SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Oct. 27, 2025 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, presented posters at the 2025 EORTC-NCI-AACR International Conference on Molecular Targets and Cancer Therapeutics highlighting preclinical data that further illustrate the potential for ORIC-944, a potent and selective allosteric inhibitor of the polycomb repressive comple ...

Key Takeaways BDTX advances silevertinib for EGFRm NSCLC and GBM, with phase II data due in late 2025.ORIC progresses ORIC-944 and enozertinib, with multiple phase Ib and III studies planned through 2026.Despite BDTX's gains, ORIC's broader pipeline and stronger estimates make it the preferred biotech pick.Black Diamond Therapeutics, Inc. (BDTX) is a clinical-stage oncology company developing therapies that target families of oncogenic mutations in patients with cancer.ORIC Pharmaceuticals (ORIC) is also a ...

Group 1 - Oric Pharmaceuticals (ORIC) stock had its Relative Strength (RS) Rating upgraded from 80 to 83, indicating improved performance compared to other stocks over the past 52 weeks [1] - Dianthus Therapeutics stock saw a significant increase of 47% in four weeks and received an RS Rating upgrade [4] - Google stock reached a record high and was included in top stock lists, highlighting its strong market performance [4] Group 2 - PTC Therapeutics stock's RS Rating improved to 77, reflecting a positive trend in its stock performance [4] - Stocks to watch include Oric Pharmaceuticals, which saw its RS Rating jump to 82, indicating strong market interest [4] - The market experienced a sour note at the end of August, with companies like Expedia, DR Horton, and Argenx being in focus for investors [4]

Summary of ORIC Pharmaceuticals Conference Call Company Overview - **Company Name**: ORIC Pharmaceuticals - **Ticker**: NasdaqGS:ORIC - **Focus**: Oncology, specifically small molecule drug development for solid tumors, with a focus on lung cancer and prostate cancer [3][4] Key Programs ORIC-944 (Prostate Cancer) - **Mechanism**: Small molecule inhibitor of PRC2, targeting the EED subunit, in combination with androgen receptor (AR) inhibitors [4][8] - **Current Status**: In dose optimization, aiming to start Phase 3 studies next year [4][26] - **Efficacy**: Early data shows a confirmed PSA 50 response rate of 47% and a PSA 90 response rate of 24%, outperforming Pfizer's data [20][21] - **Safety Profile**: ORIC-944 shows a differentiated safety profile with less toxicity compared to Pfizer's Mezigdomide, particularly in terms of hematologic and gastrointestinal toxicity [22][23] - **Half-Life**: ORIC-944 has a 20-hour half-life, allowing for once-daily dosing, which is expected to reduce Cmax-related toxicities [15][16] ORIC-114 (Lung Cancer) - **Focus**: Developed for non-small cell lung cancer, targeting multiple genetic mutations including EGFR exon 20 and HER2 exon 20 [49][50] - **Differentiation**: Emphasizes safety, tolerability, and CNS activity, which is crucial as many lung cancer patients present with brain metastases [52][53] - **Upcoming Data**: Substantial data readouts expected in the second half of this year and early next year, with a focus on three cohorts of patients [55][56] Financial Position - **Funding**: The company is well-funded, with a cash runway extending past the Phase 3 data readouts for both programs [4][72] - **Market Opportunity**: The prostate cancer market is significant, with an estimated $3.5 billion treatable market in the U.S. for the targeted populations [47][48] Competitive Landscape - **Comparison with Pfizer**: ORIC-944 is positioned as a potential competitor to Pfizer's Mezigdomide, with expectations of capturing 35% to 40% market share as a second entrant [46][48] - **AR Inhibitors**: ORIC has supply agreements with apalutamide and darolutamide, both of which are viewed as having similar efficacy but better safety profiles compared to enzalutamide [39][40] Upcoming Milestones - **Data Updates**: Incremental updates expected in the second half of this year, with a more substantial update in Q1 2026 [28][30] - **Phase 3 Study**: Plans to initiate a pivotal study for ORIC-944 in the first half of next year, with a focus on the CRPC setting [34][66] Conclusion - **Investor Attention**: ORIC Pharmaceuticals is positioned for significant data releases and has a strong financial foundation, making it a company to watch in the oncology space over the next 6 to 12 months [75][76]

Summary of ORIC Pharmaceuticals Conference Call Company Overview - **Company**: ORIC Pharmaceuticals - **Focus**: Development of small molecule drugs targeting resistance in oncology, specifically for solid tumors like prostate and lung cancer Key Programs - **Lead Programs**: - **ORIC-944**: A small molecule PRC2 inhibitor for castration-resistant prostate cancer (CRPC), currently in dose optimization and expected to enter phase three studies next year - **ORIC-114**: A small molecule TKI targeting non-small cell lung cancer (NSCLC) with brain metastases, also in dose optimization Core Insights - **Market Potential**: The combined market for AR inhibitors in prostate cancer is approximately $7 billion in the U.S. alone, with each patient population (post-abiraterone and post-ARPI) representing about $3.5 billion [doc id='36'][doc id='37'] - **Comparison with Competitors**: ORIC-944 has a 20-hour half-life and better drug properties compared to Pfizer's Mavrimodastat, which has a 4-5 hour half-life. ORIC-944 shows higher PSA response rates (47% confirmed PSA 50 rate vs. Pfizer's 34%) and lower toxicity [doc id='10'][doc id='13'][doc id='14'] - **Safety Profile**: ORIC-944 exhibits a lower incidence and severity of toxicities compared to Pfizer's drug, with no reported alopecia, which is significant for prostate cancer patients [doc id='15'] Clinical Data and Updates - **Phase One Data**: ORIC-944 showed promising early efficacy with a small sample size (n=17), indicating potential for longer-term durability [doc id='12'][doc id='13'] - **Upcoming Updates**: The second half of the year will provide incremental updates on dose selection and rationale for ORIC-944, with a more substantial update expected in Q1 2026 [doc id='24'][doc id='30'] Competitive Landscape - **CNS Activity**: ORIC-114 is positioned as a CNS-active agent, which is crucial as many lung cancer patients present with brain metastases. This could lead to longer progression-free survival [doc id='42'][doc id='43'] - **Market Dynamics**: The AR inhibitor market is large, with significant sales from existing drugs. ORIC aims to capture market share through better efficacy and safety profiles [doc id='36'][doc id='39'] Financial Position - **Cash Runway**: ORIC ended Q2 with $436 million in cash, providing a runway into the second half of 2028, which covers the phase three readouts for both ORIC-944 and ORIC-114 [doc id='56'] Strategic Considerations - **Partnership Opportunities**: ORIC is open to various forms of partnerships, including drug supply agreements and potential collaborations for broader development, especially for ORIC-944 in CSPC [doc id='54'] Conclusion - ORIC Pharmaceuticals is advancing its lead programs with promising clinical data and a strong financial position, positioning itself competitively in the oncology market, particularly in prostate and lung cancer treatments. The company is focused on optimizing its drug candidates while preparing for upcoming phase three studies.

Financial Data and Key Metrics Changes - ORIC Pharmaceuticals is in a strong financial position with $436 million in cash, providing a runway into the second half of 2028, assuming full success in ongoing programs [57][58][60] - The company completed a PIPE financing of $125 million and drew down an additional $119 million from an ATM, indicating robust capital management [56][57] Business Line Data and Key Metrics Changes - ORIC-944, a small molecule inhibitor targeting the PRC2 complex, is in dose optimization and is expected to start phase three studies next year [4][5] - ORIC-114 is also progressing, with updates expected in the second half of the year for various patient cohorts [50][51] Market Data and Key Metrics Changes - The prostate cancer market is significant, with androgen receptor inhibitors collectively generating over $10 billion in annual sales, growing at solid double-digit rates [8] - ORIC-944 aims to differentiate itself in this competitive landscape by demonstrating better drug properties compared to Pfizer's Mevrimetastat [10][12] Company Strategy and Development Direction - The company is focused on advancing its clinical pipeline, particularly ORIC-944 and ORIC-114, with plans to initiate phase three studies in the first half of 2026 [31][38] - ORIC Pharmaceuticals is not waiting for phase three data from competitors and is moving forward with its own studies to capitalize on market opportunities [46][60] Management's Comments on Operating Environment and Future Outlook - Management believes that the probabilities for success in PRC2 drug development have increased, especially with the limited number of PRC2 inhibitors in late-stage development [63] - The company is confident in its ability to capture a significant market share even as a second mover, given the expected differentiation in safety and efficacy profiles [45][46] Other Important Information - ctDNA is being explored as a biomarker for long-term durability outcomes, with expectations for substantial decreases in ctDNA levels among patients [32][33] - The company is strategically focusing on first-line treatments for ORIC-114, moving away from second-line settings for commercial and cost reasons [50] Q&A Session Summary Question: What updates can be expected for ORIC-944 and ORIC-114? - The next update for ORIC-944 will be operational in nature, focusing on the rationale for dose optimization, while ORIC-114 will have updates on various patient cohorts in the second half of the year [25][50] Question: How does ORIC-944 compare to Mevrimetastat? - ORIC-944 has shown promising early data with higher PSA response rates compared to Mevrimetastat, indicating potential for better efficacy [19][24] Question: What is the expected cash runway for the company? - The company has a cash runway through the second half of 2028, which supports ongoing development for both ORIC-944 and ORIC-114 [57][58] Question: What is the strategy for launching ORIC-944? - The company aims to minimize the timeline gap with competitors and is focused on starting phase three studies without waiting for competitor data [46][60] Question: What is the expected efficacy benchmark for ORIC-114? - The company aims for a top-line objective response rate (ORR) of around 55% for monotherapy and 65% for combination therapy with Mavantamib in first-line settings [54]

Core Insights - ORIC Pharmaceuticals is actively developing its pipeline and has recently strengthened its balance sheet to extend its operational runway [2] Group 1: Company Overview - The company is led by CEO Jacob Chacko and CFO Dominic Piscitelli, who are participating in a presentation at the Biopharma Back to School Summit [1] - The company has been under coverage for several years, indicating a long-term interest and analysis of its progress [1] Group 2: Pipeline and Objectives - ORIC Pharmaceuticals is focused on key objectives related to its pipeline, which will be elaborated upon in detail during the presentation [2] - The recent bolstering of the balance sheet provides the company with additional resources to pursue its strategic goals [2]

Summary of Oric Pharmaceuticals Conference Call Company Overview - **Company**: Oric Pharmaceuticals (ORIC) - **Industry**: Biotechnology, specifically oncology - **Focus**: Development of small molecule drugs targeting solid tumors, particularly prostate cancer and lung cancer [4][5] Key Pipeline Developments - **ORIC-944**: A PRC2 inhibitor in combination with AR inhibitors (apalutamide and darolutamide) for prostate cancer, currently in dose optimization and preparing for Phase 3 studies [5][6][7] - **ORIC-114**: A brain-penetrant small molecule targeting lung cancer, focusing on patient populations with EGFR exon 20, atypical mutations, and HER2 exon 20, also in dose optimization [5][6][7] Financial Position - The company has strengthened its balance sheet through capital raising, providing a cash runway until 2028, which covers the primary data readouts for both programs [7][8] Market Opportunity - The prostate cancer market is significant, with existing AR inhibitors (enzalutamide, apalutamide, darolutamide) showing strong efficacy but limited options for patients who progress on these therapies [11][12][13] - ORIC-944 aims to resensitize patients to AR inhibitors, potentially improving progression-free survival (PFS) outcomes [13][14] Competitive Landscape - Current AR inhibitors have similar efficacy profiles, but ORIC-944's better tolerability and dosing regimen (once daily with a 20-hour half-life) may provide a competitive edge [20][21][23] - The company aims to differentiate itself through improved drug properties and potentially better patient outcomes [25][26] Clinical Data Insights - Early clinical data showed ORIC-944 achieving higher rates of confirmed PSA50 (47%) and PSA90 (24%) compared to Pfizer's data (34% and 12%, respectively) [37][38] - The drug's toxicity profile appears favorable, with lower incidence and severity of expected toxicities compared to competitors [39][40] Future Plans - The company plans to initiate the first Phase 3 study in the first half of next year, selecting one AR inhibitor (either apalutamide or darolutamide) for the trial [49][50] - Upcoming updates will provide clarity on dosing regimens and additional clinical data, including ctDNA metrics [46][48] ORIC-114 Development - ORIC-114 (enozertinib) targets EGFR exon 20, atypical mutations, and HER2 exon 20, with a focus on CNS activity and a clean safety profile [57][64] - The company has made strategic decisions to prioritize first-line settings over second-line due to market size and cost considerations [69] Regulatory Considerations - The company is observing regulatory feedback from the FDA regarding competitive products in the space, particularly concerning atypical mutations [74][75] Conclusion Oric Pharmaceuticals is positioned to make significant advancements in oncology with its innovative drug candidates, particularly ORIC-944 and ORIC-114, while maintaining a strong financial position and strategic focus on market opportunities. The upcoming clinical data and Phase 3 study initiation will be critical in determining the company's trajectory in the competitive oncology landscape.

Core Insights - ORIC Pharmaceuticals has appointed Kevin Brodbeck, PhD, as the Chief Technical Officer (CTO), a newly established role aimed at enhancing technical operations as the company advances its clinical programs into late-stage development [1][2] - The appointment of Dr. Brodbeck is strategic as ORIC prepares for potential Phase 3 trials for its product candidates ORIC-944 and enozertinib (ORIC-114) in 2026, highlighting the importance of Chemistry, Manufacturing, and Controls (CMC) and Technical Operations [1][2] Company Overview - ORIC Pharmaceuticals is a clinical stage biopharmaceutical company focused on developing treatments that overcome resistance in cancer [3] - The company's clinical stage product candidates include ORIC-944, an allosteric inhibitor targeting prostate cancer, and enozertinib (ORIC-114), which targets multiple genetically defined cancers [3] Leadership Background - Dr. Brodbeck has over 25 years of experience in technical operations, quality assurance, and regulatory activities across various pharmaceutical products [1][2] - Prior to joining ORIC, Dr. Brodbeck held significant roles at Deciphera Pharmaceuticals and Nektar Therapeutics, where he led various development programs and established strategic partnerships [2]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's analysis, and market risk disclosures [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Provides the unaudited balance sheets, statements of operations, stockholders' equity, and cash flows for the reporting period [Balance Sheets](index=6&type=section&id=Balance%20Sheets) Details the company's assets, liabilities, and stockholders' equity at the end of the reporting period Balance Sheet Summary | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change (2025 vs 2024) | Percentage Change | | :-------------------- | :------------ | :---------------- | :-------------------- | :------------------ | | Cash and cash equivalents | $75,864 | $59,406 | +$16,458 | +27.7% | | Short-term investments | $206,649 | $196,554 | +$10,095 | +5.1% | | Total current assets | $291,124 | $262,250 | +$28,874 | +11.0% | | Total assets | $346,857 | $274,142 | +$72,715 | +26.5% | | Total current liabilities | $18,050 | $24,846 | -$6,796 | -27.4% | | Total liabilities | $22,862 | $31,020 | -$8,158 | -26.3% | | Total stockholders' equity | $323,995 | $243,122 | +$80,873 | +33.3% | [Statements of Operations and Comprehensive Loss](index=7&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) Summarizes revenues, expenses, and the resulting net loss over the reporting periods Operating Results Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $30,549 | $28,940 | $55,189 | $50,900 | | General and administrative | $8,515 | $7,077 | $16,593 | $14,107 | | Total operating expenses | $39,064 | $36,017 | $71,782 | $65,007 | | Loss from operations | $(39,064) | $(36,017) | $(71,782) | $(65,007) | | Other income, net | $2,709 | $4,054 | $5,406 | $8,033 | | Net loss | $(36,355) | $(31,963) | $(66,376) | $(56,974) | | Net loss per share, basic and diluted | $(0.47) | $(0.45) | $(0.89) | $(0.83) | - **Net loss increased by $4.392 million (13.7%)** for the three months ended June 30, 2025, and by **$9.402 million (16.5%)** for the six months, primarily due to higher operating expenses and lower other income[19](index=19&type=chunk)[92](index=92&type=chunk) [Statements of Stockholders' Equity](index=8&type=section&id=Statements%20of%20Stockholders'%20Equity) Outlines the changes in the company's equity accounts over the reporting period Stockholders' Equity Summary | Metric (in thousands, except shares) | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------- | :------------ | | Common Stock Shares | 71,021,855 | 71,078,511 | 86,187,328 | | Common Stock Amount | $7 | $7 | $9 | | Additional Paid-in Capital | $805,510 | $812,317 | $952,949 | | Accumulated Deficit | $(562,774) | $(592,795) | $(629,150) | | Total Stockholders' Equity | $243,122 | $219,738 | $323,995 | - **Total stockholders' equity increased to $323.995 million** at June 30, 2025, primarily driven by the issuance of common stock and pre-funded warrants totaling **$133.267 million**[22](index=22&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) Details the sources and uses of cash from operating, investing, and financing activities Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(63,375) | $(55,811) | | Net cash used in investing activities | $(54,480) | $(43,588) | | Net cash provided by financing activities | $134,313 | $125,846 | | Net increase in cash, cash equivalents and restricted cash | $16,458 | $26,447 | - **Net cash used in operating activities increased by $7.564 million YoY**, while net cash from financing activities increased by **$8.467 million YoY** from private placements and ATM offerings[25](index=25&type=chunk)[107](index=107&type=chunk)[111](index=111&type=chunk) [Notes to Unaudited Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) Provides supplementary information and disclosures related to the company's financial statements [1. Description of the Business](index=10&type=section&id=1.%20Description%20of%20the%20Business) ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company focused on overcoming cancer resistance - ORIC Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on overcoming resistance in cancer, operating as a single segment[28](index=28&type=chunk) - The company has an **accumulated deficit of $629.2 million** as of June 30, 2025, and has historically funded operations through stock issuances[30](index=30&type=chunk) - Management believes it has **sufficient working capital to fund operations for at least the next twelve months** from the financial statement issuance date[31](index=31&type=chunk) [2. Basis of Presentation and Summary of Significant Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) The financial statements are prepared in accordance with GAAP for interim reporting - The unaudited financial statements are prepared in accordance with GAAP for interim financial information and SEC Form 10-Q instructions[35](index=35&type=chunk) - The company operates as one segment, focusing on cancer research and development[38](index=38&type=chunk)[39](index=39&type=chunk) - The company is currently evaluating the impact of ASU 2024-03, which requires enhanced expense disclosures effective after December 15, 2026[40](index=40&type=chunk) [3. License Agreements and Clinical Development Collaborations](index=11&type=section&id=3.%20License%20Agreements%20and%20Clinical%20Development%20Collaborations) The company has entered into several key collaborations for its clinical programs - ORIC entered into clinical supply agreements with Johnson & Johnson to evaluate ORIC-114 and ORIC-944 in combination with their respective drugs[41](index=41&type=chunk)[42](index=42&type=chunk) - A collaboration with Bayer was established to evaluate ORIC-944 in combination with Nubeqa® (darolutamide)[43](index=43&type=chunk) - The Voronoi License Agreement grants ORIC exclusive rights for ORIC-114 with potential **milestone payments up to $336.0 million** and royalties[44](index=44&type=chunk)[46](index=46&type=chunk) - The Mirati License Agreement grants ORIC worldwide exclusive rights to ORIC-944 for an upfront payment of **588,235 shares of common stock**[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [4. Property and Equipment, net](index=15&type=section&id=4.%20Property%20and%20Equipment%2C%20net) Details the composition and value of the company's property and equipment Property and Equipment Breakdown | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Lab equipment | $7,709 | $7,386 | | Leasehold improvements | $2,065 | $2,043 | | Computer hardware and software | $287 | $274 | | Furniture and fixtures | $697 | $697 | | Total property and equipment, gross | $10,758 | $10,400 | | Less accumulated depreciation | $(7,996) | $(7,476) | | Total property and equipment, net | $2,762 | $2,924 | - **Net property and equipment decreased by $162 thousand** from December 31, 2024, to June 30, 2025, due to depreciation offsetting new acquisitions[54](index=54&type=chunk) [5. Accrued Liabilities](index=15&type=section&id=5.%20Accrued%20Liabilities) Provides a breakdown of the company's short-term financial obligations Accrued Liabilities Breakdown | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Accrued clinical and manufacturing costs | $5,365 | $11,808 | | Accrued compensation | $5,175 | $7,648 | | Operating lease liabilities - short-term | $3,273 | $3,183 | | Other accruals | $1,107 | $659 | | Total accrued liabilities | $14,920 | $23,298 | - **Total accrued liabilities decreased by $8.378 million (36.0%)** from December 31, 2024, mainly due to lower clinical, manufacturing, and compensation costs[55](index=55&type=chunk) [6. Investments](index=15&type=section&id=6.%20Investments) Outlines the composition and fair value of the company's investment portfolio Investment Portfolio | Investment Type (in thousands) | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :----------------------------- | :------------------------- | :----------------------------- | | Short-term U.S. treasury securities | $206,649 | $196,554 | | Long-term U.S. treasury securities | $45,216 | — | | Total Investments | $251,865 | $196,554 | - The company's investments consist primarily of U.S. treasury securities, with no material declines in fair value due to credit-related factors[56](index=56&type=chunk)[57](index=57&type=chunk) [7. Fair Value Measurements](index=17&type=section&id=7.%20Fair%20Value%20Measurements) Details the methodology for measuring the fair value of financial assets Assets Measured at Fair Value | Asset Category (in thousands) | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :---------------------------- | :------------------------- | :----------------------------- | | Money market funds | $75,864 | $59,406 | | U.S. treasury securities | $251,865 | $196,554 | | Total | $327,729 | $255,960 | - All major categories of assets measured at fair value are classified as **Level 1**, indicating observable inputs such as quoted prices in active markets[59](index=59&type=chunk)[63](index=63&type=chunk) [8. Stockholders' Equity and Stock-Based Compensation](index=17&type=section&id=8.%20Stockholders'%20Equity%20and%20Stock-Based%20Compensation) Discloses information on equity transactions and stock-based compensation expenses Stock-Based Compensation Expense | Stock-Based Compensation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $2,919 | $2,131 | $5,811 | $4,276 | | General and administrative | $3,655 | $2,865 | $7,317 | $5,678 | | Total stock-based compensation expense | $6,574 | $4,996 | $13,128 | $9,954 | - **Total stock-based compensation expense increased by 31.6%** for the three months and **31.9%** for the six months ended June 30, 2025, compared to 2024[62](index=62&type=chunk) - As of June 30, 2025, **14,249,525 stock options were outstanding** with a weighted-average exercise price of $6.37[64](index=64&type=chunk)[65](index=65&type=chunk) - In May 2025, the company completed a private placement, selling **14,130,313 shares of common stock** and pre-funded warrants for 5,100,532 shares[67](index=67&type=chunk)[68](index=68&type=chunk) [9. Subsequent Events](index=20&type=section&id=9.%20Subsequent%20Events) Describes significant events that occurred after the balance sheet date - From July 1 to August 12, 2025, the company raised approximately **$108.7 million in net proceeds** through an At-the-Market (ATM) sales agreement[70](index=70&type=chunk) - On August 12, 2025, ORIC announced a strategic pipeline prioritization to focus on ORIC-944 and ORIC-114, resulting in an **approximately 20% workforce reduction**[71](index=71&type=chunk) - The workforce reduction is expected to incur a **one-time cost of approximately $1.9 million**, primarily for termination benefits in Q3 2025[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on the company's financial condition, operational results, and future outlook [Overview](index=21&type=section&id=Overview) The company is a clinical-stage biopharmaceutical firm focused on overcoming cancer resistance - ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company focused on overcoming resistance in cancer through its specialized pipeline[74](index=74&type=chunk) - ORIC-944 showed a **59% PSA50 response rate** in mCRPC patients, with updated data expected in H2 2025 and Phase 3 initiation in H1 2026[75](index=75&type=chunk) - ORIC-114 demonstrated systemic and intracranial activity in advanced solid tumors, with comprehensive data updates expected in H2 2025[75](index=75&type=chunk)[76](index=76&type=chunk) - A strategic pipeline prioritization was announced on August 12, 2025, to focus resources on ORIC-944 and ORIC-114, leading to a **20% workforce reduction**[77](index=77&type=chunk) - ORIC incurred a **net loss of $66.4 million** for the six months ended June 30, 2025, and had an accumulated deficit of **$629.2 million**[78](index=78&type=chunk) [Components of Operating Results](index=23&type=section&id=Components%20of%20Operating%20Results) This section breaks down the key drivers of the company's operating expenses [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) R&D expenses consist of external and internal costs related to advancing the product pipeline - R&D expenses are a significant portion of operating costs, comprising external (CROs, CMOs) and internal (personnel) expenses[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - **R&D expenses are expected to increase substantially** as ORIC-944 and ORIC-114 advance into later-stage clinical trials[83](index=83&type=chunk)[85](index=85&type=chunk) - The August 2025 strategic prioritization will decrease preclinical research and incur a **one-time cost of $1.9 million** from a 20% workforce reduction[88](index=88&type=chunk) [General and Administrative Expenses](index=25&type=section&id=General%20and%20Administrative%20Expenses) G&A expenses include costs for personnel, facilities, and professional services - G&A expenses primarily include personnel costs, allocated facilities, depreciation, and professional fees[89](index=89&type=chunk) - **G&A expenses are expected to increase** in the foreseeable future due to increased headcount supporting R&D and business growth[89](index=89&type=chunk) [Other Income, Net](index=26&type=section&id=Other%20Income%2C%20Net) Other income primarily consists of interest earned on cash and investments - Other income, net, primarily consists of interest income from interest-bearing money market accounts and investments[91](index=91&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Compares the company's operating results for the current and prior-year periods Comparison of Operating Results | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :-------------------- | :------------------------------- | :------------------------------- | :----- | :----------------------------- | :----------------------------- | :----- | | Research and development | $30,549 | $28,940 | $1,609 | $55,189 | $50,900 | $4,289 | | General and administrative | $8,515 | $7,077 | $1,438 | $16,593 | $14,107 | $2,486 | | Total operating expenses | $39,064 | $36,017 | $3,047 | $71,782 | $65,007 | $6,775 | | Other income, net | $2,709 | $4,054 | $(1,345) | $5,406 | $8,033 | $(2,627) | | Net loss | $(36,355) | $(31,963) | $(4,392) | $(66,376) | $(56,974) | $(9,402) | - **Research and development expenses increased by $4.3 million (8.4%)** for H1 2025 YoY, driven by higher personnel costs and ORIC-114 advancement[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - **General and administrative expenses increased by $2.5 million (17.6%)** for H1 2025 YoY, primarily due to higher personnel and professional services costs[96](index=96&type=chunk)[97](index=97&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's financial position, cash flows, and funding sources - On May 23, 2025, ORIC completed a private placement of common stock and pre-funded warrants, generating **gross proceeds of $125.0 million**[98](index=98&type=chunk) - The company raised approximately **$8.9 million through an ATM offering** as of June 30, 2025, with an additional **$108.7 million** raised through August 12, 2025[99](index=99&type=chunk) - As of June 30, 2025, ORIC had **$327.7 million in cash, cash equivalents, and investments**, projected to fund operations into the second half of 2028[143](index=143&type=chunk) Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(63,375) | $(55,811) | | Net cash used in investing activities | $(54,480) | $(43,588) | | Net cash provided by financing activities | $134,313 | $125,846 | | Net increase in cash, cash equivalents and restricted cash | $16,458 | $26,447 | [Critical Accounting Policies and Significant Judgments and Estimates](index=30&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) Outlines the accounting policies that require significant management judgment and estimation - The company's financial statements are prepared in accordance with US GAAP, with no significant changes to critical accounting policies since December 31, 2024[113](index=113&type=chunk) [Emerging Growth Company and Smaller Reporting Company Status](index=30&type=section&id=Emerging%20Growth%20Company%20and%20Smaller%20Reporting%20Company%20Status) Describes the company's reporting status and its implications under securities laws - ORIC is an 'emerging growth company' and 'smaller reporting company,' electing not to use the extended transition period for new accounting standards[114](index=114&type=chunk)[115](index=115&type=chunk) - The company will transition to **'large accelerated filer' status on December 31, 2025**, requiring shorter filing deadlines and auditor attestation[116](index=116&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure to market risks, primarily interest rate and inflation risk - The company's primary investment objective is to preserve principal and liquidity, investing in high-quality marketable debt instruments[117](index=117&type=chunk) - As of June 30, 2025, cash, cash equivalents, and investments totaled **$327.7 million**; a 100 basis point change in interest rates would not have a material effect[117](index=117&type=chunk) - The company does not believe inflation, interest rate changes, or exchange rate fluctuations significantly impacted results for the periods presented[118](index=118&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Details the evaluation of the company's disclosure controls and internal financial reporting controls - As of June 30, 2025, management concluded that the company's **disclosure controls and procedures were effective** at a reasonable assurance level[119](index=119&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended June 30, 2025, that materially affected internal controls[120](index=120&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part contains other required disclosures, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) States the company is not currently a party to any material litigation or legal proceedings - ORIC is not currently involved in any material litigation or legal proceedings expected to have a material adverse effect on its business[123](index=123&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Outlines various risks that could materially harm the company's business and financial condition - Key risk categories include financial position, product development, regulatory compliance, intellectual property, and dependence on third parties[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The company has a limited operating history, has incurred **significant net losses**, and expects to continue incurring losses, requiring substantial additional capital[132](index=132&type=chunk)[135](index=135&type=chunk)[140](index=140&type=chunk) - **Success is highly dependent on ORIC-944 and ORIC-114**, which are subject to significant clinical, regulatory, and commercial uncertainties[147](index=147&type=chunk)[148](index=148&type=chunk)[155](index=155&type=chunk)[188](index=188&type=chunk) - The company faces risks related to **protecting its intellectual property** and operating without infringing third-party rights[314](index=314&type=chunk)[321](index=321&type=chunk)[327](index=327&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=129&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) States there were no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the period[440](index=440&type=chunk) - No proceeds from registered securities were used during the period[440](index=440&type=chunk) [Item 3. Defaults Upon Senior Securities](index=129&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[441](index=441&type=chunk) [Item 4. Mine Safety Disclosures](index=129&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that there are no mine safety disclosures to report - No mine safety disclosures are applicable or required[442](index=442&type=chunk) [Item 5. Other Information](index=129&type=section&id=Item%205.%20Other%20Information) Details Rule 10b5-1 trading arrangements adopted by certain directors and executive officers - The CEO, Jacob M. Chacko, adopted a Rule 10b5-1 trading arrangement on June 21, 2025, for the sale of up to **251,000 shares**[443](index=443&type=chunk) - The CFO, Dominic Piscitelli, adopted a Rule 10b5-1 trading arrangement on June 24, 2025, for the sale of up to **140,000 shares**[444](index=444&type=chunk) - Board member Mardi C. Dier adopted a Rule 10b5-1 trading arrangement on June 27, 2025, for the sale of up to **114,383 shares**[445](index=445&type=chunk) [Item 6. Exhibits](index=130&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the Form 10-Q report - Key exhibits include the Form of Pre-Funded Warrant, Securities Purchase Agreement, and certifications of the Principal Executive and Financial Officers[447](index=447&type=chunk) [SIGNATURES](index=131&type=section&id=SIGNATURES) Contains the required signatures from the registrant's authorized officers - The report is signed by Jacob M. Chacko, M.D., President and CEO, and Dominic Piscitelli, CFO, on August 12, 2025[451](index=451&type=chunk)