Oric(US:ORIC)2024-08-12 20:20Financial 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].