ORIC Pharmaceuticals Q1 2024 Earnings Report
Key Takeaways
ORIC Pharmaceuticals reported its Q1 2024 financial results, highlighting progress in clinical and preclinical programs and a strengthened cash position with $331.5 million in cash, cash equivalents, and investments. The company expects this to fund operations into late 2026. Key programs ORIC-114 and ORIC-944 are advancing towards potential registrational studies.
Initiated three ORIC-114 Phase 1b expansion cohorts in NSCLC patients with EGFR exon 20 insertion, HER2 exon 20 insertion, or EGFR atypical mutations; updated Phase 1b data expected in the first half of 2025.
Presented initial ORIC-944 Phase 1b monotherapy data demonstrating a potential best-in-class profile in patients with prostate cancer and proceeding into combination with AR inhibitor(s) in metastatic prostate cancer.
Strengthened cash position with a $125 million private placement financing in January 2024.
Cash and investments totaled $331.5 million as of March 31, 2024, expected to fund the operating plan into late 2026.
ORIC Pharmaceuticals
ORIC Pharmaceuticals
Forward Guidance
ORIC Pharmaceuticals anticipates continued advancement of ORIC-114 and ORIC-944 programs towards registrational studies, expected in the second half of 2025.
Positive Outlook
- ORIC-114: Advancement of Phase 1b trial with expansion cohorts initiated in NSCLC patients.
- ORIC-114: Expect to report updated Phase 1b data in the first half of 2025.
- ORIC-944: Proceeding with combination of ORIC-944 with AR inhibitor(s) in metastatic prostate cancer and expect to provide a program update in mid-2024.
- ORIC-533: Completing a Phase 1b trial and plans to pursue strategic partnership for combination studies.
- Discovery Pipeline: Presented at the 2024 AACR annual meeting the first preclinical data on ORIC-613, a potential first- and best-in-class development candidate selectively inhibiting PLK4.
Challenges Ahead
- Clinical outcomes of ORIC-114 and ORIC-944 may materially change as patient enrollment continues or more patient data become available.
- Negative impacts of health emergencies, economic instability or international conflicts on ORIC’s operations, including clinical trials.
- The potential for clinical trials of ORIC’s product candidates to differ from preclinical, initial, interim, preliminary or expected results.
- Changes in ORIC’s plans to develop and commercialize its product candidates.
- ORIC’s ability to raise any additional funding it will need to continue to pursue its business and product development plans.