Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, reported its financial results for the three-month period and full year that ended December 31, 2022, and provided a business update.
Q4 and Full Year 2022 Financial Results
— Cash, cash equivalents and investments were $230.2 million as of December 31, 2022, which is projected to fund operations into the first quarter of 2025.
— R&D expenses for the fourth quarter of 2022 were $17.1 million, compared to $12.7 million for the fourth quarter of 2021, and for the year ended December 31, 2022, were $64.6 million, compared to $47.5 million for the year ended December 31, 2021. The increase in R&D expenses was primarily due to an increase in personnel expenses, including an increase in stock compensation expense, an increase in facility costs from our laboratory and cGMP manufacturing facility expansion, and an increase in clinical, manufacturing and consulting expenses as a result of the ongoing trem-cel clinical trial and the development of the VCAR33ALLO program.
— G&A expenses for the fourth quarter of 2022 were $7.7 million, compared to $5.6 million for the fourth quarter of 2021, and for the year ended December 31, 2022, were $28.9 million, compared to $21.5 million for the year ended December 31, 2021. The increase in G&A expense was primarily due to increased personnel expenses, including an increase in in stock compensation expense, an increase in facilities and other expenses as a result of our corporate headquarters office expansion, and an increase in professional fees.
— Net loss for the fourth quarter of 2022 was $23.9 million, compared to $18.3 million for the fourth quarter of 2021, and for the year ended December 31, 2022, was $92.1 million, compared to $68.9 million for the year ended December 31, 2021.
— The Q4 EPS of ($0.53) is $0.07 higher than a consensus of ($0.60).
Vor Bio (Nasdaq: VOR) is trading at over 15% as of last check.
KEY QUOTE:
“We are encouraged with the initial proof of concept demonstrated in patients treated in our VBP101 study. We remain focused on rapid enrollment and plan to share additional clinical data later this year. Our IND for VCAR33ALLO is on-track for submission in the first half of 2023 which, together with trem-cel, has the potential to transform outcomes for patients with blood cancers.”
— Dr. Robert Ang, Vor Bio’s President and Chief Executive Officer
