ORIC Oric Pharmaceuticals Inc.

31.02
-0.58  -2%
Previous Close 31.6
Open 31.73
52 Week Low 18.6
52 Week High 40.67
Market Cap $1,104,094,426
Shares 35,592,986
Float 35,467,986
Enterprise Value $923,535,233
Volume 274,036
Av. Daily Volume 180,055
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Upcoming Catalysts

Drug Stage Catalyst Date
ORIC-101 and Xtandi (enzalutamide)
Prostate cancer
Phase 1b
Phase 1b
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ORIC-101 and Abraxane (nab-paclitaxel)
Solid tumors
Phase 1b
Phase 1b
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Drug Pipeline

Drug Stage Notes
ORIC-114
Tumors - EGFR/HER2 Exon 20 Inhibitor
Phase 1/2
Phase 1/2
Phase 1/2 trial to be initiated 2H 2021.

Latest News

  1. SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced the closing of its previously announced underwritten public offering of 5,796,000 shares of its common stock, which includes the exercise in full of the underwriters' option to purchase 756,000 additional shares of its common stock, at a price to the public of $23.00 per share. The gross proceeds to ORIC from the offering were approximately $133.3 million, before deducting underwriting discounts and commissions and estimated offering expenses.

    J.P. Morgan Securities LLC, Citigroup, Jefferies…

    SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced the closing of its previously announced underwritten public offering of 5,796,000 shares of its common stock, which includes the exercise in full of the underwriters' option to purchase 756,000 additional shares of its common stock, at a price to the public of $23.00 per share. The gross proceeds to ORIC from the offering were approximately $133.3 million, before deducting underwriting discounts and commissions and estimated offering expenses.

    J.P. Morgan Securities LLC, Citigroup, Jefferies LLC and Guggenheim Securities acted as joint book-running managers for the offering. Oppenheimer & Co. Inc. acted as lead manager for the offering.

    The offering is made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (800) 831-9146; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at ; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658 or by email at .

    Registration statements relating to the securities have been filed with the Securities and Exchange Commission and have become effective. A copy of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

    About ORIC Pharmaceuticals, Inc.

    ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer. ORIC's lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials of ORIC-101 in combination with (1) Xtandi (enzalutamide) in metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors. ORIC's other product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers. Beyond these four product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California.

    For more information, please contact:

    Dominic Piscitelli, Chief Financial Officer





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  2. SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 13, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced the pricing of an upsized underwritten public offering of 5,040,000 shares of its common stock at a price of $23.00 per share. All of the shares of common stock are being offered by ORIC. In addition, ORIC has granted the underwriters a 30-day option to purchase up to 756,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds to ORIC from the offering, before deducting underwriting discounts and commissions and…

    SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 13, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced the pricing of an upsized underwritten public offering of 5,040,000 shares of its common stock at a price of $23.00 per share. All of the shares of common stock are being offered by ORIC. In addition, ORIC has granted the underwriters a 30-day option to purchase up to 756,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds to ORIC from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by ORIC, are expected to be approximately $115.9 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

    J.P. Morgan Securities LLC, Citigroup, Jefferies LLC and Guggenheim Securities are acting as joint book-running managers for the offering. Oppenheimer & Co. Inc. is acting as lead manager for the proposed offering.

    The offering is made only by means of a prospectus, copies of which may be obtained, when available, from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (800) 831-9146; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at ; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658 or by email at .

    Registration statements relating to the securities have been filed with the Securities and Exchange Commission and have become effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

    About ORIC Pharmaceuticals, Inc.

    ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer. ORIC's lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials of ORIC-101 in combination with (1) Xtandi (enzalutamide) in metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors. ORIC's other product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers. Beyond these four product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the terms, timing and completion of the public offering of common stock. The forward-looking statements contained herein are based upon ORIC's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the offering, and other risks. Further information regarding such risks and uncertainties may be found in ORIC's registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC) on November 10, 2020 and the preliminary prospectus included therein, as well as other documents ORIC files from time to time with the SEC, including ORIC's Quarterly Report on Form 10-Q filed with the SEC on November 5, 2020, and ORIC's future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

    For more information, please contact:

    Dominic Piscitelli, Chief Financial Officer





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  3. SOUTH SAN FRANCISCO and SAN DIEGO, Calif., Nov. 10, 2020 (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 it has commenced an underwritten public offering of 4,000,000 shares of its common stock. All of the shares in the proposed offering will be sold by ORIC. In addition, ORIC expects to grant the underwriters a 30-day option to purchase an additional 600,000 shares of its common stock in the offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms…

    SOUTH SAN FRANCISCO and SAN DIEGO, Calif., Nov. 10, 2020 (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 it has commenced an underwritten public offering of 4,000,000 shares of its common stock. All of the shares in the proposed offering will be sold by ORIC. In addition, ORIC expects to grant the underwriters a 30-day option to purchase an additional 600,000 shares of its common stock in the offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the offering.

    J.P. Morgan Securities LLC, Citigroup, Jefferies LLC and Guggenheim Securities are acting as joint book-running managers for the proposed offering. Oppenheimer & Co. Inc. is acting as lead manager for the proposed offering.

    The proposed offering will be made only by means of a preliminary prospectus, copies of which may be obtained, when available, from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (800) 831-9146; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at ; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658 or by email at .

    A registration statement relating to the securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About ORIC Pharmaceuticals, Inc.

    ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer. ORIC's lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials of ORIC-101 in combination with (1) Xtandi (enzalutamide) in metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors. ORIC's other product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers. Beyond these four product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the timing, size and completion of the proposed public offering of common stock and granting the underwriters a 30-day option to purchase additional shares.   The forward-looking statements contained herein are based upon ORIC's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed offering, and other risks. Further information regarding such risks and uncertainties may be found in ORIC's registration statement on Form S-1 filed with the SEC on November 10, 2020 and the preliminary prospectus included therein, as well as other documents ORIC files from time to time with the SEC, including ORIC's Quarterly Report on Form 10-Q filed with the SEC on November 5, 2020, and ORIC's future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

    For more information, please contact:

    Dominic Piscitelli, Chief Financial Officer



     

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  4. SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 09, 2020 (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 Jacob Chacko, M.D., chief executive officer, will participate in the following investor conferences in November:

    • Jefferies Virtual London Healthcare Conference – Participating in a virtual fireside chat on November 18, 2020 at 5:00 p.m. GMT/9:00 a.m. PT; and

    • SVB Leerink Oncology 1x1 Day – Hosting virtual investor meetings on November 19, 2020

    A live webcast of the fireside chat will be available through the investor section of the company's website at  www.oricpharma.com. A replay of the…

    SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 09, 2020 (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 Jacob Chacko, M.D., chief executive officer, will participate in the following investor conferences in November:

    • Jefferies Virtual London Healthcare Conference – Participating in a virtual fireside chat on November 18, 2020 at 5:00 p.m. GMT/9:00 a.m. PT; and



    • SVB Leerink Oncology 1x1 Day – Hosting virtual investor meetings on November 19, 2020

    A live webcast of the fireside chat will be available through the investor section of the company's website at  www.oricpharma.com. A replay of the webcast will be available for 90 days following the events.

    About ORIC Pharmaceuticals, Inc.

    ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer.  ORIC's lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials of ORIC-101 in combination with (1) Xtandi (enzalutamide) in metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors.  ORIC's other product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers. Beyond these four product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California. For more information, please go to www.oricpharma.com.

    Contact:

    Dominic Piscitelli, Chief Financial Officer



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  5. Expanded precision oncology pipeline through in-licensing of allosteric PRC2 inhibitor program and brain penetrant EGFR and HER2 exon 20 inhibitor program

    Lead program ORIC-101 on track for multiple interim data readouts in 2021

    Expect to file IND/CTAs for ORIC-533, ORIC-944 and ORIC-114 in 2021

    SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today reported financial results for the quarter ended September 30, 2020.

    "In just over six months since our initial public offering we have made substantial progress in advancing our internally developed pipeline…

    Expanded precision oncology pipeline through in-licensing of allosteric PRC2 inhibitor program and brain penetrant EGFR and HER2 exon 20 inhibitor program

    Lead program ORIC-101 on track for multiple interim data readouts in 2021

    Expect to file IND/CTAs for ORIC-533, ORIC-944 and ORIC-114 in 2021

    SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today reported financial results for the quarter ended September 30, 2020.

    "In just over six months since our initial public offering we have made substantial progress in advancing our internally developed pipeline and also successfully executed two highly strategic business development deals to augment our pipeline with additional novel programs," said Jacob Chacko, M.D., president and chief executive officer. "These efforts have put us in position for multiple upcoming milestones in 2021, including two top line interim Phase 1b clinical readouts for our lead program, ORIC-101, as well as three IND/CTA filings for ORIC-533, -944 and -114."

    Third Quarter 2020 and Other Recent Highlights

    • Licensed Exclusive Rights to EGFR/HER2 Exon 20 Inhibitor Program, ORIC-114: In October 2020, ORIC licensed from Voronoi, Inc. exclusive rights worldwide excluding the People's Republic of China, Hong Kong, Macau and Taiwan (the ORIC Territory) for the development and commercialization of a potential best-in-class brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations. ORIC expects to file a Clinical Trial Application (CTA) and initiate a global Phase 1/2 tumor-agnostic trial in genetically defined cancers for ORIC-114 in the second half of 2021.



    • Licensed Exclusive Worldwide Rights to PRC2 Inhibitor, ORIC-944: In August 2020, ORIC licensed from Mirati Therapeutics, Inc. exclusive worldwide development and commercialization rights to a potential best-in-class small molecule allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2), a validated oncogenic target across several cancers with promising therapeutic potential in prostate cancer, among other indications. ORIC expects to file an IND for ORIC-944 in the second half of 2021.



    • Preclinical Data on ORIC-101 Presented at EORTC-NCI-AACR: In October 2020, ORIC presented a poster and oral discussion at the 32nd EORTC-NCI-AACR Symposium 2020 that demonstrated ORIC-101 reversed glucocorticoid receptor (GR) mediated resistance to an androgen receptor (AR) degrader. Key findings of the presentations included:



      • Upon treatment of prostate cancer cell lines with an AR degrader, GR mRNA and protein levels were significantly upregulated, similar to the GR upregulation seen after dosing with enzalutamide;
      • GR upregulation translated into GR activation that conferred resistance to the AR degrader, permitting prostate cancer cells to continue to grow;
      • ORIC-101 was shown to reverse these effects and block tumor cell growth and androgen-regulated gene expression; and
      • These data demonstrate that GR may be a mechanism of resistance to AR degraders and that in vitro, ORIC-101 overcomes GR-driven resistance to AR degradation.

    Anticipated Milestones

    ORIC expects to:

    • Select the recommended Phase 2 dose for its two ongoing ORIC-101 combination trials in the second half of 2020 and to report interim data from one of the trials in the first half of 2021 and from the other trial in the second half of 2021.
    • File an Investigational New Drug (IND) Application for ORIC-533 with the Food and Drug Administration (FDA) in the first half of 2021.
    • File an IND Application for ORIC-944 with the FDA in the second half of 2021.
    • File a CTA and initiate a global Phase 1/2 tumor-agnostic trial in genetically defined cancers for ORIC-114 in the second half of 2021.

    Third Quarter 2020 Financial Results

    • Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities totaled $186.6 million as of September 30, 2020. The company expects its current cash, cash equivalents and marketable securities will be sufficient to fund its current operating plan into the second half of 2022.



    • R&D Expenses: Research and development (R&D) expenses were $8.8 million for the three months ended September 30, 2020, compared to $5.6 million for the three months ended September 30, 2019, an increase of $3.2 million. For the nine months ended September 30, 2020, R&D expenses were $23.8 million compared to $15.9 million for the same period of 2019, an increase of $7.9 million. The increases for the 2020 periods were primarily driven by an increase in external expenses related to the advancement of ORIC-101, ORIC-533 and exploratory research programs, as well as higher personnel costs, including additional non-cash stock-based compensation of $0.5 million and $1.2 million for the three and nine months ended September 30, 2020, as compared to the same periods in 2019, respectively.



    • IPR&D Expenses: In-process research and development (IPR&D) expense of $13.0 million for the three and nine months ended September 30, 2020 related to the non-cash charge the company recorded for the fair value of the 588,235 shares issued to Mirati for the development and commercialization rights to ORIC-944. There were no similar costs incurred in 2019.



    • G&A Expenses: General and administrative (G&A) expenses were $3.8 million for the three months ended September 30, 2020, compared to $1.5 million for the three months ended September 30, 2019, an increase of $2.3 million. For the nine months ended September 30, 2020, G&A expenses were $9.1 million compared to $3.9 million for the same period in 2019, an increase of $5.2 million. These increases were primarily due to higher personnel costs, including additional non-cash stock-based compensation of $0.9 million and $1.8 million for the three and nine months ended September 30, 2020, as compared to the same periods in 2019, respectively, higher professional services and related costs to operate as a public company.

    About ORIC Pharmaceuticals, Inc.

    ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients' lives by Overcoming Resistance In Cancer.  ORIC's lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials of ORIC-101 in combination with (1) Xtandi (enzalutamide) in metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors.  ORIC's other product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers.   Beyond these four product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California. For more information, please go to www.oricpharma.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding ORIC's development plans and timelines; the potential advantages and/or best-in-class nature of ORIC's product candidates and programs; plans underlying ORIC-101 clinical trials and development; the expected timing of selecting the recommended Phase 2 dose for, and reporting interim data from, the ORIC-101 clinical trials; plans underlying ORIC-533, ORIC-944, ORIC-114 or any other programs; the planned IND filings for ORIC-533 and ORIC-944 and CTA filing for ORIC-114; the planned initiation of a global Phase 1/2 tumor-agnostic trial for ORIC-114; the period over which ORIC estimates its existing cash, cash equivalents and marketable securities will be sufficient to fund its current operating plan; and statements by the company's president and chief executive officer. Words such as "believes," "anticipates," "plans," "expects," "intends," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon ORIC's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early clinical stage company; ORIC's ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for and commercialize any of its product candidates; changes in ORIC's plans to develop and commercialize its product candidates; the potential for clinical trials of ORIC-101, ORIC-533, ORIC-944, ORIC-114 or any other product candidates to differ from preclinical, preliminary or expected results; negative impacts of the COVID-19 pandemic on ORIC's operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of the Mirati license agreement or the Voronoi license agreement; ORIC's ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in the United States and foreign countries; ORIC's reliance on third parties, including contract manufacturers and contract research organizations; ORIC's ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel; competition in the industry in which ORIC operates; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in ORIC's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on November 5, 2020, and ORIC's future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

    Contact:

    Dominic Piscitelli, Chief Financial Officer





    ORIC PHARMACEUTICALS, INC.

    CONDENSED BALANCE SHEETS

    (in thousands, except share and per share amounts)

      September 30,

    2020
      December 31,

    2019
     
      (unaudited)     
    Assets 
    Current assets:        
    Cash, cash equivalents and marketable securities $186,610  $89,159 
    Prepaid expenses and other current assets  2,448   840 
    Total current assets  189,058   89,999 
             
    Property and equipment, net  1,893   2,241 
    Other assets  711   1,853 
    Total assets $191,662  $94,093 
             
    Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) 
             
    Current liabilities:        
    Accounts payable $1,598  $152 
    Accrued other liabilities  5,330   5,202 
    Total current liabilities  6,928   5,354 
             
    Deferred rent - long term  359   765 
    Total liabilities  7,287   6,119 
             
    Convertible preferred stock     178,058 
    Total stockholders' equity (deficit)  184,375   (90,084)
    Total liabilities, convertible preferred stock and stockholders' equity (deficit) $191,662  $94,093 
     
     

    ORIC PHARMACEUTICALS, INC.

    STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (Unaudited)

    (in thousands, except share and per share amounts)

     Three Months Ended

    September 30,
      Nine Months Ended

    September 30,
     
     2020  2019  2020  2019 
    Operating expenses:               
    Research and development$8,831  $5,632  $23,808  $15,884 
    Acquired in-process research and development 12,971      12,971    
    General and administrative 3,800   1,465   9,125   3,914 
    Total operating expenses 25,602   7,097   45,904   19,798 
    Loss from operations (25,602)  (7,097)  (45,904)  (19,798)
                    
    Other income:               
    Interest income, net 10   476   276   1,054 
    Other income 44   72   184   215 
    Total other income 54   548   460   1,269 
    Net loss $(25,548)  $(6,549)  $(45,444) $(18,529)
    Other comprehensive loss:               
    Unrealized loss on available-for-sale securities (29)     (29)   
    Comprehensive loss$(25,577) $(6,549) $(45,473) $(18,529)
    Net loss per share, basic and diluted$(0.84) $(3.36) $(2.52) $(9.87)
    Weighted-average shares outstanding, basic and diluted 30,314,904   1,946,439   18,022,068   1,876,687 
                    

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