vor-10q_20210630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission File Number: 001-39979

 

VOR BIOPHARMA INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

81-1591163

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

100 Cambridgepark Drive, Suite 400

Cambridge, Massachusetts

02140

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (617655-6580

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

VOR

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Number of shares of the registrant’s Common Stock outstanding as of August 2, 2021 was 37,144,567.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six months Ended June 30, 2021 and 2020

2

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2021 and 2020

3

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

5

 

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

Item 4.

Controls and Procedures

21

 

 

 

PART II.

OTHER INFORMATION

23

 

 

 

Item 1.

Legal Proceedings

23

Item 1A.

Risk Factors

23

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

73

Item 6.

Exhibits

74

 

Signatures

75

 

 


i


 

Note Regarding Company References

Throughout this Quarterly Report on Form 10-Q, the “Company,” “Vor,” “Vor Biopharma Inc.,” “we,” “us,” and “our,” except where the context requires otherwise, refer to Vor Biopharma Inc. and its consolidated subsidiary, and “our board of directors” refers to the board of directors of Vor Biopharma Inc.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, and objectives of management, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions intended to identify statements about the future. These statements speak only as of the date of this Quarterly Report on Form 10-Q and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements include, without limitation, statements about:

 

the timing, progress and results of our preclinical studies and clinical trials of our product candidates, including statements regarding the timing of initiation, enrollment and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs;

 

the timing of clinical trials and timing of expected clinical results for our current and future product candidates;

 

the timing of any submission of filings for regulatory approval of, and our ability to obtain and maintain regulatory approvals for our product candidates for any indication;

 

the COVID-19 pandemic, which could continue to adversely impact our business, including our preclinical studies and clinical trials;

 

our ability to identify patients with the diseases treated by our product candidates, and to enroll patients in trials;

 

our expectations regarding the market acceptance and opportunity for and clinical utility of our product candidates, if approved for commercial use;

 

our expectations regarding the scope of any approved indication for any product candidate;

 

our ability to successfully commercialize our product candidates;

 

our estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for or ability to obtain additional funding before we can expect to generate any revenue from product sales;

 

our ability to establish or maintain collaborations or strategic relationships;

 

our ability to identify, recruit and retain key personnel;

 

our reliance upon intellectual property licensed from third parties and our ability to obtain such licenses on commercially reasonable terms or at all;

 

our ability to protect and enforce our intellectual property position for our product candidates, and the scope of such protection;

 

our financial performance;

 

the period over which we estimate our existing cash, cash equivalents and investments will be sufficient to fund our future operating expenses and capital expenditure requirements;

 

our competitive position and the development of and projections relating to our competitors or our industry;

 

our estimates regarding future revenue, expenses and needs for additional financing;

 

the impact of laws and regulations; and

 

our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012.

ii


You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this Quarterly Report on Form 10-Q, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. We have included important factors in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2020, particularly in the "Summary Risk Factors" and “Risk Factors” sections, that could cause actual results or events to differ materially from the forward-looking statements that we make.

Summary Risk Factors

Our business is subject to a number of risks that if realized could materially affect our business, financial condition, results of operations, cash flows and access to liquidity. These risks are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. Our principal risks include the following:

 

We have incurred significant net losses since inception. We expect to incur net losses for the foreseeable future and may never achieve or maintain profitability.

 

 

We will need substantial additional funding. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate our research and product development programs or future commercialization efforts.

 

 

We have a limited operating history, have not yet completed any clinical trials and have no history of commercializing products, which may make it difficult to evaluate the success of our business to date and to assess our future viability.

 

 

Engineered hematopoietic stem cells (“eHSCs”) are a novel technology that is not yet clinically validated for human use. The approaches we are taking to create eHSCs are unproven and may never lead to marketable products.

 

 

We are substantially dependent on the success of our two most advanced product candidates, VOR33 and VCAR33. If we are unable to complete development of, obtain approval for and commercialize VOR33 or VCAR33 in a timely manner, our business will be harmed.

 

 

We may not be successful in our efforts to identify, develop or commercialize additional product candidates. If these efforts are unsuccessful, we may never become a commercial stage company or generate any revenues.

 

 

We have not successfully tested our product candidates in clinical trials and any favorable preclinical results are not predictive of results that may be observed in clinical trials.

 

 

Development of a product candidate such as VOR33, which is intended for use in combination or in sequence with an already approved therapy, will present increased complexity and more or different challenges than development of a product candidate for use as a single agent.

 

 

If VOR33, VCAR33, the VOR33/VCAR33 Treatment System or any of the other product candidates we may develop, or the delivery modes we rely on to administer them, cause serious adverse events, undesirable side effects or unexpected characteristics, such events, side effects or characteristics could delay or prevent regulatory approval of the product candidates, limit their commercial potential or result in significant negative consequences following any potential marketing approval.

 

 

We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize VOR33, VCAR33, the VOR33/VCAR33 Treatment System or any other product candidates we may develop.

 

 

Adverse public perception of genetic medicines, and of genome engineering in particular, may negatively impact regulatory approval of, and/or demand for, our potential products.

 

 

Gene engineering technology is subject to a number of challenges and risks. Because genome engineering technology is novel and the regulatory landscape that will govern VOR33, VCAR33, the VOR33/VCAR33 Treatment System and any future product candidates we may develop is uncertain and may change, we cannot predict the time and cost of obtaining regulatory approval, if we receive it at all, for our product candidates.

 

 

Because we are developing product candidates using new technologies, as well as potential mechanisms of action for which there are few precedents, there is increased risk that the U.S. Food and Drug Administration, the European Medicines Agency or other regulatory authorities may not consider the endpoints of our clinical trials to provide clinically meaningful results and that these results may be difficult to analyze.

 

iii


 

 

We contract with third parties for the manufacture and supply of materials for development of our product candidates and advancement of our current clinical trial, as well as our research programs and preclinical studies, and we expect to continue to do so for future clinical trials and for commercialization of VOR33, VCAR33, the VOR33/VCAR33 Treatment System and any other product candidates we may develop. This reliance on third parties increases the risk that we will not have sufficient quantities of such materials, product candidates or any products that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.

 

 

We are highly dependent on intellectual property licensed from third parties and termination of any of these licenses could result in the loss of significant rights, which would harm our business.

 

 

We may not be successful in acquiring or in-licensing necessary rights to key technologies underlying VOR33, VCAR33, the VOR33/VCAR33 Treatment System or any future product candidates we may develop.

 

 

Third-party claims of intellectual property infringement, misappropriation or other violations may prevent or delay our product discovery and development efforts and have a material adverse effect on our business.

 

 

The COVID-19 pandemic has caused, and could continue to cause, severe disruptions in the United States, regional and global economies and could seriously harm our development efforts, increase our costs and expenses and have a material adverse effect on our business, financial condition and results of operations.

 

iv


 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements (Unaudited).

 

VOR BIOPHARMA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except share amounts)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

169,516

 

 

$

48,539

 

Investments

 

 

75,118

 

 

 

0

 

Prepaid expenses

 

 

4,566

 

 

 

467

 

Other current assets

 

 

65

 

 

 

100

 

Total current assets

 

 

249,265

 

 

 

49,106

 

Restricted cash equivalents

 

 

1,559

 

 

 

1,559

 

Property and equipment, net

 

 

5,852

 

 

 

4,728

 

Operating lease right-of-use assets

 

 

16,356

 

 

 

17,117

 

Other assets

 

 

2,111

 

 

 

3,398

 

Total assets

 

$

275,143

 

 

$

75,908

 

Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,369

 

 

$

2,361

 

Accrued expenses

 

 

4,293

 

 

 

6,260

 

Operating lease liability

 

 

1,164

 

 

 

863

 

Other current liabilities

 

 

478

 

 

 

723

 

Total current liabilities

 

 

8,304

 

 

 

10,207

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities—non-current

 

 

16,731

 

 

 

17,430

 

Total liabilities

 

 

25,035

 

 

 

27,637

 

Series A-1 redeemable convertible preferred stock, $0.0001 par value;

   0 shares and 20,000,000 shares authorized, issued, and outstanding as of

    June 30, 2021 and December 31, 2020, respectively (liquidation

    preference of $4,000 as of December 31, 2020)

 

 

 

 

 

2

 

Series A-2 redeemable convertible preferred stock, $0.0001 par value;

   0 and 107,194,866 shares authorized, issued, and outstanding as of

   June 30, 2021 and December 31, 2020, respectively

   (liquidation preference of $42,878 as of December 31, 2020)

 

 

 

 

 

42,786

 

Series B redeemable convertible preferred stock, $0.0001 par value;

   0 shares and 211,778,825 shares authorized as of June 30, 2021

   and December 31, 2020, respectively; 0 shares and 124,519,220

   shares issued and outstanding as of June 30, 2021 and

   December 31, 2020, respectively (liquidation preference of

   $64,750 as of December 31, 2020)

 

 

 

 

 

64,548

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 and 0 shares

   authorized as of June 30, 2021 and December 31, 2020,

   respectively; 0 shares issued and outstanding as of June 30,

   2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.0001 par value; 400,000,000 and 420,000,000

   shares authorized as of June 30, 2021 and December 31, 2020

   respectively; 37,142,950 and 893,231 shares issued and

   36,885,372 and 505,074 outstanding as of June 30, 2021 and

   December 31, 2020, respectively

 

 

4

 

 

 

1

 

Additional paid-in capital

 

 

343,421

 

 

 

2,158

 

Accumulated deficit

 

 

(93,317

)

 

 

(61,224

)

Total stockholders’ equity (deficit)

 

 

250,108

 

 

 

(59,065

)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

 

$

275,143

 

 

$

75,908

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


VOR BIOPHARMA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except share and per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

12,970

 

 

$

5,975

 

 

$

21,911

 

 

$

12,146

 

General and administrative

 

 

5,410

 

 

 

2,065

 

 

 

10,199

 

 

 

3,772

 

Total operating expenses

 

$

18,380

 

 

$

8,040

 

 

$

32,110

 

 

$

15,918

 

Loss from operations

 

$

(18,380

)

 

$

(8,040

)

 

$

(32,110

)

 

$

(15,918

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

10

 

 

 

 

 

 

17

 

 

 

29

 

Total other income

 

 

10

 

 

 

 

 

 

17

 

 

 

29

 

Net loss and comprehensive loss

 

$

(18,370

)

 

$

(8,040

)

 

$

(32,093

)

 

$

(15,889

)

Cumulative dividends on redeemable

   convertible preferred stock

 

 

 

 

 

(855

)

 

 

(1,228

)

 

 

(1,570

)

Net loss attributable to common stockholders

 

$

(18,370

)

 

$

(8,895

)

 

$

(33,321

)

 

$

(17,459

)

Net loss per share attributable to common

   stockholders, basic and diluted

 

$

(0.50

)

 

$

(56.85

)

 

$

(1.13

)

 

$

(115.83

)

Weighted-average common shares

   outstanding, basic and diluted

 

 

36,843,087

 

 

 

156,454

 

 

 

29,593,814

 

 

 

150,735

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


 

Vor Biopharma Inc.

CONDENSED CONSOLIDATED Statements of Redeemable Convertible Preferred Stock and

Stockholders’ EQUITY (Deficit)

(Unaudited)

 

 

 

Series A-1 Preferred

Stock

 

 

Series A-2 Preferred

Stock

 

 

Series B Preferred

Stock

 

 

Common

Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

 

(in thousands, except share amounts)

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at December 31, 2020

 

 

20,000,000

 

 

$

2

 

 

 

107,194,866

 

 

$

42,786

 

 

 

124,519,220

 

 

$

64,548

 

 

 

505,074

 

 

$

1

 

 

$

2,158

 

 

$

(61,224

)

 

$

(59,065

)

Issuance of Series B redeemable

   convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,259,605

 

 

 

45,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of redeemable

   convertible preferred stock into

   common stock upon closing of

   initial public offering

 

 

(20,000,000

)

 

 

(2

)

 

 

(107,194,866

)

 

 

(42,786

)

 

 

(211,778,825

)

 

 

(109,923

)

 

 

24,924,501

 

 

 

2

 

 

 

152,709

 

 

 

 

 

 

152,711

 

Issuance of common shares upon closing

   of initial public offering, net of

   offering costs and underwriter

   fees of $17,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,302,219

 

 

 

1

 

 

 

186,307

 

 

 

 

 

 

186,308

 

Issuance of common stock upon

   vesting and exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,216

 

 

 

 

 

 

65

 

 

 

 

 

 

65

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

891

 

 

 

 

 

 

891

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,723

)

 

 

(13,723

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

36,770,010

 

 

$

4

 

 

$

342,130

 

 

$

(74,947

)

 

$

267,187

 

Issuance of common stock upon

   vesting and exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115,362

 

 

 

 

 

 

224

 

 

 

 

 

 

224

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,067

 

 

 

 

 

 

1,067

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,370

)

 

 

(18,370

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

36,885,372

 

 

$

4

 

 

$

343,421

 

 

$

(93,317

)

 

$

250,108

 

 

 

 

 

3


 

 

 

Series A-1 Preferred

Stock

 

 

Series A-2 Preferred

Stock

 

 

Series B Preferred

Stock

 

 

Common

Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

 

(in thousands, except share amounts)

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at December 31, 2019

 

 

20,000,000

 

 

$

2

 

 

 

62,819,866

 

 

$

25,067

 

 

 

 

 

$

 

 

 

119,936

 

 

$

 

 

$

458

 

 

$

(17,887

)

 

$

(17,429

)

Issuance of Series A-2 Redeemable

   Convertible Preferred Stock

 

 

 

 

 

 

 

 

44,375,000

 

 

 

17,719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon

   exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,384

 

 

 

 

 

 

43

 

 

0

 

 

 

43

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

 

112

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,849

)

 

 

(7,849

)

Balance at March 31, 2020

 

 

20,000,000

 

 

$

2

 

 

 

107,194,866

 

 

$

42,786

 

 

 

 

 

$

 

 

 

151,320

 

 

$

 

 

$

613

 

 

$

(25,736

)

 

$

(25,123

)

Issuance of Series B Redeemable

   Convertible Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,519,220

 

 

 

64,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon

   exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,990

 

 

 

 

 

 

17

 

 

 

 

 

 

17

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

153

 

 

 

 

 

 

153

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,040

)

 

 

(8,040

)

Balance at June 30, 2020

 

 

20,000,000

 

 

$

2

 

 

 

107,194,866

 

 

$

42,786

 

 

 

124,519,220

 

 

$

64,548

 

 

 

165,310

 

 

$

 

 

$

783

 

 

$

(33,776

)

 

$

(32,993

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.  

 

4


 

 

Vor Biopharma Inc.

condensed CONSOLIDATED StatementS of Cash Flows

(unaudited)

 

 

 

 

For the Six Months Ended June 30,

 

(in thousands)

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(32,093

)

 

$

(15,889

)

Adjustments to reconcile net loss to net cash used in operations:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

665

 

 

 

171

 

Non-cash lease expense

 

 

1,504

 

 

 

139

 

Stock-based compensation

 

 

1,958

 

 

 

265

 

Other

 

 

4

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Operating lease liability

 

 

(1,141

)

 

 

191

 

Prepaid expenses and other current assets

 

 

(4,064

)

 

 

(330

)

Accounts payable and accrued expenses

 

 

(762

)

 

 

1,040

 

Other assets

 

 

(285

)

 

 

 

Net cash used in operating activities

 

 

(34,214

)