VORVor Biopharma Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$369M
- 213% YoY
- Market cap
- $1.2B
- Employees
- 154
- Net debt / EBITDA
- —
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes75% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes5 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$49M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$69M | −$93M | −$126M | −$121M | −$372M | 207% |
| Net income | −$69M | −$92M | −$118M | −$117M | −$696M | 495% |
| Operating cash flow | −$69M | −$85M | −$100M | −$100M | −$143M | 43% |
| Capex | $4M | $8M | $1M | $229K | $941K | 311% |
| Stock-based comp | $4M | $11M | $13M | $10M | $19M | 92% |
| Dividends | $0 | $0 | $0 | $0 | $0 |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 21, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Apr 21, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Apr 15, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Apr 10, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Apr 8, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Apr 1, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Mar 16, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Dec 23, 2025 | ForGrowth III PA B.V. | SCHEDULE 13D | 10.0% | Passive |
| Dec 18, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 14.0% | Active |
| Nov 14, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 9.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $49M · 16
- Net
- −$49M
Pay vs performance
No pay-versus-performance disclosure yet.