ORIC Pharmaceuticals Announces Q1 2024 Financial Results and Updates

ORIC Pharmaceuticals, Inc., a clinical-stage oncology company, has reported significant progress and financial results for the first quarter of 2024. The company, focused on developing therapies to overcome cancer treatment resistance, has been advancing its pipeline of promising drug candidates.

In the first quarter, ORIC completed the dose escalation phase of its Phase 1b trial for ORIC-114, an EGFR/HER2 inhibitor designed to target specific mutations in non-small cell lung cancer (NSCLC). This trial has now moved into three expansion cohorts for patients with EGFR exon 20 insertion, HER2 exon 20 insertion, or EGFR atypical mutations. Importantly, this includes patients with untreated CNS metastases. Updated data from this trial are expected in the first half of 2025.

ORIC-944, another key drug in ORIC’s pipeline, is an allosteric inhibitor of PRC2, showing promising results in treating metastatic prostate cancer. Initial data from the Phase 1b monotherapy trial demonstrated its potential as a best-in-class treatment due to its favorable pharmacokinetic and pharmacodynamic profiles, and robust target engagement. ORIC-944 will now be tested in combination with AR inhibitors in metastatic prostate cancer, with further updates anticipated in mid-2024. Additionally, updated preclinical data presented at the 2024 AACR Annual Meeting highlighted the drug's superior properties and synergistic activity with AR inhibitors in prostate cancer models.

ORIC-533, an orally bioavailable CD73 inhibitor, is nearing the completion of its Phase 1b trial. ORIC is actively seeking strategic partnerships to further explore combination studies for this candidate.

The company's discovery pipeline also made strides, with the presentation of preclinical data for ORIC-613 at the 2024 AACR Annual Meeting. ORIC-613 is a selective PLK4 inhibitor, identified as a potential first- and best-in-class development candidate.

Financially, ORIC strengthened its position with $125 million raised through private placement financing in January 2024. As of March 31, 2024, the company's cash, cash equivalents, and investments totaled $331.5 million, which is expected to support operations into late 2026. Research and development expenses for the quarter were $22.0 million, up from $19.5 million the previous year, primarily due to the advancement of product candidates and higher personnel costs. General and administrative expenses also rose to $7.0 million, driven by increased personnel-related costs.

ORIC Pharmaceuticals is dedicated to improving cancer treatment outcomes through its robust pipeline of innovative therapies targeting common resistance mechanisms. With offices in South San Francisco and San Diego, California, the company continues to push forward in its mission to develop next-generation oncology treatments.