1Q: gMG Pivotal Top Line On Track for 1H27 and Sjögren’s Ph.III Enrolling

Research evidence excerpt

1Q: gMG Pivotal Top Line On Track for 1H27 and Sjögren’s Ph.III Enrolling

USA | Biotechnology

Vor Bio EquityMayResearch13, 2026

ESTIMATE CHANGE1Q: gMG Pivotal Top Line On Track for 1H27 and

RATING BUYSjögren’s Ph.III Enrolling

PRICE $16.47^

2026 is largely a clin execution yr -- gMG ph.III continues to enroll w/ top line

on track for 1H27 and Sjögren’s Ph.III enrolling (first pt dosed on 3/30). Cash PRICE TARGET | % TO PT $48.00 | +191%

strengthened w/ $491.5M runway into early '29. See our initiation note here. 52W HIGH-LOW $65.80 - $3.06

FLOAT (%) | ADV MM (USD) 10.7% | 18.90

VOR noted physician interest is shifting toward upstream B-cell modulation for broader, more MARKET CAP $892.7M

durable disease control, aligning w/ telitacicept’s BAFF/APRIL MOA for reducing autoreactive B TICKER VOR

cells and autoantibody production. China data de-risking remains a core pillar of the longer-term ^Prior trading day's closing price unless otherwise

noted.

view, but we acknowledge global replication risks.

Global ph.III gMG study continues to enroll w/ top line reiterated for 1H27. VOR is enrolling at

FY (Dec) CHANGE TO JEFe JEF vs CONS

84 WW sites, and tgt is >20% pts from the U.S. Enrollment completion will be a major milestone --

2026 2027 2026 2027

trial started enrolling July’24 and is tracking in line w/ historical studies showing strong enthusiasm

REV NA NA NA NA

from pts/doctors for a differentiated MOA for gMG.

EPS -33% +57% -83% -26%

The primary endpt for the gMG ph.III is change from baseline in MG-ADL at 24-wks. MG-ADL

effect size may attenuate vs China ph.III (Δ -4.8 vs PBO @24w) due to broader heterogeneity + 2026 ($) Q1 Q2 Q3 Q4 FY

higher placebo response from optimized background tx. EPS (5.11) (0.69) (0.72) (0.75) (6.55)

PREV (4.94)