SCHEDULE: Reprogrammed Interchange Reduces VOR Biopharma Stake

Reprogrammed Interchange LLC and Reid Hoffman reported significant open market sales of VOR Biopharma Inc. common stock, reducing their aggregate beneficial ownership to 28.0%.

Summary

• Reprogrammed Interchange LLC and Reid Hoffman, as Reporting Persons, filed an Amendment No. 2 to their Schedule 13D for VOR Biopharma Inc.
• Between September 3, 2025, and September 5, 2025, Reprogrammed Interchange LLC sold 1,407,628 shares of VOR Biopharma Inc. common stock in open market transactions.
• The sales occurred at weighted average prices of $1.9961 on September 3, 2025 (554,612 shares), $1.9285 on September 4, 2025 (453,016 shares), and $1.9682 on September 5, 2025 (400,000 shares).
• These transactions resulted in a decrease in the Reporting Persons' beneficial ownership by more than one percent of the outstanding shares.
• Additionally, during the past 60 days (specifically August 25-28, 2025), Reprogrammed Interchange LLC sold an aggregate of 2,089,534 shares at weighted average prices ranging from $2.0053 to $2.1163.
• Following these sales, the Reporting Persons beneficially own 35,476,939 shares of Common Stock, representing 28.0% of the class.

Sentiment

Score: 3

Explanation: The significant reduction in stake by a major beneficial owner, Reprogrammed Interchange LLC and Reid Hoffman, through open market sales, typically indicates a negative outlook or a decision to reallocate capital, which can weigh on investor sentiment.

Negatives

• Reprogrammed Interchange LLC, a significant holder, sold a total of 3,497,162 shares of VOR Biopharma Inc. common stock in open market transactions between August 25, 2025, and September 5, 2025.
• The sales reduced the Reporting Persons' aggregate beneficial ownership by more than one percent of the outstanding shares, indicating a notable reduction in their stake.
• The weighted average sale prices for these transactions ranged from $1.9285 to $2.1163, which could be perceived as a lack of confidence in the company's near-term valuation by a major investor.

Risks

• Significant selling by a major beneficial owner like Reprogrammed Interchange LLC and Reid Hoffman could signal a perceived lack of future growth potential or increased risk by an informed investor.
• The reduction in stake by a large institutional holder may lead to decreased investor confidence and potential downward pressure on the stock price.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing does not provide specific industry context or analysis of broader industry trends.

Stakeholder Impact

• Shareholders may experience decreased confidence in the company's prospects due to a major investor reducing their stake, potentially leading to downward pressure on the stock price.
• Company management could face questions regarding the reasons for the significant investor's divestment and its implications for future capital needs or strategic direction.

Key Dates

Recommendation

While the selling by a major beneficial owner is a negative signal, it does not necessarily indicate fundamental deterioration of the company's operations. Investors should monitor VOR Biopharma Inc.'s upcoming financial reports and strategic announcements to assess if this divestment is an isolated event or indicative of broader concerns. A 'hold' recommendation allows for further evaluation without immediate divestment, assuming other company fundamentals remain stable.

Keywords

VOR Biopharma, VOR, BIOPHARMA, Reprogrammed Interchange, Reid Hoffman, Schedule 13D, stock sales, insider selling, beneficial ownership