Financial Performance - ORIC Pharmaceuticals reported a net loss of $91.5 million for the nine months ended September 30, 2024, with an accumulated deficit of $526.5 million[44]. - Net loss for Q3 2024 was $34.6 million, compared to a net loss of $25.5 million in Q3 2023, representing an increase of $9.1 million (35.7%)[52]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $84.6 million, compared to $61.4 million in the same period of 2023, an increase of $23.2 million (37.8%)[62]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was $126.0 million, compared to $85.2 million in the same period of 2023, an increase of $40.8 million (47.8%)[64]. - The company has not generated any revenue to date and will require substantial additional capital to fund operations and product development[58]. Research and Development - The company has initiated a Phase 1b trial for ORIC-114, targeting advanced solid tumors with EGFR and HER2 alterations, and expects to report updated data in the first half of 2025[42]. - ORIC-944 demonstrated a clinical half-life of approximately 20 hours and a favorable safety profile in a Phase 1b trial for advanced prostate cancer, with ongoing combination studies initiated in 2024[42]. - ORIC-533 is in a Phase 1b trial for relapsed/refractory multiple myeloma, with initial data reported at the ASH annual meeting in December 2023[42]. - Research and development expenses are expected to increase significantly as the company advances its product candidates through clinical trials[48]. - Research and development expenses for Q3 2024 were $31.2 million, an increase of $8.8 million (39.3%) from $22.4 million in Q3 2023[53]. - For the nine months ended September 30, 2024, research and development expenses totaled $82.1 million, up $21.4 million (35.2%) from $60.7 million in the same period of 2023[53]. - The company expects research and development expenses to increase substantially as it continues to invest in product candidates and clinical trials[54]. General and Administrative Expenses - General and administrative expenses are anticipated to rise substantially due to increased headcount to support ongoing research and development[49]. - General and administrative expenses for Q3 2024 were $7.1 million, an increase of $0.8 million (12.7%) from $6.3 million in Q3 2023[55]. - For the nine months ended September 30, 2024, general and administrative expenses were $21.2 million, up $2.6 million (13.9%) from $18.7 million in the same period of 2023[56]. Capital and Funding - The company raised $125 million through a private placement of 12.5 million shares at $10.00 per share, closing on January 23, 2024[44]. - A previous private placement on June 27, 2023, raised $85 million from the sale of 9.29 million shares at $7.00 per share[44]. - The company has entered into an "at the market" sales agreement to sell up to $200 million of common stock[44]. - Current cash and investments are expected to fund operations into late 2026, but additional funding will be necessary for future commercialization efforts[60]. - The company has cash equivalents and investments totaling $282.4 million as of September 30, 2024, including interest-bearing money market funds and U.S. Treasury securities[67]. Market and Economic Conditions - Inflation has increased costs related to labor, clinical trials, and manufacturing, but the company does not believe it significantly impacted its results of operations[69]. - An immediate 100 basis point change in interest rates would not have a material effect on the fair market value of the company's cash equivalents and investments[67]. - The company invests in high-quality marketable debt instruments with maturity dates generally less than two years to preserve principal and liquidity[67]. Company Classification and Accounting - The company has elected not to use the extended transition period for emerging growth companies, which means its financial statements may not be comparable to others that do[66]. - The company will remain an emerging growth company until it exceeds $1.235 billion in annual revenue or meets other specified criteria[66]. - The company is classified as a smaller reporting company and may continue to take advantage of scaled disclosures as long as certain revenue and stock value thresholds are met[66]. - There have been no significant changes in the company's critical accounting policies since the last annual report[65]. Strategic Focus - ORIC Pharmaceuticals is focused on developing therapies that counter resistance mechanisms in cancer, leveraging expertise in hormone-dependent cancers and precision oncology[41].

Financial Performance - ORIC Pharmaceuticals reported cash and investments of $282.4 million as of September 30, 2024, expected to fund operations into late 2026[6] - The net loss for Q3 2024 was $34.6 million, compared to a net loss of $25.5 million in Q3 2023, reflecting a 35.0% increase in losses[14] - The total operating expenses for the nine months ended September 30, 2024, were $103.3 million, compared to $79.4 million for the same period in 2023, a 30.1% increase[14] Research and Development - Research and development (R&D) expenses increased to $31.2 million for Q3 2024, up from $22.4 million in Q3 2023, representing a 39.2% increase[7] - ORIC-114 is advancing towards registrational studies, with updated Phase 1b data expected in the first half of 2025[3] - ORIC-944 initiated dosing in combination with NUBEQA® and ERLEADA® in ongoing Phase 1b trials for prostate cancer in early 2024[4] - The company entered into clinical trial collaboration and supply agreements with Bayer and Johnson & Johnson to support ORIC-944 trials[4] - ORIC-114 demonstrated potential best-in-class properties in preclinical data presented at the EORTC-NCI-AACR Conference[2] Administrative Expenses - General and administrative (G&A) expenses rose to $7.1 million for Q3 2024, compared to $6.3 million in Q3 2023, a 12.7% increase[8] Leadership Changes - The leadership team was expanded with the appointment of Keith Lui as Senior Vice President of Commercial and Medical Affairs[5]

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 04, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that management will participate in the following investor conferences in November: Guggenheim’s Inaugural Healthcare Innovation Conference – Participating in a fireside chat on Monday, November 11, 2024, at 10:30 a.m. ETJefferies London Healthcare Conferenc ...

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 01, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that on November 1, 2024 (the “Grant Date”), ORIC granted a total of 61,800 non-qualified stock options and 10,400 restricted stock units to two new non-executive employees who began their employment with ORIC in October 2024. These inducement grants were gra ...

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that the company will present a poster at the EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics to be held October 23-25, 2024, in Barcelona, Spain. Poster presentation details: Title: ORIC-114, a highly selective, brain penetrant EGFR an ...

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Sept. 06, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that on September 3, 2024 (the "Grant Date"), ORIC granted a total of 173,200 non-qualified stock options and 28,900 restricted stock units to three new nonexecutive employees who began their employment with ORIC in August 2024. These inducement grants were ...

Financial Performance - ORIC Pharmaceuticals reported a net loss of $57.0 million for the six months ended June 30, 2024, with an accumulated deficit of $491.9 million[39]. - Total operating expenses for the first half of 2024 were $65.0 million, an increase of 28% from $50.7 million in the same period of 2023[44]. - Total cash used in operating activities for the first half of 2024 was $55.8 million, compared to $41.8 million in the same period of 2023, reflecting a 33.5% increase[53]. - The company has not generated any revenue to date and anticipates requiring substantial additional capital for ongoing operations and product development[49]. Research and Development - Research and development expenses for Q2 2024 were $28.9 million, up from $18.8 million in Q2 2023, representing an increase of 54%[44]. - For the first half of 2024, research and development expenses totaled $50.9 million, compared to $38.3 million in the same period of 2023, an increase of 32.9%[45]. - The company expects substantial increases in research and development expenses as it advances product candidates and conducts additional clinical trials[45]. - ORIC-114 is currently in a Phase 1b trial, with initial data showing systemic and intracranial activity in patients with advanced solid tumors[38]. - ORIC-944 demonstrated a clinical half-life of approximately 20 hours and favorable safety profile in its Phase 1b trial for advanced prostate cancer[38]. - ORIC-533 is completing a Phase 1b trial in patients with relapsed/refractory multiple myeloma, with initial data reported at the ASH annual meeting in December 2023[38]. Funding and Capital - The company initiated a private placement of 12.5 million shares at $10.00 per share, resulting in gross proceeds of $125.0 million[39]. - Net cash provided by financing activities in the first half of 2024 was $125.8 million, up from $85.2 million in the same period of 2023, a 47.5% increase[55]. - The company raised $125.0 million through a private placement of 12,500,000 shares at $10.00 per share in January 2024[48]. - The company expects its current cash and investments to fund operations into late 2026, but may require additional funding to support product development and commercialization efforts[49]. Expenses and Costs - General and administrative expenses for Q2 2024 were $7.1 million, compared to $6.2 million in Q2 2023, reflecting a 14% increase[44]. - The total external costs for Q2 2024 were $21.5 million, compared to $12.9 million in Q2 2023, marking a 66.5% increase[46]. Cash and Investments - As of June 30, 2024, the company had cash equivalents and investments totaling $308.5 million, including interest-bearing money market funds and U.S. Treasury securities[58]. - The company aims to preserve principal and liquidity while maximizing income without significantly increasing risk[58]. - An immediate 100 basis point change in interest rates would not have a material effect on the fair market value of the company's cash equivalents and investments[58]. Inflation and Economic Impact - Inflation impacts the company by increasing labor, clinical trial, and manufacturing costs[58]. - The company does not believe that inflation, interest rate changes, or exchange rate fluctuations significantly affected its results of operations for the periods presented[58].

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, June 07, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that on June 3, 2024 (the "Grant Date"), ORIC granted a total of 30,000 non-qualified stock options and 4,800 restricted stock units to three new non-executive employees who began their employment with ORIC in May 2024. These inducement grants were granted pu ...

ORIC Pharmaceuticals, Inc. (ORIC) announced that it has collaborated with pharma giants Bayer (BAYRY) and Janssen Research & Development, LLC, a Johnson & Johnson (JNJ) company, to support its ongoing study evaluating pipeline candidate ORIC-944. ORIC will evaluate ORIC-944 in combination with Bayer's Nubeqa (darolutamide), an androgen receptor (AR) inhibitor, and Johnson & Johnson's AR inhibitor Erleada (apalutamide). ORIC-944 is a potent and selective allosteric inhibitor of polycomb repressive complex 2 ...

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Calif., July 16, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced it initiated dosing of ORIC-944, a potent and selective allosteric inhibitor of PRC2, in combination with darolutamide as well as in combination with apalutamide, in the first half of 2024 as part of the ongoing Phase 1b trial in patients with metast ...