Vor Biopharma Inc.

FY2025 Operating Performance Drivers

Liquidity and Capital Resource Outlook

Based on the company’s current operating plan, existing cash, cash equivalents and marketable securities held as of December 31, 2025, combined with expected proceeds from the 2026 Private Placement, will be sufficient to cover all planned operating expenses and capital expenditure requirements into early 2029. The company expects research and development expenses to rise significantly in the foreseeable future as its product candidates advance through later stages of clinical development, with capital requirements remaining predictable given the company’s narrow operational focus post-restructuring, as no near-term pipeline expansion plans have been disclosed.

Long-Term Value Creation Path

The company’s core operational focus post-restructuring is advancing its highest-priority product candidates through clinical development, with execution risk for investors tied primarily to clinical trial success. Positive trial results will be required to support future regulatory submissions and potential commercialization activities, which the company does not expect to occur before 2028 at the earliest. The narrow operational focus allows the company to allocate capital efficiently to its core development programs, reducing unnecessary overhead and aligning spending with the most critical near-term value drivers for the business.