 22,006 | 713,786 | 42,549,060 | Form | |
| 30 | Reprogrammed, Interchange Llc | Direct | Sell | 10152025 | 30.97 | 40,983 | 1,269,133 | 41,303,937 | Form | |
| 31 | Reprogrammed, Interchange Llc | Direct | Sell | 10102025 | 32.07 | 48,884 | 1,567,611 | 44,086,264 | Form | |
| 32 | Reprogrammed, Interchange Llc | Direct | Sell | 10102025 | 33.87 | 75,262 | 2,548,757 | 48,212,393 | Form | |
| 33 | Reprogrammed, Interchange Llc | Direct | Sell | 10082025 | 33.84 | 27,624 | 934,711 | 50,718,840 | Form | |
| 34 | Reprogrammed, Interchange Llc | Direct | Sell | 10082025 | 37.01 | 70,763 | 2,618,788 | 56,494,183 | Form | |
| 35 | Reprogrammed, Interchange Llc | Direct | Sell | 10032025 | 37.83 | 7,901 | 298,911 | 60,429,379 | Form | |
| 36 | Reprogrammed, Interchange Llc | Direct | Sell | 10032025 | 39.83 | 32,451 | 1,292,457 | 63,932,197 | Form | |
| 37 | Reprogrammed, Interchange Llc | Direct | Sell | 10032025 | 39.19 | 1,400 | 54,870 | 64,183,990 | Form | |
| 38 | Reprogrammed, Interchange Llc | Direct | Sell | 9182025 | 1.54 | 447,278 | 688,853 | 50,486,340 | Form | |
| 39 | Reprogrammed, Interchange Llc | Direct | Sell | 9152025 | 1.64 | 400,000 | 656,320 | 54,521,301 | Form | |
| 40 | Reprogrammed, Interchange Llc | Direct | Sell | 9152025 | 1.75 | 300,000 | 526,230 | 58,987,729 | Form | |
| 41 | Reprogrammed, Interchange Llc | Direct | Sell | 9152025 | 1.83 | 284,805 | 521,421 | 62,116,274 | Form | |
| 42 | Reprogrammed, Interchange Llc | Direct | Sell | 9102025 | 1.82 | 350,000 | 635,285 | 62,100,546 | Form | |
| 43 | Reprogrammed, Interchange Llc | Direct | Sell | 9102025 | 2.00 | 449,226 | 898,632 | 69,140,409 | Form | |
| 44 | Reprogrammed, Interchange Llc | Direct | Sell | 9102025 | 1.99 | 464,421 | 924,058 | 69,664,407 | Form | |
| 45 | Reprogrammed, Interchange Llc | Direct | Sell | 9052025 | 1.97 | 400,000 | 787,280 | 69,825,711 | Form | |
| 46 | Reprogrammed, Interchange Llc | Direct | Sell | 9052025 | 1.93 | 453,016 | 873,641 | 69,188,677 | Form | |
| 47 | Reprogrammed, Interchange Llc | Direct | Sell | 9052025 | 2.00 | 554,612 | 1,107,061 | 72,518,223 | Form | |
| 48 | Reprogrammed, Interchange Llc | Direct | Sell | 8292025 | 2.01 | 806,351 | 1,621,975 | 74,193,307 | Form | |
| 49 | Reprogrammed, Interchange Llc | Direct | Sell | 8292025 | 2.01 | 611,647 | 1,226,536 | 75,581,598 | Form | |
| 50 | Reprogrammed, Interchange Llc | Direct | Sell | 8272025 | 2.08 | 284,190 | 591,343 | 79,699,977 | Form | |
| 51 | Reprogrammed, Interchange Llc | Direct | Sell | 8272025 | 2.12 | 387,346 | 819,740 | 81,661,150 | Form |
Investor Activity (13F)
Updated Jul 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| FCPM III Services B.V. | $73.5 Mil | 10.2% | 14 | ADD +13.8% | 13F |
| Great Point Partners LLC | $31.2 Mil | 7.6% | 39 | ADD +27.7% | 13F |
| TCG Crossover Management, LLC | $96.5 Mil | 2.8% | 49 | New | 13F |
| Caligan Partners LP | $34.3 Mil | 2.4% | 24 | ADD +108.1% | 13F |
| Venrock Adviser, LLC | $54.3 Mil | 2.0% | 33 | ADD +56.5% | 13F |
| Frazier Life Sciences Management, L.P. | $45.4 Mil | 1.2% | 38 | Hold | 13F |
| Paradigm Biocapital Advisors LP | $31.2 Mil | 0.6% | 35 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TCG Crossover Management, LLC | $96.5 Mil | 2.8% | 49 | New | 13F |
| Caligan Partners LP | $34.3 Mil | 2.4% | 24 | ADD +108.1% | 13F |
| Venrock Adviser, LLC | $54.3 Mil | 2.0% | 33 | ADD +56.5% | 13F |
| Great Point Partners LLC | $31.2 Mil | 7.6% | 39 | ADD +27.7% | 13F |
| FCPM III Services B.V. | $73.5 Mil | 10.2% | 14 | ADD +13.8% | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TCG Crossover Management, LLC | $96.5 Mil | 2.8% | 49 | New | 13F |
| FCPM III Services B.V. | $73.5 Mil | 10.2% | 14 | ADD +13.8% | 13F |
| Venrock Adviser, LLC | $54.3 Mil | 2.0% | 33 | ADD +56.5% | 13F |
| Frazier Life Sciences Management, L.P. | $45.4 Mil | 1.2% | 38 | Hold | 13F |
| Caligan Partners LP | $34.3 Mil | 2.4% | 24 | ADD +108.1% | 13F |
| Great Point Partners LLC | $31.2 Mil | 7.6% | 39 | ADD +27.7% | 13F |
| Paradigm Biocapital Advisors LP | $31.2 Mil | 0.6% | 35 | Hold | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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