Q1: Continued Solid Execution For Both Global Ph3 UPSTREAM Trials In MG & SjD

Research evidence excerpt

Q1: Continued Solid Execution For Both Global Ph3 UPSTREAM Trials In MG & SjD

Biotechnology

Vor Bio

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $16.47 (05/12/2026) Q1: Continued Solid Execution For Both Global

Price Target: NA Ph3 UPSTREAM Trials In MG & SjD

BUY (1)

ESG SCORE: 61/100

Yaron Werber, M.D. THE TD COWEN INSIGHT

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VOR reported Q1. Both global Ph3 UPSTREAM trials for telitacicept (BAFF/APRIL) in MG and

yaron.werber@tdsecurities.com

Sjogren's continue to enroll. Recall, first pt was dosed in UPSTREAM SjD in primary SjD in

Sarah Cai, Ph.D. Q4:25, with topline data expected in 2028. UPSTREAM MG data remains on track for H1:27.

646 562 1447 BLAs for SjD and IgAN are underway in China. $492M cash (w/$75M PIPE) provides runway into

sarah.cai@tdsecurities.com

early 2029.

Jaena Han, Ph.D.

646 562 1428 Our Take: Smooth Sailing – First Pt Dosed In UPSTREAM SjD In Q4:25 And UPSTREAM MG

jaena.han@tdsecurities.com Data In H1:27 – PIPE Financing Supports Cash Runway Into '29

Steven Ionov, Ph.D. Recall, in Q4:25, Vor dosed the 1st patient in UPSTREAM SjD, a global, randomized, double-

646 562 1478

blind, placebo-controlled Ph3 for lead asset telitacicept (dual BAFF/APRIL inhibitor) in ~250

steven.ionov@tdsecurities.com

adults with active primary Sjogren's disease (SjD), i.e. ESSDAI ≥5. The primary endpoint is

Key Data CfB in ESSDAI at Week 48 (key secondaries include systemic activity, glandular function, and

Symbol NASDAQ: VOR patient-reported symptoms). This is an important execution milestone given the company’s

Beta: 1.75 rapid pivot around telitacicept over the past ~12 months and the need to build global

52-Week Range: $53.40-$3.20 momentum in a historically challenging indication.

Market Cap: $804.5MM