ORIC Pharmaceuticals Q2 2024 Financials and Operations Update

ORIC Pharmaceuticals, Inc., a clinical-stage oncology company committed to developing treatments targeting therapeutic resistance mechanisms, announced its financial outcomes and operational highlights for the second quarter ending June 30, 2024. The company, based in South San Francisco and San Diego, is making significant strides in advancing its pipeline, forging strategic relationships, and strengthening its leadership team.

Jacob M. Chacko, M.D., the president and CEO of ORIC, emphasized their progress in several key areas. This includes the Phase 1b trial for ORIC-944 in prostate cancer, now dosed in combination with NUBEQA® (darolutamide) and ERLEADA® (apalutamide). The company has also entered collaboration and supply agreements with industry giants Bayer and Johnson & Johnson to support this trial. Additionally, the leadership team has been expanded with the appointment of Keith Lui as Senior Vice President of Commercial and Medical Affairs, in preparation for potential multiple registrational trials in 2025.

Second Quarter 2024 and Recent Highlights

ORIC-114: An Innovative EGFR/HER2 Inhibitor

ORIC-114, noted for its brain penetrant properties and oral bioavailability, has completed the dose escalation portion of its Phase 1b trial. Two provisional recommended Phase 2 doses have been selected. The company has successfully dosed patients across three expansion cohorts targeting non-small cell lung cancer (NSCLC) with specific mutations, including EGFR exon 20 insertions and HER2 exon 20 insertions. An extension cohort has also been initiated to evaluate ORIC-114's efficacy in treatment-naive patients with EGFR exon 20 insertion NSCLC. Updated Phase 1b data is expected in the first half of 2025.

ORIC-944: A Promising PRC2 Inhibitor

In the first half of 2024, ORIC-944 commenced dosing in combination with NUBEQA® and ERLEADA® in an ongoing Phase 1b trial for prostate cancer. The company has also presented preclinical data at the 2024 AACR Annual Meeting, highlighting the superior drug properties and synergy in prostate cancer models, reinforcing the potential of ORIC-944 as a best-in-class treatment in combination with AR inhibitors.

Discovery Pipeline

ORIC Pharmaceuticals also showcased the first preclinical data on ORIC-613, a candidate that selectively inhibits PLK4, at the 2024 AACR annual meeting. 

Financial Overview

The company reported that cash, cash equivalents, and investments totaled $308.5 million as of June 30, 2024, anticipated to fund operations into late 2026. Research and development expenses for the three and six months ended June 30, 2024, were $28.9 million and $50.9 million, respectively, reflecting increases due to the advancement of product candidates and higher personnel costs. General and administrative expenses also rose to $7.1 million for the quarter and $14.1 million for the first half of 2024, primarily due to increased personnel costs.

ORIC Pharmaceuticals' Mission

ORIC Pharmaceuticals is dedicated to enhancing patients' lives by tackling cancer resistance mechanisms. Their clinical-stage product candidates include ORIC-114, ORIC-944, and ORIC-533, an inhibitor of CD73 involved in resistance to chemotherapy and immunotherapy, currently being developed for multiple myeloma. The company continues to advance multiple precision medicines targeting various hallmark cancer resistance mechanisms.

Corporate Developments

In addition to expanding their leadership team with industry veteran Keith Lui, ORIC Pharmaceuticals remains focused on its strategic goals and looks forward to sharing further clinical updates in 2025. The company’s robust pipeline and strategic initiatives underscore its commitment to overcoming cancer resistance and improving therapeutic outcomes for patients.

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