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Global Science. One Purpose. Corporate Presentation November 2025
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Forward Looking StatementThis presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.This presentation (the “Presentation”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Vor Biopharma Inc. (“Vor,” “Vor Bio” or the “Company”). The words “aim,” “anticipate,” “believe,” “can,” “could,” “design,” “enable” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “project,” “should,” “target,” “towards,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Presentation include those regarding Vor Bio's plans for development and commercialization of telitacicept, the potential of telitacicept in various indications including generalized myasthenia gravis (gMG) and primary Sjögren's disease, the potential of telitacicept to be a best- and first-in-class BAFF/APRIL inhibitor globally in gMG, the potential best-in-disease profile of telitacicept in primary Sjögren's disease, the availability of data from clinical trials including those conducted by third parties, the expected safety profile of telitacicept, the market opportunities for telitacicept, the addressable patient populations in the indications Vor Bio intends to treat, telitacicept's therapeutic potential, Vor Bio's cash runway and other statements that are not historical fact. Vor Bio may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation, completion of, and availability and timing of results from, preclinical studies and clinical trials; whether preclinical data or interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; the uncertainty of regulatory approvals to conduct trials or to market products; Vor Bio's reliance on third parties over which it may not always have full control; and the availability of funding sufficient for Vor Bio's foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption “Risk Factors” included in Vor Bio's most recent annual or quarterly report and in other reports it has filed or may file with the Securities and Exchange Commission. Any forward-looking statements contained in this Presentation speak only as of the date of this Presentation, and Vor Bio expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law.Certain information contained in this Presentation relates to or is based on studies, publications, surveys and other data obtained from third party sources and Vor Bio's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this Presentation, the Company has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third party sources. In addition, there can be no guarantee as to the accuracy or reliability of any assumptions or limitations that may be included in such third-party information. While the Company believes its own internal research is reliable, such research has not been verified by any independent source. All brand names or trademarks appearing in this Presentation are the property of their respective owners.2
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3 01 The Medicine Meets the Moment020304TelitaciceptDual BAFF/APRIL InhibitorOptimal approach for B cell driven autoimmune diseasesAddresses upstream and downstream signaling Myasthenia Gravis The Beachhead IndicationBest-in-disease foundation from China Phase 3 clinical studyMarket shifting from symptom control to disease modification Significant Expansion OpportunitiesPotential in multiple autoimmune indicationsSjögren’s Disease: The next significant opportunity World Class Management TeamDomain experts in autoimmune diseases, clinical development, and commercialization
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RemeGen IndicationsPreclinicalPhase 1 Phase 2Phase 3Marketing ApprovalMilestonesMyasthenia Gravis (MG) OLE 48-wk Data – AANEM (10.29.25)Primary Sjögren’s Disease (pSD) LBA Poster Presentation – ACR (10.28.25)IgA Nephropathy (IgAN) LBA Oral Presentation – ASN (11.8.25)Systemic Lupus Erythematosus (SLE)NEJM PublicationRheumatoid Arthritis (RA)Neuromyelitis Optica Spectrum Disorder (NMSOD)Lupus Nephritis (LN)Membranous Nephritis (MN) and Other Indications Telitacicept Leads the BAFF/APRIL Field with Broad Approval Momentum 4 Strong cash position of ~$300M* with runway into 2Q27 covers critical milestonesVor IndicationsPreclinicalPhase 1 Phase 2Phase 3Marketing ApprovalMilestonesMyasthenia Gravis (MG) Topline Global Data 1H27 Primary Sjögren’s Disease (pSD) Planned Global Phase 3 Trial Phase 3 Phase 2 Phase 3 Phase 2 Vor – Global TrialRemeGen – China Trial BLA Submitted Primary Endpoint Achieved*cash and cash equivalents as of September 30, 2025, plus proceeds from at-the-market sales during October 2025 and the public offering in November 2025. China Marketed China Marketed Phase 3 Ready BLA SubmittedChina Marketed
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Disease Modification Through Upstream and Downstream Control BAFF, B-cell activating factor; BLyS, B Lymphocyte Stimulator; APRIL, a proliferation inducing ligand5 Dual BAFF/APRIL blockade stops B cell survival and plasma cell antibody production Regulated by APRILRegulated by BAFF / BLyS Antibodies TelitaciceptTACI-Fc fusion protein: dual inhibition of BAFF/APRILBlocking BAFF inhibits abnormal development and maturation of B cellsTelitacicept inhibits immature B cells from developing into mature cells, slowing down disease progression Blocking APRIL inhibits abnormal production of antibodies by plasma cellsTelitacicept inhibits mature B cells from differentiating into plasma cells, minimizing antibodies abnormally produced by plasma cells and contributing to a reasonable control of disease activitiesBAFFAPRIL doi.org/10.3390/cancers12041045
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Telitacicept Harnesses Natural TACI Biology 1. DOI 10.1074/jbc.M411714200; 2. DOI 10.3389/fimmu.2018.02125; 3. WO2002094852A2; 4. Internal Telitaicept IP; 5. US8637021B2; 6. WO2021/2265516 Retaining the N-terminus and CRD1/2 domains potentially drives compelling clinical results CRD1CRD2Stalk Fc CRD2Stalk Fc TACIN-TerminusCRD1CRD2Stalk TM Intra cellular domain Atacicept ***Povetacicept TelitaciceptN-TerminusCRD1CRD2Stalk Fc Natural design advantage: telitacicept retains more of the native TACI structure than atacicept or povetaciceptBroader binding: full preservation of CRD1 and CRD2 allows stronger, more natural ligand engagement with BAFF and APRIL§N-terminus: stabilizes CRD1/CRD2 orientation§CRD1: important for stabilizing ligand binding§CRD2: primary ligand-binding domain for BAFF and APRIL Potential safety edge: mimicking wild-type TACI may explain telitacicept’s more compelling tolerability profile compared to truncated designs
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Commercial Approvals †Conditional Approval, Full Approval in 2023; *Accelerated Approval in China; Est., estimated7 Established Efficacy in China Across Autoimmune Diseases BLA SubmissionsBest-In-Disease3232021 - Systemic Lupus Erythematosus (SLE)†2024 - Rheumatoid Arthritis (RA)2025 - Myasthenia Gravis (MG) Est. 2026 - Primary Sjögrens Disease (pSD)Est. 2026 - IgA Nephropathy (IgAN)* Validated Commercial Therapy in China Across Diverse Autoimmune DiseasesPoised to Further Expand Telitacicept Footprint in Large, Underserved Diseases in ChinaUnique Dual BAFF/APRIL Inhibition Drives Superior Clinical Benefit Systemic Lupus ErythematosusMyasthenia GravisPrimary Sjögrens Disease
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*From pooled safety analysis across all telitacicept trials.AEs, adverse events; SAEs, serious adverse events.8 Favorable Safety At ScaleFavorable and Predictable Safety Profile ObservedAmong ~1,800* Patients Studied in Clinical TrialsNo Burdensome Vaccination RequirementsNo Signature B Cell Depletion Associated SAEs Mild to Moderate AEs Placebo(n=527)Telitacicept(n=1211) Cough35 Diarrhea55 Urinary tract infection910Injection site reaction217Upper respiratory tract infection3035 10s of ThousandsPatients TreatedCommercially in China Frequency (%) of safety events reported in clinical trials
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A Pipeline of Autoantibody-Driven Diseases & Significant Opportunities ANCA-AAV, ANCA-associated Vasculitis; ITP, Immune Thrombocytopenic Purpura; CIDP, Chronic Inflammatory Demyelinating Polyradiculoneuropathy; NMOSD, Neuromyelitis Optica Spectrum Disorder; IgG4-RD, IgG4-related disease.9 Telitacicept can potentially address more than 1 million patients1 in the US alone CIDP30,000 Sjögren’s Disease290,000ANCA-AAV140,000SLE240,000Myasthenia Gravis90,000NMOSD25,000 ITP65,000Bullous Pemphigoid 40,000MembraneousNephropathy70,000IgG4-RD20,000 Lupus Nephritis105,000 1. Vor metanalysis and estimates
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Myasthenia GravisMoving Beyond IgG Therapies 10
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A Large and Growing Global Opportunity in Myasthenia Gravis 11 ~260,000 diagnosed MG patients across key markets1 Significant Burden•A large, diagnosed patient population across key markets establishes a substantial initial opportunity Favorable Growth Drivers•Prevalence is growing due to increased awareness, improved diagnostics, and an aging population ~90kUS prevalence ~140kEU prevalence ~29kJapan prevalence ~220kChina prevalence MG, myasthenia gravis1. Vor metanalysis and estimates; excludes Chinese market
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MG Market Rapidly Expanding But Lacks Disease-Modifying Treatments MG, myasthenia gravis; gMG: generalized myasthenia gravis; 1. EvaluatePharma and GlobalData sales and consensus12 High growth market with underserved patient segments 20182019202020212022202320242030 gMG US Biologic Sales ~90,000Diagnosed MG patients in the US 60%Potential expansion of branded medicines in eligible gMG patients 62%CAGR increase since 2018~$3.7B1 ~$10.8B1 Projected Market Size (2030)
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-4.8 -8-7-6-5-4-3-2-10 Telitacicept - Week 24EfgartigimodNipocalimabRozanolixizumabRavulizumabEculizumabZilucoplanInebilizumab Telitacicept: Potential Best-In-Disease Efficacy Globally 13 Statistically significant and clinically meaningful improvement in MG-ADL score PBO-adjusted LSM MG-ADL Change from Baseline Based on historical clinical data; not a head-to-head trialEfgartigimod - ADAPT; Nipocalimab - Vivacity-MG3; Rozanolixizumab – MycarinG; Ravulizumab – CHAMPION-MG; Eculizumab – REGAIN; Zilucoplan – RAISE; Inebilizumab - MINTRemeGen-sponsored trial -7.5 -6.3*-7.5-8 -7 -6 -5 -4 -3 -2 -1 0 04812162024283236404448 LEAST SQUARES MEAN CHANGE FROM BASELINE IN MG-ADL SCORE WEEK 24 0mg Gro upPlacebo MEAN CHANGE IN MG-ADL SCORE -6.4 -1.6 * Telitacicept arm continue with the same treatment, Placebo arm switched to Telitacicept during OLE period. The efficacy analysis was based on descriptive statistical analysis of the actual data in the full analysis set (FAS), and missing data were not filled.
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Biologic use rising (~35% of gMG patients1) with choices driven by efficacy, convenience, phenotype, and coverageFcRn inhibitors dominate but ~20-50% of patients experience insufficient treatment responses2 Complement inhibitors limited by safety, black box warning, and vaccination requirements3 B cell depleting and cell therapies face challenges with efficacy, safety, and logistical limits despite disease-modifying potential4 Current Myasthenia Gravis Therapies Target Symptoms, Not Disease AChEI, acetylcholinesterase inhibitors; AChR, acetylcholine receptor; FcRn, neonatal Fc receptor; IVIG, intravenous immune globulin; MuSK, muscle-specific tyrosine kinase; PLEX, plasma exchange; RTX, rituximab; ISx, immunosuppressants.14 Even with the availability of biologics, unmet need for new therapies remain 1. Wedbush Neurologist Surveys2. doi:10.1136/jnnp-2024-3344043. ULTOMIRIS, SOLIRIS label4. doi: 10.1007/s40259-020-00443-w AChR+ MG AChEi Steroids ISx MuSK+ MG Steroids ± RTX RTX FcRn Antagonists C5 Inhibitors, IVIG, PLEXIVIG, PLEX
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Distribution of AChR Autoantibody Isotypes and IgG Subclasses in MG The Need for Therapies to Go Beyond IgG in Myasthenia Gravis Patients carry different blends of IgG, IgA, and IgM, driving overlapping mechanisms Greater than 1 in 5 patients have IgA and/or IgM as part of their autoantibody profile MG patient autoantibody profiles shift over time, sometimes tied to relapse Current MG therapies only hit IgG, missing IgA and IgM, which drive disease and are present in a meaningful subset of patients MG, myasthenia; doi:10.1212/NXI.000000000020043615 New evidence shows IgA and IgM drive pathology, demanding broader therapeutic strategies
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Phase 3 Trial in Generalized Myasthenia Gravis Completed in China MG-ADL; Myasthenia Gravis Activities of Daily Living; QMG, Quantitative Myasthenia Gravis; QW, per week.ClinicalTrials.gov. NCT05737160. Updated May 5, 2025. Accessed August 19, 2025. https://clinicaltrials.gov/study/NCT0573716016 Best-in-disease profile in China; randomized, double-blind, placebo-controlled study R 1:1114 Adults With gMG Double-Blind Treatment Period(24 Weeks)Open-Label Extension Period(24 Weeks) Telitacicept(240mg QW) Placebo Telitacicept(240mg QW) Primary Endpoint•Change from baseline inMG-ADL at 24 weeksSecondary Endpoints•Change from baseline in MG-ADL at 12, 36, and 48 weeks •Change from baseline in QMG at 12, 24, 36, and 48 weeks •Number of patients with≥3 point decrease in MG-ADL,≥5 point decrease in QMG at 24 and 48 weeks RemeGen-sponsored trial
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Well Balanced Baseline Characteristics 17 Consistent with recent global Phase 3 populations AE, adverse event; AChR, acetylcholine receptor; EP, efficacy population; MG-ADL, Myasthenia Gravis-Activities of Daily Living; MGFA, Myasthenia Gravis Foundation of America; MuSK, muscle-specific tyrosine kinase; QMG, Quantitative Myasthenia Gravis; SD, standard deviation; RS, randomized set; SS, safety set Telitacicept(N=57)Placebo(N=57)Age (yr), mean ± SD 49.1 ± 14.6949.6 ± 15.03SexMale, n (%)30 (52.6)21 (36.8)Female, n (%)27 (47.4)36 (63.2)Disease duration (month), mean± SD83.09 ± 84.50776.05 ± 87.817MGFA classificationClassIIa, n (%)3 (5.3)12 (21.1)Class IIb, n (%)14 (24.6)9 (15.8)Class IIIa, n (%)25 (43.9)23 (40.4)ClassIIIb, n (%)11 (19.3)12 (21.1)ClassIVa, n (%)4 (7.0)1 (1.8)Baseline MG-ADL score, mean ± SD10.0 ± 2.609.9 ± 2.62Baseline QMG score, mean ± SD17.9 ± 3.4318.8 ± 3.65Antibody-positive at screeningAChR, n (%)55 (96.5)55 (96.5)MuSK, n (%)2 (3.6)2 (3.5)Standard-of-care therapyAnticholinesterase inhibitors, n (%)53 (93.0)52 (91.2)Steroids, n (%)36 (63.2)34 (59.6)Immunosuppressants, n (%)34 (59.6)34 (59.6) Screening (n=148) Randomized (n=114) Received Double-Blind Treatment (n=114) Telitacicept (n=57)Placebo (n=57) Completed Treatment (n=54)Completed Study (n=54)Completed Treatment (n=50)Completed Study (n=52) RS (n=57)EP (n=57)SS (n=57)RS (n=57)EP (n=57)SS (n=57) Discontinued Treatment (n=3)Discontinued Study (n=3)Discontinued Treatment (n=7)Discontinued Study (n=5) RemeGen-sponsored trial
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MG-ADL Responders - Primary Endpoint Met *AANEM 2025 Abstract – not placebo adjusted; MG-ADL, Myasthenia Gravis-Activities of Daily Living; MMRM, mixed models for repeated measures. 18 Statistically significant and clinically meaningful improvement in activities of daily living -8-7-6-5-4-3-2-10Least Squares Mean MG-ADL Score Change from Baseline Telitacicep t - Week 24PlaceboTelitacicep t - Week 48 -5.7 -0.9Change from Baseline in MG-ADL at Week 24 and Week 48* The primary estimate was analyzed using MMRM. Intercurrent event was predefined. Missing data was imputed.RemeGen-sponsored trial -4.8 points Placebo-adjusted decrease in MG-ADL at Week 24: -7.5 Week 24Week 48*
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Placebo-adjusted decrease in QMG at Week 24: QMG Responders - Secondary Endpoint Met *AANEM 2025 Abstract – not placebo adjusted; QMG, Quantitative Myasthenia Gravis; MMRM, mixed models for repeated measures. 19 Statistically significant and clinically meaningful improvement in physician-assessed measure of muscle strength -6.4 -10-9-8-7-6-5-4-3-2-10Least Squares Mean QMG Score Change from Baseline Telitacicep t - Week 24PlaceboTelitacicep t - Week 48 -8.7 -2.3 Change from Baseline in QMG at Week 24 and Week 48* points The data was analyzed using MMRM. Missing data was imputed and as observed (AO) analysis was performed.RemeGen-sponsored trial -9.8 Week 24Week 48*
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-8-7-6-5-4-3-2-10 Telitacicept - Week 24Telitacicept - Week 48EfgartigimodNipocalimabRozanolixizumabRavulizumabEculizumabZilucoplanInebilizumab Telitacicept: Potential Best-In-Disease Efficacy Globally 20 Statistically significant and clinically meaningful improvement in MG-ADL score -4.8 FcRn InhibitorsComplement InhibitorsAnti-CD19 mAb PBO-adjusted LSM MG-ADL Change from Baseline *AANEM 2025 Abstract – not placebo adjusted; MG-ADL, Myasthenia Gravis-Activities of Daily Living; MMRM, mixed models for repeated measures. Based on historical clinical data; not a head-to-head trialEfgartigimod - ADAPT; Nipocalimab - Vivacity-MG3; Rozanolixizumab – MycarinG; Ravulizumab – CHAMPION-MG; Eculizumab – REGAIN; Zilucoplan – RAISE; Inebilizumab - MINTRemeGen-sponsored trial -7.5 Week 24Week 48*
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Telitacicept Significantly Improved MG-ADL and QMG Scores 21 †Missing data imputed as non-response.MG-ADL, Myasthenia Gravis - Activities of Daily Living; QMG, Quantitative Myasthenia Gravis. -10-9-8-7-6-5-4-3-2-10 04812162024 LEAST SQUARES MEAN CHANGE FROM BASELINE IN QMG SCORE WEEK 24 0mg Gro upPlaceboMEAN CHANGE IN QMG SCORE† -8.66 -2.27 -7-6-5-4-3-2-10 04812162024 LEAST SQUARES MEAN CHANGE FROM BASELINE IN MG-ADL SCORE WEEK 24 0mg Gro upPlaceboMEAN CHANGE IN MG-ADL SCORE† -5.74 -0.91 0%20 %40 %60 %80 %10 0% 4812162024 PATIENTS ACHIEVING ≥3-POINT MG-ADL REDUCTION OVER TIME (%) WEEK 24 0mg Gro upPlacebo PROPORTION OF PATIENTS WITH A ≥3 POINT REDUCTION IN MG-ADL SCORE FROM BASELINE OVER TIME 12.0% 98.1% 0%20 %40 %60 %80 %10 0% 4812162024 PATIENTS ACHIEVING ≥5-POINT QMG REDUCTION OVER TIME (%)WEEK 24 0mg Gro upPlacebo PROPORTION OF PATIENTS WITH A ≥5 POINT REDUCTION IN QMG SCORE FROM BASELINE OVER TIME 16.0% 87.0% RemeGen-sponsored trial
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Telitacicept Delivers Lasting Disease Control vs. Cyclic Relapse from FcRn Inhibitors †Missing data imputed as non-response.MG-ADL, Myasthenia Gravis - Activities of Daily Living22 -7-6-5-4-3-2-10 04812162024 LEAST SQUARES MEAN CHANGE FROM BASELINE IN MG-ADL SCORE WEEK24 0mg Gro upPlacebo REMEGEN PHASE 3 CHINA TRIAL -5.74 -0.91 ARGENX PHASE 3 ADAPT TRIALMean Change in Total MG-ADL From Cycle 1 Baseline Over Time in AChR-Ab Positive Patients (mITT Analysis Set) Mean Change in MG-ADL Score† Based on historical clinical data; not a head-to-head trialRemeGen-sponsored trial
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Consistent Reduction in IgG, IgA, IgM, and B Cells 23 -40% -30% -20% -10% 0% 10 % 04812162024 IGG CHANGE FROM BASELINE (%) WEEK 24 0mg Gro upPlaceboIGG -32.89% 0.69% -60%-50%-40%-30%-20%-10%0%10 % 04812162024 IGA CHANGE FROM BASELINE (%) WEEK 24 0mg Gro upPlaceboIGA -59.57% 0.00% -80%-70%-60%-50%-40%-30%-20%-10%0%10 % 04812162024 IGM CHANGE FROM BASELINE (%) WEEK 24 0mg Gro upPlaceboIGM -68.93% 0.53% -30% -20% -10% 0% 10 % 20 % 04812162024 B CELL CHANGE FROM BASELINE (%)WEEK 24 0mg Gro upPlaceboB CELL -24.37% 2.61% RemeGen-sponsored trial
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Favorable Safety Profile AE, adverse event; pSD, primary Sjogren’s disease; SLE, systemic lupus erythematosus; RA, rheumatoid arthritis; IgAN, IgA nephropathy24 Consistent with data from clinical trials in SLE, RA, pSD, and IgAN, and post-marketing dataTelitaciceptPlacebo(n=57)(n=57)n (%)Eventsn (%)EventsInfection-Associated AEs in >5% of patientsInfections and infestations26 (45.6)4634 (59.6)50Upper respiratory tract infection12 (21.1)1720 (35.1)24Urinary tract infection9 (15.8)116 (10.5)6Pneumonia 1 (1.8)16 (10.5)6Respiratory tract infection1 (1.8)12 (3.5)2Influenza 0 (0)03 (5.3)3Number of Serious AEs4 (7.0)46 (10.5)7Pneumonia 1 (1.8)14 (7.0)4COVID-19 pneumonia 1 (1.8)10 (0)0Influenza 0 (0)01 (1.8)1Upper respiratory tract infection0 (0)01 (1.8)1Open fracture 0 (0)01 (1.8)1Pneumonitis 1 (1.8)10 (0)0Accidental death 1 (1.8)10 (0)0 RemeGen-sponsored trial
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Telitacicept Targets What Matters and Preserves What Protects MoA, mechanism of action; MG-ADL, myasthenia gravis-activities of daily living; QMG, quantitative myasthenia gravis; PBO, placebo25 A balanced IgG and B cell reduction allows for superior outcomes MoATACI-FcAnti-FcRnAnti-CD19 IgG Reduction25-35%60-65%N/A CD19+ B cell reduction20-40%NA 100% ΔMG-ADL vs. PBO-4.8 -2.8 -1.9 ΔQMG vs. PBO-6.4 -5.2 -2.5 Data readoutWeek 24Week 4Week 24 Telitacicept Based on historical clinical data; not a head-to-head trial1. Argenx Phase 3 ADAPT Trial2. Amgen Phase 3 MINT Trial RemeGen-sponsored trial
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Global Phase 3 in Generalized Myasthenia Gravis MG-ADL, Myasthenia Gravis-Activities of Daily Living; QMG, Quantitative Myasthenia Gravis; QW, per week. *Estimated. †For patients who discontinue treatment before the open-label extension (OLE) period, end of treatment (EOT) and end of study (EOS) time points are at 24 and 32 weeks respectively. For those continuing with the OLE, EOT and EOS time points are at 72 and 80 weeks respectively. ClinicalTrials.gov. NCT05737160. Updated May 5, 2025. Accessed August 19, 2025. https://clinicaltrials.gov/study/NCT0573716026 Potential best- and first-in-class BAFF/APRIL inhibitor; randomized, double-blind, placebo-controlled study Double Blind Treatment Period(24 Weeks)Open-Label Extension Period(48 Weeks) Telitacicept(240mg QW) Placebo Telitacicept(240mg QW)R 1:1 Primary Endpoint•Change from baseline inMG-related ADL at week 24Secondary Endpoints•Change from baseline in QMG and MG-QOL15r at week 24•Number of patients with a≥2 point decrease in MG-ADL at week 24•Number of patients with≥3 point decrease in QMG at week 24 8-weekfollow-up† ~180* Adults With gMG Topline Global Phase 3 Data Anticipated in 1H27
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Sjögren's DiseaseMoving Beyond Symptom Management 27
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Sjögren’s: A Large, Vastly Underserved Autoimmune Disease DMARDs, disease-modifying anti-rheumatic drugs; ESSDAI, EULAR Sjögren’s syndrome disease activity index28 Targeting ~100,0001 addressable patient US opportunity with a potential best-in-disease profile Interstitial pneumonia Secondary Raynaud phenomenon Fatigue, difficulty concentrating Difficult swallowing, dry mouth, swollen glands Peripheral neuropathy Nephritis Cholangitis Small vessel vasculitis, purpura Polyarthritis Dry eyesSymptom-DirectedLocal/topical therapies for dryness Mild-to-Moderate (No Major Organ Involvement)DMARDs (hydroxychloroquine, methotrexate) Moderate-to-Severe (Non–Life Threatening)Immunosuppressants (Methotrexate, azathioprine, or cyclosporine) Severe Disease (Major Organ Involvement)High potency immunosuppressants, biologics 1 2 3 4 1. Vor metanalysis and estimates ESSDAI 0 ESSDAI 0-4 ESSDAI 5-13 ESSDAI ≥14
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Sjögren’s: One of the Most Common Systemic Autoimmune Diseases Globally 29 ~870,000 diagnosed Sjögren’s patients across key markets1 Favorable Growth Drivers•Rising diagnosis rates from better awareness and testingUnderpenetrated Market•No approved disease-modifying systemic therapies•Patients managed with symptomatic treatments ~290kUS prevalence ~450kEU prevalence ~130kJapan prevalence ~1.2MChina prevalence 1. Vor metanalysis and estimates; excludes Chinese market
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30 Phase 3 Trial in Primary Sjögren's Disease Completed in ChinaPotential best-in-disease profile in China; randomized, double-blind, placebo-controlled study *Estimated. ESSDAI, EULAR Sjögren’s syndrome disease activity index; ESSPRI, EULAR Sjögren’s Syndrome Patient Reported Index; MFI-20, multidimensional fatigue inventory; PGA, physician’s global assessment; PaGA, patient’s global assessment; SF-36, 36-item short-form; pSD, primary Sjögren’s disease; QW, per week. 380* Adults With pSD Primary Endpoint•Change from baseline in ESSDAI at 24 weeksSecondary Endpoints•Change from baseline in ESSDAI at 12 weeks•Changes from baseline in ESSPRI, PGA, PaGA,SF-36 and MFI-20 at12 and 24 weeks Double-Blind Treatment Period(24 Weeks) R 1:1:1 Telitacicept(80mg QW)Telitacicept(160mg QW) Double-Blind Treatment Period(24 Weeks) Telitacicept(80mg QW)Telitacicept(160mg QW) PlaceboR 1:1 Primary Endpoint Achieved in August 2025RemeGen-sponsored trial
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Patient Disposition 31 Strong study execution across 79 sites in China *Participants randomized to the placebo group; †Participants who did not switch treatment throughout the trial; Teli, telitaciceptRemeGen-sponsored trial Screening (n=480) Randomized (n=381) Received Treatment in Stage A (n=380)Placebo* (n=127) Telitacicept 160mg (n=127)Telitacicept 80mg (n=126)Treatment Discontinuation (n=21) Study Discontinuation (n=8)Treatment Discontinuation (n=15) Study Discontinuation (n=10)Treatment Discontinuation (n=22) Study Discontinuation (n=8) Entered Stage B (n=118)Entered Stage B (n=119)Placebo†(n=24) Teli 160mg (n=48)Teli 80mg (n=47) Treatment Completed (n=17)Study Completed (n=20) Treatment Completed (n=46)Study Completed (n=46)Treatment Completed (n=42)Study Completed (n=43)Treatment Completed (n=106)Study Completed (n=110)Treatment Completed (n=112)Study Completed (n=114) Entered Stage B (n=119) Treatment Discontinuation (n=7) Study Discontinuation (n=4)Treatment Discontinuation (n=5) Study Discontinuation (n=4)Treatment Discontinuation (n=2) Study Discontinuation (n=2)
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Baseline Characteristics 32 Well-balanced, representative patient population across treatment arms SD: standard deviation; BMI: body mass index; Mon, months; ESSDAI, EULAR Sjögren’s syndrome disease activity index; ESSPRI, EULAR Sjögren’s Syndrome Patient Reported Index; MFI-20, multidimensional fatigue inventory; Telitacicept 160mgTelitacicept 80mgPlaceboTotal(n=127)(n=127)(n=127)(n=381)Age (yr), Mean (SD)45.9 (12.29)44.6 (12.06)47.3 (12.75)46.0 (12.39)Body Weight (kg), Mean (SD)55.89 (9.04)56.88 (8.71)56.99 (11.08)56.58 (9.65)BMI (kg/m2), Mean (SD)22.03 (3.16)22.31 (3.19)22.24 (3.58)22.19 (3.31)Sex, n (%), Female124 (97.6)124 (97.6)123 (96.9)371 (97.4)pSD Duration (mon), Mean (SD)21.388 (36.32)25.831 (46.90)19.930 (39.57)22.383 (41.14)ESSDAI Score, Mean (SD)10.0 (3.77)9.8 (3.52)10.2 (4.17)10.0 (3.82)ESSDAI ≥10 points, n (%)63 (49.6)61 (48.0)63 (49.6)187 (49.1)ESSPRI Score, Mean (SD)5.07 (1.60)4.91 (1.72)5.08 (1.76)5.02 (1.69)MFI-20 Total Score, Mean (SD)56.8 (12.08)56.8 (12.50)58.1 (13.07)57.2 (12.54)Baseline Hydroxychloroquine Use, n (%)87 (68.5)97 (76.4)99 (78.0)283 (74.3)IgG (g/L), Mean (SD)21.459 (7.43)22.429 (7.95)22.297 (7.21)22.062 (7.53)IgA (g/L), Mean (SD)3.435 (1.63)3.637 (1.86)3.154 (1.68)3.409 (1.73)IgM (g/L), Mean (SD)1.458 (0.64)1.372 (0.92)1.274 (0.70)1.368 (0.77)CD19+ B Cell (cells/μL), Mean (SD)209.412 (129.10)183.993 (109.52)266.902 (726.52)220.102 (430.96) RemeGen-sponsored trial
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Deep, Consistent ESSDAI Reduction Through 48 Weeks 33 7x greater improvement means fewer active symptoms and broader systemic relief for patients Placebo*: Participants randomized to the placebo group. ⁜The analysis of change from baseline in ESSDAI score over Weeks 0-24 was based on the estimate population (EP). The MMRM method was used and missing data were not imputed. ⁑The analysis of change from baseline in ESSDAI score over Weeks 0-48 was based on the estimate population (EP). The post-switching data for the two telitacicept groups and the placebo group were handled with the LOCF method, i.e. imputing all the post-switching values with the most recent pre-switching results. -4.4-5.5 -4.5 -3.5 -2.5 -1.5 -0.5 04812162024 CHANGE FROM BASELINE (POINT) IN ESSDAI SCORE WEEK 16 0mg80 mgPlacebo CHANGE FROM BASELINE (POINT) IN ESSDAI SCORE OVER WEEKS 0-24⁜ -0.6 -3.0 *#####Ϯǂ### -3.2 -0.4 -4.6-5.5 -4.5 -3.5 -2.5 -1.5 -0.5 04812162024283236404448 CHANGE FROM BASELINE (POINT) IN ESSDAI SCORE WEEK 16 0mg80 mgPlacebo CHANGE FROM BASELINE (POINT) IN ESSDAI SCORE OVER WEEKS 0-48⁑ ##Ϯ#ǂ################## RemeGen-sponsored trial (*P<0.05,ϮP<0.01,ǂP<0.001,#P<0.0001)
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A True Signal, No Noise•No DMARDs, no steroidsClinically Meaningful, Statistically Clear•Robust, dose-dependent improvements across physician- and patient-assessed outcomesDepth and Durability Across Domains•Improvement of systemic activity, symptoms, and functionConsistent Safety Profile•No new safety signals. No opportunistic infection reported. ACR | Potential to Redefine Treatment in pSD 34 Telitacicept showed statistically significant and clinically meaningful improvement in pSD -4.4 Telitacicept 160mg -3.0 Telitacicept 80mg -0.6 Placebo Group Change in ESSDAI score from baseline at Week 24 -1.9 Telitacicept 160mg -1.3 Telitacicept 80mg -0.4Placebo Group Change in ESSPRI score from baseline at Week 24 P <0.0001 P <0.0001 PSD, primary Sjogren's disease; The analysis of change from baseline in ESSDAI and ESSPRI score over Weeks 0-24 was based on the estimate population (EP). The MMRM method was used and missing data were not imputed. The analysis of change from baseline in ESSDAI and ESSPRI score over Weeks 0-48 was based on the estimate population (EP). The post-switching data for the two telitacicept groups and the placebo group were handled with the LOCF method, i.e. imputing all the post-switching values with the most recent pre-switching results. P <0.0001 P <0.0001
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-5 -4 -3 -2 -1 0 Telitacicept Efgartigimod Nipocalimab Ianalumab Dazodalibep Telitacicept: Potential Best-In-Disease Efficacy Globally 35 Statistically significant and clinically meaningful improvement in ESSDAI -4.3 PBO-adjusted LSM ESSDAI Change from Baseline Efgartigimod - RHO; Nipocalimab - Bowman 2022, Lancet; Ianalumab - St. Clair 2024, Nature and Grader-Beck 2025 ACR; Dazodalibep - Xu 2024 Rheumatology; Ianalumab Phase 3 – ACR 2025 ESSDAI, EULAR Sjögren’s syndrome disease activity index n=14n=23n=47n=36n=14 Based on historical clinical data; not a head-to-head trial RemeGen-sponsored trial n=305n=127Phase III DatasetsPhase II Datasets ?-3.8
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Early, Broad Symptom Improvements Observed with Telitacicept 36 Nearly 90% of patients report improvement as physicians confirm disease control in 3 out of 4 patients Placebo*: Participants randomized to the placebo group. ⁜The analysis of change from baseline in ESSDAI and ESSPRI score over Weeks 0-24 was based on the estimate population (EP). The MMRM method was used and missing data were not imputed. ⁑The analysis of change from baseline in ESSDAI and ESSPRI score over Weeks 0-48 was based on the estimate population (EP). The post-switching data for the two telitacicept groups and the placebo group were handled with the LOCF method, i.e. imputing all the post-switching values with the most recent pre-switching results.RemeGen-sponsored trial 73.0% 16.5%0%10 %20 %30 %40 %50 %60 %70 %80 %90 %10 0% 4812162024283236404448WEEK 16 0mg80 mgPlacebo PROPORTION OF PARTICIPANTS WITH ≥3-POINT REDUCTION FROM BASELINE IN ESSDAI SCORE OVER TIME⁜⁑ 49.1% ##Ϯ#Ϯ#ǂ############## (*P<0.05,ϮP<0.01,ǂP<0.001,#P<0.0001) 33.3% 0%10 %20 %30 %40 %50 %60 %70 %80 %90 %10 0% 4812162024283236404448WEEK 16 0mg80 mgPlacebo PROPORTION OF PARTICIPANTS WITH ≥1-POINT OR ≥15% REDUCTION FROM BASELINE IN ESSPRI SCORE OVER TIME⁜⁑ 89.1%75.4% #####################*#
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Sustained Improvement in ESSPRI Through 48 Weeks 37 Reduction in patient-reported fatigue, pain, and dryness by ~2.6 points at one year Placebo*: Participants randomized to the placebo group. ⁜The analysis of change from baseline in ESSPRI score over Weeks 0-24 was based on the estimate population (EP). The MMRM method was used and missing data were not imputed. ⁑The analysis of change from baseline in ESSPRI score over Weeks 0-48 was based on the estimate population (EP). The post-switching data for the two telitacicept groups and the placebo group were handled with the LOCF method, i.e. imputing all the post-switching values with the most recent pre-switching results.RemeGen-sponsored trial (*P<0.05,ϮP<0.01,ǂP<0.001,#P<0.0001) -1.88 -3 -2.5 -2 -1.5 -1 -0.5 0 04812162024 CHANGE FROM BASELINE (POINT) IN ESSPRI SCORE WEEK 16 0mg80 mgPlacebo CHANGE FROM BASELINE (POINT) IN ESSPRI SCORE OVER WEEKS 0-24⁜ -0.36 -1.31 *#####Ϯ#### -1.74 -0.41 -2.56-3 -2.5 -2 -1.5 -1 -0.5 0 04812162024283236404448 CHANGE FROM BASELINE (POINT) IN ESSPRI SCORE WEEK 16 0mg80 mgPlacebo CHANGE FROM BASELINE (POINT) IN ESSPRI SCORE OVER WEEKS 0-48⁑ ##Ϯ#ǂ##################
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BAFF/APRIL MOA Associated With Improvement Across All ESSPRI Domains -2.2 -1.8 -1-1.4 -1.1 -1-0.6 -0.2 0 -2.5-2-1.5-1-0.50 DrynessFatigueJoint/Muscle Pain CHANGE FROM BASELINE IN ESSPRI SCORE BY DOMAIN AT 24 WEEKS 160mg80mgPlacebo MOA, mechanism of action38 Meaningful improvement across dryness, fatigue, and pain – symptoms that define daily patient life
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STAR: Exploratory Endpoint Demonstrates Multi-Domain Improvement 39 Nearly 3 in 4 patients achieved ≥5 point response Placebo*: Participants randomized to the placebo group. A STAR responder was defined as a participant with a total STAR score of ≥5 points. Participants with missing scores in any domain (except those with a total STAR score of ≥5 points despite missing scores in some domains) were imputed as “non-responders”. The responder proportion analysis for Weeks 0-24 was based on estimate population (EP). The stratum-adjusted between-group difference was tested with the CMH method. The responder proportion analysis for Weeks 28-48 was based on the estimate population (EP). The stratum-adjusted between-group difference was tested with the CMH method. The post-switching data for the two telitacicept groups and the placebo group were handled with the LOCF method, i.e. imputing all the post-switching values with the most recent pre-switching results. •STAR integrates systemic disease activity (ClinESSDAI), symptoms (ESSPRI), and glandular function (Schirmer’s / salivary flow)•Systemic disease activity and patient-reported symptoms are considered as major items (3 points per item) and the rest as minor items (1 point per item)•Patients are classified as STAR responders when they reach ≥ 5 of 9 points 74.8%Telitacicept 160mg 53.2%Telitacicept 80mg 21.3%Placebo Group STAR Responders (%) at Week 24
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Consistent Reduction in IgG, IgA, IgM, and B Cells 40 -30% -20% -10% 0% 10 % 04812162024283236404448 IGG CHANGE FROM BASELINE (%) (FAS, MEAN±SE ) WEEK 16 0mg80 mgPlaceboIGG -50%-40%-30%-20%-10%0%10 % 04812162024283236404448 IGA CHANGE FROM BASELINE (%) (FAS, MEAN±SE ) WEEK 16 0mg80 mgPlaceboIGA -60%-50%-40%-30%-20%-10%0%10 % 04812162024283236404448 IGM CHANGE FROM BASELINE (%) (FAS, MEAN±SE ) WEEK 16 0mg80 mgPlaceboIGM -80%-60%-40%-20%0%20 %40 % 04812162024283236404448 B CELL CHANGE FROM BASELINE (%) (FAS, MEAN±SE ) WEEK 16 0mg80 mgPlaceboB CELL RemeGen-sponsored trial -24.81% 2.08% -16.33% -45.81% -0.18% -32.48% -58.07% -1.64% -46.46% -63.71% 20.8% -59.62% ###################### ## #####################* ######################## ## #####################ǂ ## (*P<0.05,ϮP<0.01,ǂP<0.001,#P<0.0001)
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Favorable Safety Profile 41 Consistent with data from clinical trials in SLE, RA, gMG, and IgAN, and post-marketing data TEAE, treatment emergent adverse event; TRAE, treatment related adverse event; TESAE, treatment emergent serious adverse event; TRSAE, treatment related serious adverse event; SLE, systemic lupus erythematosus; RA, rheumatoid arthritis; gMG, generalized myasthenia gravis; IgAN, IgA nephropathyRemeGen-sponsored trial Telitacicept 160mg(N=127)Telitacicept 80 mg (N=126)Placebo Group(N=127)TEAE, n(%) 122 (96.1)119 (94.4)112 (88.2)TRAE, n(%) 107 (84.3)106 (84.1)74 (58.3)TESAE, n(%)11 (8.7)14 (11.1)10 (7.9)TRSAE, n(%)2 (1.6)5 (4.0)4 (3.1)Severe TEAE, n(%)3 (2.4)5 (4.0)3 (2.4)Severe TRAE, n(%)0 1 (0.8)1 (0.8)Death, n(%) 0(0)0(0)0(0)Common TEAE (incidence ≥10% in any group) Upper respiratory tract infections, n(%)80 (63.0)85 (67.5)74 (58.3)Urinary tract infection, n(%) 8 (6.3)15 (11.9)7 (5.5)Cough, n(%) 11 (8.7)14 (11.1)8 (6.3)Hepatic function abnormal, n(%) 7 (5.5)16 (12.7)7 (5.5)Injection site reaction, n(%) 53 (41.7)51 (40.5)5 (3.9)Pyrexia, n(%) 4 (3.1)14 (11.1)4 (3.1)
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2025 90kUS patientsMyasthenia Gravis2026 380kUS patients Myasthenia GravisPrimary Sjögren's Disease 2027+ 1M+US patients Myasthenia GravisSjögren's DiseaseSystemic Lupus ErythematosusANCA-associated VasculitisMembraneous NephropathyImmuneThrombocytopenic PurpuraBullous PemphigoidChronic Inflammatory Demyelinating PolyradiculoneuropathyNeuromyelitis OpticaSpectrum DisorderIgG4-Related Disease Significant Near-Term Expansion Opportunities 42 1. Vor metanalysis and estimates
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43 gMG pSD Validating Biomarker DataEstablished DoseChina Phase 3 CompletedChina Regulatory StatusGlobal Phase 3 Enrolling Phase 3 Ready Launched BLA Submitted A Validated Therapy Poised For Rapid Global Expansion
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Three Phase 3 China Readouts in Large Indications Before Year-End *Timing of readouts based on Remegen public statements; PBO, placebo; OLE, open-label extension; MG, myasthenia Gravis44 Each positive readout* strengthens the pathway to global commercialization Data: n=114, OLE 48-weeks Myasthenia GravisSjögren’s DiseaseIgAN Data: n=380, double-blind 48-weeksData: n=318, double-blind 39-weeks •Long-term efficacy could further strengthen market position•High potential to disrupt global/US markets •Large strategic growth opportunity with unmet medical need•Highly differentiated MOA and efficacy profile in Phase 2 •Validation of Chinese data vs global competitor studies •Not a prioritized indication for Vor ReadthroughReadthroughReadthrough China Phase 3 TrialChina Phase 3 TrialChina Phase 3 TrialPRIMARY ENDPOINT ACHIEVEDPRIMARY ENDPOINT ACHIEVEDPRIMARY ENDPOINT ACHIEVED
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RemeGen IndicationsPreclinicalPhase 1 Phase 2Phase 3Marketing ApprovalMilestonesMyasthenia Gravis (MG) OLE 48-wk Data – AANEM (10.29.25)Primary Sjögren’s Disease (pSD) LBA Poster Presentation – ACR (10.28.25)IgA Nephropathy (IgAN) LBA Oral Presentation – ASN (11.8.25)Systemic Lupus Erythematosus (SLE)NEJM PublicationRheumatoid Arthritis (RA)Neuromyelitis Optica Spectrum Disorder (NMSOD)Lupus Nephritis (LN)Membranous Nephritis (MN) and Other Indications Telitacicept Leads the BAFF/APRIL Field with Broad Approval Momentum 45 Strong cash position of ~$300M* with runway into 2Q27 covers critical milestonesVor IndicationsPreclinicalPhase 1 Phase 2Phase 3Marketing ApprovalMilestonesMyasthenia Gravis (MG) Topline Global Data 1H27 Primary Sjögren’s Disease (pSD) Planned Global Phase 3 Trial Phase 3 Phase 2 Phase 3 Phase 2 Vor – Global TrialRemeGen – China Trial BLA Submitted Primary Endpoint Achieved*cash and cash equivalents as of September 30, 2025, plus proceeds from at-the-market sales during October 2025 and the public offering in November 2025. China Marketed China Marketed Phase 3 Ready BLA SubmittedChina Marketed
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Linkedin.com/company/vor-bio Vorbio.com Thank You. 46 Investors@vorbio.com