Q1 Financials; Steadily Swimming UPSTREAM

Research evidence excerpt

Q1 Financials; Steadily Swimming UPSTREAM

Company Report

May 13, 2026 Vor Biopharma (VOR)

Rating: Q1 Financials; Steadily Swimming UPSTREAMNEUTRAL

Price:

$15.91 The Wedbush View

12-Month Price Target:

$18.00 (from $15.00) VOR reported earnings and reiterated guidance for topline data from the Ph 3

UPSTREAM MG study (telitacicept for myasthenia gravis) in 1H27. Enrollment is

Analysts also ongoing in Ph 3 UPSTREAM SjD (telitacicept for Sjögren’s disease) and as

Martin Fan, Ph.D. anticipated, the trial is projected to take ~3 years to reach primary completion.

(213) 688-3404 Positive read-through is possible should FDA approve ianalumab (BAFF-R mAb;

Martin.Fan@wedbush.com NVS, not covered) for Sjögren’s disease; BLA submissions were completed in 1Q26

David Nierengarten, Ph.D. and FDA has granted both Breakthrough Therapy Designation and priority review.

(415) 274-6862

David.Nierengarten@wedbush.com We remain interested in the potential for telitacicept to be a first-in-class BAFF/

Dennis Pak APRIL antagonist for multiple indications. Strong results from UPSTREAM MG

(415) 263-6647 should increase confidence in results for multiple other indications from ChineseDennis.Pak@wedbush.com

partner RemeGen, including Sjögren’s disease. However until VOR demonstrates

efficacy in a global trial, we remain on the fence regarding shares.

Company Information VOR ended the quarter with $491.5MM in cash, cash equivalents, and marketableMarket Cap (M) $862

Enterprise Value (M) $296 securities, which the company expects will support operations into early 2029.

Shares Outst (M) 54.2

52-Week Range $3.06 - $65.80 Upcoming milestones:

Cash/sh $10.46

Tangible Book Value/sh $(4.24) ● 1H27: Topline results from global Ph 3 UPSTREAM MG of telitacicept in gMG

Net Debt (M) $(455.21)