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Mar 31, 2024
ORIC Pharmaceuticals Q1 2024 Earnings Report
ORIC Pharmaceuticals reported financial results for Q1 2024 and provided operational updates.
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.