Oric(US:ORIC)2023-08-10 20:20Financial Performance - For the six months ended June 30, 2023, the net loss was $46.9 million, compared to a net loss of $43.4 million for the same period in 2022, reflecting an increase of $3.4 million[65][80]. - The total operating expenses for the six months ended June 30, 2023, were $50.7 million, compared to $44.0 million for the same period in 2022, an increase of $6.7 million[80]. - The company had an accumulated deficit of $381.1 million as of June 30, 2023, primarily due to research and development costs[65]. - Net cash used in operating activities for the six months ended June 30, 2023, was $41.8 million, compared to $40.5 million for the same period in 2022[95]. - The company has not generated any revenue to date and does not expect to until regulatory approval and commercialization of product candidates[89]. Research and Development - Research and development expenses for the three months ended June 30, 2023, were $18.8 million, an increase of $5.0 million from $13.8 million in the same period in 2022[81]. - Total research and development expenses for the three months ended June 30, 2023, were $18.8 million, an increase of $4.9 million compared to $13.8 million in the same period of 2022[83]. - The company expects research and development expenses to increase substantially as it continues to invest in product candidates and clinical trials[83]. - ORIC-114 is currently in a Phase 1b trial for patients with advanced solid tumors, with initial data expected to be reported at the ESMO Congress in October 2023[66]. - ORIC-533 is also in a Phase 1b trial for relapsed/refractory multiple myeloma, with initial data expected in the fourth quarter of 2023[66]. - ORIC-944 is in a Phase 1b trial for advanced prostate cancer, with initial data expected in the first quarter of 2024[66]. Cash and Financing - The company raised gross proceeds of $85.0 million from a private placement of 9,285,710 shares at $7.00 per share on June 24, 2023[66][67]. - Net cash provided by financing activities during the six months ended June 30, 2023, was $85.2 million, primarily from the private placement[98]. - Cash equivalents and investments as of June 30, 2023, totaled $273.7 million, consisting of interest-bearing money market funds, U.S. Treasury securities, and marketable debt instruments[104]. - The net cash used in investing activities for the six months ended June 30, 2023, was $6.5 million, significantly lower than $136.9 million in the same period of 2022[97]. - The company anticipates that its current cash and investments will be sufficient to fund operations into late 2025[90]. Administrative Expenses - General and administrative expenses for the six months ended June 30, 2023, were $12.4 million, a decrease from $13.3 million in the same period in 2022[80]. - General and administrative expenses decreased to $6.2 million for the three months ended June 30, 2023, down from $6.9 million in the same period of 2022, a decrease of $0.7 million[85]. Future Outlook - The company anticipates significant future losses as it continues to develop its product candidates and expand its pipeline[65].